Shares of AngioDynamics, Inc. ANGO reached a new 52-week high of $26.00 on Jun 21, before closing the session marginally lower at $25.85.Shares of the company have gained 152.2% in the past year compared with the industry’s 18.7% growth and the S&P 500's 36.9% rise.AngioDynamics is witnessing an upward trend in its stock price, prompted by its robust fiscal 2021 third-quarter results. The company’s robust product line and strength in NanoKnife also buoy optimism. However, a stiff competitive landscape and strict regulatory environment are concerning for the company.Image Source: Zacks Investment ResearchLet's delve deeper.Key Growth DriversRobust Product Line: AngioDynamics’ strong product suite raises optimism. The company’s product line includes ablation and fluid management systems, vascular access products, angiographic products and accessories, dialysis products, drainage products, thrombolytic products, and venous products. Notably, the Oncology unit includes Microwave Ablation, Radiofrequency Ablation (RFA), NanoKnife, BioSentry Tract Sealant System, Alatus, StarBurst RFA devices, among others.NanoKnife Driving Growth: AngioDynamics’ progress with its NanoKnife product line buoys optimism. The product previously received FDA clearance for surgical ablation of soft tissues. Also, the FDA had already granted the NanoKnife System a Breakthrough Device Designation under the 21st Century Cures Act. The company has also launched the NanoKnife 3.0 generator, which has been approved by the FDA.In the third quarter of fiscal 2021, the company saw strong NanoKnife probe sales in the United States. The consistent positive momentum in the United States is being primarily driven by the company’s increased capital base and an awareness raised by the DIRECT study.Strong Q3 Results: AngioDynamics’ solid third-quarter fiscal 2021 results raise market sentiments. In the quarter, the company continued reaping benefits from the Auryon Atherectomy System, a pathbreaking technology for the treatment of Peripheral Artery Disease. Moreover, the company saw revenue growth in two of its operating segments in the fiscal third quarter. Also, it witnessed a solid performance of its technology platforms, including strong sales growth in the AngioVac arm and robust sales in its Auryon suite. The company also submitted a 510(k) application to the FDA in April for the AlphaVac System, further buoying market optimism.DownsidesStringent Regulatory Environment: AngioDynamics is exposed to a stringent regulatory environment. Regulatory setbacks might dampen approvals for pipeline products, which will in turn hurt overall growth. The company is also facing regulatory delays in its Asian markets, which is a concern.Stiff Competition: The medical device business is intensely competitive, and is characterized by rapid technological change, frequent product introductions and evolving customer requirements. AngioDynamics’ customers consider many factors when choosing among products, including features and reliability. AngioDynamics faces competition globally from a wide range of companies, which includes stalwarts like Boston Scientific Corporation BSX. The company remains apprehensive that it may not be able to compete effectively, thus losing market share to its competitors.Zacks Rank & Key PicksCurrently, AngioDynamics carries a Zacks Rank #3 (Hold).A couple of better-ranked stocks from the broader medical space are Veeva Systems Inc. VEEV and National Vision Holdings, Inc. EYE.Veeva Systems’ long-term earnings growth rate is estimated at 15.8%. The company presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.National Vision’s long-term earnings growth rate is estimated at 23%. It currently sports a Zacks Rank #1.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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 report Boston Scientific Corporation (BSX): Free Stock Analysis Report AngioDynamics, Inc. (ANGO): Free Stock Analysis Report Veeva Systems Inc. (VEEV): Free Stock Analysis Report National Vision Holdings, Inc. (EYE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research