The Alpharetta, Ga.-based company posted profits of $3.7 million, or 8¢ per share, on sales of $180.4 million for the three months ended March 31, 2020, recording profits after a $20.3 million loss this time last year on sales growth of 9.9%.
Adjusted to exclude one-time items, earnings per share were level with Wall Street projections at 16¢. Analysts were looking for sales of $175.2 million.
According to a news release, the COVID-19 pandemic caused a disruption in the company’s pain management sales after elective procedures were delayed. Avanos expects a near-term impact from this disruption, but said it maintains a strong balance sheet and significant liquidity.
Avanos withdrew its 2020 financial guidance in light of the uncertainties caused by COVID-19, but said it will offer updates in the future.
AVNS shares were up 2.1% at $30.79 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.2%.