10-Q Filing

AVANOS MEDICAL, INC. CIK: 1606498 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001606498-23-000041`
Period End Date	20230331
Filing Date	20230503
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	avns-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 28 Cash Flow Statement 54 Stockholders Equity 10 Comprehensive Income 8

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`	$127.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$95.70M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowances	`AccountsReceivableNet`	$142.70M	USD	Point-in-time
Accounts receivable, net of allowances	`AccountsReceivableNet`	$167.90M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories	`InventoryNet`	$200.00M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Inventories	`InventoryNet`	$190.30M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.90M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	46.66M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$15.40M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	46.53M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$453.80M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$499.80M	USD	Point-in-time
Property, Plant and Equipment, net	`PropertyPlantAndEquipmentNet`	$163.90M	USD	Point-in-time
Property, Plant and Equipment, net	`PropertyPlantAndEquipmentNet`	$163.50M	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$28.30M	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$30.60M	USD	Point-in-time
Goodwill	`Goodwill`	$819.40M	USD	Point-in-time
Goodwill	`Goodwill`	$821.50M	USD	Point-in-time
Other Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$244.70M	USD	Point-in-time
Other Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$251.00M	USD	Point-in-time
Deferred Tax Assets	`DeferredIncomeTaxAssetsNet`	$4.60M	USD	Point-in-time
Deferred Tax Assets	`DeferredIncomeTaxAssetsNet`	$4.50M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$18.60M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$17.60M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.73B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.79B	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$6.20M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$6.20M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$12.10M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$12.80M	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$59.60M	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$67.90M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$98.90M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$80.60M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$158.50M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$185.80M	USD	Point-in-time
Long-Term Debt	`LongTermDebt`	$226.30M	USD	Point-in-time
Long-Term Debt	`LongTermDebt`	$204.70M	USD	Point-in-time
Operating Lease Liabilities	`OperatingLeaseLiabilityNoncurrent`	$34.70M	USD	Point-in-time
Operating Lease Liabilities	`OperatingLeaseLiabilityNoncurrent`	$32.40M	USD	Point-in-time
Deferred Tax Liabilities	`DeferredIncomeTaxLiabilitiesNet`	$25.10M	USD	Point-in-time
Deferred Tax Liabilities	`DeferredIncomeTaxLiabilitiesNet`	$25.40M	USD	Point-in-time
Other Long-Term Liabilities	`OtherLiabilitiesNoncurrent`	$23.50M	USD	Point-in-time
Other Long-Term Liabilities	`OtherLiabilitiesNoncurrent`	$15.50M	USD	Point-in-time
Total Liabilities	`Liabilities`	$495.70M	USD	Point-in-time
Total Liabilities	`Liabilities`	$436.20M	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, 46,660,199 outstanding as of March 31, 2023 and 46,528,907 outstanding as of December 31, 2022	`CommonStockValue`	$500.00K	USD	Point-in-time
Common stock - $0.01 par value - authorized 300,000,000 shares, 46,660,199 outstanding as of March 31, 2023 and 46,528,907 outstanding as of December 31, 2022	`CommonStockValue`	$500.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.65B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.65B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-253.10M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-253.60M	USD	Point-in-time
Treasury stock	`TreasuryStockCommonValue`	$67.90M	USD	Point-in-time
Treasury stock	`TreasuryStockCommonValue`	$66.80M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-31.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-35.80M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.29B	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.30B	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.26B	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.73B	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.79B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$191.70M	USD	1 Quarter
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$197.40M	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$90.80M	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$87.20M	USD	1 Quarter
Gross Profit	`GrossProfit`	$104.50M	USD	1 Quarter
Gross Profit	`GrossProfit`	$106.60M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$7.90M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$7.80M	USD	1 Quarter
Selling and general expenses	`SellingGeneralAndAdministrativeExpense`	$90.10M	USD	1 Quarter
Selling and general expenses	`SellingGeneralAndAdministrativeExpense`	$92.70M	USD	1 Quarter
Other expense, net	`OtherOperatingIncomeExpenseNet`	$-1.30M	USD	1 Quarter
Other expense, net	`OtherOperatingIncomeExpenseNet`	$-100.00K	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$8.60M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$2.60M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$500.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$3.50M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.30M	USD	1 Quarter
(Loss) Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-400.00K	USD	1 Quarter
(Loss) Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.30M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$100.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.90M	USD	1 Quarter
Net (Loss) Income	`NetIncomeLoss`	$5.40M	USD	1 Quarter
Net (Loss) Income	`NetIncomeLoss`	$-500.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$5.40M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-500.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.10M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.10M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.80M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-26.20M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$15.70M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.90M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$8.60M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-100.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.50M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-7.90M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$30.20M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-27.50M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-28.80M	USD	1 Quarter
Deferred income taxes and other	`OtherOperatingActivitiesCashFlowStatement`	$-3.10M	USD	1 Quarter
Deferred income taxes and other	`OtherOperatingActivitiesCashFlowStatement`	$-400.00K	USD	1 Quarter
Cash (Used in) Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.80M	USD	1 Quarter
Cash (Used in) Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$1.80M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$4.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$5.00M	USD	1 Quarter
Acquisition of assets and investments in businesses	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisition of assets and investments in businesses	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$116.70M	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-121.70M	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.00M	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
Secured debt repayments	`RepaymentsOfSecuredDebt`	$1.60M	USD	1 Quarter
Secured debt repayments	`RepaymentsOfSecuredDebt`	-	USD	1 Quarter
Revolving credit facility proceeds	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Revolving credit facility proceeds	`ProceedsFromLinesOfCredit`	$20.00M	USD	1 Quarter
Revolving credit facility repayments	`RepaymentsOfLinesOfCredit`	$20.00M	USD	1 Quarter
Revolving credit facility repayments	`RepaymentsOfLinesOfCredit`	$20.00M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$1.10M	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`	$600.00K	USD	1 Quarter
Cash (Used in) Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$105.70M	USD	1 Quarter
Cash (Used in) Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-22.10M	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`	$900.00K	USD	1 Quarter
Decrease in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-32.00M	USD	1 Quarter
Decrease in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-14.20M	USD	1 Quarter
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$118.50M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$104.30M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.70M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$127.70M	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`	$104.30M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.70M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$127.70M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$1.29B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.30B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.26B	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$5.40M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-500.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$4.50M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.70M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$1.29B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.30B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.26B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$5.40M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-500.00K	USD	1 Quarter
Unrealized currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$4.50M	USD	1 Quarter
Unrealized currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$1.70M	USD	1 Quarter
Total Other Comprehensive Income, Net of Tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$4.50M	USD	1 Quarter
Total Other Comprehensive Income, Net of Tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.70M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$4.00M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$7.10M	USD	1 Quarter

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