AngioDynamics CEO Details Portfolio Shift as Auryon, AlphaVac and NanoKnife Fuel Growth at Conference

Key Points

• AngioDynamics has reshaped its portfolio into a two‑segment model and concentrated on a higher‑growth Med Tech segment; management said Med Tech grew nearly 20% in the first six months, margins and profitability beat expectations, and guidance was raised.
• Auryon has scaled rapidly (expected to exceed $60M this year with >40% hospital mix) and AngioDynamics is pursuing a PMA for a potential coronary indication (roughly a 3–4 year pathway); combined mechanical thrombectomy platforms AlphaVac/AngioVac are forecasted to grow from about $30M in 2024 to nearly $50M in 2026, with AlphaVac expected to become the revenue leader and the U.S. PE TAM near $3B.
• NanoKnife — a non‑thermal ablation technology cleared for solid tumors with a new CPT I code — is targeting intermediate‑risk prostate cancer (U.S. TAM ≈ $1B; global ≈ $3B) but faces reimbursement and coverage hurdles even as clinician demand and potential on‑label BPH expansion offer further upside.

AngioDynamics NASDAQ: ANGO CEO Jim Clemmer said the company has spent the last several years reshaping its portfolio and operating model, moving away from slower-growth, more commodity-oriented markets and toward what he described as larger, faster-growing med-tech categories where outcomes can be measured and improved.

Speaking in a discussion hosted by senior med-tech analyst Mike Kratky, Clemmer said he joined the company as CEO about eight years ago, after AngioDynamics had seen four CEOs in an eight-year span. He said the company responded by exiting certain businesses, investing in a smaller set of higher-growth platforms, and simplifying parts of its supply chain to remove costs.

Transformation plan: divestitures, investment areas, and a two-segment structure

Clemmer said AngioDynamics completed three divestitures and focused investment on three key growth platforms: two cardiovascular areas (arterial and venous disease) and one interventional oncology platform, NanoKnife.

He said the company currently reports results in two segments:

• Med Device, described as older, more mature products in smaller markets with lower gross margins, but managed for profitability and cash generation.
• Med Tech, described as the company’s growth engine, spanning peripheral arterial disease (Auryon), venous thromboembolism/mechanical thrombectomy (AngioVac/AlphaVac), and interventional oncology (NanoKnife).

On recent performance, Clemmer noted AngioDynamics has an unusual fiscal year that begins June 1. He said the company completed its third fiscal quarter on Feb. 28 and plans to report results on April 2. He said the first two quarters “hit or exceeded” both company guidance and Street expectations, with outperformance in both segments. Clemmer added that Med Tech grew “nearly 20%” over the first six months, gross margin was slightly ahead of expectations, and overall profitability was also ahead, prompting the company to raise guidance after the second quarter.

Auryon: PAD growth, hospital mix shift, and coronary expansion ambitions

Clemmer highlighted Auryon, AngioDynamics’ laser-based atherectomy system for peripheral arterial disease (PAD), as a key driver. He said Auryon uses a distinct laser wavelength designed to break up hard plaque and calcification while reducing risk of vessel wall perforation. He added the platform can treat in-stent restenosis and could potentially expand into coronary disease over time.

Since launching a little over five years ago, Clemmer said Auryon has grown from $0 in revenue to “well over $60 million” expected this year despite competing against five large established players. He also described a commercial mix shift from early adoption in office-based labs during the pandemic period to greater hospital penetration as access normalized, noting that more than 40% of Auryon revenue is now generated in hospitals.

On international expansion, Clemmer said AngioDynamics received CE mark approval last year and is running awareness efforts through global scientific platforms and events.

Looking ahead, Clemmer said AngioDynamics is working with the FDA on a potential on-label coronary artery disease (CAD) indication, which he characterized as likely requiring a PMA pathway. He said the company is still finalizing study design but suggested the process could take roughly three to four years, calling the CAD market about double the size of the PAD market for AngioDynamics.

AlphaVac and AngioVac: growth in mechanical thrombectomy and a focus on adoption hurdles

On the venous side, Clemmer discussed AngioDynamics’ AngioVac and AlphaVac platforms in mechanical thrombectomy, including pulmonary embolism (PE). He described AngioVac as a higher-priced system—over $15,000 per catheter—used to remove clot burden and return blood to the patient during complex procedures using a centrifugal pump already available in hospitals.

He said physician feedback helped drive the development of AlphaVac, which uses elements of AngioVac’s large-bore catheter and funnel tip but adds a purpose-built handle intended to minimize blood loss, improve steerability, and reduce procedure time. Clemmer pointed to the company’s APEX study, saying it showed AlphaVac removed more clot in less time than competing approaches while maintaining safety and efficacy.

Clemmer also provided a revenue trajectory for the combined category: about $30 million in 2024, over $40 million in 2025, and “nearly $50 million” expected in 2026. He said AlphaVac is expected to surpass AngioVac in revenue within a year or two, reflecting what he described as a much larger PE opportunity, which he estimated at roughly a $3 billion total addressable market in the U.S.

One commercial hurdle, he said, is convincing physicians to try the device—particularly around concerns about blood loss. Clemmer said AlphaVac’s design uses smaller-volume pulls and that APEX showed blood loss of less than 250 ccs, but he suggested broader perception in the market still expects high blood loss during PE thrombectomy procedures. To address this, he said the company recently launched a study for an AlphaVac blood return option. He said the study will require 39 patients, sites are enrolled, and management expects to provide an enrollment update on the upcoming Q3 earnings call. He added the company hopes to submit data and potentially be “on label by the end of this calendar year,” while noting FDA timing can be uncertain.

On commercial investment, Clemmer said AngioDynamics built a dedicated PE sales force beginning in June 2024 with 40 U.S. reps, expanded to 50, and expects to be above 60 by the end of the current calendar year, with potential to grow closer to 100 over time.

NanoKnife: prostate cancer opportunity, reimbursement work, and potential BPH expansion

Clemmer described NanoKnife as a non-thermal ablation technology that uses electrical pulses to create nanopores in tumor cell walls, allowing a targeted tumor area to die and be cleared by the body. He said the company is focusing on intermediate-risk prostate cancer—often described by urologists as Gleason 7—arguing that many patients may not need radical prostatectomy and could benefit from a focal option with fewer side effects.

He cited the company’s PRESERVE study as supporting cancer control and said the procedure can be completed in under an hour, contrasting it with other focal modalities he said can take several hours and require more complex workflows. Clemmer said the company received FDA approval for the solid tumor indication about 14 months ago and that a CPT I code took effect in January. He emphasized that the biggest near-term hurdle is achieving consistent coverage and payment from insurers and Medicare contractors, describing the process as a “grind” rather than an overnight step-change catalyst. He said clinician training programs are seeing strong demand, including monthly master class sessions that are selling out.

In pipeline comments, Clemmer said AngioDynamics sees significant internal opportunities to expand its addressable markets without acquisitions. He characterized the intermediate-risk prostate market as roughly a $1 billion TAM in the U.S. and about $3 billion globally. He also said urologists have reported that NanoKnife treatment appeared to control benign prostatic hyperplasia (BPH) in some patients, and management is evaluating how to pursue an on-label BPH program, which he described as a larger market.

He added that AngioDynamics is evaluating next-generation approaches for deep vein thrombosis (DVT), including either a smaller version of AlphaVac or a larger adaptation of Auryon probes, calling DVT another multi-billion-dollar opportunity.

In closing remarks, Clemmer said the company’s priority is to “deliver on what we said we’d do” and improve transparency for investors as the portfolio becomes more focused on higher-growth med-tech platforms.

About AngioDynamics NASDAQ: ANGO

AngioDynamics, Inc is a medical technology company headquartered in Latham, New York, that develops, manufactures and markets a broad range of minimally invasive medical devices. The company's products focus on three core areas: vascular access, peripheral vascular intervention and interventional oncology. Its solutions are designed to improve procedural outcomes, reduce complications and enhance patient comfort in hospital and outpatient settings.

In the vascular access segment, AngioDynamics offers a portfolio of devices including implanted ports, peripherally inserted central catheters (PICCs), hemodialysis catheters and specialty blood management products.

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