Avanos Medical (NYSE: AVNS) is a medical device company that develops, manufactures, and sells non-opioid pain management and specialty nutrition products to hospitals, physician practices, and other healthcare providers. Revenue is transactional, generated through direct sales and independent wholesale distributors, with approximately 29% of global net sales in FY2025 contracted through group purchasing organizations (GPOs). Avanos operates two reportable segments: Specialty Nutrition Systems (SNS) and Pain Management and Recovery (PM&R). SNS includes enteral feeding products such as MIC-KEY enteral feeding tubes, Corpak patient feeding solutions, and NeoMed neonatal and pediatric feeding solutions, each of which individually exceeded 10% of consolidated net sales in FY2025. PM&R includes ON-Q and ambIT surgical pain pumps and radiofrequency ablation (RFA) solutions. The company sold its Respiratory Health business in October 2023 for $110.0 million and divested its hyaluronic acid product line and Game Ready rental business in 2025 as part of a strategic transformation focused on SNS and PM&R. Manufacturing is concentrated in Mexico.

Revenue model

Transactional product sales through direct sales force and independent wholesale distributors. Approximately 29% of global net sales in FY2025 were contracted through GPOs, under which Avanos pays a fee on sales to GPO members recorded as a reduction of net sales.

Products and services

Specialty Nutrition Systems: MIC-KEY enteral feeding tubes, Corpak patient feeding solutions, NeoMed neonatal and pediatric feeding solutions, Nexus TKO anti-reflux needleless connectors. Pain Management and Recovery: ON-Q surgical pain pumps, ambIT surgical pain pumps, Game Ready cold and compression therapy systems (rental business divested in Q4 FY2025), radiofrequency ablation (RFA) solutions.

Customers and end markets

Hospitals, physician practices, and other healthcare providers and institutions. Products are sold directly and through independent wholesale distributors, with GPO agreements covering approximately 29% of global net sales in FY2025.

Value-chain role

Medical device manufacturer and direct seller. Purchases raw materials from external suppliers, some of which are single-source. Manufactures primarily in Mexico. Distributes through direct sales force and independent wholesale distributors. Holds patents on PM&R and SNS products expiring between 2026 and 2047.

Geographic exposure

Primary operations in the United States with international sales. Manufacturing concentrated in Mexico. Products sold in U.S. and international markets subject to FDA 510(k) clearance and CE mark requirements in the EU.

Competitors

Boston Scientific Corporation, Cook Medical, Applied Medical Technology, Inc., Cardinal Health, Pacira Pharmaceuticals, Inc., Stryker Corporation, Medtronic plc, Pajunk Medical Systems

Source: SEC 10-K, filed 2026-02-24

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