Avanos Medical (NYSE: AVNS), which rebranded from Halyard Health in June, has seen shares rise today after the medical device maker handily beat expectations on Wall Street with its second quarter results.
The Alpharetta, Ga.-based company posted profits of $35.3 million, or 73¢ per share, on sales of $160.9 million for the three months ended June 30, for massive bottom-line growth of 106.4% on sales growth of 7.9% compared with the same period last year.
Adjusted to exclude one-time items, earnings per share were 48¢, well ahead of the 17¢ consensus on Wall Street, where analysts were looking for sales of $157.1 million, which the company also topped.
“I’m pleased to announce another strong quarter with 7% organic top-line growth driven by continued strength in Coolief and chronic care. Looking at the balance of the year, we’re well-positioned to continue to drive performance with momentum across our business. With our solid financial profile, we’ll continue to pursue acquisitions – like Game Ready that drive shareholder value. As a result, we are now raising top-line sales growth to 5 to 7% and full-year earnings per share guidance to $1.75 to $1.90,” CEO Joe Woody said in a press release.
Avanos raised its full-year adjusted diluted earnings per share expectations, now expecting to see between $1.75 and $1.90, up from previous guidance of between $1.65 and $1.85.
Shares in Avanos have risen 12.1% so far today, at $65.12 as of 10:02 a.m. EDT.
In June, Halyard Health said that it inked a $65 million deal to acquire cold and compression therapy company CoolSystems, which markets under the name Game Ready.