ANGIODYNAMICS INC
For the period ended Feb 28, 2026. Filed Apr 2, 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.
Feb 28, 2026 · Filed Apr 2, 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 2025-11-30; filed 2026-01-06.
0001275187-26-000003
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-02-28; filed 2026-04-02.
0001628280-26-023008
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 111 previous paragraphs and 119 current paragraphs.
34 unchanged; 61 reworded; 21 added; 15 removed; 1 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 (21)
Current report
•Revenue increased by 8.9% to $78.4 million
Current report
•Gross margin decreased 110 bps to 52.9%
Current report
•Med Tech gross margin remained consistent at 62.5% and Med Device gross margin decreased 320 bps to 44.2%
Current report
•Loss per share increased by $0.08 to $0.19
Current report
Nine months ended February 28, 2026:
Current report
•Revenue increased by 10.0% to $233.6 million
Current report
•Gross margin increased 50 bps to 54.9%
Current report
•Increased sales of the thrombus management platform of $2.1 million and $5.5 million compared to the same period in the prior year, respectively. This was driven by an increase in AlphaVac and AngioVac sales of $1.7 million and $5.5 million compared to the same period in the prior year, respectively and an increase in thrombolytic sales of $0.4 million and $0.1 million compared to the same period in the prior year, respectively; and
Current report
•Tariffs, which negatively impacted gross margin by $1.4 million and $4.3 million, respectively;
Current report
•Inflation and other operations costs, which negatively impacted gross margin by $0.1 million for the three months ended February 28, 2026 and positively impacted gross margin by $0.9 million for the nine months ended February 28, 2026;
Current report
•Tariffs, which negatively impacted gross margin by $0.5 million for the nine months ended February 28, 2026; and
Current report
•Incremental depreciation on placement units of $1.3 million for the nine months ended February 28, 2026.
Current report
•Sales volume, which negatively impacted gross margin by $0.6 for the three months ended February 28, 2026 and which positively impacted gross margin by $0.3 million for the nine months ended February 28, 2026;
Current report
G&A expense increased $0.2 million and $1.6 million for the three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Current report
•Transition expenses related to the upcoming retirement of our CEO which was announced on January 6, 2026, which increased $0.9 million for both periods; and
Current report
Other income, net decreased by$0.7 million and $1.8 million, for the three and nine months ended February 28, 2026, compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Current report
•The Company achieved the manufacturing transfer milestone related to divested products in the third quarter of fiscal year 2026 and recorded the associated revenue of $5.0 million which was paid to the Company in the third quarter of fiscal year 2026;
Current report
•The Company achieved the sales milestone related to divested products in the third quarter of fiscal year 2025 and recorded a receivable of $5.5 million which was paid to the Company in the fourth quarter of fiscal year 2025; and
Current report
•Interest income, which decreased $0.2 million and $1.2 million, respectively.
Current report
Cash provided by financing activities
Current report
•$6.3 million of proceeds from financing arrangements in the third quarter of fiscal year 2025;
Removed paragraphs (15)
Previous report
•Revenue increased by 9.0% to $79.4 million
Previous report
•Gross margin increased 160 bps to 56.4%
Previous report
•Med Tech gross margin increased 160 bps to 65.3% and Med Device gross margin increased 120 bps to 49.1%
Previous report
Six months ended November 30, 2025:
Previous report
•Revenue increased by 10.6% to $155.1 million
Previous report
•Gross margin increased 120 bps to 55.8%
Previous report
•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 report
•Inflation and other operations costs, which negatively impacted gross margin by $0.5 million and $0.9 million, respectively; and
Previous report
•Incremental depreciation on placement units of $0.2 million and $0.8 million, respectively.
Previous report
•Inflation and other operations costs, which positively impacted gross margin by $0.4 million for the six months ended November 30, 2025;
Previous report
•Tariffs, which negatively impacted gross margin by $0.4 million for the six months ended November 30, 2025;
Previous report
•Tariffs, which negatively impacted gross margin by $1.4 million and $2.6 million, respectively;
Previous 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:
Previous report
•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 report
Cash provided by (used in) financing activities
Reworded paragraphs (61)
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 and six months ended November 30, 2025 compared to the three and six months ended November 30, 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 nine months ended February 28, 2026 compared to the three and nine months ended February 28, 2025 are as follows:
Previous wording
•Med Tech and Med Device growth of 13.0% and 6.0%, respectively
Current wording
•Med Tech and Med Device growth of 19.0% and 1.2%, respectively
Previous wording
•Net loss decreased by $6.3 million to a loss of $17.3 million
Current wording
•Net loss increased by $3.7 million to a loss of $8.1 million
Previous wording
•Med Tech and Med Device growth of 19.1% and 4.2%, respectively
Current wording
•Med Tech and Med Device growth of 19.1% and 3.2%, respectively
Previous wording
•Med Tech gross margin increased 20 bps to 63.7% and Med Device gross margin increased 120 bps to 49.2%
Current wording
•Med Tech gross margin increased 10 bps to 63.3% and Med Device gross margin decreased 20 bps to 47.6%
Previous wording
•Net loss decreased by $4.4 million to a loss of $6.4 million
Current wording
•Net loss decreased by $2.6 million to a loss of $25.3 million
Previous wording
•Loss per share decreased by $0.11 to $0.15
Current wording
•Loss per share decreased by $0.07 to $0.61
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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:
Current wording
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 for both periods was primarily driven by:
Previous wording
•Increased Auryon sales of $2.6 million and $5.3 million, respectively;
Current wording
•Increased Auryon sales of $2.5 million and $7.8 million, respectively;
Previous wording
•Increased NanoKnife sales of $1.3 million and $2.7 million, respectively, which was driven by increased disposable and capital sales.
Current wording
•Increased NanoKnife sales of $1.3 million and $4.0 million, respectively, which was driven by increased disposable and capital sales.
Previous 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:
Current wording
The Med Device segment net sales increased $0.5 million and $3.9 million for the three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively. The backlog, which primarily impacted sales of Core products, was$0.3 million. The change for both periods was primarily driven by:
Previous wording
•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 wording
•Increased sales of Core, Venous and Microwave products of $0.5 million, $0.6 million and $0.1 million, respectively, which was partially offset by decreased sales of Ports and other Oncology products of $0.6 million and $0.2 million for the three months ended February 28, 2026.
Previous 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.
Current wording
•Increased sales of Core and Venous products of $2.4 million and $2.2 million, respectively, which was partially offset by decreased sales of Ports and Oncology products of $0.7 million and $0.1 million, respectively, for the nine months ended February 28, 2026.
Previous 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:
Current wording
Total Company gross margin increased by $2.6 million and $12.6 million for the three and nine months ended February 28, 2026 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 $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;
Current wording
•Sales volume and price, which positively impacted gross margin by $4.7 million and $14.5 million, respectively. For the nine months ended February 28, 2026, this includes sales to a new distributor which positively impacted gross margin by $1.5 million;
Previous wording
•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 wording
•Benefits from product lines transitioned to third-party manufacturers along with other incentives, which positively impacted gross margin by $1.5 million and $5.1 million, respectively;
Previous wording
•Product mix, which negatively impacted gross margin by $0.3 million and $1.3 million, respectively; and
Current wording
•Product mix, which negatively impacted gross margin by $0.3 for the three months ended February 28, 2026 and which positively impacted gross margin by $0.5 million for the nine months ended February 28, 2026;
Previous wording
•Inflation and other operations costs, which negatively impacted gross margin by $0.4 million and $1.1 million, respectively; and
Current wording
•Production volume and other incentives, which negatively impacted gross margin by $0.8 million and $1.1 million, respectively;
Previous wording
•Tariffs, which negatively impacted gross margin by $1.3 million and $3.0 million, respectively;
Current wording
•Inflation and other operations costs, which negatively impacted gross margin by $1.3 million and $1.6 million, respectively; and
Previous wording
•Incremental depreciation on placement units of $0.6 million and $1.3 million, respectively.
Current wording
•A decrease in incremental depreciation on placement units of $0.2 million for the three months ended February 28, 2026 and an increase in incremental depreciation on placement units of $0.6 million for the nine months ended February 28, 2026.
Previous 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:
Current wording
The Med Tech segment gross margin increased by $3.7 million and $11.1 million for the three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Previous 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;
Current wording
•Sales volume and price, which positively impacted gross margin by $4.1 million and $12.2 million, respectively. For the nine months ended February 28, 2026, this includes sales to a new distributor which positively impacted gross margin by $1.0 million;
Previous wording
•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 wording
•Benefits from product lines transitioned to third-party manufacturers along with other incentives, which positively impacted gross margin by $1.0 million and $2.2 million, respectively;
Previous 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:
Current wording
The Med Device segment gross margin decreased by $1.1 million and increased $1.5 million for the three and nine months ended February 28, 2026 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 $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 wording
•Price and product mix, which positively impacted gross margin by $1.9 million and $4.5 million, respectively. For the nine months ended February 28, 2026, this includes sales to a new distributor which positively impacted gross margin by $0.5 million;
Previous wording
•Benefits from product lines transitioned to third-party manufacturers, which positively impacted gross margin by $1.0 million and $2.6 million, respectively;
Current wording
•Benefits from product lines transitioned to third-party manufacturers, which positively impacted gross margin by $0.7 million and $3.4 million, respectively;
Previous wording
•Production volume and other incentives, which negatively impacted gross margin by $0.3 million for the six months ended November 30, 2025;
Current wording
•Production volume and other incentives, which negatively impacted gross margin by $0.8 million and $1.1 million, respectively;
Previous wording
•A decrease in incremental depreciation on placement units of $0.4 million and $0.5 million, respectively.
Current wording
•A decrease in incremental depreciation on placement units of $0.2 million and $0.7 million, respectively.
Previous 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:
Current wording
R&D expense increased $0.2 million and $1.6 million for the three andnine months ended February 28, 2026 compared to the same period in the prior year, respectively. The change for both periods was primarily driven by:
Previous wording
•The timing of certain projects and clinical spend associated with ongoing clinical trials, which increased by $1.4 million for both periods; and
Current wording
•The timing of certain projects and clinical spend associated with ongoing clinical trials, which increased by $0.3 million and $1.6 million, respectively; and
Previous wording
•Compensation and benefits expenses, which increased $0.1 million for the six months ended November 30, 2025.
Current wording
•Compensation and benefits expenses, which decreased $0.1 million for the three months ended February 28, 2026.
Previous 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:
Current wording
S&M expense increased $1.9 million and $5.6 million for the three and nine months ending February 28, 2026 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 $0.3 million and $2.1 million, respectively;
Current wording
•Compensation and benefits expense, which increased by $1.0 million and $3.1 million, respectively;
Previous wording
•Consulting and other selling expenses, which increased $0.4 million and $1.0 million, respectively; and
Current wording
•Consulting, travel and other selling expenses, which increased $0.5 million and $1.4 million, respectively; and
Previous wording
•Trade shows, subscriptions and other marketing expenses, which increased $0.4 million and $0.5 million, respectively.
Current wording
•Trade shows, subscriptions and other marketing expenses, which increased $0.5 million and $1.0 million, respectively.
Previous wording
•Compensation and benefits expenses, which increased $0.9 million and $3.2 million, respectively;
Current wording
•Compensation and benefits expenses, which increased $0.7 million and $3.9 million, respectively;
Previous wording
•Other outside consultant spend, which decreased $1.0 million and $1.4 million, respectively; and
Current wording
•Other outside consultant spend, which decreased $0.4 million and $1.8 million, respectively; and
Showing the first 40 of 61 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
•Product mix, which negatively impacted gross margin by $1.2 million and $2.5 million, respectively;
Current report — wording carried from elsewhere
•Tariffs, which negatively impacted gross margin by $1.4 million and $3.8 million, respectively;
Current report — wording carried from elsewhere
•Inflation and other operations costs, which negatively impacted gross margin by $1.2 million and $2.5 million, respectively; and
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•Loss per share decreased by $0.16 to $0.42