Avanos Medical Inc Up 11.96% To $20.59 After Earnings Beat

Avanos Medical Inc (AVNS) said before open Wednesday that it earned $0.3 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $171.3 million, beating estimates by $1.7 million.

In the same quarter a year ago, the company earned $0.38 per share on revenue of $202.1 million.

The stock is up 11.96% to $20.59 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Avanos Medical Inc a Bullish Sentiment Rank from InvestorsObserver.

Avanos Medical Inc has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 23, putting Avanos Medical Inc in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $17.24 on October 27, 2023 and set a 52-week high on February 21, 2023 at $31.99.

Avanos Medical Inc is a United States-based company that develops and sells medical devices and related services globally. The firm operates in one segment, medical devices, which primarily sells products related to pain management, IV Therapy, and respiratory and digestive health. The company divides its Medical Devices segment into two franchises: Pain Management and Chronic Care. Pain Management provides non-opioid products for acute and interventional pain, including cold and compression therapy. Chronic Care aims at addressing digestive and respiratory issues with feeding tubes and catheters. Avanos generates most of its revenue from its Chronic Care franchise and in North America.