AngioDynamics closed fiscal year 2026 on May 31, 2026 the way a transformation is supposed to look: Med Tech sales up 18% pro forma to $150.0 million, full-year adjusted EBITDA of $13.2 million versus $7.6 million a year earlier, a debt-free balance sheet with $53.9 million in cash, and a fiscal 2027 guide that points to another year of mid-teens Med Tech growth and broadly flat Med Device revenue. The share price has already done the arithmetic - the stock sits at $15.75 after a roughly 80% move off its 52-week low of $8.73 set in mid-August 2025, putting market capitalization near $651 million and enterprise value near $597 million. That is 1.86x trailing EV/Sales on $320.2 million of pro-forma revenue, and roughly 45x trailing pro-forma adjusted EBITDA on a number the company itself labels as the headline profitability measure. The question for the rest of 2026 is no longer whether the strategic transformation is real - that much the FY26 print settled. The question is whether the multiple already discounts a clean re-rating, or whether NanoKnife reimbursement, plant consolidation savings, and continued mid-teens Med Tech growth can carry the next leg.
The quarter had two layers. The first is the portfolio: Auryon peripheral atherectomy grew 14% in the fourth quarter, the AlphaVac mechanical thrombectomy line grew 38%, and NanoKnife irreversible electroporation grew 64.5% - a divergent set of growth rates the company has been working toward since 2019. The second is the P&L: GAAP gross margin of 54.0% in the fourth quarter was 130 basis points higher year over year, but a $11.4 million GAAP net loss held back by a plant-closure restructuring, a CEO-transition charge, and acquisition-related items, the kind of clean-up that the FY26 numbers were always going to absorb. Strip those and the company earned an adjusted EBITDA of $3.3 million in the quarter on $86.6 million of revenue. Auryon is now in its 20th consecutive quarter of double-digit growth. Med Tech is 47% of total revenue, up from roughly 38% when the strategic transformation began. Plant-closure restructuring is expected to be completed in the first quarter of fiscal 2027 and to deliver $15 million in annual cost savings starting in fiscal 2027 - a number management is putting on the table as a forward catalyst, not as a backdrop.
The valuation frame is the cleanest it has been in years, and that is precisely what makes it a harder call. Trailing GAAP earnings are negative on both a reported and pro-forma basis, so the standard P/E is not useful. The two anchors that hold are EV/Sales and the adjusted EBITDA bridge to fiscal 2027. At 1.86x trailing EV/Sales and 1.76x on the midpoint of fiscal 2027 guidance ($336 million to $341 million), the multiple sits well below where the closest large med-tech peers (Penumbra at roughly 7–8x sales, Boston Scientific well into the 5–7x band) trade, and well above where the smallest, less differentiated medical-device peers (Orthofix at sub-1x sales, Inspire at sub-3x) sit. The argument for a higher multiple rests on the next 12 months delivering what management has now committed to: Med Tech growth in the 12% to 15% range, Med Device flat, gross margin of 54% to 55%, adjusted EBITDA of $13 million to $16 million, and the $15 million of plant-closure savings hitting on schedule.