AngioDynamics Puts a Flowing Quarter on the Books: Q3 Revenue Rises, Guidance Up, EPS Remains in the Red

Executive summary

AngioDynamics (NASDAQ: ANGO) delivered a steady Q3 in fiscal year 2026, reporting net sales of $78.4 million for the quarter ending February 28, 2026. The Med Tech segment carried the flag with a 19.0% year-over-year rise, helping lift overall pro forma growth to 8.9% and compelling the company to raise its full-year revenue forecast and Adjusted EBITDA targets. On the earnings line, GAAP loss per share stood at $0.19, while Adjusted EPS was a loss of $0.07. The headline margin story remained healthy at a GAAP gross margin of 52.9%, even as the company remains unprofitable on a GAAP basis in the near term.

Key financials in the quarter

• Net sales: $78.4 million for the quarter ended February 28, 2026
• Med Tech Net Sales: $37.3 million (up 19.0% YoY)
• Med Device Net Sales: $41.1 million (up 1.1% YoY)
• Pro forma YoY growth: 8.9%
• GAAP gross margin: 52.9%
• GAAP loss per share (EPS): $0.19
• Adjusted loss per share (EPS): $0.07
• Adjusted EBITDA: $1.8 million

Guidance and outlook

The company raised its full-year FY 2026 guidance for net sales and Adjusted EBITDA for the second consecutive quarter, marking the sixth straight quarter of double-digit growth in the Med Tech segment. This is the kind of move that makes observers wonder whether the revenue forecast is catching up to the market's expectations for profitability, and whether the EPS trajectory will turn toward positive territory in the back half of the year.

Longer view: what it portends for AngioDynamics and peers

The narrative here is not simply a one-quarter uptick in sales. AngioDynamics is signaling durable demand in its vascular and med-tech portfolio, particularly in the Med Tech segment, which has now delivered six consecutive quarters of double-digit growth. If that pace sustains, investors will start to weigh the ability to translate top-line momentum into meaningful earnings progress—i.e., a credible EPS turnaround, not just an Adjusted metric that many readers will treat as a stand-in for profitability.

From a sector perspective, AngioDynamics’ margin stability—GAAP gross margin near 53%—coupled with a raised revenue forecast, could nudge peers toward more disciplined pricing, cost control, or accelerated product introductions. Analysts and investors will watch for any shifts in mix between Med Tech and Med Device, and whether the company can improve scale without sacrificing the margin cushion that currently supports the Adjusted EBITDA line.

Analyst considerations: earnings surprise, EPS consensus, and what the street might focus on

This quarter’s results are a reminder that “EPS” comes in more flavors than a box of chocolates: GAAP EPS reflects the ongoing costs that drag on the bottom line, while Adjusted EPS and EBITDA tell a story of operational discipline. In the context of earnings surprises, investors will assess whether the raised revenue forecast and improved mix signal a positive deviation from EPS consensus for the remainder of FY2026. If estimates were anchored to higher GAAP losses, the reduction in the magnitude of losses on an adjusted basis could be viewed as a favorable surprise, even if GAAP EPS still shows red ink.

Market sentiment will hinge on whether the guidance revision translates into higher confidence about cash generation and free cash flow, not merely a better top line. The question for AngioDynamics and its peers is straightforward: can improved gross margins and disciplined operating spend sustain a path to profitability, or will the company remain a growth-at-any-earnings-cost narrative? For now, the signal is constructive: durable Med Tech demand, improving or stable margins, and an ability to raise guidance without igniting a fear-of-malling-margin narrative.

Company snapshot and disclosures

Latham, N.Y.-based AngioDynamics, Inc. reported results for the third quarter of fiscal year 2026, which ended February 28, 2026. The press materials emphasize the continued strength of the Med Tech segment, a positive gross margin backdrop, and a commitment to raising full-year targets in the near term. As always, investors will monitor how these metrics translate into actual cash flow and whether EPS signs trend toward a balanced, profitable trajectory by year-end.