Avanos Medical (NYSE:AVNS) + this week posted first-quarter results that aligned with the earnings consensus on Wall Street but missed revenue estimates.
Investors reacted by sending shares in AVNS down 15.81% to $24.38 apiece in afternoon trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.
The Alpharetta, Georgia-based digestive health device maker reported profit losses of $500,000 or, 1¢ per share, on sales of $191.7 million for the three months ended March 31, for a bottom line loss of 2.89% and profit loss of 109.3% compared to Q1 2022.
Adjusted to exclude one-time items, earnings per share were 27¢, in line with the Wall Street consensus, where analysts were looking for sales of $195.2 million.
“Our first quarter results were mixed, with our digestive health portfolio continuing to outperform, strong adjusted earnin…