AngioDynamics, Inc. (ANGO): BCG Matrix [Dec-2025 Updated]

You're assessing AngioDynamics, Inc.'s (ANGO) current strategic health, and the Boston Consulting Group Matrix for fiscal year 2025 paints a clear picture of focused investment versus stable cash generation. We see high-growth Stars, like the Auryon Atherectomy System delivering 19.7% growth, fueling the 19.5% overall Med Tech segment increase, while the established Med Device segment acts as the dependable Cash Cow, bringing in $166.0 million and $7.6 million in Adjusted EBITDA. The critical pivot point, however, rests with the NanoKnife System-a high-risk, high-reward Question Mark demanding significant capital to realize its massive market potential; dive in to see exactly how these four quadrants define AngioDynamics, Inc.'s path forward.

Background of AngioDynamics, Inc. (ANGO)

You're looking at AngioDynamics, Inc. (ANGO), which has spent the last few years making some serious strategic shifts. Honestly, they've been busy shedding legacy, slower-growing product lines to zero in on what they call their high-growth MedTech platforms. This overhaul is key to understanding where they stand as of late 2025.

AngioDynamics, Inc. is a medical technology company focused on a few critical areas: restoring healthy blood flow, expanding cancer treatment options, and generally improving patient quality of life. They started way back in 1988 as part of E-Z-EM, Inc. before spinning off as an independent entity on the NASDAQ in 2004.

The business structure now clearly separates into two main groups: the high-growth Med Tech segment and the more established Med Device segment. The Med Tech side is where the real action is, featuring innovative platforms like the Auryon peripheral atherectomy system, the thrombus management portfolio (AlphaVac and AngioVac mechanical thrombectomy systems), and the NanoKnife irreversible electroporation (IRE) oncology platform.

The results from their most recent full fiscal year, 2025 (which ended May 31, 2025), really show the impact of this focus. Total pro forma net sales reached $292.7 million, marking an 8.1% jump year-over-year. The Med Tech segment was the engine, delivering net sales of $126.7 million, which was a robust 19.5% increase from the prior year.

To be fair, the Med Device segment only saw modest growth, with net sales at $166.0 million, up just 0.8%. Still, the overall strategic pivot worked, as the company achieved a full-year pro forma Adjusted EBITDA of $7.6 million for fiscal 2025, showing a move toward profitability.

You see the momentum carrying into the new fiscal year; for the first quarter of fiscal 2026 (ended August 31, 2025), Med Tech sales grew even faster at 26.1%. They ended that quarter with $38.8 million in cash, maintaining a debt-free balance sheet, which is a solid position for a company in this growth phase.

A concrete example of their innovation is the NanoKnife System, which uses IRE technology. They secured a CPT Category I Code for its use in treating prostate tumors, and another code for pancreatic lesions is set to be effective January 1, 2027, which should help expand that reimbursement pathway down the road.

AngioDynamics, Inc. (ANGO) - BCG Matrix: Stars

You're looking at the growth engines for AngioDynamics, Inc. (ANGO) right now, the products that dominate fast-growing markets. These are the units where market share is high, and the market itself is expanding rapidly. Stars consume cash to fuel that growth, but they are the future Cash Cows if they maintain their lead as the market matures.

The Med Tech segment core is definitely showing this Star behavior, delivering $126.7 million in net sales for fiscal year 2025. That represents a solid 19.5% year-over-year increase, showing strong momentum in a growing space. This segment is where AngioDynamics, Inc. (ANGO) is placing its biggest bets for capturing market share in those vascular markets.

Take the Auryon Atherectomy System, for example. It drove $15.6 million in sales just in the fourth quarter of fiscal year 2025. Its growth rate was 19.7%, which is more than double the atherectomy market's overall compound annual growth rate (CAGR) of 8.1%. That's how you build a Star; you significantly outpace the market.

Also, look at the mechanical thrombectomy offerings. The AlphaVac and AngioVac systems combined for $11.3 million in revenue in Q4 FY2025. That's a massive growth engine, posting a 44.7% increase during the quarter. Honestly, these numbers show where the capital investment is going to capture that market share.

Here's a quick look at the performance metrics for these key growth drivers:

The strategy here is clear: invest heavily in these high-growth platforms. The goal is to sustain this success until the high-growth vascular markets inevitably slow down, at which point these Stars should transition into Cash Cows for AngioDynamics, Inc. (ANGO).

The focus areas for continued investment include:

• Maintaining leadership in the atherectomy space with Auryon.
• Accelerating adoption of the mechanical thrombectomy portfolio.
• Capturing additional market share in fast-growing vascular segments.
• Ensuring promotion and placement support for these market leaders.

If onboarding takes 14+ days, churn risk rises, so speed in scaling these platforms is defintely key to maximizing their Star potential before the market matures.

Finance: draft 13-week cash view by Friday.

AngioDynamics, Inc. (ANGO) - BCG Matrix: Cash Cows

You're looking at the established, reliable part of AngioDynamics, Inc.'s portfolio-the Cash Cows. These are the business units that have already won significant market share in markets that aren't expanding quickly anymore. They are the engine room, providing the necessary fuel for the rest of the company's growth ambitions.

The Med Device Segment is the clear Cash Cow here. For the full fiscal year 2025, this segment generated the largest revenue base for AngioDynamics, Inc. at $166.0 million. This revenue base is mature, as evidenced by the low growth rate of only 0.8% for the full FY2025, which signals a stable, established market position. Still, this segment is crucial because it provides the essential cash flow that supports the entire organization. This contribution helped AngioDynamics, Inc. achieve a positive full-year Adjusted EBITDA of $7.6 million for fiscal year 2025.

Because this segment is mature, the strategy here isn't aggressive expansion; it's about efficiency and milking the existing advantage. You don't need massive spending on promotion or placement. Instead, the focus shifts to investments in supporting infrastructure to drive down costs and increase that cash flow even further. These products are market leaders that generate more cash than they consume, which is exactly what you want from a Cash Cow.

Products within this segment, such as Ports and core Vascular Access devices, are established, high-volume sellers. To be fair, they operate at lower margins compared to the newer Med Tech offerings. For instance, the gross margin for the entire Med Device business in the fourth quarter of fiscal 2025 was 47.6%. Absent tariff impacts, that margin would have been 48.8%, but even at the reported figure, it shows the trade-off: high volume for lower per-unit profitability.

Here's a quick look at how the Cash Cow segment stacks up against the company's overall performance for the full fiscal year 2025:

The stability of the Med Device segment allows AngioDynamics, Inc. to allocate capital strategically. You use the reliable cash generated here to fund the development and market penetration of the Question Marks, and to maintain the Stars. The key actions for this unit are focused on maintaining market share without overspending.

• Maintain current productivity levels.
• Focus on operational efficiency improvements.
• Generate consistent, predictable cash flow.
• Support corporate overhead and debt service.

Finance: draft 13-week cash view by Friday.

AngioDynamics, Inc. (ANGO) - BCG Matrix: Dogs

You're looking at the units within AngioDynamics, Inc. (ANGO) that aren't driving the story anymore. These are the Dogs-products stuck in low-growth markets with minimal market share, which is why management has been so focused on shedding them.

The current portfolio's Dogs are primarily the remaining legacy products within the Med Device segment that are not core to the vascular access portfolio. These assets require careful management to minimize resource drain on the high-growth Med Tech focus. For the full fiscal year 2025, the entire Med Device segment generated net sales of $166.0 million, representing a growth rate of only 0.8% compared to the prior year, which clearly signals the presence of low-growth or stagnant offerings within that group. Contrast that with the Med Tech segment's growth of 19.5% for the same period.

These non-strategic assets are prime candidates for divestiture or discontinuation because expensive turn-around plans usually don't help when the market itself isn't expanding. AngioDynamics, Inc. has already culled past Dogs to streamline the business, which is a clear indicator of where the company views these low-potential areas. For instance, the company divested the Dialysis product portfolio and BioSentry product to Merit Medical Systems, Inc. for $100 million in cash in June 2023, which contributed approximately $32 million in sales in Fiscal Year 2023. That's a concrete example of removing a Dog.

More recently, the company executed on the strategy to eliminate the PICC and Midline portfolios in February 2024. The total consideration for that sale to Spectrum Vascular included $34.5 million paid at closing, a potential earnout of $5.5 million, and a milestone payment of $5.0 million. Also, the RadioFrequency and Syntrax support catheter products were discontinued in February 2024. These actions confirm the strategy: minimize exposure to low-growth areas.

Here's a quick look at the financial scale of the assets that have been moved out of the core business versus the current growth engine:

The remaining Dogs are those products within the Med Device segment that weren't significant enough to warrant a large cash infusion upon divestiture, or perhaps they are too small to justify the administrative cost of a sale. They frequently break even, neither earning nor consuming much cash, but they tie up capital that could be better used elsewhere.

You should watch for continued streamlining, as these non-strategic assets require disciplined management. The goal is to keep them operating leanly while the Med Tech focus accelerates. Key characteristics of these Dog units include:

• Products with minimal or negative growth rates.
• Low market share in their respective sub-markets.
• Require careful management to minimize resource drain.
• Prime candidates for divestiture if a reasonable offer materializes.

For example, in Q2 of fiscal 2025 (ended November 30, 2024), the Med Device net sales were $41.5 million, reflecting a slight decline of (0.4)% year-over-year, which is a better illustration of the low-growth nature of the Dog category than the full-year number, which was slightly buoyed by other Med Device components.

Finance: draft 13-week cash view by Friday.

AngioDynamics, Inc. (ANGO) - BCG Matrix: Question Marks

You're looking at the NanoKnife System as a prime example of a Question Mark for AngioDynamics, Inc. (ANGO). This product sits in a rapidly expanding market-the global tumor ablation market is projected to grow from US$ 1,670 Million in 2024 to US$ 4,150 Million by 2032. Still, its current revenue contribution is relatively small, consuming cash while it fights for share in the competitive oncology ablation space. For instance, NanoKnife disposable sales in the fourth quarter of fiscal year 2025 were $5.7 million, representing a 5.5% increase over the prior-year quarter. Also, during the three months that ended August 31, 2025, NanoKnife generated $6.4 million in sales against total company sales of $75.7 million.

The high-growth potential is being unlocked by regulatory milestones. AngioDynamics, Inc. received U.S. Food and Drug Administration (FDA) 510(k) clearance for the NanoKnife System for prostate tissue ablation in December 2024. This is a critical step, especially since prostate cancer is the second-most common cancer among men in the United States. Furthermore, the American Medical Association's Current Procedural Terminology (CPT) Editorial Panel granted a Category I CPT code for irreversible electroporation (IRE) procedures for prostate lesions, which becomes effective on January 1, 2026. This code is defintely key for driving adoption by streamlining reimbursement for healthcare providers.

The investment required to turn this potential into a Star is evidenced by the clinical work already completed. The FDA clearance followed the pivotal PRESERVE study, which evaluated the system in men with intermediate-risk prostate cancer. This trial, which enrolled 121 patients across 17 clinical sites, provides the necessary data to support commercialization efforts. You need to see this as a high-risk, high-reward scenario; the company must now invest heavily in commercialization and physician training to convert this regulatory success into significant market share.

Here is a quick look at the performance within the Med Tech segment, which houses the NanoKnife System, for the fourth quarter of fiscal year 2025:

The clinical data from the PRESERVE study supports the argument for continued investment, showing strong functional preservation, which is a major differentiator against thermal ablation methods. The results you should focus on are:

• 84% free from in-field, clinically significant disease at 12 months.
• 96% patient retention of urinary continence.
• 84% patient retention of sexual function.

The path forward for this product involves aggressive investment to capture the market before competitors solidify their positions, or a strategic decision to divest if the required capital outlay is deemed too risky given the company's current GAAP net loss of $34.0 million for the full fiscal year 2025. Finance: draft 13-week cash view by Friday.