AngioDynamics, Inc. Canaccord Genuity's 46th Annual Growth Conference

John, thank you for the invitation to the conference. AngioDynamics has been on a run where we have decided to change our company purposely to get out of markets that we thought were slow growth, small, we couldn't win in, and enter markets that were larger TAMs, faster growing, and science and technology made a difference. That our product could separate ourselves from others and win faster growth and high growth markets.

From there, Steve for the- Yeah, I think you asked two questions.

You said what inflected in 2026, and then how durable is the growth as it goes forward. Jim was describing our transformation, and we started this a handful of years ago, where we really put a marker and we said we are going to be focusing on our MedTech products. It is that focus that is really paying off. I wouldn't say that any one specific thing inflected for us in 2026. What we saw was continued growth coming from all three of our MedTech platforms, particularly Auryon, mechanical thrombectomy, and then NanoKnife. We are really pleased with what we saw at NanoKnife for the full year.

When you put that growth together with the discipline that we have on the operating side, we were able to drop additional EBITDA to the bottom line, prove that the business model can generate positive cash going forward, and have now the whole P&L working together as we get a little bit more critical mass within MedTech. The question about how durable is the growth, if you look at our MedTech growth over the last five years, the CAGR is over 25% in MedTech, and so we were pleased with getting to about 19% last year with much larger numbers in MedTech than when we started. When we started this transformation, about 17% of our overall revenue base was coming from MedTech.

This fiscal year, which started on June 1st for us, we're going to cross over that threshold, and it's going to become the majority of our revenue base. That growth is going to be sustainable. We expect to continue to see double-digit growth within MedTech driving the overall results.

Yeah. As I mentioned, we hit 19% last year, and I think the way to think about MedTech is in that mid-teens, 15%-20% is a good way to think about the growth. We guided 12%-15%. There's a number of moving pieces, right? We talked about the three different contributors within our MedTech business with the PAD business for Auryon, mechanical thrombectomy with AngioVac and AlphaVac, and then our urology-based NanoKnife oncology business. All three of those things are somewhat independent. I would say they're not necessarily synergistic to each other, but that's why we think we can see the growth going forward. So Auryon has been a great grower for us. When we bought that company five years ago, there was zero revenue in the U.S. We did about $68 million at the end of last year.

Was growing kind of high to high double digits, around 19%, 20%. We said think of Auryon as about a mid-teens grower, about a 15%. It's been outpacing that a little bit the last couple of years, but I think that's a good way to think about it going forward. Mechanical thrombectomy, lower base, but last year AlphaVac grew 44%. We expect that to continue to actually accelerate, so we think as we continue to take procedures within PE, that could be probably our fastest-growing product. Then you had NanoKnife last year. We were really excited to see the growth both in terms of capital and disposables. We've guided people to not expect capital to be a smooth growth driver. That's a little bit lumpier working with hospital capital budgets. But it's a good harbinger of continued procedure growth and procedure pro growth.

Thinking about pro growth for NanoKnife in that double-digit range, greater than 15% is the right way to think about it.

Yeah. There's a number of moving pieces within gross margin, as I'm sure everybody here is familiar with. Tariffs are one of them. Tariff environment changed from the last time we guided when we came out, and that was just a few months ago. There's some impacts there. The overall gross margin story for AngioDynamics is to see gross margin expansion coming from this mix shift that we talked about. As a larger portion of our revenue base is being made up of that MedTech segment, that's going to drive margins. We break out on a segment basis our margin profile. MedTech is in the mid-60s. Our Med Device is in the mid-40s. As you continue to see that mix shift, that's going to drive gross margin accretion. We've seen that over the last five years as we've been on this trajectory.