# ANGIODYNAMICS INC (ANGO)

Informational only - not investment advice.

CIK: 0001275187
SIC: 3841 Surgical & Medical Instruments & Apparatus
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3841 Surgical & Medical Instruments & Apparatus](/industry/3841/)
Latest 10-K filed: 2026-07-14
SEC page: https://www.sec.gov/edgar/browse/?CIK=1275187
Filing source: https://www.sec.gov/Archives/edgar/data/1275187/000162828026048138/ango-20260531.htm

## At a glance

FY2026 · period end 2026-05-31 · filed 2026-07-14 · accession 0001628280-26-048138 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001275187.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 320,174,000 USD | 2026 | verified |
| Net income | -36,742,000 USD | 2026 | verified |
| Assets | 267,163,000 USD | 2026 | verified |
| Free cash flow | 508,000 USD | 2026 | computed |
| Net margin | -11.48% | 2026 | computed |
| Operating margin | -12.47% | 2026 | computed |
| Revenue YoY | +9.46% | 2026 | computed |
| ROE | -21.51% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | ANGO | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -11.5% | -6.0% | 39 | 63 |
| Operating margin | -12.5% | -2.7% | 35 | 63 |
| Revenue growth | 9.5% | 13.6% | 37 | 64 |
| FCF margin | 0.2% | 0.2% | 48 | 63 |
| ROE | -21.5% | -9.1% | 37 | 58 |
| ROA | -13.8% | -4.8% | 38 | 65 |
| Liabilities / equity | 0.56 | 0.89 | 39 | 63 |
| Current ratio | 2.19 | 3.23 | 25 | 65 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3841 Surgical & Medical Instruments & Apparatus, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 320174000 | USD | 2026 | 2026-07-14 |
| Net income | -36742000 | USD | 2026 | 2026-07-14 |
| Assets | 267163000 | USD | 2026 | 2026-07-14 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-14. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001275187.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  |  | 264,157,000 | 291,010,000 | 316,219,000 | 338,752,000 | 303,914,000 | 292,498,000 | 320,174,000 |
| Net income |  |  |  | 5,008,000 | 16,335,000 | 61,340,000 | -166,787,000 | -31,548,000 | -26,547,000 | -52,442,000 | -184,349,000 | -33,993,000 | -36,742,000 |
| Operating income |  |  |  | -11,175,000 | -14,170,000 | -9,396,000 | -167,098,000 | -35,283,000 | -28,471,000 | -51,181,000 | -192,435,000 | -39,954,000 | -39,927,000 |
| Gross profit |  |  |  | 143,950,000 | 143,856,000 | 156,000,000 | 150,272,000 | 156,788,000 | 165,732,000 | 174,246,000 | 154,698,000 | 157,705,000 | 174,892,000 |
| Diluted EPS |  |  |  | 0.14 | 0.44 | 1.64 | -4.39 | -0.82 | -0.68 | -1.33 | -4.59 | -0.83 | -0.88 |
| Operating cash flow |  |  |  | 55,745,000 | 41,287,000 | 37,440,000 | -14,554,000 | 24,093,000 | -7,194,000 | 78,000 | -28,158,000 | -10,128,000 | 3,089,000 |
| Capital expenditures |  |  |  | 3,001,000 | 2,391,000 | 3,118,000 | 7,235,000 | 5,187,000 | 4,297,000 | 3,812,000 | 2,518,000 | 4,464,000 | 2,581,000 |
| Share buybacks | 0.00 | 0.00 | 0.00 | 13,557,000 | 0.00 | 0.00 |  |  |  | 0.00 | 0.00 | 1,670,000 | 0.00 |
| Assets |  |  |  | 707,961,000 | 705,472,000 | 836,438,000 | 594,214,000 | 561,438,000 | 552,751,000 | 532,637,000 | 317,671,000 | 280,144,000 | 267,163,000 |
| Liabilities |  |  |  | 192,934,000 | 162,877,000 | 221,623,000 | 139,342,000 | 121,981,000 | 128,262,000 | 154,341,000 | 112,085,000 | 97,174,000 | 96,338,000 |
| Stockholders' equity |  |  |  | 515,027,000 | 542,595,000 | 614,815,000 | 454,872,000 | 439,457,000 | 424,489,000 | 378,296,000 | 205,586,000 | 182,970,000 | 170,825,000 |
| Cash and cash equivalents |  |  |  | 47,544,000 | 74,096,000 | 227,641,000 | 54,435,000 | 48,161,000 | 28,825,000 | 44,620,000 | 76,056,000 | 55,893,000 | 53,864,000 |
| Free cash flow |  |  |  | 52,744,000 | 38,896,000 | 34,322,000 | -21,789,000 | 18,906,000 | -11,491,000 | -3,734,000 | -30,676,000 | -14,592,000 | 508,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  |  | -63.14% | -10.84% | -8.40% | -15.48% | -60.66% | -11.62% | -11.48% |
| Operating margin |  |  |  |  |  |  | -63.26% | -12.12% | -9.00% | -15.11% | -63.32% | -13.66% | -12.47% |
| Return on equity |  |  |  | 0.97% | 3.01% | 9.98% | -36.67% | -7.18% | -6.25% | -13.86% | -89.67% | -18.58% | -21.51% |
| Return on assets |  |  |  | 0.71% | 2.32% | 7.33% | -28.07% | -5.62% | -4.80% | -9.85% | -58.03% | -12.13% | -13.75% |
| Liabilities / equity |  |  |  | 0.37 | 0.30 | 0.36 | 0.31 | 0.28 | 0.30 | 0.41 | 0.55 | 0.53 | 0.56 |
| Current ratio |  |  |  | 2.15 | 2.93 | 4.30 | 2.97 | 2.45 | 1.93 | 1.95 | 2.12 | 2.21 | 2.19 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/ANGO/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-14. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001275187.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-08-31 |  |  | -0.33 | reported discrete quarter |
| 2023-Q2 | 2022-11-30 |  |  | -0.21 | reported discrete quarter |
| 2023-Q3 | 2023-02-28 |  |  | -0.24 | reported discrete quarter |
| 2024-Q1 | 2023-08-31 | 78,679,000 | 45,884,000 | 1.15 | reported discrete quarter |
| 2024-Q2 | 2023-08-31 |  | 45,884,000 |  | reported discrete quarter |
| 2024-Q2 | 2023-11-30 | 79,073,000 |  | -0.72 | reported discrete quarter |
| 2024-Q3 | 2023-11-30 |  | -29,048,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-02-29 | 75,182,000 |  | -4.67 | reported discrete quarter |
| 2024-Q4 | 2024-05-31 | 70,980,000 | -13,449,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-08-31 | 67,491,000 | -12,798,000 | -0.31 | reported discrete quarter |
| 2025-Q2 | 2024-08-31 |  | -12,798,000 |  | reported discrete quarter |
| 2025-Q2 | 2024-11-30 | 72,845,000 |  | -0.26 | reported discrete quarter |
| 2025-Q3 | 2024-11-30 |  | -10,738,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-02-28 | 72,004,000 |  | -0.11 | reported discrete quarter |
| 2025-Q4 | 2025-05-31 | 80,158,000 | -6,050,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-08-31 | 75,711,000 | -10,903,000 | -0.26 | reported discrete quarter |
| 2026-Q2 | 2025-08-31 |  | -10,903,000 |  | reported discrete quarter |
| 2026-Q2 | 2025-11-30 | 79,433,000 |  | -0.15 | reported discrete quarter |
| 2026-Q3 | 2025-11-30 |  | -6,350,000 |  | reported discrete quarter |
| 2026-Q3 | 2026-02-28 | 78,423,000 |  | -0.19 | reported discrete quarter |
| 2026-Q4 | 2026-05-31 | 86,607,000 | -11,405,000 |  | derived Q4 = FY annual - nine-month YTD |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from ANGO's latest 10-K: [/company/ANGO/business/](/company/ANGO/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from ANGO's latest 10-K: [/company/ANGO/risk-factors/](/company/ANGO/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1275187/000162828026023008/ango-20260228.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-04-02
Report date: 2026-02-28

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following information should be read together with the consolidated financial statements and the notes thereto and other information included elsewhere in this quarterly report on Form 10-Q. The following discussion should be read in conjunction with the Company's 2025 Annual Report on Form 10-K, and the consolidated financial statements and notes thereto included elsewhere in the Form 10-Q.

Disclosure Regarding Forward-Looking Statements

This quarterly report on Form 10-Q, including the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics' expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include the words such as "expects," "reaffirms," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "projects," "optimistic," or variations of such words and similar expressions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are cautioned that actual events or results may differ materially from AngioDynamics' expectations, expressed or implied. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the ability of AngioDynamics to develop its existing and new products, technological advances and patents attained by competitors, infringement of AngioDynamics' technology or assertions that AngioDynamics' technology infringes the technology of third parties, the ability of AngioDynamics to effectively compete against competitors that have substantially greater resources, future actions by the FDA or other regulatory agencies, domestic and foreign health care reforms and government regulations, results of pending or future clinical trials, overall economic conditions (including inflation, tariffs, labor shortages and supply chain challenges including the cost and availability of raw materials), the results of on-going litigation, challenges with respect to third-party distributors or joint venture partners or collaborators, the results of sales efforts, the effects of product recalls and product liability claims, changes in key personnel, the ability of AngioDynamics to execute on strategic initiatives, the effects of economic, credit and capital market conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, the ability of AngioDynamics to obtain regulatory clearances or approval of its products, or to integrate acquired businesses. Other risks and uncertainties include, but are not limited to, the factors described from time to time in our reports filed with the Securities and Exchange Commission (the "SEC").

Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this quarterly report on Form 10-Q will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, investors are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date stated, or if no date is stated, as of the date of this report. AngioDynamics disclaims any obligation to update the forward-looking statements. 

Disclosure Regarding Trademarks

This report includes trademarks, tradenames and service marks that are our property or the property of other third parties. Solely for convenience, such trademarks and tradenames sometimes appear without any “™” or “®” symbol. However, failure to include such symbols is not intended to suggest, in any way, that we will not assert our rights or the rights of any applicable licensor, to these trademarks and tradenames. For a complete listing of all our trademarks, tradenames and service marks please visit www.angiodynamics.com/IP. Information on our website or connected to our website is not incorporated by reference into this Quarterly Report on Form 10-Q.

Executive Overview

AngioDynamics is a dynamic, diversified medical technology company committed to expanding treatment options and improving patient outcomes and quality of life by focusing on cardiovascular disease and cancer. Our execution strategy is built on innovative R&D, clinical and regulatory pathway expansion and customer centric sales performance. We design, manufacture and sell a wide range of medical, surgical and diagnostic devices used by professional healthcare providers for vascular access, for the treatment of peripheral vascular disease and for use in oncology and surgical settings. Our devices are generally used in minimally invasive, image-guided procedures. Many of our products are intended to be used once and then discarded, or they may be temporarily implanted for short- or long-term use.

22

Table of Content

Our business operations cross a variety of markets. Our financial performance is impacted by changing market dynamics, which have included an emergence of value-based purchasing by healthcare providers, consolidation of healthcare providers, the increased role of the consumer in health care decision-making and an aging population, among others. In addition, our growth is impacted by changes within our sector, such as the merging of competitors to gain scale and influence; changes in the regulatory environment for medical devices; and fluctuations in the global economy.

Our sales and profitability growth also depends, in part, on the introduction of new and innovative products, together with ongoing enhancements to our existing products. Expansions of our product offerings are created through internal and external product development, technology licensing and strategic alliances. We recognize the importance of, and intend to continue to make investments in research and development activities and selective business development opportunities to provide growth opportunities.

We sell our products in the United States primarily through a direct sales force, and outside the U.S. mainly through distributor relationships. Our end users include interventional radiologists, interventional cardiologists, vascular surgeons, urologists, interventional and surgical oncologists and critical care nurses. We expect our businesses to grow in both sales and profitability by expanding geographically, penetrating new markets, introducing new products and increasing our presence internationally.

The current macroeconomic environment continues to impact our business and may continue to pose future risks. The Company's ability to manufacture products, the reliability of our supply chain, labor shortages, backlog, inflation (including the cost and availability of raw materials, direct labor and shipping) and tariffs have impacted our business, trends that may continue. Accordingly, management continues to evaluate the Company’s liquidity position, communicate with and monitor the actions of our customers and suppliers, and review our near-term financial performance.

In evaluating the operating performance of our business, management focuses on company-wide and segment revenue and gross margin and company-wide operating income, earnings per share and cash flow from operations. A summary of these key financial metrics for the three and nine months ended February 28, 2026 compared to the three and nine months ended February 28, 2025 are as follows:

Three months ended February 28, 2026:

•Revenue increased by 8.9% to $78.4 million

•Med Tech and Med Device growth of 19.0% and 1.2%, respectively

•Gross margin decreased 110 bps to 52.9%

•Med Tech gross margin remained consistent at 62.5% and Med Device gross margin decreased 320 bps to 44.2%

•Net loss increased by $3.7 million to a loss of $8.1 million

•Loss per share increased by $0.08 to $0.19

Nine months ended February 28, 2026:

•Revenue increased by 10.0% to $233.6 million

•Med Tech and Med Device growth of 19.1% and 3.2%, respectively

•Gross margin increased 50 bps to 54.9%

•Med Tech gross margin increased 10 bps to 63.3% and Med Device gross margin decreased 20 bps to 47.6%

•Net loss decreased by $2.6 million to a loss of $25.3 million

•Loss per share decreased by $0.07 to $0.61

Our Med Tech revenue, comprised of Auryon, the thrombus management platform and NanoKnife, grew 19.0% in the third quarter of fiscal year 2026 driven by growth across all product lines. Our Med Device revenue grew by 1.2% in the third quarter of fiscal year 2026 driven by growth in the Core and Venous product lines which was partially offset by softness in the Ports.

Results of Operations

For the three months ended February 28, 2026, the Company reported net loss of $8.1 million, or diluted loss per share of $0.19, on net sales of $78.4 million, compared with a net loss of $4.4 million, or diluted loss per share of $0.11, on net sales of $72.0 million during the same quarter of the prior year. For the nine months ended February 28, 2026, the Company reported net loss of $25.3 million, or diluted loss per share of $0.61, on net sales of $233.6 million, compared with a net loss of $27.9 million, or diluted loss per share of $0.68, on net sales of $212.3 million during the same quarter of the prior year.

Net sales - Net sales are derived from the sale of products and related freight charges, less discounts, rebates and returns.

23

Table of Content

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Nine Months Ended"],["(in thousands)","Feb 28, 2026","","Feb 28, 2025","","$ Change","","Feb 28, 2026","","Feb 28, 2025","","$ Change"],["Net Sales"],["Med Tech","$","37,282","","","$","31,341","","","$","5,941","","","$","108,196","","","$","90,863","","","$","17,333"],["Med Device","41,141","","","40,663","","","$","478","","","125,371","","","121,477","","","3,894"],["Total","$","78,423","","","$","72,004","","","$","6,419","","","$","233,567","","","$","212,340","","","$","21,227"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Nine Months Ended"],["(in thousands)","Feb 28, 2026","","Feb 28, 2025","","$ Change","","Feb 28, 2026","","Feb 28, 2025","","$ Change"],["Net Sales"],["United States","$","67,278","","","$","61,340","","","$","5,938","","","$","201,328","","","$","183,499","","","$","17,829"],["International","11,145","","","10,664","","","$","481","","","32,239","","","28,841","","","3,398"],["Total","$","78,423","","","$","72,004","","","$","6,419","","","$","233,567","","","$","212,340","","","$","21,227"]]
[[/GREPCENT_TABLE]]

For the three months ended February 28, 2026, net sales increased $6.4 million to $78.4 million compared to the same period in the prior year. For the nine months ended February 28, 2026, net sales increased $21.2 million to $233.6 million compared to the same period in the prior year. At February 28, 2026, the Company had a backlog of $0.3 million.

The Med Tech segment net sales increased $5.9 million and $17.3 million for the three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively. The change fo

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1275187/000162828026048138/ango-20260531.htm
Complete FY 2026 MD&A: /company/ANGO/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-07-14
Report date: 2026-05-31

Item 7. Management’s Discussion and Analysis of Financial Conditions and Results of Operations.

The following information should be read together with the audited consolidated financial statements and the notes thereto and other information included elsewhere in this annual report on Form 10-K. This discussion may contain forward-looking statements related to future events and our future financial performance that are based on current expectation and are subject to risks and uncertainties. Our actual results may differ materially from those anticipated in any forward-looking statements as a result of many factors, including those set forth in Part I, Item 1A, "Risk Factors" and "Disclosure Regarding Forward-Looking Statements" included in this Annual Report on Form 10-K.

33

Company and Market

AngioDynamics is a dynamic, diversified medical technology company committed to expanding treatment options and improving patient outcomes and quality of life by focusing on cardiovascular disease and cancer. Our execution strategy is built on innovative R&D, clinical and regulatory pathway expansion and customer centric sales performance. We design, manufacture and sell a wide range of medical, surgical and diagnostic devices used by professional healthcare providers for vascular access, for the treatment of peripheral vascular disease and for use in oncology and surgical settings. Our devices are generally used in minimally invasive, image-guided procedures. Many of our products are intended to be used once and then discarded, or they may be temporarily implanted for short- or long-term use.

Our business operations cross a variety of markets. Our financial performance is impacted by changing market dynamics, which have included an emergence of value-based purchasing by healthcare providers, consolidation of healthcare providers, the increased role of the consumer in health care decision-making and an aging population, among others. In addition, our growth is impacted by changes within our sector, such as the merging of competitors to gain scale and influence; changes in the regulatory environment for medical device; and fluctuations in the global economy.

Our sales and profitability growth also depends, in part, on the introduction of new and innovative products, together with ongoing enhancements to our existing products. Expansions of our product offerings are created through internal and external product development, technology licensing and strategic alliances. We recognize the importance of, and intend to continue to make investments in research and development activities and selective business development opportunities to provide growth opportunities.

We sell our products in the United States primarily through a direct sales force, and outside the U.S. mainly through distributor relationships. Our end users include interventional radiologists, interventional cardiologists, vascular surgeons, urologists, interventional and surgical oncologists and critical care nurses. We expect our businesses to grow in both sales and profitability by expanding geographically, penetrating new markets, introducing new products and increasing our presence internationally.

The current macroeconomic environment continues to impact our business and may continue to pose future risks. The Company's ability to manufacture products, the reliability of our supply chain, labor shortages, backlog, inflation (including the cost and availability of raw materials, direct labor and shipping) and tariffs have impacted our business, trends that may continue. Accordingly, management continues to evaluate the Company’s liquidity position, communicate with and monitor the actions of our customers and suppliers, and review our near-term financial performance.

On January 5, 2024, the Company announced a restructuring to optimize its manufacturing efficiency, capabilities and footprint (the "Plan"). In the second quarter of fiscal year 2025, the Company announced a modification to the Plan to maintain a presence in Queensbury, NY for the manufacturing of select products, customer service, logistics, shipping, quality and regulatory operations. The restructuring activities associated with the modified Plan are expected to be completed in the first quarter of fiscal year 2027. The modified Plan is still expected to generate $15.0 million in annual cost savings starting in fiscal year 2027.

On July 16, 2024, the Board of Directors approved a share repurchase program (the "Repurchase Program") under which they authorized the Company the option to repurchase up to $15.0 million of its outstanding common stock. The timing and amount of any share repurchases under the authorization will be determined by management within certain parameters and based on market conditions and other considerations. There were no shares repurchased during the twelve months ended May 31, 2026. During fiscal year 2025, the Company repurchased 243,847 shares of common stock in the open market at an aggregate cost of $1.7 million under the Repurchase Program. As of May 31, 2026, $13.3 million remained available for repurchase under the Repurchase Program.

On December 24, 2024, the Company entered into an agreement to sell the manufacturing facilities in Queensbury, NY and Glens Falls, NY for a purchase price of $5.5 million and $1.2 million, respectively, and net proceeds of $5.2 million and $1.1 million, respectively. The Company simultaneously entered into lease agreements with future lease payments of $4.6 million over seven years for the Queensbury, NY facility and $0.4 million over three years for the Glens Falls, NY facility.

On May 28, 2025, the Company entered into a new Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. The Credit Agreement has a two-year maturity and provides for a $25.0 million secured revolving credit facility (the "Revolving Facility"), which is subject to a borrowing base comprised of certain working capital assets of the Company. As of May 31, 2026, there is no outstanding balance on the Revolving Facility.

34

In evaluating the operating performance of our business, management focuses on revenue, gross margin, operating income, earnings per share and cash flow from operations. A summary of these key financial metrics for the year ended May 31, 2026 compared to the year ended May 31, 2025 follows:

Year ended May 31, 2026:

•Revenue increased by 9.5% to $320.2 million

•Med Tech and Med Device growth of 18.4% and 2.6%, respectively

•Gross margin increased by 70 bps to 54.6%

•Net loss increased by $2.7 million to $36.7 million

•Loss per share increased by $0.05 to a loss of $0.88

•Cash flow from operations increased by $13.2 million resulting in cash provided by operations of $3.1 million

Our Med Tech business, comprised of Auryon, the thrombus management platform and NanoKnife grew 18.4% in fiscal year 2026, driven by growth across all product lines. Our Med Device business increased 2.6% in fiscal year 2026, driven mainly by growth in the Core and Venous product lines which was partially offset by softness in Ports and other Oncology products.

Strategic Initiatives to Drive Growth

The Company is focused on its Med Tech segment which is committed to expanding treatment options and improving patient outcomes and quality of life by focusing on cardiovascular disease and cancer. Our execution strategy is built on innovative R&D, clinical and regulatory pathway expansion and customer centric sales performance. Our investments in our high technology products including Auryon, Mechanical Thrombectomy (which includes AngioVac and AlphaVac) and NanoKnife, will provide us access to larger and faster growing markets.

Throughout the year, we introduced strategic moves designed to streamline our business, improve our overall business operations and position ourselves for growth. Those initiatives included:

•Innovative R&D and Clinical and Regulatory Pathway Expansion. The Company continued its disciplined product development process which is intended to improve the Company’s ability to bring new products to market and achieve clinical and regulatory pathway expansion. The Company:

◦Enrolled the first patients in both the AMBITION BTK and RECOVER-AV trials;

◦Published the NanoKnife PRESERVE study in the journal of European Urology;

◦Received FDA IDE approval for APEX-Return study evaluating AlphaReturn Blood Management System when used with AlphaVac F1885 System;

◦Received FDA IDE approval for PAVE clinical study evaluating AngioVac System for treatment of right-sided infective endocarditis;

◦Received FDA 510(k) clearance for modified AlphaVac F1885 System with expanded indication for use;

◦Presented the two-year follow up data from its PRESERVE pivotal trial at AUA 2026 demonstrating NanoKnife’s durable prostate cancer outcomes;

◦Finalized a local coverage determination with Palmetto covering NanoKnife IRE for qualifying Medicare patients in prostate and liver cancer, effective July 5, 2026; and

◦Received FDA IDE approval for the RELIEF BPH study evaluating NanoKnife IRE for the treatment of benign prostatic hyperplasia.

•Customer Centric Sales Performance. To create value and drive future growth, the Company is focused on ensuring that the sales team is appropriately trained on how to market the products to our customers and that our customers are receiving the appropriate training and exposure to our products. This included:

◦Continued focus on training of the sales teams; and

◦Conducted targeted physician trainings and symposiums both in the U.S. and internationally throughout the year.

•Focused Resource Deployment. The Company continued its discipline on deploying resources. This included:

◦The announcement to restructure the manufacturing footprint, which includes maintaining a presence in Queensbury, NY for select products, customer service, logistics, shipping, quality and regulatory operations, and shifting all other products to an outsourced model utilizing third-party manufacturers to allow the Company to more effectively compete in chosen markets and fundamentally change its corporate gross

35

margin profile. The restructuring activities are expected to be completed in the first quarter of fiscal year 2027 and are expected to generate $15.0 million in annual cost savings starting in fiscal year 2027.

Critical Accounting Policies and Use of Estimates

Our significant accounting policies are summarized in Note 1 "Basis of Presentation, Business Description and Summary of Significant Accounting Policies" in the consolidated financial statements included in this Form 10-K. While all of these significant accounting policies affect the reporting of our financial condition and results of operations, we view certain of these policies as critical. Policies determined to be critical are those policies that have the most significant impact on our financial statements and require us to use a greater degree of judgment and/or estimates. Actual results may differ from those estimates.

Revenue Recognition

Under ASC 606, Revenue from Contracts with Customers, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for such arrangements, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

The Company contracts with its customers based on customer purchase orders, which in many cases are governed by master purchasing agreements. The Company’s contracts with customers are generally for p

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/ANGO/mda/fy2026/
All MD&A years: /company/ANGO/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/ANGO/mda/fy2025/): filed 2025-07-18; accession 0001275187-25-000014 (https://www.sec.gov/Archives/edgar/data/1275187/000127518725000014/ango-20250531.htm)
- [FY 2024 MD&A](/company/ANGO/mda/fy2024/): filed 2024-07-25; accession 0001628280-24-032989 (https://www.sec.gov/Archives/edgar/data/1275187/000162828024032989/ango-20240531.htm)
- [FY 2023 MD&A](/company/ANGO/mda/fy2023/): filed 2023-08-03; accession 0001628280-23-027335 (https://www.sec.gov/Archives/edgar/data/1275187/000162828023027335/ango-20230531.htm)
- [FY 2022 MD&A](/company/ANGO/mda/fy2022/): filed 2022-07-22; accession 0001275187-22-000017 (https://www.sec.gov/Archives/edgar/data/1275187/000127518722000017/ango-20220531.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3841 Surgical & Medical Instruments & Apparatus) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/ANGO.md · JSON record: /company/ANGO.json · verified financials: /company/ANGO/financials.json / /company/ANGO/financials.csv · machine TOC for the whole site: /llms.txt