AVNS

MKT CAP:$1B

Avanos Medical, Inc.

Market Cap

$1B

Healthcare·Medical - Devices·🇺🇸 United States·NYSE

Healthcare·Medical - Devices·🇺🇸·NYSE

Stock Price

$24.62+$13.44 (+120.21%)

Apr 17, 2026

Company Details

Avanos Medical, Inc., a medical technology company, focuses on delivering medical device solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers a portfolio of chronic care products that i...

CEO

David C. Pacitti

IPO Date

Oct 21, 2014

Website

avanos.com

Key Metrics TTM

Revenue

$700M

+3.0% YoY

Net Income

-$469M

EPS (Diluted)

-$10.19

Free Cash Flow

$75M

Revenue / Share

$15.08

Gross Margin

51.8%

Operating Margin

5.7%

Net Margin

-67.0%

FCF Margin

10.7%

P/S

1.6x

P/E

—

Earnings Reports

Q4 2025

May 5, 2026

PENDING

Q3 2025

Nov 5, 2025

$178M+4.3%EPS -$0.03

Q2 2025

Aug 5, 2025

$175M+1.9%EPS -$1.66

Q1 2025

May 6, 2025

$168M+0.8%EPS $0.14

FY 2024

Feb 26, 2025

$688M+2.2%EPS -$8.53

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$186M	$92M	$15M
Q4 21	$193M	$98M	$19M
Q1 22	$197M	$107M	$13M
Q2 22	$171M	$102M	$12M
Q3 22	$172M	$100M	$15M
Q4 22	$182M	$103M	$17M
Q1 23	$159M	$91M	$6M
Q2 23	$169M	$98M	$12M
Q3 23	$171M	$96M	$26M
Q1 24	$166M	$95M	$7M
Q2 24	$172M	$96M	$16M
Q3 24	$170M	$93M	$17M
Q4 24	$180M	$99M	$13M
Q1 25	$168M	$90M	$7M
Q2 25	$175M	$92M	$7M
Q3 25	$178M	$81M	$13M

Valuation

Quarter	P/S	P/E
Q2 21	2.5x	753.6x
Q4 21	2.3x	—
Q1 22	2.1x	34.9x
Q2 22	1.7x	19.2x
Q3 22	1.4x	23.9x
Q4 22	1.7x	24.9x
Q1 23	2.0x	31.1x
Q2 23	1.7x	—
Q3 23	1.4x	—
Q1 24	1.4x	—
Q2 24	1.3x	—
Q3 24	1.6x	735.3x
Q4 24	1.0x	—
Q1 25	1.0x	—
Q2 25	0.8x	—
Q3 25	0.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$15M	$10M
Q4 21	$52M	$47M
Q1 22	$2M	-$3M
Q2 22	$27M	$23M
Q3 22	$28M	$23M
Q4 22	$34M	$29M
Q1 23	-$7M	-$11M
Q2 23	-$3M	-$7M
Q3 23	$29M	$25M
Q1 24	-$8M	-$12M
Q2 24	$28M	$22M
Q3 24	$23M	$20M
Q4 24	$58M	$53M
Q1 25	$26M	$19M
Q2 25	$7M	-$4M
Q3 25	$14M	$7M

Capital Expenditures

Quarter	CapEx
Q2 21	$6M
Q4 21	$5M
Q1 22	$5M
Q2 22	$4M
Q3 22	$5M
Q4 22	$5M
Q1 23	$4M
Q2 23	$4M
Q3 23	$4M
Q1 24	$4M
Q2 24	$6M
Q3 24	$3M
Q4 24	$5M
Q1 25	$7M
Q2 25	$11M
Q3 25	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+13.9%	+16.9%
Q4 21	+4.1%	+2.7%
Q1 22	+6.7%	+23.8%
Q2 22	-5.4%	-6.2%
Q3 22	-7.6%	-8.1%
Q4 22	-6.1%	-5.7%
Q1 23	-19.3%	-16.5%
Q2 23	-0.9%	-0.9%
Q3 23	-0.6%	-7.3%
Q1 24	-8.5%	-3.3%
Q2 24	+7.8%	+1.2%
Q3 24	+0.6%	-2.5%
Q4 24	+4.8%	+14.6%
Q1 25	+0.8%	+0.9%
Q2 25	+1.9%	+7.8%
Q3 25	+4.3%	+7.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$4M	1.9%
Q4 21	$3M	1.6%
Q1 22	$4M	1.9%
Q2 22	$4M	2.3%
Q3 22	$4M	2.4%
Q4 22	$4M	2.2%
Q1 23	$4M	2.5%
Q2 23	$4M	2.3%
Q3 23	$4M	2.3%
Q1 24	$4M	2.2%
Q2 24	$4M	2.2%
Q3 24	$3M	1.5%
Q4 24	$4M	2.1%
Q1 25	$4M	2.3%
Q2 25	$4M	2.3%
Q3 25	$4M	2.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 21	$8M	$68M
Q4 21	$8M	$71M
Q1 22	$8M	$86M
Q2 22	$8M	$82M
Q3 22	$7M	$78M
Q4 22	$8M	$78M
Q1 23	$8M	$78M
Q2 23	$7M	$79M
Q3 23	$6M	$64M
Q1 24	$7M	$80M
Q2 24	$6M	$73M
Q3 24	$7M	$69M
Q4 24	$6M	$81M
Q1 25	$5M	$77M
Q2 25	$6M	$79M
Q3 25	$6M	$62M

Revenue Segments

Quarter	Chronic Care	Pain Management
Q2 21	$116M	$70M
Q4 21	$126M	$68M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$104M	$0	$104M
Q2 22	$107M	$0	$107M
Q3 22	$117M	$0	$117M
Q4 22	$128M	$0	$128M
Q1 23	$96M	$0	$96M
Q2 23	$82M	$0	$82M
Q3 23	$107M	$0	$107M
Q4 23	$88M	$0	$88M
Q1 24	$76M	$0	$76M
Q2 24	$92M	$0	$92M
Q3 24	$89M	$0	$89M
Q4 24	$108M	$0	$108M
Q1 25	$97M	$0	$97M
Q2 25	$90M	$0	$90M
Q3 25	$71M	$0	$71M
Q4 25	$90M	$0	$90M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	49M	+1.3%	+1.7%
Q4 21	49M	0.0%	+1.0%
Q1 22	48M	-1.6%	-0.2%
Q2 22	48M	-0.4%	-0.8%
Q3 22	47M	-1.3%	-3.3%
Q4 22	47M	0.0%	-3.3%
Q1 23	47M	-0.9%	-2.5%
Q2 23	47M	+0.4%	-1.7%
Q3 23	47M	0.0%	-0.4%
Q1 24	46M	-1.3%	-1.7%
Q2 24	46M	+0.2%	-0.6%
Q3 24	47M	+0.6%	-0.4%
Q4 24	46M	-1.3%	-1.7%
Q1 25	47M	+1.7%	+1.3%
Q2 25	47M	0.0%	+1.1%
Q3 25	46M	-0.9%	-0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$35.2K	5K
Q4 21	$43.0K	5K
Q1 22	$43.9K	5K
Q2 22	$38.0K	5K
Q3 22	$38.3K	5K
Q4 22	$45.4K	4K
Q1 23	$39.8K	4K
Q2 23	$42.4K	4K
Q3 23	$42.8K	4K
Q1 24	$44.9K	4K
Q2 24	$46.4K	4K
Q3 24	$46.1K	4K
Q4 24	$81.6K	2K
Q1 25	$76.1K	2K
Q2 25	$79.5K	2K
Q3 25	$80.8K	2K

Revenue / Employee