阿吉奥动态有限公司 (ANGO.US) 2026财年第二季度业绩电话会
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会议摘要
Angiodynamics showcased impressive Q2 2026 financials, including 8.8% revenue growth and a near doubling of adjusted EBITDA. The MedTech segment, especially the Aion and mechanical thrombectomy platforms, contributed significantly. Regulatory approvals for the Apex Return study and a modified AngioVac system are expected to boost future growth. The company anticipates maintaining cash flow positivity and has initiated a CEO succession search.
会议速览
Angiodynamics Reports Q2 2026 Earnings: Revenue Growth and Profitability ImproveAngiodynamics announces strong Q2 2026 financial results, including 8.8% revenue growth, a near doubling of adjusted EBITDA, and positive cash flow. The company raises full-year guidance for revenue and adjusted EBITDA, showcasing its ability to enhance both top-line performance and profitability.
Strong Portfolio Growth, Regulatory Milestones, and Market Expansion in Medical Devices and Prostate ProceduresAchieved double-digit year-over-year growth, with notable advancements in mechanical thrombectomy and nanofeed prostate procedures. Received critical regulatory approvals, including IDE for Apex Return and 510(k) clearance for modified AlphaVac. Med device business showed over 5% growth, contributing to profitable cash flow. Executing on commercial strategies and clinical programs, driving long-term value creation.
Strong Q2 Revenue Growth Driven by MedTech Expansion and Strategic TransactionsThe company reported an 8.8% revenue increase to $79.4 million, with MedTech segment growth at 13%. Notable highlights include a 22.2% rise in Nanoni revenue and a strategic distribution deal in France, contributing to overall adjusted EBITDA of $5.9 million. Tariffs and R&D investments were managed, with expectations raised for MedDevice segment growth for the full year.
Strong Cash Flow & Guidance Revision for Fiscal 2026The dialogue highlights significant cash generation in Q2 exceeding expectations, leading to revised guidance for fiscal 2026 with raised net sales projections, detailing expected cash utilization, and reinforcing confidence in sustained profitable growth. It also mentions the conclusion of a long-standing patent litigation case, avoiding a $3 million payment.
CEO Announces Retirement, Ensures Smooth Transition and Praises Team's AchievementsA company's CEO, after a decade-long tenure, announces retirement intentions. Highlighting the company's transformation into a leading medtech innovator, the CEO expresses gratitude towards employees, partners, and healthcare providers. A search committee, aided by an executive search firm, will identify a successor, ensuring strategic and financial oversight until the appointment. The CEO commits to a seamless transition, reflecting on collective efforts to enhance patient care.
Analysis of Gross Margin Performance and Mechanical Thrombectomy Business OutlookDiscussion focused on the company's gross margin outperformance, attributing it to price increases and production shifts, with future projections considering structural under absorption. Also, insights into the mechanical thrombectomy business, highlighting the growth potential of Alpha Vac and PE, and the impact of the alpha return product on market adoption and growth acceleration.
Update on Prostate Coding Changes and EBITDA ProjectionsThe dialogue discusses the impact of recent coding changes for prostate procedures, monitoring insurer updates to prevent automatic denials. It highlights strong capital sales performance, particularly in international markets, and probe sales growth due to increased awareness. EBITDA is expected to remain positive in Q3, though potentially less robust than H1, as investments in sales force and R&D continue to drive top-line growth.
International Expansion and Coronary Application Plans for Aion DeviceDiscussion focused on Aion's international sales potential, highlighting non-US market strategies, CE mark significance, and distributor network benefits. Expansion into coronary applications was also addressed, noting it as a strategic long-term goal with minimal immediate RD expenditure.
Celebrating Employee Commitment and Future Growth StrategiesAcknowledged employees' dedication to achieving strong results, emphasizing portfolio management, geographic expansion, and investment in new clinical applications for future growth.
要点回答
Q：What were the key financial results for the second quarter of fiscal year 2026?
A：The key financial results for the second quarter of fiscal year 2026 include revenue growth of 8.8%, with medical technology up 13%. Adjusted EBITDA nearly doubled year over year, and positive cash flow was generated.
Q：How has Aion's performance been in the market?
A：Aion has performed exceptionally well, delivering its 18th consecutive quarter of double-digit growth and continuing to take share in the atherectomy market. The strategy to increase penetration in hospitals has been working, leading to higher volumes and better economics. International contributions have started following CE mark approval, and progress is being made to expand the addressable market.
Q：What are the recent regulatory milestones for the mechanical thrombectomy platform?
A：The recent regulatory milestones for the mechanical thrombectomy platform include IDE approval for the Apex Return study, which evaluates the alpha return flood management system for treating acute pulmonary embolism. The PA study received approval for angioOFAC to remove right heart vegetation in patients with right-sided infective endocarditis, and a 510(k) clearance was granted for a modified alpha Vac with expanded indications.
Q：What opportunities does the nanoliter system present in the market?
A：The nanoliter system has been named to Time's 2025 Best Innovations list, which is expected to accelerate patient awareness in the growing market. This recognition provides an opportunity to build adoption over time as physician interest is high, procedure volumes are growing, and the company is executing on its commercial and awareness-building initiatives.
Q：What was the growth rate and performance of the med device business?
A：The med device business grew over 5% this quarter, ahead of expectations. It provided profitable cash flow that supports further investment in this business. The quarter demonstrated efficient operations, with revenue growth, expanded margins, advanced clinical programs, and generation of cash.
Q：How much did Medtech revenue increase and what percentage of total revenue did it constitute?
A：Medtech revenue increased by 13%, reaching $35.7 million. It comprised 45% of the company's total revenue.
Q：How much did nannoni revenue increase by and what factors contributed to this growth?
A：nannoni revenue grew by 22.2%, reaching $7.3 million. This growth is attributed to increasing demand and utilization for treating prostate cancer patients with nannoni.
Q：What was the year-over-year increase in the med device segment's revenue and what expectations are being raised for this segment?
A：The med device segment's revenue increased by 5.6% year-over-year. While the expectation for the full year is not expected to grow at the same level as the second quarter, the full-year growth expectations for the Med device segment have been raised.
Q：What is the growth trend for Aeon's atherectomy business and which settings are contributing to its growth?
A：Aeon has delivered double-digit year-over-year growth for the atherectomy business, supported by a strategy to increase the hospital-side presence of the业务. This growth is attributed to expanding the customer base in both the hospital and OBL settings, as well as continued international adoption following CE mark approval.
Q：What were the key figures for total operating expenses and R&D expenses in the quarter?
A：Total operating expenses in the quarter were $50.9 million, representing a decrease to 64.1% of sales from $51 million, or 69.9% of sales in the prior year. R&D expenses were $7.8 million, or 9.8% of sales, up from $6.4 million for 8.8% of sales a year ago.
Q：How much was the adjusted net loss for the second quarter of FY 26 and what factors contributed to this improvement?
A：The adjusted net loss for the second quarter of FY 26 was $1.4 million, or an adjusted loss per share of 1 hundredth of a cent, compared to an adjusted net loss of $1.7 million, or an adjusted loss per share of 4 cents, in the prior year. The improvement is attributed to med tech revenue growth and the success of gross margin initiatives and operating efficiencies.
Q：What was the adjusted EBITDA for the second quarter of FY 26 and how does it compare to the prior year?
A：The adjusted EBITDA for the second quarter of FY 26 was $5.9 million, compared to $3.1 million in the second quarter of 2025. The France distribution transaction contributed approximately $3 million of adjusted EBITDA in the quarter.
Q：What was the change in cash and cash equivalents from the previous year-end and how does the company expect to manage cash flow for the remainder of the fiscal year?
A：On November 30, 2025, the company had $41.6 million in cash and cash equivalents, compared to $38.8 million at the previous year-end. The company expects to be cash flow positive for the full fiscal year 2026 and plans to utilize between $300 and $500 million of cash in the third quarter, with substantial cash generation expected in the fourth quarter.
Q：What is the updated range for full-year fiscal 2026 net sales and how does this compare to the prior guidance?
A：The updated range for full-year fiscal 2026 net sales is expected to be between $292 to $294 million, representing growth of between 6.6% and 7.3% over fiscal 2025. This updated range is higher than the prior guidance of between $290 to $292 million.
Q：What is the updated range for adjusted EBITDA and why is it higher than the prior guidance?
A：The updated range for adjusted EBITDA is expected to be in the range of Ed million to Ed million, up from prior guidance of script to script million. This is attributed to the company's ability to generate increasing adjusted EBITDA while accelerating investments into initiatives to support the long-term growth of the business.
Q：What was the impact of the US court of Appeals decision on the company's litigation with CR Bard?
A：The US court of Appeals for the Fed Circuit affirmed the district court's judgment in the company's previously settled patent litigation with CR Bard, invalidating Bard's patents. This decision concludes CR Bard's appeal and eliminates the potential for the company to make a $3 million payment under the settlement agreement.
Q：What is the reason for the CEO's retirement and what are the company's plans for his successor?
A：The CEO has announced his intention to retire after a decade with the company due to spending 30 years in the industry and deciding to move on to the next chapter of his life. The board has established a search committee and is conducting a comprehensive process assisted by a leading executive search firm to identify the next CEO, with the expectation of a successful transition occurring during fiscal ly.
Q：Why is the company's gross margin expected to remain relatively stable despite a potential decline in the second half of the year?
A：The company's gross margin is expected to remain relatively stable despite a potential decline in the second half of the year because the positive pricing actions and mix shift to medical technology have been positive for gross margin. Additionally, some structural under absorption is anticipated as certain products are moved from Queensberry to third-party manufacturing partners in Costa Rica, which has already been offset by cost cuts in the first half of the year.
Q：How did the acquisition of AlphaVac and the related product impact the company's growth profile?
A：The acquisition of AlphaVac and the related product have been performing well, gaining new cases, doctors, and hospital awards. The product is gaining quote unquote 'shelf time' in inventory in new accounts and the performance is considered terrific. The company is excited about the continued growth of AlphaVac and its potential as a key growth category for a long time to come.
Q：What feedback is the company receiving about their alpha product?
A：The company is receiving positive feedback about their alpha product, which they believe is the best on the market. They think it provides customers with what they need and is superior to competitive products.
Q：What challenges does the market face in adopting the company's product?
A：The market faces challenges in adopting the company's product due to conditioning in the market that makes it difficult to return 'the blood.' The company's product, alpha, is designed to limit blood loss and mitigate this challenge, and they believe it's important for overcoming initial hurdles and encouraging adoption.
Q：What progress has been made following the transition to a new CPT code?
A：The speaker indicates that the company is a few days into the transition to a new level 1 CPT code and does not have an estimate for changes yet. However, they mention that the team is closely monitoring the situation, especially on the Medicare side, and believe it will be a catalyst for growth.
Q：What factors contributed to the strong capital sales in the quarter?
A：The strong capital sales in the quarter were attributed to a distribution channel change in France, which added some additional revenue. However, the company was still pleased with capital sales even without this change. They plan to use different models in the U.S., such as placement models and sales, to ensure capital is available to physicians.
Q：What was the reason for the increase in probe sales?
A：The increase in probe sales was attributed to increased awareness and enthusiasm from the medical community, which drove improved results. The company was particularly pleased with the nice increase in these sales.
Q：How is the company balancing EBITDA performance with investment needs?
A：The company is balancing EBITDA performance with investment needs by continuing to monitor performance and make necessary investments in areas like the sales force and research and development (R&D). They expect EBITDA to be positive in the back half of the year, not negative, but not as robust as the first half. Investments in growth drivers will be spread throughout the year, which may make the third quarter less robust in EBITDA.
Q：What is the company's outlook for international sales and the Aion system?
A：The company is optimistic about international sales, which have been driven by the CE mark for Aion and the work of their commercial and clinical teams to raise awareness. They have not yet targeted the size of the market but are pleased with the uptake in systems, disposables, and patient treatments, expecting international sales to become a larger percentage of total sales over time.
Q：Does the company have a timeline for Aion's expansion into the coronary application?
A：The company does not expect a significant amount of spending in research and development (R&D) for Aion's expansion into the coronary application this year. They see it as a longer-term initiative and do not foresee it being impactful in terms of spending in the current year.
AngioDynamics, Inc.
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