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Avanos Medical, Inc. (NYSE: AVNS) is a leading medical technology company based in Alpharetta, Georgia. Specializing in breakthrough solutions, Avanos focuses on helping patients recover from surgery and move back to their normal lives while minimizing opioid use.
The company offers innovative medical devices and services in over 90 countries, addressing critical healthcare needs. Avanos' key areas of operation include Digestive Health and Pain Management and Recovery. Recently, they've integrated their Chronic Care and Pain Management franchises into a single commercial entity. This restructuring has enabled Avanos to enhance its focus on digestive health and non-opioid pain relief solutions.
Avanos made headlines with its acquisition of Diros Technology Inc., a leader in radiofrequency (RF) ablation technology for chronic pain management. Diros' RF Trident™ technology, known for delivering precise, minimally invasive pain treatment, complements Avanos' COOLIEF* Cooled Radiofrequency offerings. This acquisition is expected to broaden Avanos' market reach and enhance its portfolio of non-opioid pain management products.
In 2023, Avanos reported steady financial growth, with notable performance in its Digestive Health sector. Despite a slight overall sales decline, the company's operational focus and strategic acquisitions have positioned it well for future growth. Avanos continues its three-year transformation initiative, emphasizing optimized commercial operations, product portfolio transformation, cost management, and strategic M&A activity.
Moreover, Avanos recently aligned with the UK's National Institute for Health and Care Excellence (NICE) guidelines, supporting the use of RF ablation for osteoarthritic knee pain—an endorsement that could spur similar guidelines globally.
However, Avanos faced challenges, including a voluntary recall of certain gastric-jejunal feeding tube kits due to sterility concerns related to pre-filled syringes. Despite these hurdles, the company remains resolute in its commitment to delivering superior healthcare solutions.
For more information, visit www.avanos.com and follow Avanos Medical on Twitter, LinkedIn, and Facebook.
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.
Avanos Medical, Inc. has appointed Sig Delgado as Senior Vice President, Integrated Supply Chain. Delgado, with over 20 years of experience in manufacturing and supply chain in the medical device industry, will lead the continuous improvement efforts in the company's global supply chain. His expertise will play a important role in achieving the company's transformation goals and enhancing its existing foundation in this area.
Avanos Medical, Inc. announced their first quarter 2024 financial results, showing positive growth in net sales, income, and earnings per share. The company highlighted progress in their transformation initiative, margin expansion targets, and growth objectives in various portfolios. Despite a decrease in gross margin due to transformation costs, Avanos reported an increase in adjusted EBITDA and operating profit. The company also provided a 2024 outlook with revenue estimates and non-GAAP financial measures.
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