AngioDynamics (ANGO) presents a deeply negative liquidation posture, consistent with prior periods. As of February 28, 2026, book equity stands at $173.4 million, but under liquidation haircuts the recovery picture deteriorates sharply. Cash of $37.8 million recovers at par. Accounts receivable of $45.6 million gross (net $43.8 million after allowance) recovers at approximately $41-42 million at a 90-95% haircut. Inventory of $58.6 million gross (net after $5.7 million reserve) recovers at roughly $31-35 million at 60%. PP&E net of $29.1 million recovers at 50-70%, or approximately $15-20 million. Intangibles of $65.5 million receive a 0% recovery under liquidation assumptions. Total haircutted asset recovery approximates $125-135 million before settling liabilities. Total liabilities at face value are $87.3 million, comprising $66.1 million current and $21.3 million non-current. However, this does not capture the full liability stack: the BD patent settlement imposes six minimum annual payments of $2.5 million each (present value of approximately $9-13 million depending on discount rate), with $2.5 million current and $6.8 million non-current already recorded in other liabilities. The restructuring plan (announced January 2024, modified FY2025) has $33.2 million incurred to date against a total estimated cost of $33-38 million, with a remaining reserve of only $1.9 million — suggesting most future cash costs are either paid or not yet accrued. Operating lease obligations total $5.5 million and finance lease obligations total $2.4 million, both staying at face value in liquidation. The MFFAIS CLV of negative $32.4 million and LLV of positive $13.1 million bracket the range depending on how aggressively one haircuts assets. The primary recovery drag is the $65.5 million intangible asset base (carrying $199.6 million gross, $134.1 million accumulated amortization) which contributes zero to liquidation recovery. Cash burn remains material: nine-month operating cash outflow of $14.4 million, down from $28.9 million in the prior year period, driven by the ongoing manufacturing restructuring. Cash declined from $55.9 million at May 31, 2025 to $37.8 million at February 28, 2026. The company carries no funded debt. OtherLiabilitiesNoncurrent of $16.7 million includes the BD settlement tail ($6.8 million) and other items not separately XBRL-tagged. The Port Product Claims (347 pending product liability suits) represent an unquantified contingent liability that is not accrued in the balance sheet — material uncertainty in a liquidation scenario.
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