Avanos Medical (NYSE:AVNS) posted third-quarter revenues and earnings that finished shy of projections on Wall Street.
The Alpharetta, Georgia-based company posted losses of -$35.1 million, or -73¢ per share, on sales of $184.1 million for the three months ended Sept. 30, 2021, seeing its bottom line plummet from profits of $19.3 million this time last year on a sales decline of -0.9%.
Adjusted to exclude one-time items, earnings per share were 25¢, 5¢ behind Wall Street, where analysts were looking for sales of $185.3 million.
Headwinds in the company’s acute pain portfolio as a result of continued delays and postponements of elective surgical procedures affected the company’s financial results, according to a news release.
Avanos said it expects to log adjusted EPS for the full year ranging between $1.10 and $1.20 per share.
AVNS shares were virtually unmoved in midday trading at $31.93 per share. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.3%.
