Avanos Medical, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 07:04 am EDT
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Avanos Medical, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 169.4 million compared to USD 170.9 million a year ago. Net loss was USD 68.1 million compared to net income of USD 12.5 million a year ago. Basic loss per share from continuing operations was USD 0.09 compared to basic earnings per share from continuing operations of USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 0.09 compared to diluted earnings per share from continuing operations of USD 0.1 a year ago. Basic loss per share was USD 1.46 compared to basic earnings per share of USD 0.27 a year ago. Diluted loss per share was USD 1.46 compared to diluted earnings per share of USD 0.26 a year ago.
For the six months, sales was USD 328.7 million compared to USD 330.2 million a year ago. Net loss was USD 68.6 million compared to net income of USD 17.9 million a year ago. Basic loss per share from continuing operations was USD 0.26 compared to basic earnings per share from continuing operations of USD 0.02 a year ago. Diluted loss per share from continuing operations was USD 0.26 compared to diluted earnings per share from continuing operations of USD 0.01 a year ago. Basic loss per share was USD 1.47 compared to basic earnings per share of USD 0.38 a year ago. Diluted loss per share was USD 1.47 compared to diluted earnings per share of USD 0.37 a year ago.
Avanos Medical, Inc. is a medical device company, which is focused on delivering solutions. The Company offers healthcare needs, such as providing nutrition to patients from hospital to home and reducing the use of opioids while helping patients move from surgery to recovery. The Company conducts its business in one segment that provides its medical device products to healthcare providers and patients globally with manufacturing facilities in the United States and Mexico. Its digestive health products include MIC-KEY enteral feeding tubes, Corpak patient feeding solutions and NeoMed neonatal and pediatric feeding solutions. The Companyâs acute pain products include ON-Q and ambIT surgical pain pumps and Game Ready cold and compression therapy systems. The Company's interventional pain solutions include COOLIEF pain therapy and OrthogenRxs knee osteoarthritis pain relief injection products.