AngioDynamics is a medical device company that makes and sells minimally invasive tools used by physicians to treat cardiovascular diseases and cancer. The company operates two segments: MedTech (~43% of revenue, growing ~20% YoY) and Med Device (~57% of revenue, roughly flat). The MedTech segment includes three platforms: Auryon, a laser atherectomy system for peripheral artery disease; a mechanical thrombectomy franchise (AngioVac and AlphaVac) for clot removal from the venous system and lungs; and NanoKnife, an ablation system that kills tumor cells using electrical pulses rather than heat. The Med Device segment is a portfolio of mature interventional tools — ports, catheters, and drainage devices — that generate steady cash to fund MedTech investment. MedTech products follow a razor/razor-blade model, where capital placements of systems drive recurring disposable revenue per procedure. Med Device products are straight consumables sold on a recurring, transactional basis. The core financial story is a mix shift: MedTech carries meaningfully higher gross margins (~62%) than Med Device (~48%), so as MedTech grows as a share of revenue, overall margins expand. AngioDynamics has been divesting non-core Med Device businesses to simplify the portfolio and has eliminated all debt. A manufacturing transition to a third-party facility in Costa Rica is expected to deliver ~$15M in annualized cost savings by FY27. NanoKnife is a key near-term catalyst, with a new FDA prostate indication granted in December 2024 and a new reimbursement code taking effect January 2026.