AngioDynamics NASDAQ: ANGO CEO Jim Clemmer used a presentation at Needham & Company’s 25th Annual Needham Healthcare Conference to outline the company’s multi-year transformation, highlight growth drivers in its MedTech segment, and discuss clinical and commercial plans for its three primary platforms: Auryon, AngioVac/AlphaVac, and NanoKnife.
Transformation and balance sheet focus
Clemmer said AngioDynamics began a strategic reset roughly five to six years ago, including three divestitures of product categories the company viewed as increasingly commoditized or less attractive long term. He said the company paired those moves with increased internal innovation and balance sheet strengthening.
“Today, we’re sitting here as a company with no debt on our books, significant cash position, a revolver if needed, but the ability to do what we want to do on our terms,” Clemmer said.
He emphasized that AngioDynamics now reports in two operating segments, with MedTech positioned as the future growth engine and MedDevice described as a more mature business that generates cash and EBITDA to support investment. Clemmer said MedTech has grown at a 25% compound annual growth rate over the period of the transformation and now represents nearly half of total revenue, up from less than 20% years ago. He suggested the segment could exceed 50% of revenue next year.
Auryon in peripheral arterial disease, with potential expansions
Clemmer highlighted the Auryon laser atherectomy platform in peripheral arterial disease (PAD), which AngioDynamics entered after a 2019 acquisition and launched commercially in September 2020. He said the device uses laser energy to disrupt calcified plaque and open diseased arteries, and can also treat in-stent restenosis (ISR).
In response to a question from Needham’s Mike Matson, Clemmer said about 10% of Auryon procedures involve ISR, and excluding those cases, utilization is roughly split between above-the-knee and below-the-knee interventions. “It’s about 50/50,” he said, adding that the mix reflects adoption of Auryon’s ability to treat hard calcification below the knee as well as above it.
Clemmer said the company has moved from the sixth entrant in its category to the number-three share position and believes it can continue taking share. He also noted that Auryon now has a CE mark and that the company is working to expand use internationally.
Looking ahead, Clemmer said AngioDynamics sees a potential opportunity to move Auryon into the coronary arterial market. He cited a study in Italy sponsored by the Ministry of Health that, he said, generated data supporting safety and effectiveness. He added that the company is working with the FDA on study design and expects a PMA process that could take a few years.
Matson also asked about intravascular lithotripsy (IVL). Clemmer said the company has observed what customers described as an “IVL-like effect” from Auryon’s light-based energy, but he noted AngioDynamics is still evaluating the regulatory path, commercial opportunity, and whether design changes would be required. He said the company has not incorporated the IVL opportunity into its formal plans yet.
AngioVac and AlphaVac in the PE market
In venous disease, Clemmer focused on venous thromboembolism (VTE), including pulmonary embolism (PE). He said AngioDynamics views mechanical intervention as an increasingly important alternative to historical drug-based approaches and described the PE market as relatively early in penetration. He said AngioDynamics competes primarily with Inari and Penumbra in the space.
Clemmer described AngioVac as a foundational platform the company has had on the market for about 10 years, using a reinfusion circuit to extract clot or vegetation and reinfuse blood during complex procedures. He said the company intends to expand AngioVac’s addressable market over time.
He then described AlphaVac, calling it a purpose-built PE thrombectomy device developed after physicians requested a steerable, aspiration-controlled system paired with the “vortex funnel tip” design associated with AngioVac. Clemmer said the APEX trial supported PE labeling and that the study showed improved performance versus prior benchmarks, including pulling more clot and doing so faster, while demonstrating safety and efficacy.
Asked where AlphaVac is being used, Clemmer said it is currently labeled for PE and that PE remains the company’s primary focus, though he noted the device could be used over time in other settings such as clearing vegetation around the heart. He said procedure volumes are growing sequentially month to month, with an increasing mix in PE.
Matson also asked whether recent acquisitions of competitors have created market disruption. Clemmer said AngioDynamics has seen some change and disruption, but has remained focused on expanding its own commercial and clinical footprint. He added that recruitment has benefited as some experienced representatives show interest in joining AngioDynamics during industry transitions.
On clinical evidence, Clemmer said randomized trial activity in PE can have a “rising tide” effect by supporting the broader use of mechanical intervention rather than lytics. He added that AngioDynamics plans to run a study in Europe to help energize the market there and emphasized the role of real-world evidence in driving adoption.
NanoKnife launch in intermediate-risk prostate cancer
In oncology, Clemmer pointed to the NanoKnife system for focal therapy in intermediate-risk prostate cancer. He said 40% to 50% of men diagnosed with prostate cancer each year fall into that category, often characterized as Gleason 7, and argued NanoKnife can offer an option that treats diseased tissue while limiting side effects associated with radical prostatectomy or some other treatments.
Clemmer said NanoKnife received FDA clearance in December 2024 and obtained a CPT I code effective January 1 of this year. He said the device uses electrical pulses to create “nano-sized particle holes” in tissue, leading tumors to die naturally while limiting disruption to surrounding functions. He said sales are growing sequentially and framed the market opportunity as “nearly a billion-dollar U.S. TAM and over $2 billion global TAM” for this treatment approach.
He referenced the PRESERVE study as supporting NanoKnife’s clinical profile, emphasizing preservation of function and the ability to maintain future treatment options if needed. Clemmer said the key commercial challenge is increasing awareness and training among urologists and educating newly diagnosed patients. He also noted marketing efforts, including being recognized by TIME in 2025 as a top invention of the year and co-marketing with AARP, alongside social media campaigns.
Matson asked about benign prostatic hyperplasia (BPH). Clemmer said AngioDynamics is investigating NanoKnife’s potential in BPH based on physician feedback indicating prostate shrinkage and symptom improvement following prostate cancer treatment. He said the company is evaluating the regulatory pathway and study design and believes additional R&D may not be necessary, though he emphasized the work is still early.
Financial update and portfolio considerations
Clemmer said AngioDynamics’ three highlighted MedTech platforms are accretive to corporate gross margins and could help lift margins as they grow. He also cited the company’s recently reported fiscal third-quarter results (quarter ended February 28), saying AngioDynamics “hit or beat” expectations and raised guidance for the third time this year. He said MedTech grew nearly 20% and MedDevice grew “above flat,” which he characterized as a win.
On portfolio management, Clemmer said the company remains open to additional rationalization within MedDevice to make AngioDynamics “closer to a pure play,” though he credited the existing team for operating the segment efficiently. On M&A, he said AngioDynamics would consider opportunities, but any deal would likely be a smaller adjacency given the company’s focus on expanding its current platforms and its view that those platforms already provide significant addressable-market expansion opportunities.
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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