Nasdaq:ANGO
ANGIODYNAMICS INC
Clinical-stage oncology biotech company advancing proprietary small molecule therapies for solid tumors via strategic partnerships.
Key Metrics
Investment Thesis
Bull Case
Angiodynamics offers exposure to a high-potential oncology pipeline with proprietary KRAS inhibitors that could redefine treatment options for solid tumors if clinical trials succeed, providing significant upside potential upon successful regulatory approval and commercial launch. The company's strategic licensing model allows it to generate revenue while potentially reducing the financial risk associated with full-scale drug development, preserving cash for further R&D investments.
Bear Case
The company faces severe financial distress with a retained earnings deficit of $429.2M and recurring annual losses exceeding $30M, raising concerns about its ability to sustain operations without successful external capital raises or major partnership milestones. High operating expenses and cash burn rates, coupled with the inherent risk of clinical trial failure in oncology, create substantial uncertainty regarding the company's long-term viability and potential for value creation.
About ANGIODYNAMICS INC
Angiodynamics Inc. is a clinical-stage biotechnology company focused on developing targeted therapies for oncology, with its primary revenue currently derived from licensing agreements and commercialization partnerships in the United States and Europe. The company leverages its proprietary technology platform to create novel small molecule drugs designed to treat solid tumors by inhibiting specific signaling pathways critical for cancer growth. Key products under development include oral KRAS G12C inhibitors and other targeted oncology candidates that address unmet medical needs in major global markets.
Analysis
Management Discussion
Angiodynamics reported a net loss of $34.0M in 2025 following losses of $184.3M in 2024 and $52.4M in 2023, reflecting the company's high burn rate as it advances its clinical pipeline through costly Phase 2 trials. While operating expenses remained elevated at $197.7M due to significant marketing ($103.1M) and general administrative costs ($42.1M), the company maintained a positive gross profit of $157.7M driven by revenue from licensing deals, though this was insufficient to cover total operating expenditures. The net change in cash was negative $20.2M, reducing the cash balance from $76.1M at the beginning of the period to $55.9M at year-end.
Industry Overview
The global oncology market is characterized by rapid innovation driven by targeted therapies and immunotherapies, yet it remains highly competitive with significant barriers to entry including extensive regulatory scrutiny and high development costs. Investors in this sector must navigate the dual challenges of achieving clinical success and securing adequate funding to bring promising drug candidates from early-stage research to commercialization.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $338.8M | $303.9M | $292.5M |
| Cost of Revenue | $164.5M | $149.2M | $134.8M |
| Gross Profit | $174.2M | $154.7M | $157.7M |
| Operating Expenses | $225.4M | $401.6M | $197.7M |
| Operating Income | $-51.2M | $-192.4M | $-40.0M |
| R&D | $29.9M | $31.5M | $26.2M |
| G&A | $40.0M | $41.2M | $42.1M |
| Marketing | $104.2M | $102.8M | $103.1M |
| Stock-Based Comp | $11.2M | $10.5M | $9.8M |
| D&A | $30.9M | $27.7M | $25.8M |
| Depreciation | $11.9M | $14.7M | $13.5M |
| Amortization | $18.8M | $13.0M | $10.3M |
| Other OpEx | $51.3M | $226.1M | $26.2M |
| Non-Operating Income | $-3.3M | $797.0K | $5.9M |
| Interest Expense | $2.7M | $-1.6M | — |
| Pre-Tax Income | $-54.4M | $-191.6M | $-34.0M |
| Income Tax | $-2.0M | $-7.3M | $-39.0K |
| Continuing Ops | $-52.4M | $-184.3M | $-34.0M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-52.4M | $-184.3M | $-34.0M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-52.4M | $-184.3M | $-34.0M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Assets | $163.5M | $193.3M | $168.3M |
| Cash & Equivalents | $44.6M | $76.1M | $55.9M |
| Accounts Receivable | $52.8M | $43.6M | $42.9M |
| Inventory | $55.3M | $60.6M | $62.0M |
| Prepaid Expenses | $4.6M | $13.0M | $7.5M |
| Other Current Assets | $6.2M | $0 | $0 |
| Long-Term Assets | $369.1M | $124.4M | $111.8M |
| PP&E (Net) | $44.4M | $35.7M | $32.3M |
| Intangibles | $111.1M | $77.4M | $69.1M |
| Goodwill | $159.2M | $0 | — |
| Operating Leases | $5.1M | $5.8M | $3.9M |
| Other LT Assets | $49.2M | $5.6M | $6.6M |
| Total Assets | $532.6M | $317.7M | $280.1M |
| Current Liabilities | $83.8M | $91.2M | $76.2M |
| Accounts Payable | $40.4M | $37.8M | $33.3M |
| Current Leases | $1.9M | $2.0M | $1.8M |
| Other Current Liab | $14.8M | $10.3M | $5.5M |
| Long-Term Liabilities | $70.5M | $20.9M | $21.0M |
| LT Operating Leases | $3.3M | $3.9M | $2.1M |
| Other LT Liab | $67.2M | $17.0M | $18.9M |
| Total Liabilities | $154.3M | $112.1M | $97.2M |
| Shareholders' Equity | $378.3M | $205.6M | $183.0M |
| Retained Earnings | $-210.9M | $-395.2M | $-429.2M |
| AOCI | $-4.7M | $-4.4M | $-2.0M |
| Treasury Stock | $5.7M | $5.7M | $7.4M |
| Total L&E | $532.6M | $317.7M | $280.1M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income (CFO) | $-52.4M | $-184.3M | $-34.0M |
| Non-Cash Adjustments | $41.2M | $115.5M | $41.5M |
| Working Capital Changes | $11.3M | $40.6M | $-17.6M |
| Cash from Operations | $78.0K | $-28.2M | $-10.1M |
| Capital Expenditures | $3.8M | $2.5M | $4.5M |
| Cash from Investing | $-9.7M | $123.7M | $-10.2M |
| Debt Repayments | $45.0M | $50.0M | $0 |
| Share Buybacks | — | — | $1.7M |
| Cash from Financing | $25.4M | $-64.2M | $-255.0K |
| FX Effect | $43.0K | $125.0K | $398.0K |
| Net Change in Cash | $15.8M | $31.4M | $-20.2M |
| Beginning Cash | $28.8M | $44.6M | $76.1M |
| Ending Cash | $44.6M | $76.1M | $55.9M |
Frequently Asked Questions
How does ANGIODYNAMICS INC make money?
Oncology Development (proprietary drug candidates targeting KRAS and other signaling pathways), Licensing & Commercialization Partnerships (revenue from external collaborations), and Other (general administrative and operational activities).
What are the main risks for ANGO?
Significant ongoing net losses and a substantial retained earnings deficit indicating reliance on future financing for operations, dependence on successful execution of clinical trials to validate product candidates, potential regulatory hurdles in obtaining FDA approval for new oncology drugs, and limited cash reserves relative to the high capital requirements of late-stage biotechnology development.
What is ANGO's competitive advantage?
Proprietary small molecule technology platform enabling the development of first-in-class or best-in-class oncology drugs, strategic industry partnerships that provide commercialization support without full capital burden, and a focused pipeline addressing high-value unmet needs in solid tumor therapies.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.