10-Q Filing

AVANOS MEDICAL, INC. CIK: 1606498 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001606498-21-000025`
Period End Date	20210331
Filing Date	20210507
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	avns-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 28 Cash Flow Statement 44 Stockholders Equity 8 Comprehensive Income 12

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$111.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$100.10M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of allowances	`AccountsReceivableNet`	$108.60M	USD	Point-in-time
Accounts receivable, net of allowances	`AccountsReceivableNet`	$105.30M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$59.30M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$59.00M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Inventories	`InventoryNet`	$168.90M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	48.06M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	47.92M	shares	Point-in-time
Inventories	`InventoryNet`	$165.20M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$18.90M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$18.30M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$467.20M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$447.90M	USD	Point-in-time
Property, Plant and Equipment, net	`PropertyPlantAndEquipmentNet`	$175.30M	USD	Point-in-time
Property, Plant and Equipment, net	`PropertyPlantAndEquipmentNet`	$173.40M	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$45.10M	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$48.30M	USD	Point-in-time
Goodwill	`Goodwill`	$802.50M	USD	Point-in-time
Goodwill	`Goodwill`	$802.10M	USD	Point-in-time
Other Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$153.60M	USD	Point-in-time
Other Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$157.70M	USD	Point-in-time
Deferred Tax Assets	`DeferredIncomeTaxAssetsNet`	$10.00M	USD	Point-in-time
Deferred Tax Assets	`DeferredIncomeTaxAssetsNet`	$15.40M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$11.30M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$11.80M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.67B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.65B	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$15.50M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$15.10M	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$59.20M	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$67.60M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$83.20M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$80.30M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$154.60M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$166.30M	USD	Point-in-time
Long-Term Debt	`LongTermDebt`	$175.00M	USD	Point-in-time
Long-Term Debt	`LongTermDebt`	$180.00M	USD	Point-in-time
Operating Lease Liabilities	`OperatingLeaseLiabilityNoncurrent`	$53.30M	USD	Point-in-time
Operating Lease Liabilities	`OperatingLeaseLiabilityNoncurrent`	$50.10M	USD	Point-in-time
Deferred Tax Liabilities	`DeferredIncomeTaxLiabilitiesNet`	$5.70M	USD	Point-in-time
Deferred Tax Liabilities	`DeferredIncomeTaxLiabilitiesNet`	$5.60M	USD	Point-in-time
Other Long-Term Liabilities	`OtherLiabilitiesNoncurrent`	$11.00M	USD	Point-in-time
Other Long-Term Liabilities	`OtherLiabilitiesNoncurrent`	$10.90M	USD	Point-in-time
Total Liabilities	`Liabilities`	$396.20M	USD	Point-in-time
Total Liabilities	`Liabilities`	$416.30M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock - $0.01 par value - authorized 20,000,000 shares, none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - $0.01 par value - authorized 20,000,000 shares, none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock - $0.01 par value - authorized 300,000,000 shares, 48,059,819 outstanding as of March 31, 2021 and 47,917,583 outstanding as of December 31, 2020	`CommonStockValue`	$500.00K	USD	Point-in-time
Common stock - $0.01 par value - authorized 300,000,000 shares, 48,059,819 outstanding as of March 31, 2021 and 47,917,583 outstanding as of December 31, 2020	`CommonStockValue`	$500.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.61B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.62B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-315.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-323.10M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$9.80M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$9.80M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-28.10M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-32.30M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.25B	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.26B	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.26B	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.67B	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.65B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$180.40M	USD	1 Quarter
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$180.70M	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$78.30M	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$89.40M	USD	1 Quarter
Gross Profit	`GrossProfit`	$91.30M	USD	1 Quarter
Gross Profit	`GrossProfit`	$102.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$9.40M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$8.30M	USD	1 Quarter
Selling and general expenses	`SellingGeneralAndAdministrativeExpense`	$91.10M	USD	1 Quarter
Selling and general expenses	`SellingGeneralAndAdministrativeExpense`	$73.40M	USD	1 Quarter
Other expense, net	`OtherOperatingIncomeExpenseNet`	$-22.00M	USD	1 Quarter
Other expense, net	`OtherOperatingIncomeExpenseNet`	$-1.00M	USD	1 Quarter
Operating (Loss) Profit	`OperatingIncomeLoss`	$-12.40M	USD	1 Quarter
Operating (Loss) Profit	`OperatingIncomeLoss`	$600.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$700.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$800.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$4.30M	USD	1 Quarter
Loss Before Income Taxes	`IncomeLossAttributableToParent`	$-3.00M	USD	1 Quarter
Loss Before Income Taxes	`IncomeLossAttributableToParent`	$-13.20M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-5.60M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-6.70M	USD	1 Quarter
Net (Loss) Income	`NetIncomeLoss`	$-7.60M	USD	1 Quarter
Net (Loss) Income	`NetIncomeLoss`	$3.70M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.08	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.16	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.08	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.16	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-7.60M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$3.70M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.60M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.70M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.50M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.10M	USD	1 Quarter
Net loss on asset dispositions	`GainLossOnDispositionOfAssets1`	$-100.00K	USD	1 Quarter
Net loss on asset dispositions	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-17.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.20M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-2.80M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$8.50M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.00M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-500.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-6.20M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-8.20M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-14.50M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-2.00M	USD	1 Quarter
Deferred income taxes and other	`OtherOperatingActivitiesCashFlowStatement`	$-6.40M	USD	1 Quarter
Deferred income taxes and other	`OtherOperatingActivitiesCashFlowStatement`	$-5.90M	USD	1 Quarter
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.80M	USD	1 Quarter
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.30M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$5.70M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$5.20M	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.20M	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.70M	USD	1 Quarter
Revolving credit facility repayments	`RepaymentsOfLinesOfCredit`	$5.00M	USD	1 Quarter
Revolving credit facility repayments	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$4.80M	USD	1 Quarter
Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-200.00K	USD	1 Quarter
Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-2.20M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-6.60M	USD	1 Quarter
Decrease in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-11.40M	USD	1 Quarter
Decrease in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-17.60M	USD	1 Quarter
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$205.30M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.50M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$187.70M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.10M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$205.30M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.50M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$187.70M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.10M	USD	Point-in-time

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$1.25B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.26B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.26B	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$-7.60M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$3.70M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$1.25B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.26B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.26B	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-7.60M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$3.70M	USD	1 Quarter
Unrealized currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-4.20M	USD	1 Quarter
Unrealized currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-15.00M	USD	1 Quarter
Defined benefit plans	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-200.00K	USD	1 Quarter
Defined benefit plans	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$-100.00K	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	-	USD	1 Quarter
Total Other Comprehensive Loss, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-4.20M	USD	1 Quarter
Total Other Comprehensive Loss, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-14.90M	USD	1 Quarter
Comprehensive Loss	`ComprehensiveIncomeNetOfTax`	$-11.80M	USD	1 Quarter
Comprehensive Loss	`ComprehensiveIncomeNetOfTax`	$-11.20M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.