$AVNS
AVANOS MEDICAL, INC.

2024 Q3 Form 10-Q Financial Statement

#000160649824000077 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $170.4M $171.7M
YoY Change -0.53% 1.36%
Cost Of Revenue $77.50M $76.10M
YoY Change 2.24% 6.28%
Gross Profit $92.90M $95.60M
YoY Change -2.72% -2.25%
Gross Profit Margin 54.52% 55.68%
Selling, General & Admin $74.30M $80.90M
YoY Change -5.59% -13.01%
% of Gross Profit 79.98% 84.62%
Research & Development $7.200M $6.300M
YoY Change 18.03% -7.35%
% of Gross Profit 7.75% 6.59%
Depreciation & Amortization $5.300M $5.000M
YoY Change 10.42% 11.11%
% of Gross Profit 5.71% 5.23%
Operating Expenses $81.50M $87.20M
YoY Change -3.89% -12.63%
Operating Profit $12.00M $6.300M
YoY Change 900.0% -400.0%
Interest Expense -$2.500M -$100.0K
YoY Change -153.19% -102.86%
% of Operating Profit -20.83% -1.59%
Other Income/Expense, Net
YoY Change
Pretax Income $9.500M $6.200M
YoY Change -465.38% -221.57%
Income Tax $3.600M $1.900M
% Of Pretax Income 37.89% 30.65%
Net Earnings $4.300M $1.800M
YoY Change -216.22% -102.64%
Net Earnings / Revenue 2.52% 1.05%
Basic Earnings Per Share $0.10 $0.04
Diluted Earnings Per Share $0.09 $0.04
COMMON SHARES
Basic Shares Outstanding 45.95M shares 45.90M shares
Diluted Shares Outstanding 46.60M shares 46.30M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.00M $92.20M
YoY Change -16.9% 12.71%
Cash & Equivalents $89.00M $92.20M
Short-Term Investments
Other Short-Term Assets $89.80M $95.00M
YoY Change -22.39% -23.69%
Inventory $161.9M $163.9M
Prepaid Expenses
Receivables $131.9M $122.9M
Other Receivables $0.00 $100.0K
Total Short-Term Assets $472.6M $474.1M
YoY Change -9.91% -6.47%
LONG-TERM ASSETS
Property, Plant & Equipment $109.5M $110.7M
YoY Change -6.25% -9.71%
Goodwill $795.1M $794.4M
YoY Change 0.45% 4.17%
Intangibles $220.1M $226.2M
YoY Change -9.12% 1.62%
Long-Term Investments
YoY Change
Other Assets $25.80M $16.70M
YoY Change 40.22% -9.73%
Total Long-Term Assets $1.184B $1.184B
YoY Change -1.39% 2.06%
TOTAL ASSETS
Total Short-Term Assets $472.6M $474.1M
Total Long-Term Assets $1.184B $1.184B
Total Assets $1.656B $1.658B
YoY Change -3.98% -0.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.20M $51.40M
YoY Change 4.03% -21.41%
Accrued Expenses $82.70M $79.50M
YoY Change -14.92% 9.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.400M $10.20M
YoY Change 51.61% 64.52%
Total Short-Term Liabilities $212.9M $208.2M
YoY Change 24.72% 29.72%
LONG-TERM LIABILITIES
Long-Term Debt $152.6M $164.9M
YoY Change -40.92% -18.89%
Other Long-Term Liabilities $10.60M $10.50M
YoY Change -32.05% -31.82%
Total Long-Term Liabilities $10.60M $10.50M
YoY Change -32.05% -31.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $212.9M $208.2M
Total Long-Term Liabilities $10.60M $10.50M
Total Liabilities $426.5M $435.8M
YoY Change -15.18% 0.9%
SHAREHOLDERS EQUITY
Retained Earnings -$309.7M -$314.0M
YoY Change -4.82% -2.39%
Common Stock $500.0K $500.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.230B $1.222B
YoY Change
Total Liabilities & Shareholders Equity $1.656B $1.658B
YoY Change -3.98% -0.53%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $4.300M $1.800M
YoY Change -216.22% -102.64%
Depreciation, Depletion And Amortization $5.300M $5.000M
YoY Change 10.42% 11.11%
Cash From Operating Activities $23.00M $27.80M
YoY Change -20.96% -1169.23%
INVESTING ACTIVITIES
Capital Expenditures $3.000M $5.900M
YoY Change -23.08% 47.5%
Acquisitions
YoY Change
Other Investing Activities -$9.000M $0.00
YoY Change -80.0% -100.0%
Cash From Investing Activities -$12.00M -$5.900M
YoY Change -75.46% -9.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.00M -5.000M
YoY Change -134.26% 21.95%
NET CHANGE
Cash From Operating Activities 23.00M 27.80M
Cash From Investing Activities -12.00M -5.900M
Cash From Financing Activities -16.00M -5.000M
Net Change In Cash -5.000M 16.90M
YoY Change -118.59% -228.03%
FREE CASH FLOW
Cash From Operating Activities $23.00M $27.80M
Capital Expenditures $3.000M $5.900M
Free Cash Flow $20.00M $21.90M
YoY Change -20.63% -431.82%

Facts In Submission

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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Estimates are used in accounting for, among other things, certain amounts included in discontinued operations, certain amounts included in assets and liabilities held for sale, distributor rebate accruals, future cash flows associated with impairment testing for goodwill and long-lived assets, loss contingencies, and deferred tax assets and potential income tax assessments. Actual results could differ from these estimates, and the effect of any change could be material to our financial statements. Changes in these estimates are recorded when known.</span></div>
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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Hedging and Derivatives</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All derivative instruments are recorded as assets or liabilities on the balance sheet at fair value. Changes in the fair value of</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">derivatives are either recorded in the income statement or other comprehensive income, as appropriate. The effective portion of</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the gain or loss on derivatives designated as cash flow hedges is included in other comprehensive income in the period that</span></div>changes in fair value occur, and is reclassified to income in the same period that the hedged item affects income. Our policies allow the use of derivatives for risk management purposes and prohibit their use for speculation. Our policies also prohibit the use of any leveraged derivative instrument. Consistent with our policies, foreign currency derivative instruments are entered into with major financial institutions. At inception, we formally designate certain derivatives as cash flow hedges and establish how the effectiveness of these hedges will be assessed and measured. This process links the derivatives to the transactions they are hedging.
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Net Income Loss
NetIncomeLoss
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NetIncomeLoss
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46800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Number Of Operating Segments
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2024Q2 avns Accrued Rebates
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12600000 usd
CY2023Q4 avns Accrued Rebates
AccruedRebates
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CY2024Q2 avns Accrued Incentives
AccruedIncentives
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CY2023Q4 avns Accrued Incentives
AccruedIncentives
7300000 usd
CY2024Q2 avns Accrued Rebates And Incentives
AccruedRebatesAndIncentives
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AccruedRebatesAndIncentives
17700000 usd
CY2024Q2 avns Accrued Sales Returns
AccruedSalesReturns
100000 usd
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AccruedSalesReturns
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CY2024Q2 avns Liabilities For Estimated Rebates And Incentives Net
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LiabilitiesForEstimatedRebatesAndIncentivesNet
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CY2023Q3 us-gaap Stock Repurchase Program Period In Force1
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P1Y
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StockRepurchasedDuringPeriodValue
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CY2023Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
5800000 usd
CY2024Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
342680 shares
CY2024Q1 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
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CY2024Q1 us-gaap Treasury Stock Value Acquired Cost Method
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6700000 usd
CY2024Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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3300000 usd
CY2024Q2 us-gaap Treasury Stock Shares Acquired
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TreasuryStockCommonShares
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TreasuryStockValueAcquiredCostMethod
3300000 usd
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19.67
CY2024Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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0 usd
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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135097 shares
us-gaap Stock Issued During Period Value Stock Options Exercised Net Of Tax Benefit Expense
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2600000 usd

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