AngioDynamics (ANGO) Q2 2025 earnings summary

Executive summary

• Q2 FY25 net sales rose 9% year-over-year to $73 million, driven by 25% Med Tech growth and strong performance in Auryon, AlphaVac, AngioVac, and NanoKnife platforms.

• Adjusted EBITDA turned positive at $3.1 million, a significant improvement from breakeven or a loss in the prior year quarter; operating cash flow was $2.5 million.

• Achieved key clinical and regulatory milestones, including FDA clearance and CPT Category I Codes for NanoKnife prostate applications, and PRESERVE trial met all primary endpoints.

• Strategic focus on high-growth Med Tech markets, with expanded total addressable market to over $10 billion globally.

• Outsourced manufacturing transition on track, expected to generate $15 million in annual cost savings by FY27.

Financial highlights

• Q2 FY25 net sales were $73 million, up 9% year-over-year; Med Tech revenue was $31.5–$31.6 million (up 25%), Med Device revenue $41.5 million (flat to down 0.4%).

• Gross margin for the quarter was 54.7%–54.8%; Med Tech gross margin 63.7% (up 120 bps), Med Device gross margin 47.8%–47.9%.

• Adjusted net loss was $1.7 million (EPS: $(0.04)), improved from $3.4 million loss (EPS: $(0.08)) last year; GAAP net loss was $10.7 million (EPS: $(0.26)).

• Cash and equivalents at quarter-end were $54.1 million, with zero debt.

• Operating cash flow was $2.5 million in Q2; capital expenditures were $0.8 million.

Outlook and guidance

• FY25 net sales expected at $282–$288 million (4.2%–6.4% growth); Med Tech sales growth raised to 12%–15%, Med Device expected flat.

• Gross margin guidance maintained at 52%–53%.

• Adjusted EBITDA guidance raised to $1–$3 million gain; adjusted EPS loss improved to $(0.34)–$(0.38).

• Restructuring plan to outsource manufacturing expected to complete by Q3 FY26 and generate $15 million annual cost savings by FY27.

• Management expects sufficient liquidity for at least the next 12 months.