Avanos Medical, Inc. Announces Fourth Quarter and Full-Year 2022 Results
Avanos Medical, Inc. (NYSE: AVNS) reported strong fourth quarter and full-year 2022 results, with net sales of $217 million for Q4, up 12% year-over-year, and full-year net sales reaching $820 million, a 10% increase. Diluted EPS for Q4 was $0.36, compared to $0.24 a year earlier, while adjusted diluted EPS rose to $0.60 from $0.50. The company reported a free cash flow of $29 million in Q4 and $72 million for the year. Avanos is implementing a three-year transformation plan, targeting cost savings of $45-$55 million, amid ongoing developments in its product portfolio and operational efficiencies.
- Fourth quarter net sales increased by 12%, totaling $217 million.
- Full-year net sales reached $820 million, reflecting a 10% annual growth.
- Diluted earnings per share for Q4 rose to $0.36 from $0.24 year-over-year.
- Adjusted diluted EPS improved to $0.60 in Q4 compared to $0.50 a year ago.
- Gross margin for Q4 rose to 54% from 51% the previous year.
- Fourth quarter free cash flow decreased to $29 million from $47 million year-over-year.
- Expected low single-digit organic growth in 2023, indicating potential slowdown.
ALPHARETTA, Ga., Feb. 21, 2023 /PRNewswire/ -- Avanos Medical, Inc. (NYSE: AVNS) today reported fourth quarter and full-year 2022 results.
"We were pleased to finish 2022 with a strong fourth quarter, continued margin expansion and meaningful free cash flow," stated Joe Woody, Avanos' chief executive officer. Woody continued, "Our team is focused on execution and we are determined to deliver on the three-year transformation plan we described last month at the JPMorgan conference."
2022 Financial Highlights
- Fourth quarter net sales totaled
$217 million , a12% increase from the prior year. For the full-year, net sales increased10% to$820 million . - Fourth quarter diluted earnings per share were
$0.36 compared to$0.24 per share a year ago, and fourth quarter adjusted diluted earnings per share were$0.60 compared to$0.50 in the prior year. 2022 full year diluted earnings per share were$1.07 compared to$0.13 per share in the prior year, and adjusted diluted earnings per share were$1.65 compared to$1.17 in 2021. - Fourth quarter free cash flow was
$29 million following$23 million in the third quarter and compared to$47 million in the fourth quarter of last year. 2022 full-year free cash flow was$72 million compared to$66 million in 2021.
During the year, we changed our inventory accounting method from last-in, first-out (LIFO) to first-in, first-out (FIFO). We have restated prior year financial information to reflect that change. A tabular presentation of the effects of our results of operations from this change in accounting principle is included in the accompanying tables.
In January, we announced a three-year transformation plan that will be focused on four key priorities: optimizing the commercial organization; transforming the product portfolio; implementing cost management initiatives to enhance operating profitability; and continuing to efficiently deploy capital while maintaining a focused and disciplined approach to M&A. We anticipate that this plan will ultimately result in savings of between
Fourth Quarter 2022 Operating Results
In the fourth quarter of 2022, net sales totaled
Gross margin for the fourth quarter was
Operating profit in the quarter was
Adjusted EBITDA for the quarter was
Full-Year 2022 Operating Results
Net sales increased
Gross margin for 2022 was
Operating income in 2022 was
For the full-year, adjusted EBITDA totaled
Cash Flow and Balance Sheet
Cash from operations less capital expenditures, or free cash flow, for the fourth quarter of 2022 was
At year-end 2022, the company's cash balance was
2023 Outlook
Excluding the expected impact of the product portfolio rationalization under the transformation plan, the company anticipates organic growth is expected to be low single-digit. In addition, the company expects operating profit margin and EBITDA margin expansion of approximately 100 basis points and adjusted diluted EPS of between
Non-GAAP Financial Measures
This press release and the accompanying tables include the following financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S., or GAAP, and are therefore referred to as non-GAAP financial measures:
- Adjusted net income
- Adjusted diluted earnings per share
- Adjusted gross and operating profit
- Adjusted effective tax rate
- Adjusted EBITDA
- Free cash flow
These non-GAAP financial measures exclude the following items, as applicable, for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures:
- Incremental expenses associated with altering operations in response to the COVID-19 pandemic.
- Expenses associated with restructuring activities, including IT-related charges.
- Expenses associated with post-divestiture transition activities.
- The amortization of intangible assets associated with prior business acquisitions.
- Expenses associated with certain litigation matters.
- Compliance with the European Union Medical Device Regulation (the EU MDR).
- Certain acquisition and integration charges related to the acquisition of OrthogenRx and Game Ready.
- The tax effects of certain adjusting items.
- The benefit associated with tax effects of the CARES Act.
- The positive or negative effect of changes in currency exchange rates during the year.
The company provides these non-GAAP financial measures as supplemental information to our GAAP financial measures. Management and the company's Board of Directors use net sales on a constant currency basis, adjusted net income, adjusted diluted earnings per share, adjusted operating profit, adjusted EBITDA, and free cash flow to (a) evaluate the company's historical and prospective financial performance and its performance relative to its competitors, (b) allocate resources and (c) measure the operational performance of the company's business units and their managers. Management also believes that the use of an adjusted effective tax rate provides improved insight into the tax effects of the company's ongoing business operations.
Additionally, the Compensation Committee of the company's Board of Directors will use certain of the non-GAAP financial measures when setting and assessing achievement of incentive compensation goals. These goals are based, in part, on the company's net sales on a constant currency basis and adjusted EBITDA, which will be determined by excluding certain items that are used in calculating these non-GAAP financial measures.
Our competitors may define these non-GAAP financial measures differently, and as a result, our measure of these non-GAAP financial measures may not be directly comparable to those of other companies. Items excluded from these non-GAAP financial measures are significant components in understanding and assessing financial performance. These non-GAAP financial measures are supplemental measures of operating performance that do not represent, and should not be considered in isolation or as an alternative to, or substitute for, the financial statement data presented in our consolidated financial statements as indicators of financial performance. These non-GAAP financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using these non-GAAP financial measures as supplemental information.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the attached financial tables.
Conference Call Webcast
Avanos Medical, Inc. will host a conference call today at 9 a.m. ET. The conference call can be accessed live over the internet at https://avanos.investorroom.com or via telephone by dialing 877-240-5772 in the United States. A replay of the call will be available at noon ET today by calling 877-344-7529 in the United States and entering passcode 9599533. A webcast of the call will also be archived in the Investors section on the Avanos website.
About Avanos Medical, Inc.
Avanos Medical (NYSE: AVNS) is a medical device company focused on delivering clinically superior breakthrough solutions that will help patients get back to the things that matter. Headquartered in Alpharetta, Georgia, Avanos is committed to creating the next generation of innovative healthcare solutions which will address our most important healthcare needs, such as reducing the use of opioids while helping patients move from surgery to recovery. Avanos develops, manufactures and markets its recognized brands in more than 90 countries. For more information, visit www.avanos.com and follow Avanos Medical on Twitter (@AvanosMedical), LinkedIn and Facebook.
Forward-Looking Statements
This press release contains information that includes or is based on "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current plans and expectations of management and are subject to various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such statements. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by the use of words such as "may", "believe", "will", "expect", "project", "estimate", "anticipate", "plan", or "continue" and similar expressions, among others. Such factors include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for our products; risks related to the ongoing COVID-19 pandemic; shortage in drugs used in our Acute Pain products or other disruptions in our supply chain; the ongoing conflict between Russia and Ukraine; our ability to successfully execute on or achieve the expected benefits of our transformation initiative; inflationary pressures; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the impact of investigative and legal proceedings and compliance risks; the impact of the federal legislation to reform the United States healthcare system; changes in financial markets; and changes in the competitive environment. Additional information concerning these and other factors that may impact future results is contained in our filings with the U.S. Securities and Exchange Commission, including our most recent Form 10-K and Quarterly Reports on Form 10-Q.
AVANOS MEDICAL, INC. | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Net Sales | $ 217.5 | $ 193.4 | $ 820.0 | $ 744.6 | |||
Cost of products sold | 100.6 | 94.5 | 370.0 | 378.8 | |||
Gross Profit | 116.9 | 98.9 | 450.0 | 365.8 | |||
Research and development expenses | 7.5 | 7.6 | 30.6 | 32.3 | |||
Selling and general expenses | 82.6 | 75.2 | 341.9 | 300.3 | |||
Other expense (income), net | 0.6 | (10.9) | 3.5 | 22.8 | |||
Operating Income | 26.2 | 27.0 | 74.0 | 10.4 | |||
Interest income | 0.7 | — | 1.2 | 0.2 | |||
Interest expense | (3.0) | (0.7) | (10.0) | (3.3) | |||
Income Before Income Taxes | 23.9 | 26.3 | 65.2 | 7.3 | |||
Income tax provision | (7.0) | (14.8) | (14.7) | (1.0) | |||
Net Income | $ 16.9 | $ 11.5 | $ 50.5 | $ 6.3 | |||
Interest expense, net | 2.3 | 0.7 | 8.8 | 3.1 | |||
Income tax provision | 7.0 | 14.8 | 14.7 | 1.0 | |||
Depreciation and amortization | 13.4 | 9.5 | 47.7 | 38.3 | |||
EBITDA | $ 39.6 | $ 36.5 | $ 121.7 | $ 48.7 | |||
Earnings Per Share | |||||||
Basic | $ 0.36 | $ 0.24 | $ 1.08 | $ 0.13 | |||
Diluted | $ 0.36 | $ 0.24 | $ 1.07 | $ 0.13 | |||
Common Shares Outstanding | |||||||
Basic | 46.5 | 48.2 | 46.9 | 48.1 | |||
Diluted | 47.0 | 48.6 | 47.3 | 48.6 | |||
AVANOS MEDICAL, INC. | |||||||||||
Three Months Ended December 31, 2022 | Year Ended December 31, 2022 | ||||||||||
As Calculated (LIFO) | As Reported (FIFO) | Effect of Change | As Calculated (LIFO) | As Reported (FIFO) | Effect of Change | ||||||
Cost of products sold | $ 100.1 | $ 100.6 | $ 0.5 | $ 370.7 | $ 370.0 | $ (0.7) | |||||
Income (loss) before income taxes | 24.4 | 23.9 | (0.5) | 64.5 | 65.2 | 0.7 | |||||
Income tax (provision) benefit | (7.1) | (7.0) | 0.1 | (14.6) | (14.7) | (0.1) | |||||
Net income (loss) | 17.3 | 16.9 | (0.4) | 49.9 | 50.5 | 0.6 | |||||
Earnings (loss) per share: | |||||||||||
Basic | $ 0.37 | $ 0.36 | $ (0.01) | $ 1.06 | $ 1.08 | $ 0.02 | |||||
Diluted | $ 0.37 | $ 0.36 | $ (0.01) | $ 1.05 | $ 1.07 | $ 0.02 | |||||
Three Months Ended December 31, 2021 | Year Ended December 31, 2021 | ||||||||||
As Reported (LIFO) | As Adjusted (FIFO) | Effect of Change | As Reported (LIFO) | As Adjusted (FIFO) | Effect of Change | ||||||
Cost of products sold | $ 96.5 | $ 94.5 | $ (2.0) | $ 380.3 | $ 378.8 | $ (1.5) | |||||
Income (loss) before income taxes | 24.3 | 26.3 | 2.0 | 5.8 | 7.3 | 1.5 | |||||
Income tax (provision) benefit | (14.3) | (14.8) | (0.5) | (0.6) | (1.0) | (0.4) | |||||
Net income (loss) | 10 | 11.5 | 1.5 | 5.2 | 6.3 | 1.1 | |||||
Earnings (loss) per share: | |||||||||||
Basic | $ 0.21 | $ 0.24 | $ 0.03 | $ 0.11 | $ 0.13 | $ 0.02 | |||||
Diluted | $ 0.21 | $ 0.24 | $ 0.03 | $ 0.11 | $ 0.13 | $ 0.02 | |||||
AVANOS MEDICAL, INC. | |||||||
Gross Profit | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
As reported | $ 116.9 | $ 98.9 | $ 450.0 | $ 365.8 | |||
2020 Restructuring charges | — | 0.1 | — | 4.2 | |||
Post-Divestiture restructuring and transition charges | — | 3.1 | — | 12.4 | |||
Acquisition and integration-related charges | — | 0.2 | 1.4 | 0.3 | |||
EU MDR Compliance | (0.2) | — | — | — | |||
Intangibles amortization | 4.3 | 1.7 | 14.4 | 6.7 | |||
As adjusted non-GAAP | $ 121.0 | $ 104.0 | $ 465.8 | $ 389.4 | |||
Gross profit margin, as reported | 53.8 % | 51.1 % | 54.9 % | 49.1 % | |||
Gross profit margin, as adjusted | 55.6 % | 53.8 % | 56.8 % | 52.3 % | |||
Operating Profit | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
As reported | $ 26.2 | $ 27.0 | $ 74.0 | $ 10.4 | |||
COVID-19 related expenses | — | 0.1 | — | 0.3 | |||
2020 Restructuring charges(a) | — | 2.0 | — | 12.4 | |||
Post-Divestiture restructuring and transition charges(b)(c) | — | 5.0 | — | 14.1 | |||
Acquisition and integration-related charges | 0.4 | 0.9 | 3.4 | 1.6 | |||
EU MDR Compliance | 1.5 | 1.6 | 6.9 | 4.0 | |||
Other items(d) | 3.8 | — | 3.8 | — | |||
Litigation and legal(e) | — | (13.5) | — | 15.0 | |||
Intangibles amortization | 7.7 | 4.2 | 25.7 | 16.7 | |||
As adjusted non-GAAP | $ 39.6 | $ 27.3 | $ 113.8 | $ 74.5 | |||
(a) | In the three months ended December 31, 2021, 2020 Restructuring charges include | |||
(b) | Except for amounts impacting gross profit (see "Gross Profit" table), post divestiture restructuring are included in "Other expense (income), net." | |||
(c) | In the three months ended December 31, 2021, post divestiture transition charges includes | |||
(d) | Other items includes | |||
(e) | Litigation and legal expenses are included in "Other expense (income), net." | |||
AVANOS MEDICAL, INC. | |||||||
Income Before Taxes | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
As reported | $ 23.9 | $ 26.3 | $ 65.2 | $ 7.3 | |||
COVID-19 related expenses | — | 0.1 | — | 0.3 | |||
2020 Restructuring charges | — | 2.0 | — | 12.4 | |||
Post-Divestiture restructuring and transition charges | — | 5.0 | — | 14.1 | |||
Acquisition and integration-related charges | 0.4 | 0.9 | 3.4 | 1.6 | |||
EU MDR Compliance | 1.5 | 1.6 | 6.9 | 4.0 | |||
Other items | 3.8 | — | 3.8 | — | |||
Litigation and legal | — | (13.5) | — | 15.0 | |||
Intangibles amortization | 7.7 | 4.2 | 25.7 | 16.7 | |||
Loss on extinguishment of debt | — | — | 1.1 | — | |||
As adjusted non-GAAP | $ 37.3 | $ 26.6 | $ 106.1 | $ 71.4 | |||
Tax Provision | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
As reported | $ (7.0) | $ (14.8) | $ (14.7) | $ (1.0) | |||
Tax effects of adjusting items | (2.8) | 11.7 | (9.9) | (11.9) | |||
Tax effects of the CARES Act and other | 0.5 | 0.7 | (3.3) | (1.6) | |||
As adjusted non-GAAP | $ (9.3) | $ (2.4) | $ (27.9) | $ (14.5) | |||
Effective tax rate, as reported | 29.3 % | 56.3 % | 22.5 % | 13.7 % | |||
Effective tax rate, as adjusted | 24.9 % | 9.0 % | 26.3 % | 20.3 % | |||
AVANOS MEDICAL, INC. | |||||||
Net Income | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
As reported | $ 16.9 | $ 11.5 | $ 50.5 | $ 6.3 | |||
COVID-19 related expenses | — | 0.1 | — | 0.3 | |||
2020 Restructuring charges | — | 2.0 | — | 12.4 | |||
Post-Divestiture restructuring and transition charges | — | 5.0 | — | 14.1 | |||
Acquisition and integration-related charges | 0.4 | 0.9 | 3.4 | 1.6 | |||
EU MDR Compliance | 1.5 | 1.6 | 6.9 | 4.0 | |||
Other items | 3.8 | — | 3.8 | — | |||
Litigation and legal | — | (13.5) | — | 15.0 | |||
Intangibles amortization | 7.7 | 4.2 | 25.7 | 16.7 | |||
Loss on extinguishment of debt | — | — | 1.1 | — | |||
Tax effects of adjusting items | (2.8) | 11.7 | (9.9) | (11.9) | |||
Tax effects of the CARES Act and other | 0.5 | 0.7 | (3.3) | (1.6) | |||
As adjusted non-GAAP | $ 28.0 | $ 24.2 | $ 78.2 | $ 56.9 | |||
Diluted EPS, as reported | $ 0.36 | $ 0.24 | $ 1.07 | $ 0.13 | |||
Diluted EPS, as adjusted | $ 0.60 | $ 0.50 | $ 1.65 | $ 1.17 | |||
EBITDA | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
EBITDA, as reported | $ 39.6 | $ 36.5 | $ 121.7 | $ 48.7 | |||
COVID-19 related expenses | — | 0.1 | — | 0.3 | |||
2020 Restructuring charges | — | 2.0 | — | 12.4 | |||
Post-Divestiture restructuring and transition charges | — | 5.0 | — | 14.1 | |||
Acquisition and integration-related charges | 0.4 | 0.9 | 3.4 | 1.6 | |||
EU MDR Compliance | 1.5 | 1.6 | 6.9 | 4.0 | |||
Other items | 3.8 | — | 3.8 | — | |||
Litigation and legal | — | (13.5) | — | 15.0 | |||
Adjusted EBITDA | $ 45.3 | $ 32.6 | $ 135.8 | $ 96.1 | |||
AVANOS MEDICAL, INC. | |||||||
Free Cash Flow | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Cash provided by operating activities | $ 33.7 | $ 52.2 | $ 90.9 | $ 87.3 | |||
Capital expenditures | (4.9) | (4.8) | (19.3) | (21.0) | |||
Free Cash Flow | $ 28.8 | $ 47.4 | $ 71.6 | $ 66.3 | |||
2023 OUTLOOK | |||
Estimated Range | |||
Diluted earnings per share (GAAP) | $ 0.96 | to | $ 1.32 |
Intangibles amortization | 0.20 | to | 0.20 |
Restructuring | 0.41 | to | 0.25 |
EU Medical Device Regulation | 0.03 | to | 0.03 |
Adjusted diluted earnings per share (non-GAAP) | $ 1.60 | to | $ 1.80 |
AVANOS MEDICAL, INC. | |||
As of December 31, | |||
2022 | 2021 | ||
ASSETS | |||
Current Assets | |||
Cash and cash equivalents | $ 127.7 | $ 118.5 | |
Accounts receivable, net of allowances | 167.9 | 131.2 | |
Inventories | 190.3 | 159.3 | |
Prepaid expenses and other current assets | 13.9 | 18.6 | |
Total Current Assets | 499.8 | 427.6 | |
Property, Plant and Equipment, net | 163.9 | 168.1 | |
Operating Lease Right of Use Assets | 30.6 | 38.6 | |
Goodwill | 819.4 | 801.6 | |
Other Intangible Assets, net | 251.0 | 141.2 | |
Deferred Tax Assets | 4.6 | 10.0 | |
Other Assets | 17.6 | 16.5 | |
TOTAL ASSETS | $ 1,786.9 | $ 1,603.6 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current Liabilities | |||
Current portion of long-term debt | $ 6.2 | $ — | |
Current portion of operating lease obligation | 12.8 | 14.7 | |
Trade accounts payable | 67.9 | 56.4 | |
Accrued expenses | 98.9 | 68.1 | |
Total Current Liabilities | 185.8 | 139.2 | |
Long-Term Debt | 226.3 | 130.0 | |
Operating Lease Obligation | 34.7 | 42.8 | |
Deferred Tax Liabilities | 25.4 | 11.9 | |
Other Long-Term Liabilities | 23.5 | 9.1 | |
TOTAL LIABILITIES | 495.7 | 333.0 | |
Stockholders' Equity | 1,291.2 | 1,270.6 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,786.9 | $ 1,603.6 | |
AVANOS MEDICAL, INC. | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Operating Activities | |||||||
Net income | $ 16.9 | $ 11.5 | $ 50.5 | $ 6.3 | |||
Depreciation and amortization | 13.4 | 9.5 | 47.7 | 38.3 | |||
Net loss on asset dispositions and asset impairments | 1.1 | 3.1 | 1.1 | 8.0 | |||
Changes in operating assets and liabilities | (1.6) | 12.7 | (24.3) | 24.5 | |||
Deferred income taxes and other | 3.9 | 15.4 | 15.9 | 10.2 | |||
Cash Provided by Operating Activities | 33.7 | 52.2 | 90.9 | 87.3 | |||
Investing Activities | |||||||
Capital expenditures | (4.9) | (4.8) | (19.3) | (21.0) | |||
Acquisition of assets and investments in businesses | — | — | (116.1) | — | |||
Cash Used in Investing Activities | (4.9) | (4.8) | (135.4) | (21.0) | |||
Financing Activities | |||||||
Proceeds from issuance of secured debt | — | — | 250.0 | — | |||
Secured debt repayments | (1.6) | — | (126.6) | — | |||
Revolving credit facility proceeds | — | — | 150.0 | 20.0 | |||
Revolving credit facility repayments | (20.0) | (15.0) | (170.0) | (70.0) | |||
Purchase of treasury stock | (0.4) | (10.9) | (45.5) | (11.5) | |||
Payment of debt issuance costs | — | — | (2.9) | — | |||
Proceeds from the exercise of stock options | 0.1 | 0.1 | 1.7 | 6.2 | |||
Cash (Used in) Provided by Financing Activities | (21.9) | (25.8) | 56.7 | (55.3) | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 3.8 | (0.9) | (3.0) | (4.0) | |||
Increase in Cash and Cash Equivalents | 10.7 | 20.7 | 9.2 | 7.0 | |||
Cash and Cash Equivalents - Beginning of Period | 117.0 | 97.8 | 118.5 | 111.5 | |||
Cash and Cash Equivalents - End of Period | $ 127.7 | $ 118.5 | $ 127.7 | $ 118.5 | |||
AVANOS MEDICAL, INC. | |||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||
Chronic Care: | |||||||||||
Digestive health | $ 92.9 | $ 86.8 | 7.0 % | $ 340.4 | $ 322.2 | 5.6 % | |||||
Respiratory health | 35.9 | 38.8 | (7.5) % | 135.9 | 157.6 | (13.8) % | |||||
Total Chronic Care | 128.8 | 125.6 | 2.5 % | 476.3 | 479.8 | (0.7) % | |||||
Pain Management: | |||||||||||
Acute pain | 41.3 | 41.1 | 0.5 % | 160.1 | 162.7 | (1.6) % | |||||
Interventional pain | 47.4 | 26.7 | 77.5 % | 183.6 | 102.1 | 79.8 % | |||||
Total Pain Management | 88.7 | 67.8 | 30.8 % | 343.7 | 264.8 | 29.8 % | |||||
Total Net sales | $ 217.5 | $ 193.4 | 12.5 % | $ 820.0 | $ 744.6 | 10.1 % | |||||
Total | Volume | Pricing/Mix | Currency | Other | |||||||
Net Sales - percentage change - QTD | 12.5 % | 13.6 % | 0.8 % | (2.0) % | — % | ||||||
Net Sales - percentage change - YTD | 10.1 % | 11.3 % | 0.7 % | (1.9) % | — % | ||||||
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SOURCE Avanos Medical, Inc.
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