ALPHARETTA, Ga., May 4, 2022
/PRNewswire/ -- Avanos Medical, Inc. (NYSE: AVNS) today reported
first quarter 2022 financial results.
"Coming off last year's solid finish, we maintained our momentum
through the first quarter while adding OrthogenRx to our
portfolio," stated Joe Woody,
Avanos' chief executive officer. Woody continued, "I am very
pleased with our first quarter results despite persistent global
economic headwinds. We met our customers' orders and meaningfully
improved our gross margins in the face of inflationary pressures
and a difficult supply chain environment, and we remain confident
in our ability to continue to do so through the back half of the
year. Additionally, the OrthogenRx business performed as expected,
confirming our belief that our acquisition strategy, combined with
solid organic execution, positions us to meet our longer-term
financial goals."
First Quarter 2022 Financial Highlights
- Net sales totaled $197 million, a
9 percent increase from the comparable prior year period.
- Net income for the quarter was $6
million, compared to net loss of $8
million a year ago.
- Adjusted net income totaled $12
million, compared to $11
million a year ago.
- Diluted earnings per share was $0.12, compared to $0.16 diluted loss per share a year ago.
- Adjusted diluted earnings per share was $0.26, compared to $0.23 in the prior year.
Operational and Business Highlights
- On January 20, 2022, we completed
the acquisition of OrthogenRx, Inc. ("OrthogenRx"), a leader in
viscosupplementation therapies for the treatment of knee
osteoarthritis ("OA") knee pain. The acquisition was based on a
purchase price of $130 million plus
up to an additional $30 million in
contingent cash consideration.
- During January, we repurchased 588,293 shares of our Common
Stock for $19.3 million, completing
our repurchases under a board-authorized $30
million repurchase program.
- A lead investigator on one of our clinical studies presented
data at the North American Neuromodulation Society's annual meeting
that provided a combined analysis of subjects across two randomized
clinical studies that demonstrated remarkable consistency of
COOLIEF for treating knee OA pain.
- Pre-clinical data exploring in-vivo tissue response following a
COOLIEF procedure was recently published in the Journal of Pain
Research.
- We are seeing significant engagement with state-level pain
societies in issuing statements in support of reimbursement
coverage for genicular radio-frequency pain therapies.
First Quarter 2022 Operating Results
Net sales totaled $197 million, an
increase of 9 percent compared to the prior year primarily due to
incremental revenue resulting from the acquisition of OrthogenRx.
Digestive health products enjoyed strong demand and volume,
although this was offset by decreased demand and volume in
respiratory health products. Excluding OrthogenRx, pain management
volume increased by 6 percent over the prior year period. In
addition, favorable pricing/product mix of 1 percent was offset by
1 percent of unfavorable foreign currency effects.
Gross margin was 54 percent, compared to 51 percent in the prior
year period. Adjusted gross margin was 56 percent, compared to 52
percent last year.
Operating profit was $9 million
compared to a $12 million operating
loss in the prior year period primarily due to lower legal
expenses. On an adjusted basis, operating profit totaled
$18 million, compared to $16 million a year ago.
Adjusted EBITDA for the quarter was $24
million, compared to $22
million in the prior year period.
Cash Flow and Balance Sheet
Cash from operations less capital expenditures, or free cash
flow, for the first quarter of 2022 was an outflow of $3 million, compared to an outflow of
$9 million a year ago. The company's
cash balance was $104 million at the
end of the first quarter, compared to $119
million at year-end 2021.
Total debt outstanding was $254
million at the end of the first quarter compared to
$130 million at December 31, 2021. In the three months ended
March 31, 2022, the company borrowed
$125 million in conjunction with
closing the acquisition of OrthogenRx.
2022 Outlook
The company affirms previous guidance for 2022 net sales of
between $830 million to $850 million, which assumes organic growth
between 3 percent to 6 percent. Additionally, we anticipate gross
profit margins to be between 55 percent to 57 percent with adjusted
diluted earnings per share between $1.55 to $1.75.
Each of these measures is inclusive of the impact of the
OrthogenRx acquisition and reflects our expectation that supply
chain headwinds related to both product availability and inflation
pressures will continue throughout the year.
Non-GAAP Financial Measures
This press release and the accompanying tables include the
following financial measures that have not been calculated in
accordance with accounting principles generally accepted in the
U.S., or GAAP, and are therefore referred to as non-GAAP financial
measures:
- Adjusted net income
- Adjusted diluted earnings per share
- Adjusted gross and operating profit
- Adjusted effective tax rate
- Adjusted EBITDA
- Free cash flow
These non-GAAP financial measures exclude the following items,
as applicable, for the relevant time periods as indicated in the
accompanying non-GAAP reconciliations to the comparable GAAP
financial measures:
- Expenses associated with restructuring activities.
- Expenses associated with post divestiture transition
activities.
- Certain acquisition and integration charges related to
acquisitions.
- Expenses associated with European Union Medical Device
Regulation ("EU MDR") compliance.
- Expenses associated with certain litigation matters.
- The amortization of intangible assets associated with prior
business acquisitions.
- The tax effects of certain adjusting items.
- Benefit associated with the tax effects of the CARES Act.
- The positive or negative effect of changes in currency exchange
rates during the year.
The company provides these non-GAAP financial measures as
supplemental information to its GAAP financial measures. Management
and the company's Board of Directors use net sales on a constant
currency basis, adjusted net income, adjusted diluted earnings per
share, adjusted operating profit, adjusted EBITDA, and free cash
flow: to (a) evaluate the company's historical and prospective
financial performance and its performance relative to its
competitors, (b) allocate resources and (c) measure the operational
performance of the company's business units and their managers.
Management also believes that the use of an adjusted effective tax
rate provides improved insight into the tax effects of the
company's ongoing business operations.
Additionally, the Compensation Committee of the company's Board
of Directors will use certain of the non-GAAP financial measures
when setting and assessing achievement of incentive compensation
goals. These goals are based, in part, on the company's net sales
on a constant currency basis and adjusted EBITDA, which will be
determined by excluding certain items that are used in calculating
these non-GAAP financial measures.
Our competitors may define these non-GAAP financial measures
differently, and as a result, our measure of these non-GAAP
financial measures may not be directly comparable to those of other
companies. Items excluded from these non-GAAP financial measures
are significant components in understanding and assessing financial
performance. These non-GAAP financial measures are supplemental
measures of operating performance that do not represent, and should
not be considered in isolation or as an alternative to, or
substitute for, the financial statement data presented in the
company's consolidated financial statements as indicators of
financial performance. These non-GAAP financial measures have
limitations as analytical tools, and should not be considered in
isolation, or as a substitute for analysis of the company's results
as reported under GAAP. We compensate for these limitations by
relying primarily on our GAAP results and using these non-GAAP
financial measures as supplemental information.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measures are included in the
attached financial tables.
Conference Call Webcast
Avanos Medical, Inc. will host a conference call today at
9 a.m. ET. The conference call can be
accessed live over the Internet
at https://avanos.investorroom.com or via telephone by
dialing 877-240-5772 in the United
States. A replay of the call will be available at
noon ET today by calling 877-344-7529
in the United States and entering
passcode 3937658. A webcast of the call will also be archived
in the Investors section on the Avanos website.
About Avanos Medical, Inc.
Avanos Medical (NYSE: AVNS) is a medical device company focused
on delivering clinically superior breakthrough solutions that will
help patients get back to the things that matter. Headquartered in
Alpharetta, Georgia, Avanos is
committed to creating the next generation of innovative healthcare
solutions which will address our most important healthcare needs,
such as reducing the use of opioids while helping patients move
from surgery to recovery. Avanos develops, manufactures and markets
its recognized brands in more than 90 countries. For more
information, visit www.avanos.com and follow Avanos
Medical on Twitter (@AvanosMedical), LinkedIn and Facebook.
Forward-Looking Statements
This press release contains information that includes or is
based on "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on the current plans and expectations of
management and are subject to various risks and uncertainties that
could cause our actual results to differ materially from those
expressed or implied in such statements. Forward-looking statements
include all statements that do not relate solely to historical or
current facts, and can generally be identified by the use of words
such as "may," "believe," "will," "expect," "project," "estimate,"
"anticipate," "plan" or "continue" and similar expressions, among
others. Such factors include, but are not limited to: weakening of
economic conditions that could adversely affect the level of demand
for our products; pricing pressures generally, including
cost-containment measures that could adversely affect the price of
or demand for our products; risks related to the ongoing COVID-19
pandemic; shortage in drugs used in our Acute Pain products or
other disruptions in our supply chain; changes in foreign exchange
markets; legislative and regulatory actions; unanticipated issues
arising in connection with clinical studies and otherwise that
affect U.S. Food and Drug Administration approval of new products;
changes in reimbursement levels from third-party payors; a
significant increase in product liability claims; the impact of
investigative and legal proceedings and compliance risks; the
impact of the federal legislation to reform the United States healthcare system; changes
in financial markets; and changes in the competitive environment.
Additional information concerning these and other factors that may
impact future results is contained in our filings with the U.S.
Securities and Exchange Commission, including our most recent Form
10-Q.
AVANOS MEDICAL,
INC.
CONDENSED
CONSOLIDATED INCOME STATEMENTS
(unaudited)
(in millions, except
per share amounts)
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
Net
Sales
|
$
|
197.4
|
|
|
$
|
180.7
|
|
Cost of products sold
|
90.2
|
|
|
89.4
|
|
Gross
Profit
|
107.2
|
|
|
91.3
|
|
Research and
development expenses
|
7.8
|
|
|
8.3
|
|
Selling and general
expenses
|
90.1
|
|
|
73.4
|
|
Other expense,
net
|
0.1
|
|
|
22.0
|
|
Operating Income
(Loss)
|
9.2
|
|
|
(12.4)
|
|
Interest
expense
|
(1.3)
|
|
|
(0.8)
|
|
Income (Loss) Before
Income Taxes
|
7.9
|
|
|
(13.2)
|
|
Income tax (provision)
benefit
|
(2.1)
|
|
|
5.6
|
|
Net Income
(Loss)
|
$
|
5.8
|
|
|
$
|
(7.6)
|
|
|
|
|
|
Interest expense,
net
|
$
|
1.3
|
|
|
$
|
0.8
|
|
Income tax provision
(benefit)
|
2.1
|
|
|
(5.6)
|
|
Depreciation and
amortization
|
11.1
|
|
|
9.7
|
|
EBITDA
|
$
|
20.3
|
|
|
$
|
(2.7)
|
|
|
|
|
|
Earnings (Loss) Per
Share
|
|
|
|
Basic
|
$
|
0.12
|
|
|
$
|
(0.16)
|
|
Diluted
|
0.12
|
|
|
(0.16)
|
|
|
|
|
|
Common Shares
Outstanding
|
|
|
|
Basic
|
47.4
|
|
|
48.0
|
|
Diluted
|
47.8
|
|
|
48.0
|
|
AVANOS MEDICAL,
INC.
NON-GAAP RECONCILIATIONS
(unaudited)
(in
millions)
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
As reported
|
$
|
107.2
|
|
|
$
|
91.3
|
|
|
|
|
|
2020 Restructuring
charges
|
—
|
|
|
0.2
|
|
|
|
|
|
Post divestiture
restructuring charges
|
—
|
|
|
0.9
|
|
|
|
|
|
Post divestiture
transition charges
|
—
|
|
|
0.1
|
|
|
|
|
|
Acquisition and
integration-related charges
|
0.7
|
|
|
—
|
|
|
|
|
|
Intangibles
amortization
|
3.1
|
|
|
1.6
|
|
|
|
|
|
As adjusted
non-GAAP
|
$
|
111.0
|
|
|
$
|
94.1
|
|
|
|
|
|
Gross profit margin, as
reported
|
54.3
|
%
|
|
50.5
|
%
|
|
|
|
|
Gross profit margin, as
adjusted
|
56.2
|
%
|
|
52.1
|
%
|
|
|
|
|
|
|
|
|
|
|
Operating Profit
(Loss)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
As reported
|
$
|
9.2
|
|
|
$
|
(12.4)
|
|
|
|
|
|
2020 Restructuring
charges
|
—
|
|
|
0.2
|
|
|
|
|
|
Post divestiture
restructuring charges
|
—
|
|
|
0.9
|
|
|
|
|
|
Post divestiture transition charges(a)
|
—
|
|
|
—
|
|
|
|
|
|
Acquisition and
integration-related charges
|
1.7
|
|
|
0.4
|
|
|
|
|
|
EU
MDR Compliance(b)
|
1.6
|
|
|
0.2
|
|
|
|
|
|
Litigation and
legal
|
—
|
|
|
22.5
|
|
|
|
|
|
Intangibles
amortization
|
5.7
|
|
|
4.2
|
|
|
|
|
|
As adjusted
non-GAAP
|
$
|
18.2
|
|
|
$
|
16.0
|
|
|
|
|
|
__________________________________________________
|
(a)
|
In the three months
ended March 31, 2021, post divestiture transition charges include
$0.1 million in "Cost of products sold" (see "Gross Profit" table)
offset by a benefit of $0.1 million in "Selling and general
expenses."
|
(b)
|
EU MDR Compliance
related charges are included in "Selling and general
expenses".
|
AVANOS MEDICAL,
INC.
NON-GAAP RECONCILIATIONS
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before
Taxes
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$
|
7.9
|
|
|
$
|
(13.2)
|
|
|
|
|
|
|
|
|
|
|
|
2020 Restructuring
charges
|
—
|
|
|
0.2
|
|
|
|
|
Post divestiture
restructuring charges
|
—
|
|
|
0.9
|
|
|
|
|
Acquisition and
integration-related charges
|
1.7
|
|
|
0.4
|
|
|
|
|
EU MDR
Compliance
|
1.6
|
|
|
0.2
|
|
|
|
|
Litigation and
legal
|
—
|
|
|
22.5
|
|
|
|
|
Intangibles
amortization
|
5.7
|
|
|
4.2
|
|
|
|
|
As adjusted
non-GAAP
|
$
|
16.9
|
|
|
$
|
15.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Benefit
(Provision)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$
|
(2.1)
|
|
|
$
|
5.6
|
|
|
|
|
|
|
|
Tax effects of
adjusting items
|
(2.5)
|
|
|
(9.9)
|
|
Effects of the CARES
Act and other
|
—
|
|
|
0.2
|
|
As adjusted
non-GAAP
|
$
|
(4.6)
|
|
|
$
|
(4.1)
|
|
|
|
|
|
|
|
Effective tax rate, as
reported
|
26.6
|
%
|
|
42.4
|
%
|
Effective tax rate, as
adjusted
|
27.2
|
%
|
|
27.0
|
%
|
AVANOS MEDICAL,
INC.
NON-GAAP RECONCILIATIONS
(unaudited)
(in millions, except
per share amounts)
|
|
|
Net Income
(Loss)
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
As reported
|
$
|
5.8
|
|
|
$
|
(7.6)
|
|
2020 Restructuring
charges
|
—
|
|
|
0.2
|
|
Post divestiture
restructuring charges
|
—
|
|
|
0.9
|
|
Acquisition and
integration-related charges
|
1.7
|
|
|
0.4
|
|
EU MDR
Compliance
|
1.6
|
|
|
0.2
|
|
Litigation and
legal
|
—
|
|
|
22.5
|
|
Intangibles
amortization
|
5.7
|
|
|
4.2
|
|
Tax effects of
adjusting items
|
(2.5)
|
|
|
(9.9)
|
|
Tax effects of the
CARES Act and other
|
—
|
|
|
0.2
|
|
As adjusted
non-GAAP
|
$
|
12.3
|
|
|
$
|
11.1
|
|
Diluted EPS, as
reported
|
$
|
0.12
|
|
|
$
|
(0.16)
|
|
Diluted EPS, as
adjusted
|
$
|
0.26
|
|
|
$
|
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
EBITDA, as
reported
|
$
|
20.3
|
|
|
$
|
(2.7)
|
|
2020 Restructuring
charges
|
—
|
|
|
0.2
|
|
Post divestiture
restructuring charges
|
—
|
|
|
0.9
|
|
Acquisition and
integration-related charges
|
1.7
|
|
|
0.4
|
|
EU MDR
Compliance
|
1.6
|
|
|
0.2
|
|
Litigation and
legal
|
—
|
|
|
22.5
|
|
Adjusted
EBITDA
|
$
|
23.6
|
|
|
$
|
21.5
|
|
AVANOS MEDICAL,
INC.
NON-GAAP RECONCILIATIONS
(unaudited)
(in
millions)
|
|
|
Free Cash
Flow
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
Cash provided by (used
in) operating activities
|
$
|
1.8
|
|
|
$
|
(3.3)
|
|
Capital
expenditures
|
(5.0)
|
|
|
(5.7)
|
|
Free Cash
Flow
|
$
|
(3.2)
|
|
|
$
|
(9.0)
|
|
2022
OUTLOOK
|
|
|
Estimated Range
|
Diluted earnings per
share (GAAP)
|
$
|
1.05
|
|
to
|
$
|
1.30
|
|
Intangibles
amortization
|
0.25
|
|
to
|
0.25
|
|
Other
|
0.25
|
|
to
|
0.20
|
|
Adjusted diluted
earnings per share (non-GAAP)
|
$
|
1.55
|
|
to
|
$
|
1.75
|
|
AVANOS MEDICAL,
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in
millions)
|
|
|
March 31,
2022
|
|
December 31,
2021
|
ASSETS
|
|
|
|
Current Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
104.3
|
|
|
$
|
118.5
|
|
Accounts receivable,
net
|
161.6
|
|
|
131.2
|
|
Inventories
|
157.6
|
|
|
150.3
|
|
Prepaid and other
current assets
|
15.7
|
|
|
18.6
|
|
Total Current Assets
|
439.2
|
|
|
418.6
|
|
Property, Plant and Equipment,
net
|
166.9
|
|
|
168.1
|
|
Operating Lease Right-of-Use
Assets
|
36.1
|
|
|
38.6
|
|
Goodwill
|
826.0
|
|
|
801.6
|
|
Other Intangible Assets, net
|
271.1
|
|
|
141.2
|
|
Deferred Tax Assets
|
11.3
|
|
|
10.0
|
|
Other Assets
|
15.9
|
|
|
16.5
|
|
TOTAL ASSETS
|
$
|
1,766.5
|
|
|
$
|
1,594.6
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
Current Liabilities
|
|
|
|
Current portion of
operating lease liabilities
|
$
|
14.5
|
|
|
$
|
14.7
|
|
Trade accounts
payable
|
63.8
|
|
|
56.4
|
|
Accrued
expenses
|
74.6
|
|
|
68.1
|
|
Total Current Liabilities
|
152.9
|
|
|
139.2
|
|
Long-Term Debt
|
254.4
|
|
|
130.0
|
|
Operating Lease Liabilities
|
40.0
|
|
|
42.8
|
|
Deferred Tax Liabilities
|
34.7
|
|
|
9.6
|
|
Other Long-Term Liabilities
|
28.0
|
|
|
9.1
|
|
TOTAL LIABILITIES
|
510.0
|
|
|
330.7
|
|
Stockholders' Equity
|
1,256.5
|
|
|
1,263.9
|
|
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
|
$
|
1,766.5
|
|
|
$
|
1,594.6
|
|
AVANOS MEDICAL,
INC.
CONDENSED
CONSOLIDATED CASH FLOW STATEMENTS
(unaudited)
(in
millions)
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
Operating
Activities
|
|
|
|
Net income
(loss)
|
$
|
5.8
|
|
|
$
|
(7.6)
|
|
Depreciation and
amortization
|
11.1
|
|
|
9.7
|
|
Net loss on asset
dispositions
|
—
|
|
|
0.1
|
|
Changes in operating
assets and liabilities, net of acquisition
|
(18.5)
|
|
|
(2.7)
|
|
Deferred income taxes
and other
|
3.4
|
|
|
(2.8)
|
|
Cash Provided by
(Used in) Operating Activities
|
1.8
|
|
|
(3.3)
|
|
Investing
Activities
|
|
|
|
Capital
expenditures
|
(5.0)
|
|
|
(5.7)
|
|
Acquisition of assets
and investments in businesses
|
(116.7)
|
|
|
—
|
|
Cash Provided by
(Used) in Investing Activities
|
(121.7)
|
|
|
(5.7)
|
|
Financing
Activities
|
|
|
|
Proceeds from issuance
of secured debt
|
125.0
|
|
|
—
|
|
Senior secured
revolving credit facility proceeds
|
20.0
|
|
|
—
|
|
Senior secured
revolving credit facility repayments
|
(20.0)
|
|
|
(5.0)
|
|
Purchase of treasury
stock
|
(19.4)
|
|
|
—
|
|
Payments of debt
issuance costs
|
(0.6)
|
|
|
—
|
|
Proceeds from the
exercise of stock options
|
0.7
|
|
|
4.8
|
|
Cash Provided by
(Used in) Financing Activities
|
105.7
|
|
|
(0.2)
|
|
Effect of Exchange Rate
Changes on Cash and Cash Equivalents
|
—
|
|
|
(2.2)
|
|
Decrease in Cash and
Cash Equivalents
|
(14.2)
|
|
|
(11.4)
|
|
Cash and Cash
Equivalents - Beginning of Period
|
118.5
|
|
|
111.5
|
|
Cash and Cash
Equivalents - End of Period
|
$
|
104.3
|
|
|
$
|
100.1
|
|
AVANOS MEDICAL,
INC.
SELECTED BUSINESS
AND PRODUCTS DATA
(unaudited)
(in
millions)
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
Change
|
Chronic
Care:
|
|
|
|
|
|
|
Digestive
health
|
|
$
|
81.4
|
|
|
$
|
78.1
|
|
|
4.2
|
%
|
Respiratory
health
|
|
38.0
|
|
|
43.0
|
|
|
(11.6)
|
%
|
Total Chronic
Care
|
|
119.4
|
|
|
121.1
|
|
|
(1.4)
|
%
|
Pain
Management:
|
|
|
|
|
|
|
Acute pain
|
|
$
|
38.7
|
|
|
$
|
37.1
|
|
|
4.3
|
%
|
Interventional
pain
|
|
39.3
|
|
|
22.5
|
|
|
74.7
|
%
|
Total Pain
Management
|
|
78.0
|
|
|
59.6
|
|
|
30.9
|
%
|
Total Net
Sales
|
|
$
|
197.4
|
|
|
$
|
180.7
|
|
|
9.2
|
%
|
|
|
|
|
|
|
|
|
Total
|
|
Volume(a)
|
|
Pricing/Mix
|
|
Currency
|
|
Other(b)
|
Net Sales - percentage
change 2022 vs. 2021
|
9.2
|
%
|
|
9.7
|
%
|
|
0.5
|
%
|
|
(1.0)
|
%
|
|
—
|
%
|
__________________________________________________
|
(a) Volume
includes incremental sales from acquisitions.
|
(b) Other
includes rounding.
|
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SOURCE Avanos Medical, Inc.