AngioDynamics (ANGO): Tracking the Med Tech Transformation
Key Takeaways
- Med Tech set to become the majority of revenue in fiscal 2027, up from 47% in fiscal 2026, signaling a durable mix shift toward faster-growing platforms.
- Three growth engines anchor the strategy: Auryon (peripheral atherectomy), mechanical thrombectomy (AngioVac and AlphaVac), and the NanoKnife oncology platform.
- Reimbursement milestones are key catalysts, including Medicare coverage decisions and a Category I CPT code for pancreatic cancer procedures effective January 2027.
- Analyst consensus is broadly constructive, with an average price target near $20 and a "Strong Buy" profile from a small group of covering firms.
- Tariffs and elevated operating costs remain headwinds, capping near-term margin expansion and delaying operating leverage.
- Leadership transition adds a strategic variable, with Eric Honroth set to become president and CEO effective November 2, 2026.
Company Strategy and Market Position
AngioDynamics, Inc. (ANGO) is a medical technology company that designs, manufactures, and sells devices used in the treatment of cardiovascular disease and cancer. The company is executing a multiyear transformation away from slower-growth, legacy "Med Device" products and toward a portfolio of three Med Tech platforms: Auryon, a laser-based atherectomy system for peripheral artery disease; mechanical thrombectomy devices including AngioVac and AlphaVac; and NanoKnife, an irreversible electroporation system used in oncology.
From a market positioning standpoint, this pivot is meaningful. Med Tech represented roughly 17% of revenue when the transformation began and reached 47% in fiscal 2026, with management guiding to 12%–15% segment growth in fiscal 2027 that should push it past the halfway mark. Auryon has posted more than 20 consecutive quarters of double-digit year-over-year growth and is gaining share in a category where AngioDynamics entered as the sixth competitor. AlphaVac grew 44% in fiscal 2026 within a mechanical thrombectomy market management estimates at roughly $3 billion and only about 15% penetrated. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Structurally, the company's competitive advantages center on differentiated clinical utility and emerging reimbursement coverage rather than scale. Its principal challenge is converting rapid top-line growth into profitability, a hurdle compounded by persistent GAAP net losses and rising research, development, and selling expenses.
Major Catalysts Ahead
Several near-term developments could shape investor sentiment on ANGO's stock forecast.
- Reimbursement expansion for NanoKnife. A favorable local coverage determination from Medicare Administrative Contractor Palmetto GBA, effective in July 2026, supports NanoKnife for prostate and liver applications. Management is using this as a model to pursue broader coverage. A Category I CPT code for irreversible electroporation in pancreatic cancer takes effect in January 2027, broadening the oncology footprint.
- Clinical trial readouts. The APEX-Return study is evaluating the AlphaReturn blood-management system with AlphaVac for acute pulmonary embolism, while the PAVE study assesses AngioVac for right-sided infective endocarditis. The RELIEF study extends NanoKnife into benign prostatic hyperplasia (BPH), an opportunity management sizes near $1.9 billion.
- Leadership transition. Eric Honroth, formerly a global president at Getinge, becomes CEO on November 2, 2026, succeeding Jim Clemmer. Succession clarity could influence execution confidence.
- Analyst ratings and price targets. Coverage remains small but constructive. Canaccord Genuity and H.C. Wainwright raised their price targets in July 2026, and Lake Street maintained a Buy rating with a $24 target. Aggregate consensus points to an average target near $20, implying meaningful upside relative to recent trading levels, though some independent rankers hold more cautious near-term views given earnings conversion risk.
Industry and Macroeconomic Forces
AngioDynamics operates within two large, structural-growth end markets: cardiovascular intervention and oncology. Aging demographics, rising peripheral artery disease prevalence, and a shift toward minimally invasive, organ-sparing cancer treatment all support long-term procedure volume growth. Reimbursement policy is a pivotal variable; standardized CPT codes and Medicare coverage decisions lower adoption barriers and improve physician economics.
On the macro side, interest rates and healthcare capital-budget cycles can influence the timing of capital-equipment purchases, though NanoKnife's recurring probe disposables help offset that sensitivity. Inflation and tariffs are more direct pressures: fiscal 2026 tariff-related expenses totaled about $4.8 million and reduced gross margin by an estimated 151 basis points, with management expecting a broadly similar impact in fiscal 2027. Geopolitical and trade-policy developments therefore remain a key swing factor for margins. Competitive intensity from larger players such as Boston Scientific, Penumbra, and Medtronic in atherectomy and thrombectomy also shapes the company's growth trajectory.
2026 Outlook and Long-Term Themes to Watch
Looking toward 2026 and beyond, AngioDynamics' trajectory hinges on whether its Med Tech portfolio can scale fast enough to overcome a flat Med Device base and persistent cost pressures. Fiscal 2027 guidance of $336 million to $341 million in revenue, gross margin of 54%–55%, and adjusted EBITDA of $13 million to $16 million frames a year of continued investment and modest, still-negative adjusted earnings.
Longer-term themes include the durability of NanoKnife's prostate adoption and its expansion into pancreatic and BPH indications, the potential for an Auryon coronary application (likely requiring a multiyear premarket approval process), and broader market penetration in mechanical thrombectomy. Cost-structure evolution, tariff outcomes, and disciplined capital allocation—supported by a debt-free balance sheet—will help determine when GAAP profitability becomes achievable. Consensus price targets, averaging around $20 from a small set of analysts, reflect a view that the company's growth is underappreciated, but realization depends on sustained execution across reimbursement, clinical, and commercial milestones.
Using AI Tools for Deeper Analysis
When evaluating names like ANGO, I often turn to Tickeron’s Trend Prediction Engine to get a data-driven read on short-term direction. The tool helps assess whether a stock may trend bullish, bearish, or sideways over the next week or month by highlighting developing trends, possible breakouts or reversals, and historical context across a wide range of assets. It supports a more structured approach when combined with fundamental research.
Disclaimer
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ANGO in downward trend: 10-day moving average broke below 50-day moving average on October 05, 2026
The 10-day moving average for ANGO crossed bearishly below the 50-day moving average on October 05, 2026. This indicates that the trend has shifted lower and could be considered a sell signal. In 13 of 17 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are 76%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on October 06, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on ANGO as a result. In 66 of 91 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 73%.
ANGO moved below its 50-day moving average on October 06, 2026 date and that indicates a change from an upward trend to a downward trend.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where ANGO declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 72%.
Bullish Trend Analysis
The RSI Indicator entered the oversold zone -- be on the watch for ANGO's price rising or consolidating in the future. That's also the time to consider buying the stock or exploring call options.
The Stochastic Oscillator is in the oversold zone. Keep an eye out for a move up in the foreseeable future.
Following a +0.71% 3-day Advance, the price is estimated to grow further. Considering data from situations where ANGO advanced for three days, in 201 of 268 cases, the price rose further within the following month. The odds of a continued upward trend are 75%.
ANGO may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Aroon Indicator entered an Uptrend today. In 126 of 179 cases where ANGO Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 70%.
Fundamental Analysis (Ratings)
The Tickeron Price Growth Rating for this company is 41 (best 1 - 100 worst), indicating steady price growth. ANGO’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron PE Growth Rating for this company is 43 (best 1 - 100 worst), pointing to consistent earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Valuation Rating of 62 (best 1 - 100 worst) indicates that the company is fair valued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (3.826) is normal, around the industry mean (5.020). P/E Ratio (44.843) is within average values for comparable stocks, (166.342). Projected Growth (PEG Ratio) (0.110) is also within normal values, averaging (4.143). Dividend Yield (0.000) settles around the average of (0.005) among similar stocks. P/S Ratio (2.005) is also within normal values, averaging (56.876).
The Tickeron SMR rating for this company is 96 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Profit vs. Risk Rating rating for this company is 100 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. ANGO’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 96, placing this stock worse than average.
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General Information
a manufacturer of medical devices used by radiologists, vascular surgeons and other physicians
Industry PharmaceuticalsOther
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