Angiodynamic Inc Dossier - Source-backed chat

Angiodynamic Inc

ANGONASDAQ

SectorHealth Care

IndustryHealth Care Equipment

Beta (adjusted)0.55

Intrinsic Value

Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet.

Market Price $15.38Price as of 30 Sep 2026

Data confidenceNot applicable

Market Cap $646.8M

Enterprise Value $592.9M

Shares Outstanding 41.5M diluted

Moat Rating None

Next Earnings Date8 Oct 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

AngioDynamics is undergoing a highly attractive strategic transformation from a legacy medical device manufacturer into a high-growth, high-margin Med Tech pure play. The core growth engine is its Med Tech segment—comprising the Auryon peripheral atherectomy platform, the AlphaVac/AngioVac thrombus management systems, and the NanoKnife irreversible electroporation (IRE) platform—which grew 19.0% YoY in Q3 FY26. While GAAP profitability remains temporarily depressed by restructuring charges related to manufacturing consolidation and legal settlements, the company maintains a debt-free balance sheet with $37.8 million in cash. The commercial rollout of NanoKnife is highly de-risked by newly effective Category I CPT codes and expanding Medicare coverage frameworks (such as the Palmetto GBA coverage effective July 5, 2026). Trading at a highly compressed enterprise value relative to its high-growth peers, AngioDynamics offers a compelling risk-reward profile as it nears the completion of its operational turnaround.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets4 analysts · as of 18 Aug 2026

Low · most bearish analyst$17.00

Mean target$20.00

High · most bullish analyst$24.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 19 Jun 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

The CEO transition leads to strategic delays or operational disruption. Manufacturing outsourcing faces bottlenecks, prolonging the cash burn and delaying margin expansion. Competitors with larger sales forces (such as Boston Scientific, Stryker, and Penumbra) aggressively defend their market share, slowing the adoption of AlphaVac and Auryon. Continued tariff headwinds and inflationary pressures further compress margins. Under this scenario, the multiple remains depressed at 1.0x EV/Revenue.

Base CaseCentral scenario

The company successfully completes its manufacturing outsourcing transition by early FY27, eliminating redundant plant costs and expanding gross margins back toward the mid-to-high 50% range. NanoKnife adoption accelerates under the new Category I CPT codes and regional Medicare coverage expansions, driving sustained double-digit Med Tech growth. A smooth transition to a new CEO in FY27 maintains strategic momentum. Under these assumptions, the stock re-rates to a forward EV/Revenue multiple of approximately 2.0x.

Bull CaseUpside scenario

NanoKnife prostate reimbursement plus three double-digit device franchises push Med Tech toward sustained ~20% growth, gross margin expands past the tariff drag, and the crossover into durable profitability triggers a small-cap growth re-rating, or strategic interest from larger med-tech acquirers.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

High-growth Med Tech segment (Auryon, AlphaVac, NanoKnife) growing at double-digit rates (19.0% YoY in Q3 FY26) and carrying high-margin recurring disposable profiles.
Strong regulatory and reimbursement tailwinds, including newly active Category I CPT codes and expanding Medicare coverage frameworks for NanoKnife.
Debt-free balance sheet with adequate liquidity ($37.8 million in cash as of February 28, 2026) to fund the final stages of the operational turnaround.

Key Investment Risks

Execution risk associated with the ongoing manufacturing footprint consolidation and transition to outsourced production.
Leadership transition uncertainty with the upcoming retirement of long-time CEO Jim Clemmer in fiscal 2027.
Intense competition from consolidated medical technology giants with significantly larger distribution networks and sales forces.

Thesis Invalidation Triggers

Failure to achieve positive free cash flow or complete the manufacturing transition by early fiscal 2027.
A material slowdown in Med Tech segment growth to single digits.
Significant delays or failure in appointing a qualified successor to CEO Jim Clemmer.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.