ANGO - AngioDynamics: Focusing On Three Credible Growth Drivers And Targeting Growth Acceleration

• AngioDynamics saw a stronger-than-expected rebound with FQ4 revenue, and boosted guidance for FY'22, while also providing an encouraging three-year outlook for meaningful growth acceleration.
• Management is focusing on three primary growth platforms - thrombectomy, peripheral atherectomy, and the NanoKnife electroporation oncology system.
• The thrombectomy business is arguably the least risky and could ultimately address over $3.5B in annual revenue, while Auryon (atherectomy) and NanoKnife are "show me" stories with meaningful upside.
• If AngioDynamics can deliver close to 6% revenue growth over the next three to five years (below management's targets), a fair value of $30 is reasonable today.

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