AngioDynamics (ANGO) Canaccord Genuity's MedTech, Diagnostics and Digital Health & Services Forum summary

Leadership and strategic direction

• Eric Honroth became CEO on November 2; his initial priorities are action-oriented execution and listening to employees, customers, clinicians and investors.

• Cardiovascular, endovascular and oncology remain core focus areas; legacy medical-device products provide earnings and cash to fund MedTech growth investments.

• A strategic plan is expected to take shape as the business moves into next year, with investor input informing where to focus resources.

• Honroth identified first-year success measures as accelerating MedTech growth and profitability, advancing pivotal clinical trials, and building investor confidence in strategy, team and execution.

Q1 performance and MedTech portfolio

• MedTech revenue grew at a 25% CAGR over five years, rising from 17% of revenue when the portfolio strategy began to more than 50% this fiscal year; Q1 growth was double-digit, in line with guidance.

• Auryon recorded its 21st consecutive quarter of double-digit growth; management expects the trend to continue over the next several years.

• NanoKnife disposables grew 24% YoY in Q1; management remains on track for more than 20% full-year growth in disposables.

• AlphaVac grew nearly 40% last year, with growth expected to accelerate this year; AngioVac is expected to be a high-single-digit grower going forward.

• Gross-margin performance supported higher EBITDA contribution, while the legacy portfolio continues to fund investment in MedTech growth.

NanoKnife prostate opportunity

• Prostate procedures now account for most U.S. NanoKnife procedure volume, and management characterized the market opportunity as still at an early stage.

• Reimbursement progress includes a permanent CPT I code effective last January, a positive Palmetto LCD for intermediate-risk prostate patients, and Humana Medicare Advantage adoption of similar coverage language.

• Two-year PRESERVE follow-up showed zero recurrences within the intended ablation zone; management plans continued payer outreach, including to other MACs and private insurers.