ANGOANGIODYNAMICS INC

Surgical & Medical Instruments & Apparatus

Revenue: $320M; 9.5% YoY
Operating margin: -12.5%; 8.7% YoY
EBITDA: −$17M; 20% YoY
Market cap: $509M
Employees: 632; $507K revenue each
Net debt / EBITDA: —; −$34M net debt
AI in 10-K: 2.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 6 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$507K · 74th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 55th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$509M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$655K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$316M	$339M	$304M	$292M	$320M	9.5%
Operating income	−$28M	−$51M	−$192M	−$40M	−$40M	0.1%
Net income	−$27M	−$52M	−$184M	−$34M	−$37M	8.1%
Operating cash flow	−$7M	$78K	−$28M	−$10M	$3M	130%
Capex	$4M	$4M	$3M	$4M	$3M	42%
Stock-based comp	$11M	$11M	$11M	$10M	$14M	43%
Buybacks	—	$0	$0	$2M	$0	100%

Deal filings

Filed	Form	Acquirer	Price	Premium
Apr 2, 2012	DEFM14A	Avista Capital Partners, L.P.	$13.29	30.24%
Feb 28, 2012	PREM14A	—	$13.29	30%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $655K · 3
Net: −$655K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$6M	$14M	50	57
FY2025	$5M	$7M	44	43
FY2024	$5M	$971K	27	43
FY2023	$4M	−$2M	41	56
FY2022	$6M	$5M	85	59