ANGO - AngioDynamics Management Has Rebuilt The Story But Follow Through Will Be Critical

• AngioDynamics had a basically inline fiscal third quarter on strength in AngioVac and Auryon, but the shares have rerated much higher on growing enthusiasm for the company's growth strategy.
• AngioVac continues to gain shares in relatively small VTE sub-markets, but management's product pipeline could address a $3B/year market opportunity in five years or less.
• Auryon may finally be the right tool for the job in peripheral atherectomy, with a current addressable market opportunity of over $500M.
• NanoKnife remains a less certain driver, with investors waiting to see whether the DIRECT study can support broader adoption for pancreatic cancer.
• Investors seem much more willing to accept the premise that AngioDynamics has shifted to a higher-growth model/portfolio, and 5% to 7% long-term revenue growth can support a high-$20s fair value.

For further details see: