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Avanos Medical, Inc. is a medical technology company headquartered in Alpharetta, Georgia, specializing in innovative medical device solutions that improve patient outcomes and reduce healthcare costs. The company focuses on addressing critical healthcare needs, such as providing nutritional support and offering non-opioid pain management solutions. Avanos markets its products globally and holds leading positions in multiple categories within its portfolio.
- Digestive Health - Provides nutritional support products, including MIC-KEY enteral feeding tubes, Corpak patient feeding solutions, and NeoMed neonatal and pediatric feeding solutions.
- Pain Management and Recovery - Offers non-opioid pain management solutions, including:
- Surgical Pain and Recovery Products - Includes ON-Q and ambIT surgical pain pumps, and Game Ready cold and compression therapy systems.
- Interventional Pain Solutions - Features COOLIEF pain therapy, OrthogenRx knee osteoarthritis hyaluronic acid (HA) injections, and Trident radiofrequency ablation products for chronic pain relief.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kerr W. Holbrook Executive | SVP and Chief Commercial Officer | None | Joined AVNS in 2019 as SVP and GM, Chronic Care. Appointed Chief Commercial Officer in 2023. Over 30 years of experience in medical devices and pharmaceuticals. | |
Michael C. Greiner Executive | Interim Chief Executive Officer | None | Joined AVNS in 2020 as CFO, later became Chief Transformation Officer in 2023, and Interim CEO in 2024. Extensive experience in corporate finance and M&A. | |
Mojirade James Executive | SVP, General Counsel, and Secretary | None | Appointed in 2021. Previously held senior legal roles at Tmunity Therapeutics, Iroko Pharmaceuticals, Wyeth, and Pfizer. Extensive legal expertise in healthcare. | |
Sigfrido Delgado Executive | SVP, Integrated Supply Chain | None | Joined AVNS in 2024. Previously held senior roles at Jabil Healthcare and Johnson & Johnson. Expertise in supply chain and operations. | |
Warren J. Machan Executive | Interim Chief Financial Officer | None | Joined AVNS in 2014, previously served as SVP - Business Strategy and Interim CFO in 2019. Reappointed as Interim CFO in 2024 under a consulting agreement. | |
Dr. Julie Shimer Board | Independent Director | Advisor at CPLANE Networks; Board Member at Derivation, LLC | Director at AVNS since 2014. Former CEO with over 30 years of experience in product development and governance. | |
Dr. Lisa Egbuonu-Davis Board | Independent Director | Trustee at Johns Hopkins Medicine; Director at Omega Healthcare Investors, Inc.; Director at Phreesia, Inc. | Appointed to AVNS board in 2023. Extensive healthcare and governance experience. Former VP at Sanofi and Pfizer. | |
Gary D. Blackford Board | Chairman of the Board | Director at ReShape Lifesciences, Inc.; Director at Lifespace Communities, Inc. | Chairman of AVNS since 2020. Former CEO of Universal Hospital Services. Extensive governance and healthcare experience. | |
Indrani Franchini Board | Independent Director | None | Appointed to AVNS board in 2024. Former Chief Legal Officer at Alnylam Pharmaceuticals and Alexion Pharmaceuticals. Extensive legal and compliance expertise. | |
Patrick J. O’Leary Board | Independent Director | Chairman at SPX Technologies Inc. | Director at AVNS since 2014. Former CFO of SPX Technologies. Expertise in finance, governance, and international business. |
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Given the significant decline in your HA portfolio and its impact on margins, can you elaborate on your strategic plans for this business and how you intend to mitigate its negative effects on overall profitability?
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You mentioned a pause in margin improvement for 2025 due to macroeconomic factors and the HA business decline. What specific actions are you taking to reignite margin expansion in 2026 and beyond?
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With the impending tariffs and currency headwinds, how confident are you in your ability to navigate these challenges, and what contingency plans are in place if the macroeconomic environment worsens?
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Could you provide more details on your M&A strategy within the Specialty Nutrition Systems segment, and how soon do you expect these acquisitions to contribute meaningfully to growth and returns?
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You have guided to mid-single-digit growth in the Specialty Nutrition Systems segment but acknowledged that ENFit adoption is in the late stages. What are the key drivers that will sustain this growth, and how reliant are you on new product launches to achieve it?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes in both Digestive Health and Pain Management and Recovery segments, offering alternative treatments and innovations in products and technologies. | |
Cook Medical | Competes in the Digestive Health segment, providing alternative clinical practices and products. |
Applied Medical Technology, Inc. | Competes in the Digestive Health segment, focusing on alternative treatments and innovations. |
Competes in the Digestive Health segment, offering alternative clinical practices and products. | |
Competes in the Pain Management and Recovery segment, providing alternative pain management solutions. | |
Competes in the Pain Management and Recovery segment, offering innovative pain management technologies. | |
Competes in the Pain Management and Recovery segment, focusing on alternative pain management solutions. | |
Pajunk Medical Systems | Competes in the Pain Management and Recovery segment, providing alternative clinical practices and products. |
Nice Recovery Systems | Competes in the Pain Management and Recovery segment, offering recovery-focused solutions. |
Competes in the Pain Management and Recovery segment, focusing on alternative pain management solutions. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
McKesson | Wholesale distributor of AVNS medical devices | All | Sales represented 18% of consolidated net sales in 2024 , 13% in 2023 , 12% in 2022. |
Medline | Wholesale distributor of AVNS medical devices | All | Sales represented 17% of consolidated net sales in 2024 , 15% in 2023 , 12% in 2022. |
Owens & Minor | Wholesale distributor of AVNS medical devices | All | Sales represented 6% of consolidated net sales in 2023 , 5% in 2022. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Diros Technology Inc. | 2024 | The acquisition was closed on July 24, 2023, for a total purchase price of $53.0 million (with $2.5 million paid upfront, $50.5 million at closing, and up to an additional $7.0 million in contingent cash consideration, funded by a Revolving Credit Facility) that added innovative radiofrequency ablation (RFA) products to enhance the company’s Pain Management and Recovery portfolio while adding significant intangible assets such as goodwill, trademarks, and customer relationships. |
OrthogenRx, Inc. | 2022 | Completed on January 20, 2022, this deal involved an initial cash payment of $130 million with up to an extra $30 million in contingent consideration, funded through available cash and borrowings; it strategically expanded Avanos Medical’s chronic pain portfolio by acquiring advanced viscosupplementation therapies for knee osteoarthritis along with notable intangible assets and goodwill, with contingent thresholds based on future net sales. |
Recent press releases and 8-K filings for AVNS.
- Financial Performance: Delivered strong Q1 2025 results with net sales of $168 million, net income of $6.6 million, and operating income of $10.3 million (adjusted to $17.1 million), alongside 18% adjusted EPS growth .
- CEO & Leadership Change: New CEO David Pacitti and Interim CFO Jason Pickett were introduced to drive transformational initiatives and enhanced cost controls .
- Guidance & Tariff Impact: Revised full-year guidance with adjusted diluted EPS forecast of $0.75–$0.95 and revenue guidance of $665M–$685M amid an incremental tariff impact of $15 million .
- Segment Performance: Specialty Nutrition Systems grew nearly 9% organically while the Pain Management segment showed significant operational improvements, with an additional 0.8% net sales increase reported .
- Free Cash Flow: Generated $19 million in Q1 free cash flow and forecasted full-year free cash flow of $65 million (excluding tariff effects) .
- Stockholders’ Annual Meeting held on April 24, 2025 at the Company’s headquarters in Alpharetta, Georgia, with 43,080,796 shares (93.64% of outstanding voting shares) represented.
- Proxy vote results approved key proposals including the election of directors, the appointment of Deloitte & Touche LLP as independent auditor for 2025, and an amendment to the 2021 Long Term Incentive Plan.
- The filing also includes the required exhibits for the report, notably the Cover Page Interactive Data File.
- Warren Machan’s role change: The Company amended its Consulting Agreement effective April 14, 2025, transitioning Machan from Interim CFO to a consultant role, with his engagement set to terminate on April 30, 2025 and compensation of $60,000 per month while waiving his Second Bonus.
- Michael Greiner’s departure: On April 18, 2025, Greiner announced his exit as Interim CEO after not being offered a comparable role, triggering a severance package of $2,100,000, prorated bonus, 6-month COBRA premium coverage, and a $50,000 consulting fee during his one-month consultancy, along with immediate vesting of his special equity awards.
- David Pacitti has been named chief executive officer for Avanos Medical, effective April 14, 2025.
- Pacitti brings extensive leadership experience from roles at Siemens Healthineers and Abbott Vascular, which positions him to drive strategic growth at Avanos.
- Appointment Announcement: Avanos Medical, Inc. has appointed David Pacitti as its new Chief Executive Officer, effective April 14, 2025.
- Extensive Healthcare Experience: Mr. Pacitti brings significant experience from his role as President and Head of the Americas at Siemens Healthineers, along with previous leadership roles at Abbott Vascular, positioning him to drive strategic growth.