Avanos Medical (NYSE:AVNS) shares rose today on fourth-quarter results that came in ahead of the consensus forecast.
The Alpharetta, Georgia-based company posted profits of $10 million, or 21¢ per share, on sales of $193.4 million for the three months ended Dec. 31, 2021, for a bottom-line gain out of the red on sales growth of 4.5%.
Adjusted to exclude one-time items, earnings per share were 46¢, 6¢ ahead of Wall Street, where analysts were looking for sales of $191.3 million.
“We are happy with our top-line performance despite the extended duration of the COVID-19 pandemic and related supply chain headwinds,” Avanos CEO Joe Woody said in a news release. “Our employees remain focused on advancing our strategy despite the challenges, and we are very pleased with our execution throughout the year.”
Avanos said it expects to log adjusted EPS of between $1.55 and $1.75, with net sales for 2022 projected between $830 million and $850 million.
AVNS shares were up 5.1% at $31 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.2%.