AngioDynamics (ANGO) Q1 2025 earnings summary

Executive summary

• Q1 FY2025 net sales were $67.5M, up 1.1% year-over-year on a pro forma basis, driven by MedTech growth and strong Auryon (up 24.9%) and AlphaVac (up 21.1%) performance.

• Med Device segment declined 3.6% year-over-year, impacted by divestitures and product discontinuations.

• Adjusted EBITDA loss improved to $(0.2)M from $(1.1)M last year; adjusted net loss was $4.4M ($0.11 per share), while GAAP net loss was $12.8M ($0.31 per share).

• Achieved key milestones: CE Mark for Auryon, FDA submission for NanoKnife prostate indication, and RECOVER-AV trial for AlphaVac.

• $15M stock repurchase program authorized, with $0.5M repurchased in Q1.

Financial highlights

• Gross margin was 54.4%, up from 50.9% year-over-year; MedTech gross margin was 63.3%, Med Device 48.2%.

• R&D expense was $6.3M (9.3% of sales), down from $7.7M last year; SG&A was $36.6M (54.2% of sales).

• Cash and equivalents at quarter-end were $55M, down from $76.1M at prior fiscal year-end, with zero debt.

• Q1 operating cash outflow was $18.3M, with $1.1M in capex and $1.3M for Auryon units.

• Operating expenses decreased in R&D and sales/marketing, but G&A expenses were flat; restructuring and plant closure costs increased.

Outlook and guidance

• FY2025 revenue guidance reiterated at $282M–$288M (4.2%–6.4% growth); MedTech net sales expected to grow 10–12%, Med Device 1–3%.

• Gross margin expected at 52%–53%; adjusted EBITDA loss of $2.5M to breakeven; adjusted EPS loss of $0.38–$0.42.

• Cash flow positivity targeted for FY26; Q1 is typically highest cash use quarter.

• Management expects continued impact from divestitures and product discontinuations on revenue.

• Ongoing restructuring to shift manufacturing to third parties is expected to complete by Q3 FY2026.