Avanos Medical Archives - Medical Design Sourcing

Avanos Medical to acquire Diros Technology

Avanos Medical this week announced it entered into a definitive agreement to acquire Diros Technology.

Toronto-based Diros Technology develops radiofrequency (RF) products that are used to treat chronic pain conditions. Its technology delivers RF energy through precisely placed, minimally invasive probes that heat nervous tissue near the probe’s tip, deactivating the nerve’s ability to transmit pain signals.

The company’s RF Trident technology will further enhance Avanos’ pain management treatment options and complement its Coolief cooled RF product offering.

“The acquisition of Diros Technology strengthens Avanos’ leadership position in RF technology by providing a full range of high-quality, differentiated pain management products,” CEO Joe Woody said in a news release. “We expect our enhanced portfolio will offer significant opportunities to deliver non-opioid-based, minimally invasive treatments to pati…

Avanos Medical sells respiratory health business to SunMed

Avanos Medical (NYSE:AVNS) announced today that it entered into a definitive agreement to sell its respiratory health business.

The Alpharetta, Georgia-based medtech company agreed to sell the unit to SunMed Group Holdings, LLC. SunMed, headquartered in Grand Rapids, Michigan, manufactures and distributes consumable medical devices. Its product portfolio for anesthesia and respiratory care spans the continuum of care, ranging from first responders to hospitals and home care.

Avanos Medical said its respiratory business divestiture is a “key component” of its three-year transformation process. The company aims to focus its portfolio on markets where it feels well-positioned to succeed.

“Earlier this year, we shared our strategy and intent to optimize our portfolio by focusing on higher-margin and higher-growth markets – particularly in our digestive health and pain management & recovery product categories,” said Joe Woody, Avan…

Avanos shares plummet on mixed-bag Q1 results

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…

Avanos Medical fills two new C-level posts

Avanos Medical (NYSE:AVNS) today announced appointments to two new C-level positions on its leadership team.

The company’s present SVP CFO Michael Greiner will also fill a chief transformation officer role. In addition, Avanos promoted Kerr Holbrook to SVP and chief commercial officer.

Alpharetta, Georgia–based Avanos Medical is a developer of medtech that provides everything from pain management to respiratory and digestive care.

“Our global teams have been working diligently to identify changes that will allow us to reimagine our business and create sustainable value for both internal and external stakeholders,” CEO Joe Woody said in a news release. “We have established the groundwork for a three-year transformation aimed at optimizing our commercial organization and enhancing our financial performance. Our chief financial officer, Michael Greiner – who has led many of our efforts in margin improvement, M&A, and free cash fl…

Avanos Medical fills two new C-level posts

Avanos Medical (NYSE:AVNS) today announced appointments to two new C-level positions on its leadership team.

The company’s present SVP CFO Michael Greiner will also fill a chief transformation officer role. In addition, Avanos promoted Kerr Holbrook to SVP and chief commercial officer.

Alpharetta, Georgia–based Avanos Medical is a developer of medtech that provides everything from pain management to respiratory and digestive care.

“Our global teams have been working diligently to identify changes that will allow us to reimagine our business and create sustainable value for both internal and external stakeholders,” CEO Joe Woody said in a news release. “We have established the groundwork for a three-year transformation aimed at optimizing our commercial organization and enhancing our financial performance. Our chief financial officer, Michael Greiner – who has led many of our efforts in margin improvement, M&A, and free cash fl…

Avanos Medical rises on mixed bag Q3

Avanos Medical (NYSE:AVNS) shares rose this morning on third-quarter results that beat the consensus forecast.

Shares of AVNS ticked up 3.5% at $23.20 apiece. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ticked up by 1%.

The Alpharetta, Georgia-based pain management and chronic care company posted profits of $15.7 million. That equals 33¢ per share on sales of $202.1 million for the three months ended Sept. 30, 2022.

Avanos posted a massive bottom-line gain out of the red on sales growth of 9.8%. The company attributed its performance to incremental revenue from the acquisition of OrthogenRx.

Additionally, Avanos reported higher volume in digestive health. Still, unfavorable foreign currency translation effects and high supply chain costs affected the company.

Adjusted to exclude one-time items, earnings per share totaled 38¢. That comes in 3¢ ahead of Wall Street. Sale…

Avanos Medical updates full-year revenue guidance on mixed-bag Q2 results

Avanos Medical (NYSE:AVNS) today posted second-quarter results that beat the earnings consensus on Wall Street and missed revenue estimates.

The Alpharetta, Georgia-based company reported profits of $11.4 million, or 24¢ per share, on sales of $203 million for the three months ended June 30, for a bottom-line loss of 69.9% on sales growth of 8.91% compared to Q2 2021.

Adjusted to exclude one-time items, earnings per share were 41¢, 3¢ ahead of The Street, where analysts were looking for sales of $208.27 million.

“Despite ongoing raw material availability and associated supply chain disruptions, underlying demand for our products remains strong,” CEO Joe Woody said in a news release. “We delivered on expansion of our gross and operating margin, and generated meaningful free cash flow in a tough environment inclusive of inflationary and foreign currency headwinds. We anticipate strong results for the full year despite continued macroecono…

Avanos Medical recall of Cortrak 2 enteral access system is Class I

The FDA determined that Avanos Medical’s recall of some of its Cortrak 2 enteral access systems is Class I, the most serious kind.

Alpharetta, Georgia-based Avanos Medical is recalling certain Cortrak 2 general access systems due to reports of injuries and patient deaths following nasoenteric or nasogastric tube misplacement. The recall includes all serial numbers of the Cortrak 2 system used between January 2021 and January 2022. There have been 629 devices recalled, according to an FDA warning letter.

Get the full story on our sister site, Medical Tubing + Extrusion.

Avanos rises as Q1 earnings match Wall Street projections

Avanos Medical (NYSE:AVNS) shares ticked up today on first-quarter results that just about matched the consensus forecast.

The Alpharetta, Georgia-based company posted profits of $5.8 million, or 12¢ per share, on sales of $197.4 million for the three months ended March 31, 2022, for a bottom-line gain from losses of $7.6 million this time last year on sales growth of 9.2%.

Adjusted to exclude one-time items, earnings per share were 26¢, registering level with projections on Wall Street, where analysts were looking for sales of $197.8 million.

“Coming off last year’s solid finish, we maintained our momentum through the first quarter while adding OrthogenRx to our portfolio,” Avanos CEO Joe Woody said in a news release. “I am very pleased with our first quarter results despite persistent global economic headwinds. We met our customers’ orders and meaningfully improved our gross margins in the face of inflationary pressures and a difficult supply chain env…

Avanos Medical ticks up as company posts Street-beating Q2, sets 2022 guidance

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. Read more

Avanos Medical to buy OrthogenRx for $160M

Avanos Medical today announced it entered into a definitive agreement to acquire OrthogenRx for $160 million.

OrthogenRx currently makes viscosupplementation therapies to treat knee osteoarthritis pain, as well as its commercial hyaluronic acid (HA) therapy products GenVisc 850 and TriVisc. Avanos will purchase the company for $130 million in cash at closing and an additional $30 million in contingent cash consideration upon the achievement of growth milestones related to the HA therapy products.

Get the full story on our sister site, Drug Delivery Business News.