AngioDynamics, Inc. (ANGO): Business Model Canvas [Dec-2025 Updated]

You're digging into a MedTech name executing a major strategic pivot, and frankly, the fiscal 2025 results show the engine is starting to turn over. AngioDynamics, Inc. is laser-focused on high-growth, minimally invasive platforms, which helped their Med Tech sales jump 19.5% toward their total $292.7 million in net sales for the year. It's a classic story of betting on disposables over legacy hardware, but the devil is in the details of their R&D spend and key partnerships. To see precisely how they plan to capture value from their NanoKnife and AlphaVac platforms, check out the full nine-block breakdown of their Business Model Canvas below.

AngioDynamics, Inc. (ANGO) - Canvas Business Model: Key Partnerships

You're looking at the external relationships AngioDynamics, Inc. relies on to drive clinical adoption and maintain financial footing. These aren't just vendors; they are critical to getting new tech like NanoKnife to market and managing the balance sheet.

Clinical Trial Sites and Key Opinion Leaders (KOLs)

The push for new indications, especially for the NanoKnife System in prostate tissue ablation, hinges on successful clinical validation. The pivotal PRESERVE study, which supported the FDA clearance in late 2024, is a prime example of this partnership structure.

The publication of the PRESERVE study results in European Urology in July 2025 showed strong oncologic effectiveness, with 84.0% of men free from in-field, clinically significant disease at 12 months post-procedure. Also, urinary continence was largely preserved at 97% at baseline versus 96% at 12 months.

Industry Advocacy Groups and Research Consortia

While AdvaMed and The PERT Consortium are standard industry players, AngioDynamics, Inc. heavily partners with specialized clinical groups to advance specific technology adoption. The collaboration with the SUO-CTC is central to establishing the NanoKnife System as a standard of care in oncology.

• Partnered with SUO-CTC for the PRESERVE trial.
• Received CPT Category I Code for Irreversible Electroporation (IRE) for prostate treatment, effective January 1, 2027.
• Received CPT Category I Code for IRE for liver lesions, effective January 1, 2026.

Financial Partners

Managing working capital, especially during a manufacturing transfer, requires strong banking relationships. AngioDynamics, Inc. secured a significant facility to provide a financial backstop.

The company had $55.9 million in cash and cash equivalents as of May 31, 2025, which included fees paid for this revolving credit agreement.

Third-Party Distributors for International Sales

Market penetration outside the U.S. relies on established distribution channels, though this area presents noted risks. International net sales for the fourth quarter of fiscal 2025 were $12.7 million, representing a 22.8% increase year-over-year. Still, the company noted challenges with third-party distributors as a risk factor.

• Q4 Fiscal 2025 International Net Sales: $12.7 million.
• Q1 Fiscal 2025 International Net Sales: $8.0 million (a 25.4% decrease YoY).

Manufacturing Partners for Outsourced Production

AngioDynamics, Inc. has been actively restructuring its manufacturing footprint to improve margins and compete better. They are moving toward an outsourced model for the majority of their production.

The company announced in January 2024 the closure of its Warren County facilities in Glens Falls and Queensbury, which employed 350 people across two factories and a distribution center. The full shift to this outsourced model is expected to result in annual savings of $15 million starting in 2027. This transition was cited as a reason for securing the J.P. Morgan credit facility in May 2025. The gross margin for the Med Device business in Q4 FY2025 was 47.6%, an increase of 20 basis points year-over-year, despite inflationary pressures and costs associated with the transition to outsourced manufacturing mentioned in Q1 FY2025.

AngioDynamics, Inc. (ANGO) - Canvas Business Model: Key Activities

You're looking at the core engine driving AngioDynamics, Inc. (ANGO)'s transformation-the Key Activities that turn R&D investment into market traction. This isn't just about making devices; it's about securing the regulatory pathways and clinical proof points necessary to command premium pricing in large, growing markets. Here's the quick math on what they've been executing on through late 2025.

Research and Development (R&D) for Med Tech platforms like Auryon and AlphaVac

AngioDynamics, Inc. (ANGO) is clearly prioritizing its MedTech platforms, as seen in the consistent R&D spend across fiscal year 2025. You can track the investment quarter-over-quarter to see where the focus was:

This spending supports platforms like Auryon, which generated $15.6 million in sales in Q4 FY2025, growing 19.7%. The Mechanical Thrombectomy revenue, which includes AlphaVac, hit $11.3 million in that same quarter, a surge of 44.7%. The company is definitely putting capital to work where the growth is.

Securing new regulatory clearances (e.g., NanoKnife prostate FDA 510(k) in late 2024)

A major activity was locking down the prostate indication for the NanoKnife System. This clearance, announced on December 9, 2024, is a significant step for their oncology segment.

The regulatory success was grounded in the pivotal PRESERVE clinical study:

• The study enrolled 121 patients across 17 clinical sites.
• It met its primary endpoint, showing 84.0% of men were free from in-field, clinically significant disease at 12 months post-procedure.
• Short-term urinary continence was preserved in 95.4% of patients at 12 months.
• Erectile function sufficient for intercourse decreased from 80.7% at baseline to 71.7% at 12 months.

These findings build on a larger body of work, with data from over 2,600 patients treated worldwide with the NanoKnife System across more than 32 clinical studies.

Clinical evidence generation via trials like AMBITION BTK and RECOVER-AV

Generating high-quality clinical data remains a core activity to support adoption. You see this in the launch of two key trials in 2025.

For the Auryon platform, the AMBITION BTK trial kicked off by enrolling the first patient on July 28, 2025. This Randomized Controlled Trial (RCT) is designed to enroll up to 224 patients at up to 30 sites, with a companion registry planned for up to 1,500 additional patients.

For the AlphaVac system, the RECOVER-AV trial announced its first patient enrollment on June 23, 2025. This multi-national study is enrolling patients at up to 20 hospital-based sites in Europe, Canada, and Hong Kong. Existing data supporting AlphaVac showed a 35.5% clot burden reduction in a prior study.

Manufacturing and quality control of complex medical devices and disposables

AngioDynamics, Inc. (ANGO) is actively managing its production footprint, evidenced by strategic shifts impacting gross margin. The company is transitioning to outsourced manufacturing, which management expects will save $15 million annually by fiscal 2027.

The financial impact of this transition and external factors like tariffs is visible in the Q4 FY2025 results:

For the full fiscal year 2025, the company was guiding for a GAAP Gross Margin of approximately 53% to 54%.

Commercial execution, including sales force expansion for thrombectomy

Commercial execution is clearly centered on driving adoption of the MedTech portfolio, which addresses over $10 billion in annual global market opportunities, up from $3 billion in 2021. The success of the sales effort is reflected in the revenue acceleration.

Look at the Mechanical Thrombectomy segment (AngioVac and AlphaVac) performance:

• Q4 FY2025 Mechanical Thrombectomy revenue: $11.3 million, a 44.7% increase year-over-year.
• Q1 FY2026 Mechanical Thrombectomy revenue: $11.3 million, a 41.2% increase year-over-year.
• AlphaVac sales specifically grew 161.4% in Q3 FY2025, reaching $3.0 million.
• AlphaVac revenue in Q1 FY2026 was $3.3 million, up 52.3%.

Overall, full-year fiscal 2025 net sales reached $292.7 million (an 8.1% increase), with Med Tech sales hitting $126.7 million (a 19.5% increase). The company is projecting fiscal 2026 net sales in the range of $308 million to $313 million.

AngioDynamics, Inc. (ANGO) - Canvas Business Model: Key Resources

You're looking at the hard assets and proprietary knowledge AngioDynamics, Inc. (ANGO) relies on to operate and grow in late 2025. These aren't just line items; they are the foundation of their competitive edge.

Core Intellectual Property (IP) Surrounding the NanoKnife (IRE) and Auryon (Laser) Technologies

The intellectual property is centered around two major platforms. The NanoKnife System is built on Irreversible Electroporation (IRE) technology, which destroys targeted cells using high-voltage pulses to create permanent nanopores in the cell membrane, preserving surrounding nerve and blood vessel architecture. The Auryon System leverages solid-state laser technology for treating Peripheral Artery Disease (PAD) lesions and occlusions.

The protection for the Auryon Laser System and its various catheter sizes is extensive, covering multiple U.S. patents. Here are some of the key numbers protecting the Auryon platform as of late 2025:

This portfolio is definitely a core asset. It's the barrier to entry for competitors.

Specialized, Dedicated Sales and Clinical Support Teams

The performance of the Med Tech segment underscores the necessity of these teams. For the fiscal year ended May 31, 2025, the Med Tech franchise generated net sales of $126.7 million, representing a 19.5% year-over-year growth on a pro forma basis. In the fourth quarter of fiscal 2025, Med Tech net sales hit $35.8 million, up 22.0% compared to the prior-year quarter. Growth in specific product lines, like Auryon sales reaching $15.6 million (a 19.7% increase) in Q4 FY2025, shows these teams are effectively driving adoption for complex technologies.

The success of the NanoKnife disposable sales, which were $5.7 million in Q4 FY2025 (up 5.5%), also relies on consistent clinical support for ongoing procedures.

Financial Strength: Cash Position and Debt

Liquidity is a key resource, and AngioDynamics, Inc. (ANGO) reported a strong position as of the end of fiscal year 2025. You should note these specific figures:

• Cash and cash equivalents as of May 31, 2025: $55.9 million.
• Debt status: The Company maintains a debt-free balance sheet as of August 31, 2025, and expected zero debt as of May 31, 2025.
• This cash balance of $55.9 million at May 31, 2025, included the final $5.0 million revenue performance-based milestone payment related to the 2019 Auryon acquisition.

They also secured a revolving credit facility for up to $25.0 million, providing enhanced flexibility without immediate dilution.

Manufacturing Facilities for Core Products, Following Strategic Consolidation

While specific facility counts aren't public in the latest reports, the financial data reflects strategic changes impacting manufacturing costs. The GAAP gross margin for the full fiscal year 2025 was 53.9%, which included 56 basis points of tariff headwinds. In the fourth quarter of fiscal 2025, the GAAP gross margin was 52.7%, which included a $1.6 million, or 204 basis points, tariff-driven Cost of Goods Sold impact.

The company previously noted inflationary costs associated with the transition to outsourced manufacturing in Q1 FY2025, suggesting a shift in the physical asset base.

Regulatory Approvals and CPT Category I Codes for Key Procedures

Regulatory clearance and established reimbursement pathways are critical resources for adoption. For the NanoKnife System, AngioDynamics, Inc. (ANGO) has secured significant coding milestones:

• Received CPT Category I Code for Irreversible Electroporation (IRE) for the treatment of lesions in the pancreas, effective January 1, 2027.
• Previously disclosed CPT Category I Code for IRE for the treatment of the prostate.
• The NanoKnife System received U.S. Food and Drug Administration (FDA) 510(k) clearance for prostate tissue ablation in late 2024.

The Auryon System achieved European CE Mark approval for the treatment of Peripheral Artery Disease (PAD), including Critical Limb Ischemia (CLI) and In-Stent Restenosis (ISR).

AngioDynamics, Inc. (ANGO) - Canvas Business Model: Value Propositions

You're looking at the core offerings that AngioDynamics, Inc. is pushing to the market as of late 2025. These aren't just product names; they represent specific, quantifiable value delivered to the healthcare system.

The value proposition centers on three high-growth Med Tech platforms-NanoKnife, Mechanical Thrombectomy, and Auryon-supported by a foundation of reliable Med Device products.

Here's a look at the recent financial performance backing these propositions:

Minimally invasive, non-thermal cancer ablation (NanoKnife) that preserves function.

• NanoKnife disposable sales for the three months ended November 30, 2024: $5 million out of total NanoKnife sales of $6 million.
• NanoKnife disposable sales for the quarter ended May 31, 2025 (Q4 FY2025): $5.7 million.
• The capital cost for a NanoKnife machine is approximately $375,000.
• The per-procedure cost to the patient, before insurance, ranges from $15,000 to $25,000.
• A study showed 84% of NanoKnife patients were cancer-free 12 months post-treatment.
• The CPT Category I Code for Irreversible Electroporation (IRE), the method for NanoKnife, for pancreas treatment is effective January 1, 2027.

Comprehensive mechanical thrombectomy solutions (AlphaVac/AngioVac) for blood flow restoration.

• Mechanical Thrombectomy revenue for the quarter ended May 31, 2025 (Q4 FY2025) was $11.3 million, a 44.7% increase year-over-year.
• AlphaVac sales for the quarter ended February 28, 2025 (Q3 FY2025) were $3.0 million, representing a 161.4% increase.
• AngioVac sales for the quarter ended February 28, 2025 (Q3 FY2025) were $6.8 million, a 23.1% increase.

Auryon laser atherectomy for treating complex Peripheral Artery Disease (PAD) lesions.

• Auryon sales for the quarter ended August 31, 2025 (Q1 FY2026) were $16.5 million.
• The technology has been used to treat more than 100,000 patients in the United States and worldwide as of February 1, 2025.
• The Auryon System's 2mm and 2.35mm catheters have an expanded indication to include adjacent thrombus aspiration.

High-quality, reliable Med Device products for interventional procedures.

• Med Device net sales for the quarter ended August 31, 2025 (Q1 FY2026) were $40.4 million, up 2.3%.
• Med Device net sales for the full Fiscal Year 2025 were $166.0 million, an increase of 0.8% over the prior year.
• The gross margin for the Med Device business in Q3 FY2025 was 47.4%.

Clinical education programs to ensure safe and effective technology adoption.

• The Company hosted a Virtual NanoKnife System investor event on January 8, 2025.
• The Company planned its inaugural Cardiovascular Scientific Forum (CVSF) for February 1, 2025.

AngioDynamics, Inc. (ANGO) - Canvas Business Model: Customer Relationships

You're looking at how AngioDynamics, Inc. keeps its clinical partners engaged, which is key for a Med Tech company where adoption requires deep procedural knowledge. This relationship strategy is built on expert-level support.

High-touch, expert-driven clinical training via Master Courses and individualized programs is a core component. Master Courses feature didactic presentations and hands-on simulations developed by Key Opinion Leaders (KOLs) from top academic institutions around the world. Individualized Trainings offer a tailored learning pathway, including a Clinical Case Observation and a Virtual Peer-to-Peer Call with Physician Faculty.

• Master Courses include: Immersive Educational Experience.
• Individualized Trainings cover: Practice Building Techniques.
• Virtual Trainings are 60-90 minute global group discussions.

The dedicated sales force engagement is directly tied to capital equipment placement and driving the reorder of disposables, which builds the long-term revenue stream. The focus on the Med Tech segment, which includes platforms like Auryon, AlphaVac, AngioVac, and NanoKnife, shows where this engagement is concentrated. For the full fiscal year 2025, which ended May 31, 2025, Med Tech net sales reached $126.7 million, representing a 19.5% increase year-over-year on a pro forma basis.

This direct-to-physician and hospital sales model for Med Tech platforms is supported by the consumable sales that follow. For example, in the fourth quarter of fiscal 2025, NanoKnife disposable sales were $5.7 million, an increase of 5.5% compared to the fourth quarter of fiscal 2024. This recurring purchase element helps cement long-term relationships, as noted in the business model analysis.

Reimbursement support is critical for provider adoption, especially with new technologies. AngioDynamics, Inc. offers educational materials and guides to help providers comply with complex policies. They provide resources for the CY2025 Medicare Physician Fee Schedule (PFS) and the CY2025 Hospital Outpatient Prospective Payment System (OPPS). Furthermore, the company secured a CPT Category I Code for Irreversible Electroporation (IRE) for prostate treatment, with an additional CPT Category I Code for IRE treatment of lesions in the pancreas set to be effective January 1, 2027. For specific products like the Alatus Vaginal Balloon Packing System, the 2025 Reimbursement Guide details CPT code 77334, which had an OPPS facility payment of $366 and an ASC MPFS of $64 based on 2023 national averages.

Long-term relationships are built on the clinical data that underpins the value proposition. The training programs explicitly include Clinical Data Discussions and focus on Technology Safety & Efficacy Instruction. The company's overall fiscal year 2025 performance, with positive Pro Forma Adjusted EBITDA of $7.6 million, reflects the success of this strategic focus on high-growth platforms supported by clinical and reimbursement pathways.

If onboarding for a new capital placement takes longer than expected, the reorder rate for disposables could slow down, defintely impacting the recurring revenue component of the relationship.

AngioDynamics, Inc. (ANGO) - Canvas Business Model: Channels

You're looking at how AngioDynamics, Inc. gets its products-the Med Tech and Med Device offerings-into the hands of physicians and hospitals as of late 2025. The channel strategy clearly splits between a strong domestic push and an international partner network.

The U.S. market remains the core revenue driver, but the international segment is showing faster growth momentum based on the latest figures. For instance, in the fourth quarter of fiscal year 2025, which ended May 31, 2025, U.S. net sales were $67.5 million, while international net sales reached $12.7 million. That international slice grew by 22.8% year-over-year for that quarter, outpacing the U.S. growth of 11.0%. This suggests the distributor network is gaining traction.

Here's a quick look at the geographical split for that final quarter of fiscal year 2025:

For the full fiscal year 2025, total net sales hit $292.7 million. The Med Device segment, which often relies on established distribution, accounted for $166.0 million, showing modest growth of 0.8%. Conversely, the Med Tech segment, featuring newer platforms like Auryon, grew by 19.5% to $126.7 million, indicating that the direct sales force, or specialized partners, supporting these high-growth technologies are performing well in the U.S.

Direct sales force in the U.S. for Med Tech and Med Device segments is the engine for the domestic market, especially for the higher-growth Med Tech portfolio. While the exact headcount isn't public, the performance of the U.S. segment, contributing $67.5 million in Q4 FY2025, reflects this direct engagement. The Med Device segment, with $44.4 million in Q4 FY2025 sales, likely uses a mix of direct and established channel partners within the hospital system.

International distributors and partners handle sales outside the U.S., which represented $12.7 million in Q4 FY2025. This channel is crucial for expanding reach for products like the Auryon System, which received CE Mark Approval in Europe in late 2024, suggesting partner activation in that region is a key focus.

Clinical and scientific forums are used heavily for physician education and driving adoption of key technologies like NanoKnife and Mechanical Thrombectomy systems. AngioDynamics, Inc. actively participated in several high-profile events through late 2024 and 2025 to support product awareness and clinical data dissemination:

• Virtual NanoKnife Investor Event on January 8, 2025.
• 43rd Annual J.P. Morgan Healthcare Conference on January 16, 2025.
• Oppenheimer 35th Annual Healthcare MedTech and Services Virtual Conference on March 17, 2025.
• Virtual Cardiovascular Investor Event on April 2, 2025.
• Canaccord Genuity 45th Annual Growth Conference on August 12, 2025.
• UBS Global Healthcare Conference on November 10, 2025.

Online presence and investor relations for corporate communication are managed through the company website, where materials like the Q4 FY2025 Presentation (1 MB file size) and various SEC filings, including the Form 10-K, are posted. The company also uses webcasts to deliver deep dives, such as the Virtual Cardiovascular Investor Event.

Participation in Group Purchasing Organizations (GPOs) for hospital access is implied by the focus on selling into the hospital setting, but specific financial data or the number of GPO contracts for AngioDynamics, Inc. is not explicitly detailed in the latest public reports. However, the company's strategy to address over $10 billion in annual global market opportunities suggests GPO access is a necessary component for scaling sales in the U.S. hospital channel.

Finance: draft 13-week cash view by Friday.

AngioDynamics, Inc. (ANGO) - Canvas Business Model: Customer Segments

You're looking at the specific groups AngioDynamics, Inc. (ANGO) targets with its medical technology portfolio as of late 2025. The focus is clearly on high-growth, minimally invasive procedures, which dictates where their sales and marketing efforts land.

Interventional Radiologists and Interventional Cardiologists treating vascular disease.

This group drives the Med Tech segment, which saw net sales of $126.7 million for the full Fiscal Year 2025. These professionals use the peripheral atherectomy platform, Auryon, and the thrombus management systems, AlphaVac and AngioVac. For instance, in the fourth quarter of fiscal year 2025, Mechanical Thrombectomy revenue, which includes AngioVac and AlphaVac, reached $11.3 million, showing strong adoption in clot removal procedures. Auryon sales alone for that quarter were $15.6 million.

Urologists and Oncologists utilizing focal ablation for soft tissue tumors, especially prostate.

This segment is served by the NanoKnife System for irreversible electroporation (IRE) ablation. While capital equipment sales fluctuate, disposable sales show consistent usage. In the fourth quarter of fiscal year 2025, NanoKnife disposable sales were $5.7 million. This is supported by the fact that the company received FDA 510(k) clearance for NanoKnife System for prostate tissue ablation in December 2024, and a CPT Category I Code for IRE for prostate treatment is effective January 1, 2027, which directly impacts this customer segment's reimbursement pathway.

Hospitals and Outpatient-Based Labs (OBLs) purchasing capital equipment.

These facilities are the buyers of the larger, higher-value items that drive the Med Tech segment. The Med Device segment, which includes some capital components, generated $166.0 million in net sales for the full Fiscal Year 2025. The company's strategy includes driving hospital-based sales, as noted by the higher gross margin on Auryon hospital-based sales in Q3 FY2025. The overall cash balance as of May 31, 2025, was $55.9M, providing a stable base for these institutions to invest in new technology.

International healthcare providers and distributors.

This segment is tracked via International Net Sales, which showed growth across the fiscal year 2025 reporting periods. For the fourth quarter of fiscal year 2025, International net sales were $12.7 million, representing a 22.8% increase year-over-year. This indicates a dedicated customer base outside the U.S. utilizing AngioDynamics, Inc. products.

The revenue contribution from the core product lines that serve these segments in the final reported quarter of FY2025 illustrates the current focus:

Healthcare professionals (HCPs) seeking advanced clinical education.

While direct revenue figures for education programs aren't itemized, the commitment to clinical evidence and product adoption implies a strong focus on HCP engagement. The company hosted a Virtual Cardiovascular Investor Event on April 2, 2025, and a Virtual NanoKnife Investor Event on January 8, 2025, showing direct engagement with the clinical and investment communities. Furthermore, the company is projecting approximately 10% of sales going forward to R&D initiatives to support long-term growth, much of which underpins the clinical data needed for education and adoption.

AngioDynamics, Inc. (ANGO) - Canvas Business Model: Cost Structure

You're looking at the cost side of AngioDynamics, Inc. (ANGO)'s business as of late 2025. It's a structure heavily influenced by product complexity, regulatory hurdles, and strategic investments in growth platforms like Auryon.

The Cost of Goods Sold (COGS) is a major driver, particularly due to the nature of their specialized medical devices and external factors like tariffs. For the full fiscal year 2025, AngioDynamics, Inc. reported a GAAP gross margin of 53.9% on pro forma net sales of $292.7 million. This margin was inclusive of tariff headwinds totaling 56 basis points for the full year. To be fair, the fourth quarter of fiscal year 2025 showed a GAAP gross margin of 52.7%, which specifically included a $1.6 million, or 204 basis point, tariff impact on COGS. Absent these tariff impacts for the full year, the gross margin would have been 54.5%. The Med Tech segment, which includes high-growth items like Auryon, saw its Q4 FY2025 gross margin at 59.0%, but this was down 510 basis points from the prior year, driven by tariffs, hardware depreciation, and product mix.

Here's a quick look at the major annual operating cost categories for the full fiscal year 2025 (pro forma basis):

The company commits significant capital to Research & Development (R&D) and clinical trials to build evidence for its premium technologies. A prime example is the AMBITION BTK Randomized Controlled Trial (RCT), sponsored by AngioDynamics, Inc., designed to evaluate the Auryon Atherectomy System. This trial, which began enrolling patients in Q1 FY2026, will enroll up to 200 subjects across up to 30 hospital-based sites, with a companion Registry adding up to 1,500 subjects. Generating this level of clinical data is a substantial, necessary cost center.

Sales, General, and Administrative (SG&A) expenses are high because AngioDynamics, Inc. maintains a specialized, dedicated sales force to drive adoption of complex technologies like Auryon and NanoKnife across different clinical specialties. The full-year FY 2025 SG&A spend was $149 million. This structure supports the Med Tech segment's growth, which saw net sales increase by 19.5% in FY 2025.

Costs related to regulatory compliance and post-market surveillance are inherent to the medical device industry. While a specific dollar amount isn't broken out, the investment is evidenced by recent milestones that require rigorous regulatory support, such as receiving CPT Category I Codes for the NanoKnife System for prostate and liver lesions, effective January 1, 2026.

You should also note the costs associated with operational shifts, such as manufacturing transition and consolidation. In the second quarter of fiscal year 2025, the gross margin for the Med Device business saw a decrease partly due to costs associated with the transition to outsourced manufacturing, alongside inflationary pressures. This kind of shift, while often intended to lower future COGS, carries upfront costs for setup, validation, and inventory management.

• Tariff impact on Q4 FY2025 COGS: $1.6 million.
• Med Tech Q4 FY2025 gross margin decline due to tariffs: 510 basis points.
• Full Year FY2025 GAAP Gross Margin: 53.9%.
• AMBITION BTK RCT enrollment target: Up to 200 subjects.

AngioDynamics, Inc. (ANGO) - Canvas Business Model: Revenue Streams

You're looking at how AngioDynamics, Inc. (ANGO) converts its value proposition into cash, and right now, the story is clearly about the shift toward its high-growth Med Tech platforms. For the full fiscal year 2025, AngioDynamics, Inc. achieved total pro forma Net Sales of $292.7 million. This represented an overall growth rate of 8.1% over the prior year, but that number hides the real engine: the Med Tech segment, which saw its net sales climb by 19.5%.

Here's a quick look at the top-line performance for the full fiscal year 2025:

The revenue streams are fundamentally split between recurring consumables and upfront equipment purchases. The high-margin disposable probes and catheters are key to long-term value capture across the advanced platforms.

The sale of high-margin disposable probes and catheters for the NanoKnife, Auryon, and thrombectomy systems drives recurring revenue. For instance, in the fourth quarter of fiscal 2025 alone, NanoKnife disposable sales reached $5.7 million, showing a 5.5% increase year-over-year. This consumable stream is what management points to for steady, high-margin income.

Capital equipment sales provide the initial revenue for system adoption. The NanoKnife generator, for example, costs doctors approximately $375,000 per unit. Similarly, the Auryon laser system represents a significant capital outlay for a facility. These upfront sales are less predictable than the disposables, but they are necessary to unlock the recurring revenue from the procedure kits.

The business model relies on two distinct revenue bases:

• Revenue from the Med Tech segment (NanoKnife, Auryon, AlphaVac) is the primary growth driver, evidenced by its 19.5% sales increase in FY2025 to $126.7 million.
• Revenue from the Med Device segment (legacy products) provides a stable base, with sales of $166.0 million in FY2025, growing only 0.8%.

To give you a sense of the device sales within the growth engine, Q4 2025 saw Auryon sales hit $15.6 million, a 19.7% jump, and Mechanical Thrombectomy revenue (AngioVac and AlphaVac) was $11.3 million, up 44.7%. The gross margin profile also reflects this mix; the Med Tech business posted a gross margin of 59.0% in Q4 2025 (or 62.1% absent tariff impacts). The legacy Med Device segment, by contrast, had a gross margin of 47.4% in Q4 2025.