AngioDynamics Inc. (NASDAQ:ANGO) stock plunged more than 21% Thursday despite reporting better-than-expected first-quarter financial results.
Trading activity was elevated, with approximately 1.94 million shares changing hands, nearly 3.8 times the 100-day average volume of 510,494 shares.
The company also appointed Eric Honroth as president and CEO, effective Nov. 2. He will succeed Jim Clemmer.
First-Quarter Financial Results
The medical device company reported a first-quarter adjusted loss of 4 cents per share, beating the consensus estimate for a loss of 11 cents.
Revenue rose 6.9% to $80.915 million, beating analysts’ expectations of $80.50 million.
Med Tech sales increased 13.2% to $39.9 million, driven by growth in key product lines.
In the mechanical thrombectomy business, AlphaVac sales jumped 37.4% year over year and 6.4% sequentially.
However, AngioVac sales declined 5.9% year over year, although they increased 9.1% sequentially.
AngioVac is a minimally invasive device used to remove blood clots, masses, and tissue from blood vessels and the heart.
Clemmer said AngioVac faced a difficult year-over-year comparison. However, underlying demand remains strong, and the company expects growth to normalize as the year progresses.
CFO Steve Trowbridge told investors that AngioVac serves a relatively niche market. The company expects sales growth in the single digits.
Overall, mechanical thrombectomy sales rose 6.7% to $12 million.
Meanwhile, NanoKnife sales jumped 29% to $8.3 million, driven by continued demand for prostate procedures. Probe sales increased 24.1%, while capital equipment sales surged 53.5%.
Med Device sales rose 1.4% to $41 million.
As of Aug. 31, 2026, AngioDynamics had $34 million in cash and maintained a debt-free balance sheet.
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Fiscal 2027 Outlook
AngioDynamics reaffirmed its fiscal 2027 guidance. The company expects an adjusted loss of 24 cents to 29 cents per share, compared with the consensus estimate for a loss of 27 cents.
It also projects revenue of $336 million to $341 million, compared with analysts’ expectations of $337.40 million.
FDA Clears NanoKnife Feasibility Study
Separately, AngioDynamics received FDA approval for an investigational device exemption (IDE) for its RELIEF study.
The feasibility trial will evaluate NanoKnife irreversible electroporation technology for treating benign prostatic hyperplasia, or an enlarged prostate.
The study plans to enroll 40 patients and measure changes in urinary symptom scores after six months.
ANGO Price Action: AngioDynamics shares fell 21.46% to $11.14 at the time of publication Thursday, according to Benzinga Pro data.
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