AngioDynamics, Inc. ANGO ) recently completed the sale of its NAMIC fluid management portfolio to Medline Industries for $167.5 million. Proceeds from the transaction have been used to clear all of the company's outstanding debt.
Additionally, the transaction is expected to accelerate investments in key therapeutic medical technologies like AngioVac, BioFlo and the NanoKnife System to address the unmet needs of patients. This fortifies the company's foothold in the oncology devices market.
For investors' notice, the divested fluid management portfolio consists of products like NAMIC Contrast Lines, NAMIC Closed Fluid Systems among others. In fact, in the las t report ed quarter, the unit witnessed strong year-over-year growth.
A Peek Inside AngioDynamics' Product Portfolio
AngioDynamics' product range includes vascular access products, angiographic products and accessories, angioplasty products, drainage products, thrombolytic products, and venous products. Notably, the Oncology unit includes Microwave Ablation, Radiofrequency Ablation, NanoKnife, BioSentry Tract Sealant System, Alatus, StarBurst XL and Semi-Flex RFA devices, UniBlate RFA Electrode and many more.
In recent times, the company received IDE approval from the FDA for the use of NanoKnife technology in the treatment of stage III pancreatic cancer.
Per GBI Research, the global oncology device market revenues are expected to reach $241 billion by 2026 at a CAGR of 10.66%. Hence, AngioDynamics' focus on oncology devices at this moment is well-timed.
However, the company competes with other bigwigs in the oncology devices space like Varian Medical VAR , Accuray Incorporated ARAY and Myriad Genetics MYGN . Varian Medical's Halcyon and HyperArc platforms deserve a special mention here. Meanwhile, Accuray's CyberKnife currently enjoys robust demand while Myriad's GeneSight is expected to witness solid growth in the times ahead.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportVarian Medical Systems, Inc. (VAR): Free Stock Analysis ReportAccuray Incorporated (ARAY): Free Stock Analysis ReportAngioDynamics, Inc. (ANGO): Free Stock Analysis ReportMyriad Genetics, Inc. (MYGN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research