Avanos Medical, Inc. Announces Second Quarter 2023 Results
"We posted solid second quarter earnings, with Digestive Health continuing to deliver above-market growth and expanded margins," stated Joe Woody, Avanos's chief executive officer. Woody continued, "Separately, we continue to deliver on our transformation priorities and remain highly focused on implementing our new pain franchise strategy outlined at our Investor Day."
Second Quarter 2023 Financial Highlights
- Total net sales from continuing operations were
, a$169.4 million 0.9% decrease from the comparable prior year period, while total net sales, including the discontinued Respiratory Health ("RH") business, were .$199.8 million - Net loss from continuing operations for the quarter was
, compared to net income from continuing operations of$4.3 million a year ago.$4.8 million - Adjusted net income from continuing operations totaled
, compared to net income of$11.2 million a year ago.$12.5 million - Diluted loss per share from continuing operations was
, compared to diluted earnings per share of$0.09 a year ago.$0.10 - Adjusted diluted earnings per share from continuing operations was
, compared to$0.24 a year ago.$0.26
Operational and Business Highlights
In June, we announced an agreement to divest substantially all of the assets primarily related to or used in our RH business (the "Divestiture"). The Divestiture represents a key component of our ongoing transformation process and is aimed at accelerating our effort to focus our portfolio in markets where we believe we are well-positioned to succeed.
On July 24, we closed the acquisition of Diros Technologies, Inc. ("Diros"). Based in
On June 28, the
In January, we announced a three-year transformation initiative that is focused on four key priorities: optimizing our commercial organization; transforming our 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 (the "Transformation Process"). We anticipate that by 2025, this plan will ultimately result in savings of between
Second Quarter 2023 Operating Results From Continuing Operations
For the three months ended June 30, 2023, net sales totaled
As a result of the Divestiture, the RH business's operating results are reflected as discontinued operations for all periods presented. Treating the RH business as discontinued operations results in significant shared overhead costs previously allocated to the RH business that are now included in continuing operations. Included in continuing operations are costs previously allocated to the RH business of
Gross margin during the second quarter of 2023 was
Selling and general expenses as a percentage of net sales was
Operating loss was
Adjusted EBITDA from continuing operations was
First Six Months 2023 Operating Results From Continuing Operations
For the six months ended June 30, 2023, net sales totaled
Gross margin for the six months ended June 30, 2023 was
Selling and general expenses as a percentage of net sales was
Operating loss for the six months ended June 30, 2023 was
Shared overhead costs previously allocated to the RH business were
Adjusted EBITDA from continuing operations for the six months ended June 30, 2023 was
Cash Flow and Balance Sheet
Cash from operations less capital expenditures, or free cash flow, for the second quarter was an outflow of
Total debt outstanding, net of unamortized discounts, was
Discontinued Operations
Net sales from discontinued operations were
2023 Outlook
For the second half of 2023, the Company anticipates low single-digit organic growth, adjusted gross margins greater than
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
- 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:
- Certain acquisition and integration charges related to acquisitions.
- Expenses associated with restructuring and transformation activities, including the Divestiture.
- Expenses associated with European Union Medical Device Regulation ("EU MDR") compliance.
- The amortization of intangible assets associated with prior business acquisitions.
- The tax effects of certain adjusting items.
- The benefit associated with the 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 its 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 the Company's 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 the Company's 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
About Avanos Medical, Inc.
Avanos Medical (NYSE: AVNS) is a medical technology company focused on delivering clinically superior solutions that will help patients get back to the things that matter. Headquartered in
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. 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; shortage in drugs used in our Surgical Pain and Recovery products or other disruptions in our supply chain; the ongoing conflict between
Additional information concerning these and other factors that may impact future results is contained in our filings with the
AVANOS MEDICAL, INC. | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net Sales | $ 169.4 | $ 170.9 | $ 328.7 | $ 330.2 | |||
Cost of products sold | 71.6 | 69.3 | 139.5 | 139.1 | |||
Gross Profit | 97.8 | 101.6 | 189.2 | 191.1 | |||
Research and development expenses | 6.8 | 7.6 | 14.3 | 14.9 | |||
Selling and general expenses | 93.0 | 83.2 | 181.8 | 169.5 | |||
Other expense, net | 0.1 | 0.7 | 1.3 | 0.6 | |||
Operating (Loss) Income | (2.1) | 10.1 | (8.2) | 6.1 | |||
Interest income | 0.5 | 0.2 | 1.0 | 0.2 | |||
Interest expense | (3.5) | (2.7) | (7.0) | (4.0) | |||
(Loss) Income Before Income Taxes | (5.1) | 7.6 | (14.2) | 2.3 | |||
Income tax benefit (provision) | 0.8 | (2.8) | 2.1 | (1.5) | |||
(Loss) Income from Continuing Operations | (4.3) | 4.8 | (12.1) | 0.8 | |||
(Loss) Income from discontinued operations, net of tax | (63.8) | 7.7 | (56.5) | 17.1 | |||
Net (Loss) Income | $ (68.1) | $ 12.5 | $ (68.6) | $ 17.9 | |||
Interest expense, net | $ 3.0 | $ 2.5 | $ 6.0 | $ 3.8 | |||
Income tax (provision) benefit | (1.6) | 5.5 | (1.5) | 7.4 | |||
Depreciation and amortization | 11.5 | 11.6 | 23.6 | 22.7 | |||
EBITDA | $ (55.2) | $ 32.1 | $ (40.5) | $ 51.8 | |||
(Loss) Earnings Per Share | |||||||
Basic | |||||||
Continuing operations | $ (0.09) | $ 0.10 | $ (0.26) | $ 0.02 | |||
Discontinued operations | (1.37) | 0.17 | (1.21) | 0.36 | |||
Basic Earnings (Loss) Per Share | $ (1.46) | $ 0.27 | $ (1.47) | $ 0.38 | |||
Diluted | |||||||
Continuing operations | $ (0.09) | $ 0.10 | $ (0.26) | $ 0.01 | |||
Discontinued operations | $ (1.37) | 0.16 | (1.21) | 0.36 | |||
Diluted Earnings (Loss) Per Share | $ (1.46) | $ 0.26 | $ (1.47) | $ 0.37 | |||
Common Shares Outstanding | |||||||
Basic | 46.8 | 47.2 | 46.7 | 47.3 | |||
Diluted | 46.8 | 47.6 | 46.7 | 47.7 |
AVANOS MEDICAL, INC. | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net Sales | $ 30.4 | $ 32.1 | $ 62.8 | $ 70.2 | |||
Cost of products sold | 18.6 | 17.3 | 37.9 | 38.3 | |||
Gross Profit | 11.8 | 14.8 | 24.9 | 31.9 | |||
Research and development expenses | 0.2 | 0.4 | 0.6 | 0.9 | |||
Selling, general and other expenses | 3.9 | 4.0 | 7.9 | 8.0 | |||
Pretax loss on classification as discontinued operations | 72.3 | — | 72.3 | — | |||
(Loss) Income from discontinued operations before income taxes | (64.6) | 10.4 | (55.9) | 23.0 | |||
Income tax benefit (provision) from discontinued operations | 0.8 | (2.7) | (0.6) | (5.9) | |||
(Loss) from discontinued operations, net of tax | $ (63.8) | $ 7.7 | $ (56.5) | $ 17.1 | |||
(Loss) Earnings Per Share | |||||||
Basic | $ (1.37) | $ 0.17 | $ (1.21) | $ 0.36 | |||
Diluted | $ (1.37) | $ 0.16 | $ (1.21) | $ 0.36 |
AVANOS MEDICAL, INC. | |||||||
Gross Profit | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
As reported | $ 97.8 | $ 101.6 | $ 189.2 | $ 191.1 | |||
Acquisition and integration-related charges | — | 0.7 | — | 1.4 | |||
Restructuring and transformation charges | 0.1 | — | 0.1 | — | |||
Intangibles amortization | 3.6 | 3.5 | 7.2 | 6.6 | |||
As adjusted non-GAAP | $ 101.5 | $ 105.8 | $ 196.5 | $ 199.1 | |||
Gross profit margin, as reported | 57.7 % | 59.4 % | 57.6 % | 57.9 % | |||
Gross profit margin, as adjusted | 59.9 % | 61.9 % | 59.8 % | 60.3 % | |||
Operating (Loss) Profit | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
As reported | $ (2.1) | $ 10.1 | $ (8.2) | $ 6.1 | |||
Acquisition and integration-related charges | 0.3 | 1.0 | 1.8 | 2.8 | |||
Restructuring and transformation charges(a) | 9.8 | — | 18.7 | — | |||
Divestiture related charges | 3.7 | — | 3.7 | — | |||
EU MDR Compliance (b) | 0.9 | 1.7 | 2.0 | 3.2 | |||
Intangibles amortization | 5.8 | 5.7 | 11.6 | 10.9 | |||
As adjusted non-GAAP | $ 18.4 | $ 18.5 | $ 29.6 | $ 23.0 |
(a) | Expenses incurred for the Transformation Process are included in "Costs of products sold," "Research and development," and "Selling and general expenses". | ||||
(b) | In the three months ended June 30, 2023 and 2022, EU MDR Compliance related charges are included in "Selling and general expenses". |
AVANOS MEDICAL, INC. | |||||||
(Loss) Income Before Taxes | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
As reported | $ (5.1) | $ 7.6 | $ (14.2) | $ 2.3 | |||
Acquisition and integration-related charges | 0.3 | 1.0 | 1.8 | 2.8 | |||
Restructuring and transformation charges | 9.8 | — | 18.7 | — | |||
Divestiture related charges | 3.7 | — | 3.7 | — | |||
EU MDR Compliance | 0.9 | 1.7 | 2.0 | 3.2 | |||
Intangibles amortization | 5.8 | 5.7 | 11.6 | 10.9 | |||
Loss on extinguishment of debt | — | 1.1 | — | 1.1 | |||
As adjusted non-GAAP | $ 15.4 | $ 17.1 | $ 23.6 | $ 20.3 | |||
Tax Provision | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
As reported | $ 0.8 | $ (2.8) | $ 2.1 | $ (1.5) | |||
Tax effects of adjusting items | (5.0) | (1.8) | (8.5) | (4.0) | |||
As adjusted non-GAAP | $ (4.2) | $ (4.6) | $ (6.4) | $ (5.5) | |||
Effective tax rate, as reported | 15.7 % | 36.8 % | 14.8 % | 65.2 % | |||
Effective tax rate, as adjusted | 27.0 % | 27.0 % | 27.0 % | 27.0 % | |||
(Loss) Income from Continuing Operations | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
As reported | $ (4.3) | $ 4.8 | $ (12.1) | $ 0.8 | |||
Acquisition and integration-related charges | 0.3 | 1.0 | 1.8 | 2.8 | |||
Restructuring and transformation charges | 9.8 | — | 18.7 | — | |||
Divestiture related charges | 3.7 | — | 3.7 | — | |||
EU MDR Compliance | 0.9 | 1.7 | 2.0 | 3.2 | |||
Intangibles amortization | 5.8 | 5.7 | 11.6 | 10.9 | |||
Loss on extinguishment of debt | — | 1.1 | — | 1.1 | |||
Tax effects of adjusting items | (5.0) | (1.8) | (8.5) | (4.0) | |||
As adjusted non-GAAP | $ 11.2 | $ 12.5 | $ 17.2 | $ 14.8 | |||
Diluted (loss) earnings per share, as reported | $ (0.09) | $ 0.10 | $ (0.26) | $ 0.02 | |||
Diluted earnings per share, as adjusted | $ 0.24 | $ 0.26 | $ 0.37 | $ 0.31 |
AVANOS MEDICAL, INC. | |||||||
(Loss) Income from Discontinued Operations, net of tax | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
As reported | $ (63.8) | $ 7.7 | $ (56.5) | $ 17.1 | |||
Estimated loss on divestiture | 72.3 | — | 72.3 | — | |||
Intangibles amortization | 0.3 | 0.5 | 0.8 | 1.0 | |||
Tax effects of adjusting items | (2.9) | (0.2) | (4.0) | (0.5) | |||
As adjusted non-GAAP | $ 5.9 | $ 8.0 | $ 12.6 | $ 17.6 | |||
Diluted (loss) earnings per share, as reported | $ (1.37) | $ 0.16 | $ (1.21) | $ 0.36 | |||
Diluted earnings per share, as adjusted | $ 0.13 | $ 0.17 | $ 0.27 | $ 0.37 | |||
Net (Loss) Income | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
As reported | $ (68.1) | $ 12.5 | $ (68.6) | $ 17.9 | |||
Acquisition and integration-related charges | 0.3 | 1.0 | 1.8 | 2.8 | |||
Restructuring and transformation charges | 9.8 | — | 18.7 | — | |||
Divestiture related charges | 3.7 | — | 3.7 | — | |||
Estimated loss on divestiture | 72.3 | — | 72.3 | — | |||
EU MDR Compliance | 0.9 | 1.7 | 2.0 | 3.2 | |||
Intangibles amortization | 6.1 | 6.2 | 12.4 | 11.9 | |||
Loss on extinguishment of debt | — | 1.1 | — | 1.1 | |||
Tax effects of adjusting items | (7.9) | (2.0) | (12.5) | (4.5) | |||
As adjusted non-GAAP | $ 17.1 | $ 20.5 | $ 29.8 | $ 32.4 | |||
Diluted (loss) earnings per share, as reported | $ (1.46) | $ 0.26 | $ (1.47) | $ 0.37 | |||
Diluted earnings per share, as adjusted | $ 0.37 | $ 0.43 | $ 0.64 | $ 0.68 |
AVANOS MEDICAL, INC. | |||||||||||
EBITDA | |||||||||||
Three Months Ended | Three Months Ended | ||||||||||
Continuing | Discontinued | Total | Continuing | Discontinued | Total | ||||||
Net (loss) income | $ (4.3) | $ (63.8) | $ (68.1) | $ 4.8 | $ 7.7 | $ 12.5 | |||||
Interest expense, net | 3.0 | — | 3.0 | 2.5 | — | 2.5 | |||||
Income tax (provision) benefit | (0.8) | (0.8) | (1.6) | 2.8 | 2.7 | 5.5 | |||||
Depreciation | 4.5 | 0.9 | 5.4 | 4.4 | 1.0 | 5.4 | |||||
Amortization | 5.8 | 0.3 | 6.1 | 5.7 | 0.5 | 6.2 | |||||
EBITDA | 8.2 | (63.4) | (55.2) | 20.2 | 11.9 | 32.1 | |||||
Acquisition and integration-related charges | 0.3 | — | 0.3 | 1.0 | — | 1.0 | |||||
Restructuring and transformation charges | 9.8 | — | 9.8 | — | — | — | |||||
Divestiture related charges | 3.7 | — | 3.7 | — | — | — | |||||
Estimated loss on divestiture | — | 72.3 | 72.3 | — | — | — | |||||
EU MDR Compliance | 0.9 | — | 0.9 | 1.7 | — | 1.7 | |||||
Adjusted EBITDA | $ 22.9 | $ 8.9 | $ 31.8 | $ 22.9 | $ 11.9 | $ 34.8 | |||||
EBITDA | |||||||||||
Six Months Ended | Six Months Ended | ||||||||||
Continuing | Discontinued | Total | Continuing | Discontinued | Total | ||||||
Net (loss) income | $ (12.1) | $ (56.5) | $ (68.6) | $ 0.8 | $ 17.1 | $ 17.9 | |||||
Interest expense, net | 6.0 | — | 6.0 | 3.8 | — | 3.8 | |||||
Income tax (provision) benefit | (2.1) | 0.6 | (1.5) | 1.5 | 5.9 | 7.4 | |||||
Depreciation | 9.4 | 1.8 | 11.2 | 8.8 | 2.0 | 10.8 | |||||
Amortization | 11.6 | 0.8 | 12.4 | 10.9 | 1.0 | 11.9 | |||||
EBITDA | 12.8 | (53.3) | (40.5) | 25.8 | 26.0 | 51.8 | |||||
Acquisition and integration-related charges | 1.8 | — | 1.8 | 2.8 | — | 2.8 | |||||
Restructuring and transformation charges | 18.7 | — | 18.7 | — | — | — | |||||
Divestiture related charges | 3.7 | — | 3.7 | — | — | — | |||||
Estimated loss on divestiture | — | 72.3 | 72.3 | — | — | — | |||||
EU MDR Compliance | 2.0 | — | 2.0 | 3.2 | — | 3.2 | |||||
Adjusted EBITDA | $ 39.0 | $ 19.0 | $ 58.0 | $ 31.8 | $ 26.0 | $ 57.8 |
AVANOS MEDICAL, INC. | |||||||
Free Cash Flow | |||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Cash (used in) provided by operating activities | $ (2.6) | $ 27.0 | $ (9.4) | $ 28.8 | |||
Capital expenditures | (4.0) | (4.1) | (8.0) | (9.1) | |||
Free Cash Flow | $ (6.6) | $ 22.9 | $ (17.4) | $ 19.7 |
2023 OUTLOOK | |||
Estimated Range | |||
Diluted earnings per share (GAAP) | $ (1.21) | to | $ (0.77) |
Intangibles amortization | 0.37 | to | 0.37 |
Restructuring and transformation charges | 0.42 | to | 0.35 |
EU MDR compliance | 0.16 | to | 0.13 |
Divestiture related charges | 0.16 | to | 0.13 |
Estimated loss on divestiture | 1.23 | to | 1.01 |
Other | (0.08) | to | (0.07) |
Adjusted diluted earnings per share (non-GAAP) | $ 1.05 | to | $ 1.15 |
AVANOS MEDICAL, INC. | |||
June 30, | December 31, | ||
ASSETS | |||
Current Assets | |||
Cash and cash equivalents | $ 81.8 | $ 127.7 | |
Accounts receivable, net | 152.3 | 167.9 | |
Inventories | 148.3 | 132.3 | |
Prepaid and other current assets | 15.8 | 13.9 | |
Assets held for sale | 108.7 | 58.0 | |
Total Current Assets | 506.9 | 499.8 | |
Property, Plant and Equipment, net | 122.6 | 118.6 | |
Operating Lease Right-of-Use Assets | 29.1 | 27.5 | |
Goodwill | 762.6 | 760.3 | |
Other Intangible Assets, net | 222.6 | 234.2 | |
Deferred Tax Assets | 4.4 | 4.6 | |
Other Assets | 18.5 | 17.6 | |
Assets Held for Sale | — | 124.3 | |
TOTAL ASSETS | $ 1,666.7 | $ 1,786.9 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current Liabilities | |||
Current portion of long-term debt | $ 6.2 | $ 6.2 | |
Current portion of operating lease liabilities | 13.5 | 12.0 | |
Trade accounts payable | 65.4 | 67.9 | |
Accrued expenses | 72.7 | 98.9 | |
Liabilities held for sale | 2.7 | 0.8 | |
Total Current Liabilities | 160.5 | 185.8 | |
Long-Term Debt | 203.3 | 226.3 | |
Operating Lease Liabilities | 30.9 | 32.5 | |
Deferred Tax Liabilities | 21.8 | 25.4 | |
Other Long-Term Liabilities | 15.4 | 23.5 | |
Liabilities Held for Sale | — | 2.2 | |
TOTAL LIABILITIES | 431.9 | 495.7 | |
Stockholders' Equity | 1,234.8 | 1,291.2 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,666.7 | $ 1,786.9 |
AVANOS MEDICAL, INC. | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Operating Activities | |||||||
Net (loss) income | $ (68.1) | $ 12.5 | $ (68.6) | $ 17.9 | |||
Depreciation and amortization | 11.5 | 11.6 | 23.6 | 22.7 | |||
Goodwill impairment | 59.1 | — | 59.1 | — | |||
Changes in operating assets and liabilities, net of acquisition | (13.4) | (1.2) | (32.7) | (19.3) | |||
Deferred income taxes and other | 8.3 | 4.1 | 9.2 | 7.5 | |||
Cash (Used in) Provided by Operating Activities | (2.6) | 27.0 | (9.4) | 28.8 | |||
Investing Activities | |||||||
Capital expenditures | (4.0) | (4.1) | (8.0) | (9.1) | |||
Acquisition of assets and investments in businesses | (2.5) | — | (2.5) | (116.7) | |||
Cash Used in Investing Activities | (6.5) | (4.1) | (10.5) | (125.8) | |||
Financing Activities | |||||||
Proceeds from issuance of secured debt | — | 125.0 | — | 250.0 | |||
Secured debt repayments | (1.5) | (125.0) | (3.1) | (125.0) | |||
Revolving credit facility proceeds | — | 130.0 | — | 150.0 | |||
Revolving credit facility repayments | — | (130.0) | (20.0) | (150.0) | |||
Payments of debt issuance costs | — | (2.3) | — | (2.9) | |||
Purchase of treasury stock | (2.6) | (14.7) | (3.7) | (34.1) | |||
Proceeds from the exercise of stock options | — | 0.1 | 0.6 | 0.8 | |||
Cash (Used in) Provided by Financing Activities | (4.1) | (16.9) | (26.2) | 88.8 | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (0.7) | (3.8) | 0.2 | (3.8) | |||
Decrease in Cash and Cash Equivalents | (13.9) | 2.2 | (45.9) | (12.0) | |||
Cash and Cash Equivalents - Beginning of Period | 95.7 | 104.3 | 127.7 | 118.5 | |||
Cash and Cash Equivalents - End of Period | $ 81.8 | $ 106.5 | $ 81.8 | $ 106.5 |
AVANOS MEDICAL, INC. | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||
Digestive Health | $ 93.0 | $ 80.2 | 16.0 % | $ 181.8 | $ 161.6 | 12.5 % | |||||
Pain Management and Recovery: | |||||||||||
Surgical pain and recovery | $ 34.8 | $ 41.2 | (15.5) % | $ 69.5 | $ 79.9 | (13.0) % | |||||
Interventional pain | 41.6 | 49.5 | (16.0) % | 77.4 | 88.7 | (12.7) % | |||||
Total Pain Management and Recovery | 76.4 | 90.7 | (15.8) % | 146.9 | 168.6 | (12.9) % | |||||
Total Net Sales | $ 169.4 | $ 170.9 | (0.9) % | $ 328.7 | $ 330.2 | (0.5) % | |||||
Total | Volume | Pricing/Mix | Currency | Other | |||||||
Net sales - percentage change | QTD | (0.9) % | (1.1) % | 0.9 % | (0.6) % | (0.1) % | |||||
Net sales - percentage change | YTD | (0.5) % | (0.5) % | 1.1 % | (0.8) % | (0.3) % |
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SOURCE Avanos Medical, Inc.