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.
The Centers for Medicare and Medicaid Services (CMS) announced that Avanos Medical's ON-Q elastomeric infusion pump and ambIT disposable electronic infusion pump will receive separate Medicare payments under the NOPAIN Act starting January 1, 2025. This decision, part of the Medicare Hospital Outpatient Prospective Payment System (OPPS) and Medicare Ambulatory Surgical Center (ASC) Payment System rule for 2025, aims to enhance access to non-opioid pain management in HOPD and ASC settings. The NOPAIN Act, effective until December 31, 2027, provides additional Medicare reimbursement for qualifying non-opioid items to reduce opioid reliance. Both ON-Q and ambIT pumps will have unique HCPCS codes (C9804 and C9806) and a payment limit of up to $2,284.98 each. This move by CMS is a significant step in promoting safer pain management alternatives for Medicare beneficiaries.
Avanos Medical (NYSE: AVNS) has announced its participation in the UBS 2024 Healthcare Conference. Michael Greiner, the company's interim chief executive officer, will engage in a fireside chat on Tuesday, November 12 at approximately 2:45 p.m. Pacific Time. The presentation will be accessible via webcast through the Investors section of the Avanos Medical website, where it will also be archived for future reference.
Avanos Medical (NYSE: AVNS) has launched its new CORGRIP SR Nasogastric/Nasointestinal Tube Retention System, expanding its Enteral Feeding portfolio. The system features a monofilament thread and is designed to reduce feeding tube dislodgement, which occurs in 40%-63% of tape-secured tubes. Key features include a yellow-tipped retrieval catheter with hollow tip, color-coded clips, printed centimeter markings, and an orange opening tool. The nasal bridle solution aims to improve tube survival rates and reduce complications associated with tube replacement.
Avanos Medical (NYSE: AVNS) reported Q3 2024 financial results and announced CEO Joe Woody's retirement. Total net sales were $170.4 million, down 0.5% year-over-year. The company reported net income of $5.9 million, compared to a net loss of $8.8 million in the prior year. Adjusted EBITDA increased to $30.6 million from $27.8 million. Despite transformation progress, the company fell short of mid-single-digit organic growth targets. The company updated its 2024 outlook, expecting revenue between $683-688 million and adjusted diluted EPS of $1.30-1.35.
Avanos Medical (NYSE: AVNS) has scheduled a conference call to discuss its third quarter 2024 financial results on Wednesday, October 30 at 9 a.m. ET. The company will release its financial results before market opening on the same day. The call will be led by CEO Joe Woody and CFO Michael Greiner.
Investors can join via phone (1-800-836-8184 for US callers) or through a simultaneous webcast on the company's investor relations website. A replay will be available from noon ET on October 30 for one week by calling 1-888-660-6345 (passcode: 38787#) or through the company's website.
Avanos Medical (NYSE: AVNS) has announced its participation in the CL King's 22nd Annual Best Ideas Conference 2024. Michael Greiner, the company's senior VP, CFO, and chief transformation officer, will engage in a fireside chat on September 16, 2024, at 9:30 a.m. Eastern Time. This virtual event provides an opportunity for investors to gain insights into Avanos Medical's strategies and performance.
The presentation will be accessible via webcast on the Investors section of the Avanos Medical website. For those unable to attend live, the webcast will be archived on the site for future viewing. This participation underscores Avanos Medical's commitment to investor relations and transparency in its operations.
GAME READY, an Avanos Medical (NYSE: AVNS) brand, has announced a partnership with NFL defensive end Nick Bosa of the San Francisco 49ers. As the Official Recovery Partner of Bosa, GAME READY will integrate its cold and compression therapy technology into his training and recovery regimen. This collaboration aims to showcase the brand's commitment to supporting elite performance through advanced recovery solutions.
The partnership includes collaborative content, product promotions, and appearances by Bosa across various media platforms. It highlights the importance of effective recovery for peak athletic performance and reinforces GAME READY's position as a trusted brand among top athletes globally.
Avanos Medical (NYSE: AVNS) reported Q2 2024 financial results, showing positive growth and progress in its transformation objectives. Key highlights include:
- Total net sales from continuing operations were $171.7 million, up 1.4% year-over-year
- Net income from continuing operations was $4.3 million, compared to a $4.3 million loss last year
- Adjusted diluted EPS from continuing operations was $0.34, up from $0.24 in Q2 2023
- Adjusted EBITDA increased to $26.8 million from $22.9 million last year
The company's Digestive Health portfolio led growth, while Pain Management and Recovery showed improvement. Avanos maintains its 2024 outlook, expecting revenue between $685-$705 million and adjusted diluted EPS of $1.30-$1.45 from continuing operations.
Avanos Medical, Inc. (NYSE: AVNS) has announced a webcast conference call to discuss its second quarter 2024 financial results on Wednesday, July 31 at 9 a.m. ET. The company will release its financial results before the market opens on the same day. CEO Joe Woody and CFO Michael Greiner will host the call. Investors can join via phone or webcast through the company's website. A replay will be available for one week after the call.
Avanos Medical is a medical technology company focused on delivering clinically superior medical device solutions. The company is committed to addressing important healthcare needs, including providing nutrition solutions and reducing opioid use in post-surgical recovery.
Avanos Medical has appointed Indrani Franchini as a new independent member of its board of directors. She brings extensive experience from global companies, including roles at Alnylam Pharmaceuticals, Alexion Pharmaceuticals, Hess , and Pfizer. This addition expands the board to six directors, with five being independent and a diverse representation, including three women. Franchini's legal and compliance expertise is expected to aid Avanos in addressing critical healthcare needs and advancing its mission.