ANGO

Rating neutralAI MemoPost-earnings T+1

AngioDynamics

As of 2026-10-09/Post-earnings T+1/Confidence medium

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Data freshness

AI Memo

As of 2026-10-09 • Model: RankAlpha Sentiment Codex

Decision Panel

Action, confidence, horizon, and decision blockers at a glance.

Action

neutral

Confidence

medium

Horizon

—

Key catalyst

CEO transition begins • 2026-11-02

Base target: $12 / p=50% prob

Biggest risk

The 20.9% earnings-day decline occurred despite an adjusted EPS beat against the roughly $0.10–$0.12 loss estimates found in third-party sources. Revenue-consensus figures conflict across providers, so the revenue surprise is not reliable enough to quantify here. Guidance was reiterated, Med Device grew only 1.4%, and operating cash use remained substantial. No verified post-print analyst rating, target or forward-estimate revision was found. Zacks consensus coverage; price history.

Invalidation

Break below $8 or thesis failure.

What would change my mind?

Auryon grew 14.7%, AlphaVac 37.4%, and NanoKnife 29% year over year in Q1; adjusted EBITDA more than doubled to $5.0 million. Sustained platform growth and reimbursement-supported NanoKnife utilization could make the unchanged FY2027 outlook achievable [#SEC-8K-2026-10-08]. SEC earnings exhibit.

Research note

Recommendation

neutral

Confidence

medium

As of

2026-10-09

Base target

$12

p=50%

Bull target

$16

p=25%

Bear target

p=25%

Key bullets

Fast scan of bull, bear, and watch items

BullKey bullets

Market reassesses the fiscal Q1 print
NanoKnife utilization and RELIEF enrollment
FY2027 growth must convert into cash generation

BearKey bullets

CEO succession and a sharp post-earnings selloff increase near-term execution and valuation uncertainty.
Med Device sales grew only 1.4%; AngioVac declined 5.9% year over year [#SEC-8K-2026-10-08].
Q1 gross margin of 59.4% benefited from tariff refunds; it would have been 57.8% without them.

WatchKey bullets

CEO transition begins

Summary

High-level snapshot

Recommendation

neutral

Model confidence

medium

Timeframe

Asset

Equity

Trigger

Post-earnings T+1

Base case: $12 (p=50%)

Target spread vs base: +33% / -33%

Scenario probabilities

Bull Target: $16 (p=25%)Base Target: $12 (p=50%)Bear Target: $8 (p=25%)

Commentary

The company reported an adjusted EPS beat and reiterated guidance, yet ANGO fell 20.9% on October 8 from the prior close. That reaction materially tempers the prior positive thesis; it should not be explained solely by guidance or CEO succession without firmer evidence. Trusted post-print analyst revisions were unavailable, and published revenue-consensus figures disagree. The sentiment numeric zeros denote unavailable readings, not neutral measurements. SEC earnings exhibit; price history.

As of 2026-10-09 • Updated bi-weekly / post-earningsSource: Internal modelMethodology

Analyst Summary

Thesis highlights from the latest analysis

Bull Case

Bear Case

Drivers

Scannable catalysts and supporting factors

Market reassesses the fiscal Q1 print
NanoKnife utilization and RELIEF enrollment
FY2027 growth must convert into cash generation

Scenarios

Bull Target (Scenario probability)

$16 / p=25% prob

Base Target (Scenario probability)

$12 / p=50% prob

Bear Target (Scenario probability)

$8 / p=25% prob

Analysis 2026-10-09 · RankAlpha Sentiment Codex

Analysis reference price unavailable. Targets are shown without scenario returns.

Sentiment & Exposure

News Sentiment (30d)

0.00

Social Sentiment (7d)

0.00

Events

Other notable items detected

EVENT2026-11-02
CEO transition begins
Eric Honroth is scheduled to succeed Jim Clemmer as president and CEO on November 2, with Clemmer remaining an executive adviser. Execution continuity across Auryon, thrombectomy and NanoKnife is the issue to monitor; the appointment itself does not establish a change in demand [#SEC-8K-2026-10-08]. SEC earnings exhibit.
Prob 90.00% • Move 3.00% • Priced-in 70.00%

Short-term Catalysts

Next few weeks

Market reassesses the fiscal Q1 print
2026-10-23
Fiscal Q1 adjusted loss narrowed to $0.04 per share from $0.10 a year earlier, but management reiterated rather than raised FY2027 guidance. Shares closed October 8 at $11.23, down 20.9% from $14.19 on October 7. Whether the selloff stabilizes is the immediate test; its cause cannot be established from the price move alone [#SEC-8K-2026-10-08] [#8-K-2026-10-08]. SEC earnings exhibit; price history.
Prob 45% • Move 8% • Priced-in 50%

Long-term Catalysts

Months to a year

NanoKnife utilization and RELIEF enrollment
2027-05-31
NanoKnife Q1 sales rose 29%, including 24.1% probe growth. Medicare coverage for qualifying prostate- and liver-cancer procedures became effective July 5, while the newly approved RELIEF feasibility study is designed for 40 subjects at up to five U.S. sites. Sustained procedure and probe growth or documented study enrollment would support the platform thesis; no readout date was supplied [#SEC-8K-2026-10-08] [#SEC-8K-2026-07-14]. Q1 SEC exhibit; FY2026 SEC exhibit.
Prob 55% • Move 18% • Priced-in 35%
FY2027 growth must convert into cash generation
2027-05-31
Management reiterated FY2027 sales of $336 million–$341 million, Med Tech growth of 12%–15%, and adjusted EBITDA of $13 million–$16 million. Q1 Med Tech sales grew 13.2% and adjusted EBITDA reached $5.0 million, but operating cash use was $15.3 million and cash fell to $34.0 million. Delivery of the outlook without continued cash depletion is the key longer-term test [#SEC-8K-2026-10-08]. SEC earnings exhibit.
Prob 50% • Move 20% • Priced-in 40%

Risks

CEO succession and a sharp post-earnings selloff increase near-term execution and valuation uncertainty.
Med Device sales grew only 1.4%; AngioVac declined 5.9% year over year [#SEC-8K-2026-10-08].
Q1 gross margin of 59.4% benefited from tariff refunds; it would have been 57.8% without them. Management expects second-half FY2027 gross margin below the first half [#SEC-8K-2026-10-08].
Q1 operating cash use was $15.3 million, while cash declined from $53.9 million at fiscal year-end to $34.0 million at August 31 despite a debt-free balance sheet [#SEC-8K-2026-10-08].
RELIEF is a feasibility study, not a commercial approval or established reimbursement pathway for benign prostatic hyperplasia [#SEC-8K-2026-10-08].

Peers

Symbol	Summary
BSX	Relevant cardiovascular-device operating benchmark, but its far larger scale and broader portfolio make it a poor direct valuation peer.
CERS	Similar market capitalization and health-care equipment classification, but its product focus differs; useful only as loose small-cap context.
BWAY	Similar market capitalization, but neuromodulation is not a direct match for AngioDynamics' vascular and interventional-oncology products.

Sources

Internal and external references used in this analysis

Model source: RankAlpha Sentiment Codex
Analysis date: 2026-10-09

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Symbol

Summary

BSX

Relevant cardiovascular-device operating benchmark, but its far larger scale and broader portfolio make it a poor direct valuation peer.

CERS

Similar market capitalization and health-care equipment classification, but its product focus differs; useful only as loose small-cap context.

BWAY

Similar market capitalization, but neuromodulation is not a direct match for AngioDynamics' vascular and interventional-oncology products.