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AVNS

Avanos Medical, Inc.

AVNS

Avanos Medical, Inc. • NYSE
$11.74 ▼ -0.84% (-0.10)
Market Cap $544.88 M
52w High $19.91
52w Low $9.30
Dividend Yield 0%
P/E -1.15
Volume 240.12K
Outstanding Shares 46.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $177.8M ▲ $68M ▼ $-1.4M ▲ -0.787% ▲ $-0.03 ▲ $10M ▲
Q2-2025 $175M ▲ $84.8M ▲ $-76.8M ▼ -43.886% ▼ $-1.66 ▼ $-63.9M ▼
Q1-2025 $167.5M ▼ $82.5M ▼ $6.6M ▲ 3.94% ▲ $0.14 ▲ $21.4M ▲
Q4-2024 $179.6M ▲ $86.8M ▲ $-397.3M ▼ -221.214% ▼ $-8.64 ▼ $-406.6M ▼
Q3-2024 $170.4M $76.2M $4.3M 2.523% $0.093 $24.4M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $70.5M ▼ $1.068B ▲ $289.7M ▲ $778M ▲
Q2-2025 $90.3M ▼ $1.039B ▼ $262.7M ▼ $776.3M ▼
Q1-2025 $97M ▼ $1.108B ▼ $268.4M ▼ $839.4M ▲
Q4-2024 $107.7M ▲ $1.154B ▼ $325.7M ▼ $828.5M ▼
Q3-2024 $89M $1.656B $426.5M $1.23B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.4M ▲ $14M ▲ $-31.5M ▼ $-2M ▲ $-19.8M ▼ $7M ▲
Q2-2025 $-76.8M ▼ $6.8M ▼ $-13.2M ▼ $-3.2M ▲ $-6.7M ▲ $-4.2M ▼
Q1-2025 $6.6M ▲ $25.7M ▼ $-9.1M ▼ $-29.1M ▼ $-10.7M ▼ $19M ▼
Q4-2024 $-397.3M ▼ $57.9M ▲ $-7.6M ▲ $-27.4M ▼ $18.7M ▲ $53.1M ▲
Q3-2024 $4.3M $23M $-12M $-16M $-3.2M $20M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Corporate Other
Corporate Other
 $0 ▲$10.00M ▲$10.00M ▲$0 ▼
Digestive Health
Digestive Health
 $110.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly flat over the last several years, which means Avanos is holding its position but not yet showing strong top-line growth. Profitability is thin: gross margins look healthy and consistent, but operating profit is only modest and net results have swung between small profits and meaningful losses. The latest year shows a sharp accounting loss despite positive operating income, suggesting significant one-time or non-cash charges, such as write-downs or restructuring costs. Overall, the income statement points to a business with solid product economics but uneven earnings and execution, with volatility being a key risk to watch.

Balance Sheet

Balance Sheet The balance sheet is sound but moving in a less comfortable direction. The company still has a solid equity base and manageable debt levels, and its debt burden has been easing over time. Cash on hand is steady but not abundant, so there is some financial flexibility but not a large safety cushion. Total assets and shareholder equity have been drifting downward in recent years, likely reflecting losses, divestitures, or impairments. In short, the balance sheet remains acceptable for a mid-sized medical device company, but continued losses could gradually erode that strength if not reversed.

Cash Flow

Cash Flow Despite the headline losses, the business generally generates cash from its operations. Operating cash flow has been consistently positive in most recent years, and after relatively modest investment spending, free cash flow has typically stayed in positive territory as well. Capital spending needs are not heavy, which helps the company convert a good portion of its operating cash into free cash flow. That said, the cash flow profile is not robust enough to fully offset prolonged weak earnings, so sustained improvement in profitability would meaningfully strengthen the cash story.

Competitive Edge

Competitive Edge Avanos operates in specialized niches where it has clear differentiation: non-opioid pain management and chronic care, especially in enteral feeding and respiratory care. Flagship products like COOLIEF for chronic pain, ON-Q for post-surgical pain, MIC-KEY feeding tubes, and CORTRAK guided feeding systems give it recognizable brands with clinical and usability advantages. The focus on non-opioid solutions aligns well with long-term healthcare and regulatory trends, and upcoming reimbursement support under the NOPAIN Act should reinforce adoption. The main competitive risks are pressure from larger diversified device makers, dependence on a relatively focused product set, and the need to keep demonstrating clinical and cost advantages to payers and providers.

Innovation and R&D

Innovation and R&D Innovation is a central part of Avanos’s strategy. The company has built and acquired technologies around radiofrequency pain treatment, advanced feeding tube systems, and device accessories that improve safety and ease of use. It uses a customer- and clinician-driven development approach, iterating on products like ON-Q pumps and expanding platforms such as COOLIEF with next-generation equipment. Recent acquisitions and new product launches in digestive health and chronic care show an active pipeline rather than a static portfolio. The opportunity is that successful innovation can deepen its niche leadership; the risk is that R&D and deal spending need to translate into clear revenue growth and more durable profitability.

Summary

Avanos is a specialized medical device company with strong positions in non-opioid pain management and chronic care, supported by differentiated, clinically focused products. Its gross margins and cash generation show that the underlying products create value, but the company struggles to convert that into consistent bottom-line profitability, and recent charges have weighed heavily on reported earnings and equity. The balance sheet and cash flows provide enough stability to pursue its strategy, though they are not strong enough to comfortably absorb many more years of sizeable losses. Looking forward, policy tailwinds, focused niches, and an active innovation pipeline are meaningful opportunities, while execution, competitive pressure, and earnings volatility remain the main risks to monitor.

NEWS

November 5, 2025 · 7:00 AM UTC

Avanos Medical, Inc. Announces Third Quarter 2025 Results

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October 27, 2025 · 10:31 AM UTC

Avanos Medical, Inc. to Webcast Conference Call Discussing Third Quarter 2025 Financial Results

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October 23, 2025 · 8:00 AM UTC

WRS Group Announces Agreement to Acquire Avanos Medical's US Game Ready® Orthopedic Rental Business

Read more