ANGIODYNAMICS INC
For the period ended Nov 30, 2025. Filed Jan 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Nov 30, 2025 · Filed Jan 6, 2026
ANGO$11.73-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-08-31; filed 2025-10-02.
0001628280-25-043689
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-11-30; filed 2026-01-06.
0001275187-26-000003
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 100 previous paragraphs and 111 current paragraphs.
36 unchanged; 50 reworded; 22 added; 12 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
•Revenue increased by 9.0% to $79.4 million
Current report
•Gross margin increased 160 bps to 56.4%
Current report
Six months ended November 30, 2025:
Current report
•Revenue increased by 10.6% to $155.1 million
Current report
•Gross margin increased 120 bps to 55.8%
Current report
•Med Tech gross margin increased 20 bps to 63.7% and Med Device gross margin increased 120 bps to 49.2%
Current report
•Net loss decreased by $6.3 million to a loss of $17.3 million
Current report
•Increased sales of Core, Venous and Port products of $1.0 million, $0.9 million and $0.6 million, respectively, which was partially offset by decreased sales of Oncology products of $0.1 million for the three months ended November 30, 2025.
Current report
•Benefits from product lines transitioned to third-party manufacturers along with other incentives, which positively impacted gross margin by $1.4 million and $2.8 million, respectively;
Current report
•Tariffs, which negatively impacted gross margin by $1.3 million and $3.0 million, respectively;
Current report
•Benefits from product lines transitioned to third-party manufacturers along with other incentives, which positively impacted gross margin by $0.4 million and $0.2 million, respectively;
Current report
•Inflation and other operations costs, which positively impacted gross margin by $0.4 million for the six months ended November 30, 2025;
Current report
•Tariffs, which negatively impacted gross margin by $0.4 million for the six months ended November 30, 2025;
Current report
•Product mix, which negatively impacted gross margin by $0.3 million and $1.3 million, respectively; and
Current report
•Sales volume, price and product mix, which positively impacted gross margin by $2.2 million and $3.6 million, respectively, which includes sales to a new distributor which positively impacted gross margin by $0.5 million for both periods;
Current report
•Benefits from product lines transitioned to third-party manufacturers, which positively impacted gross margin by $1.0 million and $2.6 million, respectively;
Current report
•Tariffs, which negatively impacted gross margin by $1.4 million and $2.6 million, respectively;
Current report
•Production volume and other incentives, which negatively impacted gross margin by $0.3 million for the six months ended November 30, 2025;
Current report
•Inflation and other operations costs, which negatively impacted gross margin by $0.4 million and $1.1 million, respectively; and
Current report
•The timing of certain projects and clinical spend associated with ongoing clinical trials, which increased by $1.4 million for both periods; and
Current report
G&A expense decreased $0.2 million and increased $1.3 million for the three and six months ended November 30, 2025 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Current report
•Mergers and acquisition expense, which decreased $0.7 million for both periods;
Removed paragraphs (12)
Previous report
•Revenue increased by 12.2% to $75.7 million
Previous report
•Gross margin increased 90 bps to 55.3%
Previous report
•Benefits from product lines transitioned to third-party manufacturing, which positively impacted gross margin by $0.7 million;
Previous report
•Productivity and other incentives, which positively impacted gross margin $0.3 million;
Previous report
•Production volume, which negatively impacted gross margin by $0.3 million; and
Previous report
•Sales volume, production volume and price, which positively impacted gross margin by $6.5 million;
Previous report
•Incremental depreciation on placement units of $0.7 million.
Previous report
•Benefits from product lines transitioned to third-party manufacturing, which positively impacted gross margin by $0.7 million;
Previous report
•Productivity and other incentives, which positively impacted gross margin by $0.3 million;
Previous report
•Tariffs, which negatively impacted gross margin by $1.1 million;
Previous report
•Sales volume and production volume, which negatively impacted gross margin by $1.1 million; and
Previous report
G&A expense increased $1.6 million for the three months ended August 31, 2025 compared to the same period in the prior year. The change from the prior year was primarily driven by:
Reworded paragraphs (50)
Previous wording
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 months ended August 31, 2025 compared to the three months ended August 31, 2024 are as follows:
Current wording
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 six months ended November 30, 2025 compared to the three and six months ended November 30, 2024 are as follows:
Previous wording
•Med Tech and Med Device growth of 26.1% and 2.3%, respectively
Current wording
•Med Tech and Med Device growth of 13.0% and 6.0%, respectively
Previous wording
•Med Tech gross margin decreased 110 bps to 62.2% and Med Device gross margin increased 120 bps to 49.3%
Current wording
•Med Tech gross margin increased 160 bps to 65.3% and Med Device gross margin increased 120 bps to 49.1%
Previous wording
•Net loss decreased by $1.9 million to $10.9 million
Current wording
•Net loss decreased by $4.4 million to a loss of $6.4 million
Previous wording
•Loss per share decreased by $0.05 to $0.26
Current wording
•Loss per share decreased by $0.11 to $0.15
Previous wording
Our Med Tech revenue, comprised of Auryon, the thrombus management platform and NanoKnife, grew 26.1% in the first quarter of fiscal year 2026 driven by Auryon, NanoKnife and the thrombus management products. Our Med Device revenue grew by 2.3% in the first quarter of fiscal year 2026 driven by growth in the Core and Venous product lines which was partially offset by softness in the Ports and Microwave product lines.
Current wording
Our Med Tech revenue, comprised of Auryon, the thrombus management platform and NanoKnife, grew 13.0% in the second quarter of fiscal year 2026 driven by Auryon, NanoKnife and the thrombus management products. Our Med Device revenue grew by 6.0% in the second quarter of fiscal year 2026 driven by growth in the Core, Ports and Venous product lines which was partially offset by softness in the Oncology product lines.
Previous wording
For the three months ended August 31, 2025, the Company reported net loss of $10.9 million, or diluted loss per share of $0.26, on net sales of $75.7 million, compared with a net loss of $12.8 million, or diluted loss per share of $0.31, on net sales of $67.5 million during the same quarter of the prior year.
Current wording
For the three months ended November 30, 2025, the Company reported net loss of $6.4 million, or diluted loss per share of $0.15, on net sales of $79.4 million, compared with a net loss of $10.7 million, or diluted loss per share of $0.26, on net sales of $72.8 million during the same quarter of the prior year. For the six months ended November 30, 2025, the Company reported net loss of $17.3 million, or diluted loss per share of $0.42, on net sales of $155.1 million, compared with a net loss of $23.5 million, or diluted loss per share of $0.58, on net sales of $140.3 million during the same quarter of the prior year.
Previous wording
For the three months ended August 31, 2025, net sales increased $8.2 million to $75.7 million compared to the same period in the prior year. At August 31, 2025, the Company had a backlog of $0.4 million.
Current wording
For the three months ended November 30, 2025, net sales increased $6.6 million to $79.4 million compared to the same period in the prior year. For the six months ended November 30, 2025, net sales increased $14.8 million to $155.1 million compared to the same period in the prior year. At November 30, 2025, the Company had a backlog of $0.4 million.
Previous wording
The Med Tech segment net sales increased $7.3 million for the three months ended August 31, 2025 compared to the same period in the prior year. The change in sales from the prior year was primarily driven by:
Current wording
The Med Tech segment net sales increased $4.1 million and $11.4 million for the three and six months ended November 30, 2025 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Previous wording
•Increased Auryon sales of $2.7 million;
Current wording
•Increased Auryon sales of $2.6 million and $5.3 million, respectively;
Previous wording
•Increased sales of the thrombus management platform of $3.2 million, which was driven by an increase in AngioVac and AlphaVac sales of $3.3 million and was partially offset by a decrease in thrombolytic sales of $0.1 million; and
Current wording
•Increased sales of the thrombus management platform of $0.2 million and $3.4 million, respectively. For the three months ended November 30, 2025, this was driven by an increase in AlphaVac sales of $1.0 million and was partially offset by a decrease in AngioVac sales of $0.6 million and thrombolytic sales of $0.2 million. For the six months ended November 30, 2025, this was driven by an increase in AngioVac and AlphaVac sales of $3.7 million and was partially offset by a decrease in thrombolytic sales of $0.3 million; and
Previous wording
•Increased NanoKnife sales of $1.4 million, which was driven by increased disposable sales.
Current wording
•Increased NanoKnife sales of $1.3 million and $2.7 million, respectively, which was driven by increased disposable and capital sales.
Previous wording
The Med Device segment net sales increased $0.9 million for the three months ended August 31, 2025 compared to the same period in the prior year. The backlog, which primarily impacted sales of Core products, was$0.4 million. The change in sales from the prior year was primarily driven by:
Current wording
The Med Device segment net sales increased $2.5 million and $3.4 million for the three and six months ended November 30, 2025 compared to the same period in the prior year, respectively. The backlog, which primarily impacted sales of Core products, was$0.4 million. The change for both periods was primarily driven by:
Previous wording
•Increased sales of Venous, Core and Oncology products of $0.7 million, $1.0 million and $0.2 million, respectively, which was partially offset by decreased sales of Ports and Microwave of $0.7 million and $0.2 million, respectively.
Current wording
•Increased sales of Core and Venous products of $1.9 million and $1.5 million, respectively, which was partially offset by decreased sales of Ports and Microwave products of $0.1 million and $0.2 million, respectively, for the six months ended November 30, 2025.
Previous wording
Total Company gross margin increased by $5.1 million for the three months ended August 31, 2025 compared to the same period in the prior year. The change from the prior year was primarily driven by:
Current wording
Total Company gross margin increased by $4.9 million and $10.0 million for the three and six months ended November 30, 2025 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Previous wording
•Sales volume, price and product mix, which positively impacted gross margin by $6.6 million;
Current wording
•Sales volume, price and product mix, which positively impacted gross margin by $5.4 million and $12.0 million, respectively, which includes sales to a new distributor which positively impacted gross margin by $1.5 million for both periods;
Previous wording
•Tariffs, which negatively impacted gross margin by $0.5 million;
Current wording
•Inflation and other operations costs, which negatively impacted gross margin by $0.5 million and $0.9 million, respectively; and
Previous wording
The Med Tech segment gross margin increased by $4.2 million for thethree months ended August 31, 2025 compared to the same period in the prior year. The change from the prior year was primarily driven by:
Current wording
The Med Tech segment gross margin increased by $3.2 million and $7.4 million for the three and six months ended November 30, 2025 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Previous wording
•Product mix and other incentives, which negatively impacted gross margin by $1.0 million; and
Current wording
•Sales volume and price, which positively impacted gross margin by $3.6 million and $9.7 million, respectively, which includes sales to a new distributor which positively impacted gross margin by $1.0 million for both periods;
Previous wording
•Incremental depreciation on placement units of $0.6 million.
Current wording
•Incremental depreciation on placement units of $0.6 million and $1.3 million, respectively.
Previous wording
The Med Device segment gross margin increased by $0.9 million for thethree months ended August 31, 2025 compared to the same period in the prior year. The change from the prior year was primarily driven by:
Current wording
The Med Device segment gross margin increased by $1.7 million and $2.6 million for the three and six months ended November 30, 2025 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Previous wording
•A decrease in incremental depreciation on placement units of $0.2 million.
Current wording
•A decrease in incremental depreciation on placement units of $0.4 million and $0.5 million, respectively.
Previous wording
R&D expense increased $0.1 million for thethree months ended August 31, 2025 compared to the same period in the prior year. The change from the prior year was primarily driven by:
Current wording
R&D expense increased $1.3 million and $1.5 million for the three andsix months ended November 30, 2025 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Previous wording
•Compensation and benefits expenses, which increased $0.1 million.
Current wording
•Compensation and benefits expenses, which increased $0.1 million for the six months ended November 30, 2025.
Previous wording
S&M expense increased $2.5 million for the three months ending August 31, 2025 compared to the same period in the prior year. The change from the prior year was primarily driven by:
Current wording
S&M expense increased $1.1 million and $3.6 million for the three and six months ending November 30, 2025 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Previous wording
•Compensation and benefits expense, which increased by $1.8 million;
Current wording
•Compensation and benefits expense, which increased by $0.3 million and $2.1 million, respectively;
Previous wording
•Consulting and other selling expenses, which increased $0.6 million; and
Current wording
•Consulting and other selling expenses, which increased $0.4 million and $1.0 million, respectively; and
Previous wording
•Trade shows, subscriptions and other marketing expenses, which increased $0.1 million.
Current wording
•Trade shows, subscriptions and other marketing expenses, which increased $0.4 million and $0.5 million, respectively.
Previous wording
•Compensation and benefits expenses, which increased $2.3 million;
Current wording
•Compensation and benefits expenses, which increased $0.9 million and $3.2 million, respectively;
Previous wording
•Other outside consultant spend, which decreased $0.3 million; and
Current wording
•Other outside consultant spend, which decreased $1.0 million and $1.4 million, respectively; and
Previous wording
•Depreciation and other corporate expenses, which decreased $0.4 million.
Current wording
•Depreciation and other corporate expenses, which decreased $0.2 million and $0.5 million, respectively.
Previous wording
•Amortization expense remained consistent with the same period in the prior year.
Current wording
•Amortization expense remained consistent for the three and six months ended November 30, 2025 compared to the same period in the prior year.
Previous wording
•The change in the fair value for the three months ended August 31, 2025 is related to the Eximo contingent consideration. The final milestone associated with the contingent consideration was reached during the third quarter of fiscal year 2025 and was paid during the fourth quarter of fiscal year 2025.
Current wording
•The change in the fair value for the three and six months ended November 30, 2025 is related to the Eximo contingent consideration. The final milestone associated with the contingent consideration was reached during the third quarter of fiscal year 2025 and was paid during the fourth quarter of fiscal year 2025.
Previous wording
Acquisition, restructuring and other items, net, decreased by $1.6 million for the three months ended August 31, 2025, compared to the same period in the prior year. The change from the prior year was primarily driven by:
Current wording
Acquisition, restructuring and other items, net, decreased by $2.2 million and $3.8 million for the three and six months ended November 30, 2025, compared to the same period in the prior year. The change for both periods was primarily driven by:
Previous wording
•Legal expense, related to litigation that is outside of the normal course of business, which decreased $0.3 million;
Current wording
•Legal expense, related to litigation that is outside of the normal course of business, which increased $1.4 million and $1.3 million, respectively;
Previous wording
•Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024, which decreased $1.2 million;
Current wording
•Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024, which decreased $2.7 million and $4.0 million, respectively;
Previous wording
•Transaction services agreements that were entered into as a result of the divestiture of the PICCs, Midline, dialysis and BioSentry businesses. The decrease in the fees invoiced was $0.2 million; and
Current wording
•Transaction services agreements that were entered into as a result of the divestiture of the PICCs, Midline, dialysis and BioSentry businesses. The increase in the fees invoiced was $0.2 million for the three months ended November 30, 2025. The fees invoiced remained consistent for the six months ended November 30, 2025; and
Previous wording
•Other expenses, mainly severance associated with organizational changes, which decreased $0.2 million.
Current wording
•Other expenses, mainly severance associated with organizational changes, remained consistent for the three months ended November 30, 2025 and decreased $0.3 million for the six months ended November 30, 2025.
Previous wording
•The change in other expense of $0.6 million for the three months ended August 31, 2025, compared to the same period in the prior year, is primarily due to decreased interest income of $0.6 million.
Current wording
•The change in other expense of $0.5 million and $1.1 million for the three and six months ended November 30, 2025, compared to the same period in the prior year, respectively, is primarily due to decreased interest income of $0.2 million and $0.6 million and increased interest expense of $0.2 million and $0.4 million, respectively. This was partially offset by unrealized foreign currency fluctuations of $0.1 million for both periods.
Previous wording
Our effective tax rate including discrete items for the three months ended August 31, 2025 and August 31, 2024 was (0.6)% and (1.1)%, respectively. In fiscal year 2026, the Company’s effective tax rate differs from the U.S. statutory rate primarily due to the impact of the valuation allowance, foreign taxes, and other non-deductible permanent items (such as non-deductible meals and entertainment, Section 162(m) excess compensation and non-deductible stock-based compensation).
Current wording
Our effective tax rate including discrete items for the three months ended November 30, 2025 and November 30, 2024 was 0.1% and 1.0%, respectively. Our effective tax rate including discrete items for the six months ended November 30, 2025 and November 30, 2024 was (0.3)% and (0.1)%, respectively. In fiscal year 2026, the Company’s effective tax rate differs from the U.S. statutory rate primarily due to the impact of the valuation allowance, foreign taxes, and other non-deductible permanent items (such as non-deductible meals and entertainment, Section 162(m) excess compensation and non-deductible stock-based compensation).
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
•Med Tech and Med Device growth of 19.1% and 4.2%, respectively
Current report — wording carried from elsewhere
•Loss per share decreased by $0.16 to $0.42
Current report — wording carried from elsewhere
•Incremental depreciation on placement units of $0.2 million and $0.8 million, respectively.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
•Tariffs, which negatively impacted gross margin by $1.7 million;
Previous report — wording carried elsewhere
•Price and product mix, which positively impacted gross margin by $2.0 million;