[Management View]
AngioDynamics reported significant growth in its MedTech segment, with mechanical thrombectomy representing the fastest-growing category in Q4 FY2025. The company emphasized the transformational impact of new regulatory approvals, including a CPT Category I code and expanded NanoKnife indications, on future revenue potential and reimbursement access. Management highlighted the strategic focus on MedTech growth, clinical trials, and operational efficiency.

[Outlook]
For FY2026, AngioDynamics expects net sales between $305 million and $310 million, representing 4%-6% growth. MedTech sales are guided to increase 12%-15%, while med device sales are expected to remain flat. Adjusted EBITDA guidance is $3 million-$8 million inclusive of tariffs, with an adjusted loss per share of $(0.35)-$(0.25). The company anticipates $15 million in annualized savings by FY2027 through manufacturing transitions.

[Financial Performance]
Total revenue for Q4 FY2025 was $80.2 million, up 12.7% YoY. MedTech revenue increased 22% to $35.8 million, while med device revenue grew 6.2% to $44.4 million. Adjusted EBITDA for Q4 FY2025 was $3.4 million, compared to $1.5 million in Q4 FY2024. Full-year revenue for FY2025 was $292.7 million, up 8.1% YoY.

[Q&A Highlights]
Question 1: Can you provide more details on the pathway forward for the blood return product in the VTE business? Will this be a 510(k) product, and will it need a clinical trial? Are you hitting a ceiling without this product?
Answer: AlphaVac was designed with a blood loss feature to limit blood loss during procedures. The blood return product needs to go through a 510(k) process, and discussions with the FDA are ongoing. The market has been conditioned to expect a blood return feature, and AngioDynamics is confident in achieving approval. The company does not see a ceiling for AlphaVac and expects sequential growth for both AlphaVac and AngioVac.

Question 2: With the NanoKnife reimbursement approval in January 2026, will there be an inflection in MedTech growth around that timeline?
Answer: The reimbursement approval is expected to drive growth, but it may not be immediate. The reimbursement landscape is complex, and private payers' coverage decisions will also play a role. AngioDynamics expects accelerated growth for NanoKnife in the second half of FY2026.

Question 3: Can you give more color on the major product growth within MedTech for FY2026? What level of contribution do you expect from Auryon outside the US?
Answer: Auryon is expected to grow in the teens for FY2026, with international markets contributing but not at the same level as the US. NanoKnife will see continued disposable adoption and a step back in capital sales. Mechanical thrombectomy, including AngioVac and AlphaVac, will continue to be the strongest growth driver.

Question 4: Does the potential tariff impact for FY2026 include offsets? How much benefit from the outsourcing initiative will accrue in FY2026?
Answer: The tariff impact includes current thinking and mitigation efforts. The manufacturing transfer plan benefits started in FY2025 and will continue in FY2026, with full benefits expected in FY2027.

Question 5: Do you plan to acquire new MedTech products or divest any med device products in FY2026?
Answer: AngioDynamics is focused on executing its current portfolio and does not see the need to add new platforms. The company aims to drive growth with existing assets and does not plan major acquisitions or divestitures.

[Sentiment Analysis]
Analysts expressed positive sentiment regarding AngioDynamics' strategic execution and growth potential. Management maintained a confident and optimistic tone, emphasizing the company's strong position and future growth prospects.

[Quarterly Comparison]
| Metric | Q4 FY2025 | Q4 FY2024 | YoY Change |
|--------|-----------|-----------|------------|
| Total Revenue | $80.2M | $71.2M | +12.7% |
| MedTech Revenue | $35.8M | $29.3M | +22% |
| Med Device Revenue | $44.4M | $41.9M | +6.2% |
| Adjusted EBITDA | $3.4M | $1.5M | +126.7% |
| Gross Margin | 52.7% | 50.5% | +2.2% |

[Risks and Concerns]
Tariff expenses impacted results, with $1.6 million in Q4 FY2025 and an estimated $4-$6 million for FY2026. NanoKnife revenue decreased 2.5% YoY due to lower capital sales. The reimbursement landscape for NanoKnife remains complex, and private payer coverage decisions will influence growth.

[Final Takeaway]
AngioDynamics demonstrated strong performance in Q4 FY2025, driven by MedTech growth and strategic execution. The company is well-positioned for future growth with multiple regulatory clearances, expanded market access, and sustained profitability. Despite tariff headwinds, AngioDynamics expects continued positive cash flow and incremental cost optimization. The focus remains on driving adoption and market share gains across MedTech platforms while maintaining operational discipline and delivering value to shareholders.