Avanos Medical, Inc. reports developments as a medical technology company that develops, manufactures and markets medical device solutions for Specialty Nutrition Systems and Pain Management and Recovery. Its news commonly covers operating results, segment growth, enteral feeding products, non-opioid surgical pain and recovery products, infusion pumps, radiofrequency ablation solutions and cryo-pneumatic compression systems.
Company updates also include Medicare payment and regulatory reimbursement developments for ON-Q, AmbIT and Game Ready, collaborations for outpatient and interventional pain workflows, investor conference presentations, cost and transformation initiatives, and governance matters such as board nominations and shareholder agreements.
Avanos Medical reported third quarter 2020 net sales of $186 million, an 8% increase year-over-year. The company achieved a net income of $19 million, rebounding from a loss of $12 million last year. Despite challenges from the pandemic, demand for Respiratory Health products drove growth. Adjusted EBITDA was $24 million, slightly down from $25 million a year ago. The company continues to manage expenses effectively while investing in growth. However, it anticipates ongoing uncertainty due to COVID-19's impact on elective procedures.
Avanos Medical, Inc. (NYSE: AVNS) will hold a conference call on November 3, 2020, at 9 a.m. ET to discuss its third-quarter 2020 financial results. A news release detailing the financial results will be issued prior to the market opening on the same day. The call, hosted by CEO Joe Woody and CFO Michael Greiner, will be accessible via a live webcast on the Avanos Medical website. Replays will be available post-call on the same platform for one week.
Avanos Medical, Inc. (NYSE: AVNS) has appointed Michelle Scharfenberg as its new senior vice president & chief ethics and compliance officer, effective immediately. With over 20 years of experience in healthcare law and compliance, Scharfenberg is set to lead the company’s Compliance & Ethics program, aligning it with the company’s commitment to ethical operations. Previously, she was vice president and chief compliance officer at Cantel Medical Corporation. CEO Joe Woody emphasized the importance of this role in maintaining Avanos's reputation in the global medical device market.
Avanos Medical, Inc. (NYSE: AVNS) will present at two virtual investor conferences in September 2020. The first, the Morgan Stanley 18th Annual Global Healthcare Conference, is scheduled for Mon., Sept. 14 at 5 p.m. ET, featuring CEO Joe Woody. The second, the Cantor Virtual Global Healthcare Conference, will take place on Thurs., Sept. 17 at 8 a.m. ET, with CFO Michael Greiner speaking. Webcasts of the presentations will be accessible on the Avanos Medical website's Investors section, and both sessions will be archived for later viewing.
Avanos Medical announced the publication of a clinical trial comparing COOLIEF* Cooled Radiofrequency ablation to hyaluronic acid (HA) for chronic knee pain management. Conducted with 177 subjects, the trial indicated that 71.1% receiving CRFA experienced ≥ 50% pain relief after 6 months, compared to 37.8% for HA. The COOLIEF procedure shows enhanced durability and effectiveness, with future data anticipated at 12, 18, and 24 months. This breakthrough could significantly improve treatment options for over 9 million people in the U.S. suffering from knee osteoarthritis.
Avanos Medical, Inc. (NYSE: AVNS) has appointed Bill Haydon as the new senior vice president and general manager of its combined pain franchise. Haydon, who previously led medical division operations at Cantel, is expected to drive a global growth strategy for the pain management business. His nearly 25 years of experience in strategy, marketing, and M&A is anticipated to enhance Avanos' efforts in achieving sustainable growth. CEO Joe Woody highlighted the importance of this alignment, aiming to improve efficiencies and customer service.
Avanos Medical reported Q2 2020 financial results with net sales of $164 million, down 5% from the previous year. Despite a net loss of $3 million, an improvement from a $8 million loss last year, adjusted net income dropped to $6 million from $14 million. Although elective procedures surpassed expectations, concerns about rising COVID-19 cases may hinder recovery. The company remains focused on cost reduction and growth, anticipating continued challenges into 2021. Cash flow improved with a $6 million outflow compared to $55 million last year, maintaining a cash balance of $185 million.
Avanos Medical will host a conference call on August 4, 2020 at 9 a.m. ET to discuss Q2 2020 financial results and business highlights. A news release detailing the financial results will be issued before the market opens on the same day. The call will be led by CEO Joe Woody and CFO Michael Greiner. A live webcast will be available on the Avanos Medical website, and a replay will be accessible later. Avanos focuses on innovative medical solutions to enhance patient care.