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…