Avanos Medical (formerly Halyard Health) Archives

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

Baxter, 3M, Abbott near the top of Newsweeks’ most reponsible companies list

Several medtech, healthcare and life sciences companies, including big names like Abbott (NYSE:ABT), 3M (NYSE:MMM) and Baxter (NYSE:BAX), are among the 500 “most responsible,” according to Newsweek.

The outlet published its “America’s Most Responsible Companies 2022” list, marking the third installment of the compilation (in partnership with Statista), this time expanded to include 500 of the largest public corporations around. Companies were judged with an overall score out of 100 that combined environmental, social and corporate governance performance assessments.

Baxter, 3M, Abbott and BD (NYSE:BDX) were among the highest-ranking big-name medical device makers. Cancer diagnostic company Illumina was the highest-ranking company under the healthcare and life sciences umbrella, sitting in second behind HP.

In sixth sat Baxter, registering an overall score of 89.5 points, with its highest performance coming in environmental i…

Avanos Medical misses on Q3 revenue, EPS projections

Avanos Medical (NYSE:AVNS) posted third-quarter revenues and earnings that finished shy of projections on Wall Street.

The Alpharetta, Georgia-based company posted losses of -$35.1 million, or -73¢ per share, on sales of $184.1 million for the three months ended Sept. 30, 2021, seeing its bottom line plummet from profits of $19.3 million this time last year on a sales decline of -0.9%.

Adjusted to exclude one-time items, earnings per share were 25¢, 5¢ behind Wall Street, where analysts were looking for sales of $185.3 million.

Headwinds in the company’s acute pain portfolio as a result of continued delays and postponements of elective surgical procedures affected the company’s financial results, according to a news release.

“We continue to see unevenness in the recovery across our product portfolio but are very pleased with our overall execution,” Avanos CEO Joe Woody said in the release. “We anticipate gross margin further improvi…

Avanos Medical posts mixed bag Q2, lowers guidance

Avanos Medical (NYSE:AVNS) shares were unmoved before hours on second-quarter results that were mixed compared to the consensus forecast.

The Alpharetta, Ga.-based company posted profits of $37.9 million, or 78¢ per share, on sales of $186.4 million for the three months ended June 30, 2021, taking its bottom line out of the red on sales growth of 13.9%.

Adjusted to exclude one-time items, earnings per share were 21¢, 2¢ behind Wall Street, where analysts were looking for sales of $180.6 million.

“Through the first half of the year our commercial teams continue to execute well and build sales momentum across our franchises while maintaining spending discipline,” Avanos CEO Joe Woody said in a news release. “Our gross margin has been temporarily impacted by higher transportation costs to drive growth and a delay in returning our manufacturing operations to pre-COVID efficiency levels, which will cause it to fall below our earlier expectat…

MedTech 100 roundup: Industry continues climb

One week after hitting an all-time best mark, the medtech industry has done it again, reaching new heights on Wall Street.

MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — continued its rise, finishing the week (July 9) at 114.79 points, a rise of 0.2% from the 114.59-point mark registered a week prior on July 2.

The new high comes in was just 0.21 points ahead of the 114.58-point mark set in April — the industry’s all-time best performance before last week beat it by one point.

Medtech’s performance continues to reflect an overall rebound from the struggles brought on by the COVID-19 pandemic, too. The industry has registered a 24.3% rise from the pre-pandemic high of 92.32 (set on Feb. 19, 2020), plus an 84.6% increase from the mid-pandemic low of 62.13 (March 23, 2020).

The positive movement in medtech aligns with an uptick in the overall markets this past week, as the S&P 500 Index ri…

Avanos Medical names senior VP, general counsel

Avanos Medical (NYSE:AVNS) today said it has appointed Moji James as senior VP and general counsel.

James will be responsible for the Alpharetta, Ga.-based company’s legal, government relations and global security functions.

Prior to joining the company, James most recently served as executive VP, chief legal and compliance officer for Tmunity Therapeutics. She has also held leadership roles at Iroko Pharmaceuticals and Wyeth Pharmaceuticals.

“Moji’s extensive global and diversified legal experience, along with her knowledge of the healthcare sector and exceptional track record of managing complex business and legal strategies, makes her uniquely qualified for this role,” CEO Joe Woody said in a news release. “In addition to her role as general counsel, I am excited to have Moji’s broad business experience and capabilities add to our overall strategy and vision of getting patients back to the things that matter.”

Avanos Medical to pay more than $22M to resolve criminal charges with DOJ

The U.S. Justice Dept. announced that Avanos Medical (NYSE:AVNS) agreed to pay more than $22 million to resolve a criminal charge related to fraudulent misbranding.

Charges levied against the Alpharetta, Ga.-based medical device company relate to alleged fraudulent misbranding of its MicroCool surgical gowns.

According to a DOJ news release, criminal information filed on July 7 in the U.S. District Court for the Northern District of Texas charged Avanos with one count of introducing misbranded surgical gowns into interstate commerce with the intent do defraud and mislead.

Court filings allege that Avanos falsely labeled the gowns as providing “the highest level of protection against fluid and virus penetration.”

The company agreed to pay $22,228,000, comprised of a victim compensation payment of $8,939,000, a criminal monetary penalty of $12.6 million and a disgorgement payment of $689,000.

“Companies that sell medical products …

Avanos Medical beats The Street in Q1 results

Avanos Medical (NYSE:AVNS) posted first-quarter results today that beat the overall consensus on Wall Street.

The Alpharetta, Ga.-based company reported losses of -$7.6 million, or -16¢ per share, on sales of $180.7 million for the three months ended March 31, for a sales growth of 0.17% compared with Q1 2020.

Adjusted to exclude one-time items, earnings per share were 23¢, 5¢ ahead of The Street, where analysts were looking for sales of $175.4 million.

“We executed well in the first quarter highlighted by building momentum across our franchises and controlling costs while remaining focused on the health and safety of our employees and meeting the needs of patients impacted by the virus,” CEO Joe Woody said in a news release. “Although at the start of the quarter we experienced a slowdown in our pain management franchise due to pandemic-related hospitalizations, as those began to decline, we saw an acceleration across our therapies.R…

Avanos Medical rises on Street-beating Q4 results

Avanos Medical (NYSE:AVNS) posted fourth-quarter results that beat the consensus forecast on Wall Street.

The Alpharetta, Ga.-based company reported losses of -$47.2 million, or -99¢ per share, on sales of $185 million for the three months ended Dec. 31, 2020, for a sales loss of 2.53% compared with Q4 2019.

Adjusted to exclude one-time items, earnings per share were 28¢, 6¢ ahead of The Street, where analysts were looking for sales of $184.2 million.

“I’m pleased with our team’s execution and accomplishments in 2020 highlighted by our cost savings, the integration of our recent acquisitions and free cash flow improvement throughout the year, while successfully responding to the challenges presented by the pandemic,” CEO Joe Woody said. “During the quarter we continued to build momentum across our franchises, while we maintained our cost discipline and implemented a 2020 restructuring program to further drive efficiencies and reduce costs.”

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Avanos Medical up on Street-beating Q2 results

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

The Alpharetta, Ga.-based company reported profits of $86.5 million, or -6¢ per share, on sales of $163.7 million for the three months ended June 30, for a bottom-line loss of -12.4% sales loss of -4.9% compared with Q2 2019.

Adjusted to exclude one-time items, earnings per share were 13¢, 14¢ ahead of The Street, where analysts were looking for sales of $147.9 million.

“We’re pleased we continue to meet the needs of patients during the pandemic, as we quickly acted to increase production capacity for our clinically-proven respiratory health products while ensuring our employees’ health and safety,” CEO Joe Woody said in a news release.

“During the quarter we were excited to see elective procedure volume return above expectations, which bolstered our pain management franchises sales ahead of our forecast. While we ar…