AngioDynamics (ANGO) Q2 2025 earnings summary

Executive summary

• Q2 FY25 net sales rose 9.2% year-over-year to $73.0M, driven by 25% Med Tech segment growth and strong performance in Auryon, AngioVac, AlphaVac, and NanoKnife platforms.

• Adjusted EBITDA turned positive at $3.1M, with $2.5M in operating cash flow, and positive Adjusted EBITDA expected for the full year.

• Achieved key milestones: 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 $10B globally.

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

Financial highlights

• Q2 FY25 pro forma net sales were $73.0M (+9.2% YoY); Med Tech revenue was $31.5M (+25% YoY), Med Device revenue was $41.5M (flat to -0.4% YoY).

• Auryon revenue grew 21.8% YoY to $13.7M; AlphaVac up 33.3% YoY to $2.5M; AngioVac up 50.7% YoY to $8.1M; NanoKnife revenue $6.0M (+4.9% YoY), disposables up 23.1%.

• GAAP gross margin: 54.8% (up 390 bps YoY); Med Tech gross margin: 63.7% (+120 bps YoY); Med Device gross margin: 47.8% (-240 bps YoY).

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

• Cash and equivalents at $54.1M, zero debt; $1.1M–$1.7M spent on share repurchases YTD.

Outlook and guidance

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

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

• Adjusted EBITDA guidance raised to $1.0–$3.0M (from prior loss guidance); adjusted EPS loss improved to $(0.34)–$(0.38).

• Restructuring plan to outsource manufacturing expected to complete by Q3 FY2026 and generate $15M annual cost savings by FY2027.

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