Avanos Medical (NYSE:AVNS) today posted second-quarter results that beat the earnings consensus on Wall Street and missed revenue estimates.
The Alpharetta, Georgia-based company reported profits of $11.4 million, or 24¢ per share, on sales of $203 million for the three months ended June 30, for a bottom-line loss of 69.9% on sales growth of 8.91% compared to Q2 2021.
Adjusted to exclude one-time items, earnings per share were 41¢, 3¢ ahead of The Street, where analysts were looking for sales of $208.27 million.
“Despite ongoing raw material availability and associated supply chain disruptions, underlying demand for our products remains strong,” CEO Joe Woody said in a news release. “We delivered on expansion of our gross and operating margin, and generated meaningful free cash flow in a tough environment inclusive of inflationary and foreign currency headwinds. We anticipate strong results for the full year despite continued macroeconomic and supply chain challenges.”
Avanos Medical updated its full-year 2022 net sales guidance to be in the range of $815 million to $835 million to represent organic growth between 1% to 4%. It expects adjusted diluted EPS between $1.45 and $1.65.
Shares in AVNS were down 2.7% to $27.80 apiece at market open. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.