Avanos reports Q3 adjusted EPS 36c, consensus 35c

Reports Q3 revenue $170.4M, consensus $175.33M. “Although we are pleased with our transformation progress, we fell short in the third quarter of our stated objective of mid-single-digit organic growth, which also negatively impacted gross profit margin for the quarter,” said Michael Greiner, Avanos (AVNS)’ interim chief executive officer. “We had a few strong pockets of sales performance for the quarter, including continued execution in our digestive health business and double digit growth for Game Ready and IVP. However, underperformance in our surgical pain category, particularly ON-Q, negatively impacted our overall sales performance.”