AVNS - Avanos Medical reports mixed Q4 earnings; initiates FY23 outlook
- Avanos Medical press release ( NYSE: AVNS ): Q4 Non-GAAP EPS of $0.60 beats by $0.11 .
- Revenue of $217.5M (+12.2% Y/Y) misses by $0.3M .
- Fourth quarter free cash flow was $29M following $23M in the third quarter and compared to $47M in the fourth quarter of last year.
- Adjusted gross margin was 56% compared to 54% in the prior year.
- On an adjusted basis, operating profit was $40M compared to $27M a year ago.
- Adjusted EBITDA for the quarter was $45M compared to $33M in the prior year.
- FY23 outlook: Excluding the expected impact of the product portfolio rationalization under the transformation plan, the company anticipates organic growth is expected to be low single-digit. In addition, the company expects operating profit margin and EBITDA margin expansion of approximately 100 basis points and adjusted diluted EPS of between $1.60 and $1.80 vs $1.68 consensus.
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Avanos Medical reports mixed Q4 earnings; initiates FY23 outlook