AngioDynamics (ANGO) Q4 2024 earnings summary

Executive summary

• FY24 pro forma revenue grew 5.3% to $270.7M, with Q4 revenue at $71.1M, up 2% year-over-year, and Med Tech segment delivering double-digit growth driven by Auryon and NanoKnife platforms.

• Strategic transformation since 2021 included divesting non-core businesses, expanding Med Tech markets, and nearly tripling addressable market size to $10B.

• Completed divestitures, repaid all $50M in long-term debt, and transitioned to fully outsourced manufacturing targeting $15M in annualized savings by FY27.

• Settled decade-long IP litigation, providing clarity for future innovation.

• Announced $15M share repurchase program and ended FY24 with $76.1M in cash and no debt.

Financial highlights

• FY24 pro forma net sales were $270.7M (+5.3% YoY); Q4 net sales were $71.1M (+1.9% YoY); Med Tech up 10.1%, Med Device up 2.4%.

• Q4 adjusted EBITDA was $1.5M; FY24 adjusted EBITDA was $1.2M; Q4 adjusted loss per share was $0.05; FY24 adjusted loss per share was $0.45.

• Q4 gross margin was 54.3% (flat YoY, up 320 bps sequentially); FY24 gross margin was 53.8%, down 110 bps YoY.

• Cash and cash equivalents at year-end were $76.1M, with zero debt.

• Q4 operating cash flow was $5M, including a $3M litigation payment.

Outlook and guidance

• FY25 revenue expected between $282M–$288M (4.2%–6.4% growth); Med Tech net sales projected to grow 10%–12%, Med Device 1%–3%.

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

• Q1 expected to be seasonally lower due to fewer selling days.

• Key FY25 catalysts include international Auryon expansion, AlphaVac PE launch, and anticipated FDA approval for NanoKnife prostate indication.

• 2025 seen as an inflection point as Med Tech scales and manufacturing transition progresses.