10-Q Filing

AVANOS MEDICAL, INC. CIK: 1606498 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001606498-22-000052`
Period End Date	20220331
Filing Date	20220504
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	avns-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 26 Cash Flow Statement 54 Stockholders Equity 8 Comprehensive Income 8

Balance Sheet 73 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
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$118.50M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of allowances	`AccountsReceivableNet`	$131.20M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of allowances	`AccountsReceivableNet`	$161.60M	USD	Point-in-time
Inventories	`InventoryNet`	$150.30M	USD	Point-in-time
Inventories	`InventoryNet`	$157.60M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	48.21M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	47.32M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$18.60M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$15.70M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$439.20M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$418.60M	USD	Point-in-time
Property, Plant and Equipment, net	`PropertyPlantAndEquipmentNet`	$166.90M	USD	Point-in-time
Property, Plant and Equipment, net	`PropertyPlantAndEquipmentNet`	$168.10M	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$38.60M	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$36.10M	USD	Point-in-time
Goodwill	`Goodwill`	$801.60M	USD	Point-in-time
Goodwill	`Goodwill`	$826.00M	USD	Point-in-time
Other Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$271.10M	USD	Point-in-time
Other Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$141.20M	USD	Point-in-time
Deferred Tax Assets	`DeferredIncomeTaxAssetsNet`	$10.00M	USD	Point-in-time
Deferred Tax Assets	`DeferredIncomeTaxAssetsNet`	$11.30M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$15.90M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$16.50M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.59B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.77B	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$14.50M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$14.70M	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$63.80M	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$56.40M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$68.10M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$74.60M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$152.90M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$139.20M	USD	Point-in-time
Long-Term Debt	`LongTermDebt`	$254.40M	USD	Point-in-time
Long-Term Debt	`LongTermDebt`	$130.00M	USD	Point-in-time
Operating Lease Liabilities	`OperatingLeaseLiabilityNoncurrent`	$40.00M	USD	Point-in-time
Operating Lease Liabilities	`OperatingLeaseLiabilityNoncurrent`	$42.80M	USD	Point-in-time
Deferred Tax Liabilities	`DeferredIncomeTaxLiabilitiesNet`	$9.60M	USD	Point-in-time
Deferred Tax Liabilities	`DeferredIncomeTaxLiabilitiesNet`	$34.70M	USD	Point-in-time
Other Long-Term Liabilities	`OtherLiabilitiesNoncurrent`	$9.10M	USD	Point-in-time
Other Long-Term Liabilities	`OtherLiabilitiesNoncurrent`	$28.00M	USD	Point-in-time
Total Liabilities	`Liabilities`	$510.00M	USD	Point-in-time
Total Liabilities	`Liabilities`	$330.70M	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, 47,324,093 outstanding as of March 31, 2022 and 48,206,156 outstanding as of December 31, 2021	`CommonStockValue`	$500.00K	USD	Point-in-time
Common stock - $0.01 par value - authorized 300,000,000 shares, 47,324,093 outstanding as of March 31, 2022 and 48,206,156 outstanding as of December 31, 2021	`CommonStockValue`	$500.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.63B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.63B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-304.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-310.30M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$40.70M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$21.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-32.10M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-33.80M	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 Stockholders Equity	`StockholdersEquity`	$1.25B	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.59B	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.77B	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$180.70M	USD	1 Quarter
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$197.40M	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$90.20M	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$89.40M	USD	1 Quarter
Gross Profit	`GrossProfit`	$107.20M	USD	1 Quarter
Gross Profit	`GrossProfit`	$91.30M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$7.80M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$8.30M	USD	1 Quarter
Selling and general expenses	`SellingGeneralAndAdministrativeExpense`	$90.10M	USD	1 Quarter
Selling and general expenses	`SellingGeneralAndAdministrativeExpense`	$73.40M	USD	1 Quarter
Other expense, net	`OtherOperatingIncomeExpenseNet`	$-100.00K	USD	1 Quarter
Other expense, net	`OtherOperatingIncomeExpenseNet`	$-22.00M	USD	1 Quarter
Operating Income (Loss)	`OperatingIncomeLoss`	$9.20M	USD	1 Quarter
Operating Income (Loss)	`OperatingIncomeLoss`	$-12.40M	USD	1 Quarter
Interest expense	`InterestExpense`	$800.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.30M	USD	1 Quarter
Income (Loss) Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-13.20M	USD	1 Quarter
Income (Loss) Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.90M	USD	1 Quarter
Income tax (provision) benefit	`IncomeTaxExpenseBenefit`	$-5.60M	USD	1 Quarter
Income tax (provision) benefit	`IncomeTaxExpenseBenefit`	$2.10M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-7.60M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$5.80M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.16	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.16	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-7.60M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.80M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.10M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.70M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.10M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.80M	USD	1 Quarter
Net loss on asset dispositions and impairments	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Net loss on asset dispositions and impairments	`GainLossOnDispositionOfAssets1`	$-100.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$15.70M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.20M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-2.80M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$4.50M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-100.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-500.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$30.20M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-6.20M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-2.00M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-28.60M	USD	1 Quarter
Deferred income taxes and other	`OtherOperatingActivitiesCashFlowStatement`	$-400.00K	USD	1 Quarter
Deferred income taxes and other	`OtherOperatingActivitiesCashFlowStatement`	$-5.90M	USD	1 Quarter
Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$1.80M	USD	1 Quarter
Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.30M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$5.70M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$5.00M	USD	1 Quarter
Acquisition of assets and investments in businesses	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$116.70M	USD	1 Quarter
Acquisition of assets and investments in businesses	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Cash Provided by (Used in) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-121.70M	USD	1 Quarter
Cash Provided by (Used in) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.70M	USD	1 Quarter
Proceeds from issuance of secured debt	`ProceedsFromIssuanceOfSecuredDebt`	$125.00M	USD	1 Quarter
Proceeds from issuance of secured debt	`ProceedsFromIssuanceOfSecuredDebt`	-	USD	1 Quarter
Senior secured revolving credit facility proceeds	`ProceedsFromLinesOfCredit`	$20.00M	USD	1 Quarter
Senior secured revolving credit facility proceeds	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Senior secured revolving credit facility repayments	`RepaymentsOfLinesOfCredit`	$5.00M	USD	1 Quarter
Senior secured revolving credit facility repayments	`RepaymentsOfLinesOfCredit`	$20.00M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$19.40M	USD	1 Quarter
Payments of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Payments of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$600.00K	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$700.00K	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$4.80M	USD	1 Quarter
Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$105.70M	USD	1 Quarter
Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-200.00K	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	1 Quarter
Effect of Exchange Rate Changes on Cash and Cash Equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-2.20M	USD	1 Quarter
Decrease in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-11.40M	USD	1 Quarter
Decrease in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-14.20M	USD	1 Quarter
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.10M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$118.50M	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`	$104.30M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.10M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$118.50M	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`	$104.30M	USD	Point-in-time

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$1.26B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.26B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.25B	USD	Point-in-time
Net Income (Loss)	`NetIncomeLoss`	$-7.60M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$5.80M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$1.26B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.26B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.25B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net Income (Loss)	`NetIncomeLoss`	$-7.60M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$5.80M	USD	1 Quarter
Unrealized currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$1.70M	USD	1 Quarter
Unrealized currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-4.20M	USD	1 Quarter
Total Other Comprehensive Income (Loss), Net of Tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.70M	USD	1 Quarter
Total Other Comprehensive Income (Loss), Net of Tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-4.20M	USD	1 Quarter
Comprehensive Income (Loss)	`ComprehensiveIncomeNetOfTax`	$-11.80M	USD	1 Quarter
Comprehensive Income (Loss)	`ComprehensiveIncomeNetOfTax`	$7.50M	USD	1 Quarter

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