Avanos Medical, Inc. ( (AVNS) ) has realeased its Q3 earnings. Here is a breakdown of the information Avanos Medical, Inc. presented to its investors.
Avanos Medical, Inc. is a medical technology company headquartered in Alpharetta, Georgia, that specializes in delivering clinically advanced solutions aimed at improving patient outcomes, particularly in digestive health and pain management, with a focus on reducing opioid use.
In its third quarter of 2024, Avanos Medical, Inc. reported a slight decrease in total net sales from continuing operations, alongside the announcement of the retirement of its CEO, Joe Woody. Michael Greiner, previously CFO and Chief Transformation Officer, will serve as interim CEO.
Key highlights from the report include a modest dip of 0.5% in net sales to $170.4 million compared to the previous year, while net income from continuing operations improved significantly to $5.9 million from a net loss of $8.8 million the prior year. Avanos observed strong sales performance in its digestive health business and double-digit growth in the Game Ready and IVP segments, although its surgical pain category underperformed.
Looking ahead, Avanos anticipates revenue from continuing operations to range between $683 million and $688 million for the year, with expectations of maintaining an adjusted gross margin of approximately 59.0% and adjusted diluted earnings per share between $1.30 and $1.35. The company’s ongoing transformation initiatives and leadership transition are expected to support its strategic growth objectives.
