Avanos Medical Files Q3 2024 10-Q

Ticker: AVNS · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 1606498

Avanos Medical, INC. 10-Q Filing Summary
FieldDetail
CompanyAvanos Medical, INC. (AVNS)
Form Type10-Q
Filed DateOct 30, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

Related Tickers: AVNS

TL;DR

**AVNS Q3 2024 10-Q FILED: Financials and operations detailed for investors.**

AI Summary

Avanos Medical, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position during the third quarter of 2024. Key financial data and operational updates are provided for investors and stakeholders.

Why It Matters

This filing provides crucial financial and operational insights into Avanos Medical's performance for the third quarter of 2024, impacting investor decisions and market perception.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on October 30, 2024.

What is the company's Central Index Key (CIK)?

The company's Central Index Key (CIK) is 0001606498.

What is the Standard Industrial Classification (SIC) code for Avanos Medical, Inc.?

The SIC code for Avanos Medical, Inc. is 3842, which corresponds to Orthopedic, Prosthetic & Surgical Appliances & Supplies.

What was the previous name of Avanos Medical, Inc.?

Avanos Medical, Inc. was formerly known as Halyard Health, Inc. until April 24, 2014.

Filing Stats: 4,705 words · 19 min read · ~16 pages · Grade level 9 · Accepted 2024-10-30 16:17:20

Key Financial Figures

Filing Documents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 4 Unaudited Condensed Consolidated Income Statements for the Three and Nine Months Ended September 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended Septe mber 30, 2024 and 2023 5 Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 6 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 7 Unaudited Condensed Consolidated Cash Flow Statements for the N ine Months Ended September 30, 2024 and 2023 8 Notes to the Unaudited Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 29

– OTHER INFORMATION

PART II – OTHER INFORMATION 30

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 32

Signatures

Signatures 33 2 Information Concerning Forward-Looking Statements This Quarterly Report on Form 10-Q (this "Form 10-Q") contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are included throughout this Form 10-Q, including in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations." 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," "intend," "predict," "potential," "project," "estimate," "anticipate," "plan," or "continue" and similar expressions, among others. The matters discussed in these forward-looking statements are based on the current plans and expectations of our management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. These factors include, but are not limited to: general economic conditions, particularly in the United States; 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; fluctuations in global equity and fixed-income markets; our ability to successfully execute on or achieve the expected benefits of our restructuring initiative; supply chain issues and inflationary pressures; a resurgence of the ongoing COVID-19 pandemic; the competitive environment; the loss of current customers or the inability to obtain new customers; cybersecurity threats, including breaches of or cyberattacks on our information systems; the ongoing regional conflicts between Russia and Ukraine and in the Middle East; concentration of our manufacturing o

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AVANOS MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENTS (in millions, except per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net Sales $ 170.4 $ 171.3 $ 508.2 $ 500.0 Cost of products sold 77.5 75.8 224.9 215.3 Gross Profit 92.9 95.5 283.3 284.7 Research and development 7.2 6.1 20.5 20.4 Selling and general expenses 74.3 78.7 238.8 260.5 Other (income) expense, net ( 0.6 ) 9.5 1.7 10.8 Operating Income (Loss) 12.0 1.2 22.3 ( 7.0 ) Interest income 0.7 0.9 4.3 1.9 Interest expense ( 3.2 ) ( 4.7 ) ( 9.4 ) ( 11.7 ) Income (Loss) Before Income Taxes 9.5 ( 2.6 ) 17.2 ( 16.8 ) Income tax provision ( 3.6 ) ( 6.2 ) ( 6.5 ) ( 4.1 ) Income (Loss) from Continuing Operations 5.9 ( 8.8 ) 10.7 ( 20.9 ) (Loss) Income from discontinued operations, net of tax ( 1.6 ) 5.1 ( 5.5 ) ( 51.4 ) Net Income (Loss) $ 4.3 $ ( 3.7 ) $ 5.2 $ ( 72.3 ) Basic Earnings (Loss) Per Share Continuing operations $ 0.13 $ ( 0.19 ) $ 0.23 $ ( 0.45 ) Discontinued operations ( 0.03 ) 0.11 ( 0.12 ) ( 1.10 ) Basic Earnings (Loss) Per Share $ 0.10 $ ( 0.08 ) $ 0.11 $ ( 1.55 ) Diluted Earnings (Loss) Per Share Continuing operations $ 0.12 $ ( 0.19 ) $ 0.23 $ ( 0.45 ) Discontinued operations ( 0.03 ) 0.11 ( 0.12 ) ( 1.10 ) Diluted Earnings (Loss) Per Share $ 0.09 $ ( 0.08 ) $ 0.11 $ ( 1.55 ) The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 4 Table of Contents AVANOS MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net Income (Loss) $ 4.3 $ ( 3.7 ) $ 5.2 $ ( 72.3 ) Other Comprehensive Income (Loss), Net of Tax Unrealized currency translation adjustments 0.3 ( 4.6 ) ( 8.0 ) 2.8 Defined benefit plans 0.1 — ( 0.1 ) — Cash flow hedges 0.2 — ( 1.8 )

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing