阿吉奥动态有限公司 (ANGO.US) 2026财年第三季度业绩电话会
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会议摘要
AngioDynamics reported a 19% increase in medtech revenue, driven by Ariane and mechanical thrombectomy platforms, with Alphabet growing 47.4%. The nannonifeed segment also saw growth, particularly in disposables and capital sales. Adjusted EBITDA rose to $4.4 million, up from $1.3 million. Full-year guidance for net sales and adjusted EBITDA was raised, projecting a 7.1% to 7.8% revenue increase. Leadership updates included a search for a new CEO, with current CEO and CFO leading until the transition. Supply chain challenges, including temporary Sterling Silver shutdowns, were managed proactively. The call concluded with recognition of late R&D leader Jim Cohain and appreciation for the team's efforts.
会议速览
AngioDynamics Fiscal Q3 2026 Earnings Call HighlightsAngioDynamics' fiscal Q3 2026 earnings call covered financial results, divestitures, and forward-looking statements, excluding specific product lines and focusing on operational performance metrics.
Strong Q3 Performance and Guidance Hike by AngioDynamics Amid ChallengesCompany highlights robust Q3 results with top-line growth and profitability, attributing success to strategic execution. Guidance for full-year net sales and EBITDA raised for the third consecutive quarter, showcasing resilience against manufacturing transitions, tariffs, and macroeconomic uncertainties.
Strong Momentum in Med Tech Business: Growth, Market Expansion, and Regulatory AdvancementsAriane's med tech business achieved 19 consecutive quarters of double-digit year-over-year growth, driven by superior technology and hospital market penetration. The company is expanding internationally post-CE mark approval. The mechanical thrombectomy business, particularly AlphaVac, showed strong growth, with new hospital accounts and increased utilization. Clinical education programs are successful, and the first patients have been enrolled in the Apex Return trial for the Alpha Return blood management system.
Strong Growth and Market Expansion in Medical Products and ServicesDiscusses achievements in product approval, market demand, and expansion, highlighting strong growth and strategic advancements in the medical sector. Emphasizes the company's transformation into a more profitable entity by focusing on larger markets and innovative products. Mentions positive outcomes in patient treatment, broadening payer coverage, and international market expansion, underscoring a successful quarter and future growth prospects.
Strong Q3 Revenue Growth Driven by MedTech and Med Device SegmentsThe company reported robust revenue growth in Q3, with a 19% increase in MedTech revenue and strong contributions from the Ariane and Alphabet platforms. Nannoni feed revenue also saw a significant boost, driven by probe and capital sales. The shift in business mix, with MedTech comprising 48% of total revenue, highlights ongoing strategic investments and customer-focused product enhancements.
Q3 FY26: Medtech Growth, Tariffs Impact, and R&D Commitment Drive Adjusted EBITDA and Sales Guidance IncreaseDespite tariff impacts and structural costs, Medtech segment grows, leading to a 1.1% YoY increase in Q3. Fiscal year sales guidance raised to 7.1-7.8% growth, with adjusted EBITDA guidance increased due to Medtech revenue growth and operational efficiencies. R&D remains a priority for long-term Medtech expansion, while sales and marketing investments support sustained growth.
Company's Financial Outlook, Inventory Planning, and Leadership Transition UpdateThe company anticipates a slight negative cash flow for the current fiscal year due to increased inventory levels for upcoming vendor maintenance, but remains confident in its long-term cash generation potential. With no debt, the company is well-positioned for future growth. Leadership transition is progressing as planned, ensuring a smooth handover while maintaining strategic and financial focus.
Q&A Session Highlights: Growth Drivers of a Medical Product and Impact of Rising CostsA medical product's sequential growth is attributed to new physician adoptions and innovative features. Concerns over rising supplier costs are addressed, indicating that potential impacts are factored into financial guidance. The company plans to manage through inflation and tariffs while exploring pricing adjustments where feasible.
Discussion on Alphabet's Growth Prospects and Ariane's Volume vs. Price AnalysisA query on Alphabet's expected sequential growth and potential baseline was addressed, emphasizing continued market expansion and share gain. Further inquiry into Ariane's volume and price dynamics across different markets was requested, highlighting the need for detailed insights.
Strategic Hospital Focus and Aion Product GrowthThe dialogue emphasizes the strategic shift towards hospital-centric care and the successful expansion of the OBL business, attributing growth to the versatile Aion product's ability to treat calcification both above and below the knee, projecting continued success in future years.
Supply Chain Resilience: China Sourcing Risks and Sterling Shutdowns AddressedThe dialogue discusses minimal China sourcing risks for component supply, emphasizing the company's proactive management of supply chain disruptions, including potential Sterling shutdowns, highlighting a robust financial position to mitigate any impacts.
Celebrating Team Achievements and Paying Tribute to a Fallen LeaderThe dialogue concludes with an expression of gratitude towards team members for their contributions to the company's success, highlighting the impact of their work on patient health. It also marks a somber note, remembering a significant leader who embodied the company's culture and whose innovative designs have improved patient outcomes. The speaker extends condolences to the bereaved family and friends of the departed leader, underscoring the importance of community and mutual respect within the organization. The event concludes with an invitation for participants to disconnect, thanking them for their engagement.
要点回答
Q：What are the expectations for revenue, adjusted earnings, and gross margin for fiscal year 2026?
A：The company expects to drive top line growth, expand adjusted EBIT, and continue to show the ability to achieve profitable growth in high-margin large medical markets. This has led to the raising of full-year guidance for net sales and adjusted EBITDA for the third consecutive quarter.
Q：How has the company built resilience into its business?
A：The company has built resilience into its business by focusing on cardiovascular and oncology markets with three product portfolios, managing through macro uncertainty, and executing despite challenges such as a manufacturing transition and tariffs.
Q：What is the growth trend in the medical technology segment?
A：The Ariane business in the medical technology segment has continued its strong momentum with 19 consecutive quarters of double-digit year-over-year growth. The segment has consistently driven revenue growth by taking share with superior technology and is expanding its presence in the hospital market.
Q：What is the status of the clinical trial for the Alpha Return blood management system?
A：The first patients have been enrolled in the Apex return pivotal trial evaluating the Alpha Return blood management system when used with the AlphaVac for treating acute mesenteric ischaemia. The company aims to complete the approval process during the first quarter of calendar 2027.
Q：How is the non-alloderm business performing?
A：The non-alloderm business had a very strong quarter with positive results seen for both disposables and capital. The company has experienced organic interest in its products, with more patients being treated each month, and has announced expanded European indications for its products.
Q：What has been the transformation of Angio Dynamics over the past five years?
A：Over the past five years, Angio Dynamics has transformed into a faster-growing and more profitable company by entering larger markets with better products. The company has reshaped its portfolio, built supportive teams, and figured out operational efficiency, which is reflected in the recent financial results.
Q：How much did medtech revenue increase and what was the contribution of the Ariane platform?
A：Medtech revenue was up 19.1% for the third fiscal quarter, with the Ariane platform contributing 16.3 million in revenue, growing 17.9% compared to last year.
Q：How did probe sales contribute to the revenue increase?
A：Nannoni feed revenue, driven by demand for probes in prostate care, increased 20%, with probe sales primarily responsible for this growth. Nan F Capital sales grew 24.9%, bolstered by strong demand for new systems.
Q：What was the year-over-year increase in the med device segment?
A：The med device segment increased 1.1% year over year in the third quarter.
Q：How did the adjusted net loss and adjusted EBITDA compare to the prior year?
A：The adjusted net loss for the third quarter of FY 2026 was 3 million, or an adjusted loss per share of 7 cents, compared to an adjusted net loss of 3.1 million or an adjusted loss per share of 8 cents in the prior year. Adjusted EBITDA was ed ed million compared to 1.3 million in the prior year.
Q：What is the company's forecast for full year fiscal 2026, particularly in terms of net sales, gross margin, and adjusted EBITDA?
A：The company is raising full year fiscal 26 guidance, expecting net sales to be in the range of Ed Ed Million to Ed MP, with med tech net sales growth of 13 to 16 and med device sales growth at approximately script. The company expects gross margin to be in the range of 56 to 59 and adjusted EBITDA to be in the range of Ed million to Ed million, inclusive of a tariff impact estimate of 4 to $6 million for the full year.
Q：What is the expected range for adjusted loss per share and cash flow in fiscal 2026?
A：The expected range for adjusted loss per share is 30 cents to 20 cents, and the company remains on course to illustrate a positive cash flow, with substantial cash expected in the fourth fiscal quarter.
Q：What are the upcoming temporary shutdowns for the fourth quarter and their financial impact?
A：The company plans to increase inventory levels for certain products during the fourth quarter to avoid potential commercial disruptions from upcoming temporary shutdowns for maintenance activities. This will result in the acceleration of the use of approximately 3 to 5 million of cash to build inventory, which may make the company's cash flow for the fiscal year slightly negative.
Q：What is the leadership transition status and who is responsible for leading the company in the interim?
A：The board has formed a search committee and engaged an executive search firm for the leadership transition. Until a successor is appointed, Steve and Jim will continue leading the company's strategic and financial initiatives, with a commitment to a seamless transition.
Q：How does the company expect the product to grow in the future?
A：The company expects the product to grow sequentially going forward due to its great design and the good market it is in. The company faces strong competition but believes it will win more than its share going forward.
Q：What factors have been considered in the company's guidance and how are they expected to impact the company's profitability and margins?
A：The factors considered in the company's guidance include inflation, energy costs, tariffs, and impacts on the supply chain. These elements are embedded in the company's guidance for EBITDA profitability and gross margin, and are expected to affect the company's results. The company has also mentioned its ability to raise prices in certain areas as a benefit to its profitability.
Q：What is the company's outlook on the growth of its Alphabet product line?
A：The company expects the Alphabet product line to continue growing sequentially. This product line is seen as a driver of growth for the company and is expected to continue as the company gains market share and the market itself grows.
Q：How is the company managing the transition from an OBL-centric business to a hospital-focused one?
A：The company's strategy for managing this transition involves continuing to grow the OBL business while also focusing on expanding into the hospital setting, which is seen as a strategic imperative. The company's team has been successful in shifting focus and is now well-positioned in the hospital market.
Q：What factors are contributing to the performance of the Aion product?
A：The performance of the Aion product is being driven by both the increased percentage of revenue from hospital sales and the additional procedures performed. The versatility of the laser in treating calcification both above and below the knee is expected to continue driving growth.
Q：What proportion of the company's cost of goods is still exposed to China sourcing of components, and what is the impact of the Costa Rica transition?
A：The company has historically not had a significant risk to component sourcing from China and doesn't identify it as a major risk today. The transition to Costa Rica is not explicitly addressed in the information provided.
Q：What are the potential impacts of the Sterlings shutdowns on the company's supply chain and cash position?
A：Sterling shutdowns could lead to temporary inventory build-ups and some impact on cash flow ahead of expectations in the quarter. However, the company's strong balance sheet, good current assets, and net cash position are expected to mitigate any potential disruptions. The company is closely managing its business and does not foresee disruptions from these shutdowns derailing its future plans.
AngioDynamics, Inc.
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