Alpharetta, Ga.-based Halyard, formed by the November 2014 spinout of Kimberly-Clark (NYSE:KMB) unit K-C Health Care, said it derived its new moniker from the words “advanced” and “innovation” to emphasize its “focus on innovating with speed to deliver better, more sustainable patient outcomes.”
A month ago, Halyard closed the $710 million sale of its surgical and infection prevention business to Owens & Minor (NYSE:OMI) in a pivot toward becoming a pure-play medical device business in the higher-margin pain management and chronic care markets. The rebranding, effective June 30, will also see the company’s symbol on the New York Stock Exchange change from HYH to AVNS. The first trading day for the new ticker symbol is slated for July 2, Halyard said.
“Having completed the divestiture of S&IP, Avanos is now a pure-play medical devices company,” CEO Joe Woody said in prepared remarks. “Today, Avanos is positioned with a forward-thinking mindset and the firepower to make strategic investments in breakthrough innovation and acquisitions in attractive markets.
“Our new name and brand align with our streamlined operational approach and our commitment to delivering the very best for patients,” Woody added. “I am excited to work with our talented team to establish Avanos as a market leader in the industry for years to come.”