Shares of a leading provider of minimally invasive medical devices, AngioDynamics (NASDAQ:ANGO), have been surging on the back of solid revenue performance in its last reported quarter and continued investment in its Med Tech platform. However, given its uncertain growth outlook and the increasing competition in the medical devices space, can the stock keep rallying? Let’s find out.Industry-leading medical devices provider AngioDynamics, Inc. (ANGO) offers innovative diagnostic and surgical devices to treat cancer and peripheral vascular disease in the United States and internationally. A strong revenue performance, driven by a 68% year-over-year surge in Med Tech net sales in the first quarter of fiscal 2022, has helped its shares gain 17.5% over the past five days and 79.5% so far this year. Moreover, the recent limited market release of its AlphaVac mechanical thrombectomy device has garnered significant investor attention.
While the minimally invasive medical devices provider’s Auryon and NanoKnife businesses continue to witness strong demand, finding more growth may be challenging for the company, given the COVID-19 related headwinds and increased competition in the medical devices market.
Here’s what could influence ANGO’s performance in the coming months: