ANGO

AngioDynamics is a debt-free, mid-single-digit-margin medtech story that is still not profitable and no longer growing. Revenue peaked at $339M in FY2023 and has slid two years running to $292M in FY2025 (-3.8% YoY), while the company has posted five consecutive annual net losses. The headline improvement — net loss narrowing from -$184M to -$34.0M — is largely optical, reflecting the absence of FY2024's large impairment rather than a return to health: operating margin is still -13.7%, ROE -18.6%, and operating cash flow remained negative at -$10.1M with cash falling 26.5% to $55.9M. The 53.9% gross margin is respectable for the surgical-instruments space, but persistent opex has kept the P&L underwater and the accumulated deficit at -$429M.

The balance sheet is the bull case: zero long-term debt, liabilities/equity of just 0.53x, $183M of equity, and an undrawn $25M JPMorgan revolver (entered May 2025) for backstop liquidity. Management's modified restructuring Plan — including sale-leaseback of the Queensbury and Glens Falls facilities and a footprint optimization slated to finish in Q3 FY2026 — is guided to $15.0M in annual cost savings starting FY2027, which against a ~$40M operating loss is meaningful but not by itself sufficient to reach profitability without stabilizing the top line. The MD&A flags ongoing tariff, input-cost, and supply-chain pressure as continuing headwinds.