Detailed financial statements for Avanos Medical, Inc. (AVNS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Avanos Medical, Inc. is a pioneering medical technology enterprise dedicated to furnishing device solutions across a broad international footprint, encompassing North America, Europe, the Middle East, Africa, the Asia Pacific region, and Latin America. Its comprehensive product array targets two primary areas: chronic care and non-opioid pain management.
Analysis Summary
Avanos Medical, Inc. reported revenue of $701.2M in the most recent fiscal year, growing at a 5-year CAGR of -0.4%.
Trailing-twelve-month margins: gross margin 48.6%, operating margin -7.9%, net margin -9.7%.
At the current price of $24.99, AVNS has negative trailing earnings (P/E not meaningful) and an ROE of -8.91%. Market capitalisation stands at $1.2B.
Balance sheet quality for AVNS: current ratio of 2.2, net debt of $39.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $566.2M | $611.6M | $652.3M | $697.6M | $714.8M | $744.6M | $684.1M | $673.3M | $687.8M | $701.2M |
| Cost of Revenue | $269.0M | $274.7M | $261.4M | $295.4M | $324.2M | $364.7M | $289.9M | $293.6M | $306.5M | $352.2M |
| Gross Profit | $297.2M | $336.9M | $390.9M | $402.2M | $390.6M | $379.9M | $394.2M | $379.7M | $381.3M | $349.0M |
| Research & Development | $38.4M | $38.2M | $41.8M | $37.7M | $34.9M | $32.3M | $30.6M | $27.2M | $26.2M | $23.1M |
| Selling, General & Admin | $328.2M | $314.7M | $314.2M | $369.9M | $284.8M | $260.8M | $323.1M | $287.5M | $315.1M | $218.3M |
| Operating Expenses | $366.6M | $352.9M | $356.0M | $407.6M | $319.7M | $293.1M | $352.3M | $314.7M | $341.3M | $410.6M |
| Operating Income | -$69.4M | -$16.0M | $34.9M | -$5.4M | $70.9M | $86.8M | $41.9M | $65.0M | $40.0M | -$61.6M |
| EBITDA | -$65.5M | -$600000 | $37.0M | -$12.1M | -$2.0M | $48.9M | $77.8M | $50.6M | -$345.6M | -$33.2M |
| Interest Expense | $32.7M | $31.6M | $26.4M | $15.0M | $15.6M | $3.3M | $10.0M | $15.0M | $12.2M | $4.0M |
| Pre-tax Income | -$139.2M | -$72.2M | -$18.1M | -$64.0M | -$60.5M | $7.3M | $26.7M | -$7.9M | -$403.3M | -$66.2M |
| Income Tax | -$55.9M | -$40.1M | -$9.6M | -$18.1M | -$33.3M | $1.0M | $5.2M | $2.0M | -$17.0M | $1.7M |
| Net Income | $39.8M | $79.3M | $57.5M | -$45.9M | -$27.2M | $6.3M | $50.5M | -$61.8M | -$392.1M | -$67.9M |
| EPS | $0.85 | $1.69 | $1.22 | $-0.96 | $-0.57 | $0.13 | $1.08 | $-1.33 | $-8.53 | $-1.46 |
| EPS (Diluted) | $0.85 | $1.69 | $1.22 | $-0.96 | $-0.57 | $0.13 | $1.07 | $-1.33 | $-8.53 | $-1.46 |
| Shares Outstanding (Diluted) | $47.0M | $46.8M | $47.2M | $47.6M | $47.8M | $48.6M | $47.3M | $46.6M | $46.0M | $46.4M |
Income Statement (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Revenue | $175.0M | $177.8M | $180.9M | $182.2M |
| Gross Profit | $92.1M | $81.1M | $86.0M | $88.4M |
| Operating Income | $7.3M | $13.1M | -$89.3M | $12.2M |
| EBITDA | -$63.9M | $10.0M | $13.0M | $19.3M |
| Net Income | -$76.8M | -$1.4M | $3.7M | $5.1M |
| EPS | $-1.66 | $-0.03 | $0.08 | $0.11 |
| EPS (Diluted) | $-1.66 | $-0.03 | $0.08 | $0.11 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $113.7M | $219.7M | $384.5M | $205.3M | $111.5M | $118.5M | $127.7M | $87.7M | $107.7M | $89.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $188.5M | $203.0M | $150.5M | $163.8M | $167.9M | $131.2M | $167.9M | $142.8M | $132.8M | $103.8M |
| Inventory | $272.5M | $91.1M | $121.4M | $145.9M | $168.9M | $159.3M | $132.3M | $163.2M | $138.8M | $148.0M |
| Total Current Assets | $593.5M | $1.16B | $713.6M | $538.5M | $467.2M | $427.6M | $624.1M | $487.0M | $393.4M | $355.4M |
| Property, Plant & Equipment | $260.8M | $109.9M | $154.1M | $248.5M | $223.6M | $206.7M | $146.1M | $144.0M | $144.8M | $141.0M |
| Goodwill | $1.03B | $764.7M | $783.6M | $800.9M | $802.5M | $801.6M | $760.3M | $796.1M | $455.6M | $394.9M |
| Intangible Assets | $169.8M | $148.9M | $168.2M | $184.3M | $157.7M | $141.2M | $234.2M | $239.5M | $112.3M | $117.8M |
| Total Assets | $2.07B | $2.20B | $1.83B | $1.80B | $1.67B | $1.60B | $1.79B | $1.69B | $1.15B | $1.07B |
| Accounts Payable | $160.6M | $171.2M | $169.9M | $83.0M | $67.6M | $56.4M | $67.9M | $56.3M | $54.3M | $55.5M |
| Short-term Debt | 0 | $39.8M | 0 | 0 | 0 | $14.7M | $6.2M | $8.6M | $9.4M | $10.2M |
| Total Current Liabilities | $324.4M | $389.8M | $264.3M | $212.5M | $166.3M | $139.2M | $191.0M | $234.6M | $165.9M | $165.2M |
| Long-term Debt | $579.0M | $541.1M | $247.7M | $248.1M | $180.0M | $130.0M | $226.3M | $159.4M | $125.3M | $90.3M |
| Total Liabilities | $969.3M | $980.5M | $536.2M | $534.4M | $416.3M | $333.0M | $495.7M | $456.1M | $325.7M | $295.5M |
| Retained Earnings | -$379.2M | -$299.9M | -$242.4M | -$288.3M | -$315.5M | -$303.6M | -$253.1M | -$314.9M | -$707.0M | -$779.9M |
| Total Equity | $1.10B | $1.22B | $1.30B | $1.27B | $1.26B | $1.27B | $1.29B | $1.24B | $828.5M | $778.2M |
| Total Debt | $579.0M | $580.9M | $247.7M | $325.4M | $248.8M | $187.5M | $277.0M | $209.1M | $170.2M | $129.1M |
| Net Debt | $465.3M | $361.2M | -$136.8M | $120.1M | $137.3M | $69.0M | $149.3M | $121.4M | $62.5M | $39.3M |
| Working Capital | $269.1M | $770.9M | $449.3M | $326.0M | $300.9M | $288.4M | $433.1M | $252.4M | $227.5M | $190.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Cash & Equivalents | $90.3M | $70.5M | $89.8M | $65.6M |
| Total Assets | $1.04B | $1.07B | $1.07B | $1.05B |
| Total Liabilities | $262.7M | $289.7M | $295.5M | $268.0M |
| Total Equity | $776.3M | $778.0M | $778.2M | $782.1M |
| Total Debt | $137.3M | $133.7M | $129.1M | $138.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $39.8M | $79.3M | $57.5M | -$45.9M | -$27.2M | $5.2M | $50.5M | -$61.8M | -$392.1M | -$72.9M |
| Depreciation & Amortization | $65.2M | $59.5M | $33.5M | $36.9M | $42.9M | $38.3M | $47.7M | $46.1M | $45.5M | $38.9M |
| Stock-based Compensation | $14.8M | $12.6M | $10.5M | $10.5M | $12.1M | $13.2M | $15.9M | $15.8M | $13.8M | $12.6M |
| Change in Working Capital | $91.6M | -$4.3M | -$143.4M | -$59.6M | -$67.8M | $26.0M | -$24.3M | -$18.0M | $35.0M | $9.8M |
| Operating Cash Flow | $188.8M | $144.2M | -$145.6M | -$74.5M | -$2.5M | $87.3M | $90.9M | $32.4M | $100.7M | $74.7M |
| Capital Expenditure | -$29.1M | -$43.2M | -$49.1M | -$50.6M | -$20.2M | -$21.0M | -$19.3M | -$17.8M | -$17.8M | -$31.6M |
| Acquisitions | -$175.0M | $100000 | $688.6M | -$57.5M | -$4.0M | 0 | -$116.1M | $39.4M | -$9.7M | -$28.0M |
| Stock Repurchased | -$900000 | -$2.5M | -$900000 | -$3.6M | -$900000 | -$11.5M | -$45.5M | -$19.1M | -$12.8M | -$3.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $159.7M | $101.0M | -$194.7M | -$125.1M | -$22.7M | $66.3M | $71.6M | $14.6M | $82.9M | $43.1M |
Cash Flow (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Operating Cash Flow | $6.8M | $14.0M | $28.2M | -$12.3M |
| Capital Expenditure | -$11.0M | -$7.0M | -$6.9M | -$4.3M |
| Free Cash Flow | -$4.2M | $7.0M | $21.3M | -$16.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $4.1M | $3.5M | $1.2M | $3.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.0% | +6.7% | +6.9% | +2.5% | +4.2% | -8.1% | -1.6% | +2.2% | +1.9% | |
| Net Income Growth (YoY) | +99.2% | -27.5% | -179.8% | +40.7% | +123.2% | +701.6% | -222.4% | -534.5% | +82.7% | |
| EPS Growth (YoY) | +98.8% | -27.8% | -178.7% | +40.6% | +122.8% | +730.8% | -223.1% | -541.4% | +82.9% | |
| Shares Change (YoY) | -0.4% | +0.9% | +0.8% | +0.4% | +1.7% | -2.7% | -1.5% | -1.3% | +0.9% | |
| FCF Growth (YoY) | -36.8% | -292.8% | +35.7% | +81.9% | +392.1% | +8.0% | -79.6% | +467.8% | -48.0% | |
| Gross Margin | 52.5% | 55.1% | 59.9% | 57.7% | 54.6% | 51.0% | 57.6% | 56.4% | 55.4% | 49.8% |
| Operating Margin | -12.3% | -2.6% | 5.4% | -0.8% | 9.9% | 11.7% | 6.1% | 9.7% | 5.8% | -8.8% |
| EBITDA Margin | -11.6% | -0.1% | 5.7% | -1.7% | -0.3% | 6.6% | 11.4% | 7.5% | -50.2% | -4.7% |
| Net Margin | 7.0% | 13.0% | 8.8% | -6.6% | -3.8% | 0.8% | 7.4% | -9.2% | -57.0% | -9.7% |
| FCF Margin | 28.2% | 16.5% | -29.8% | -17.9% | -3.2% | 8.9% | 10.5% | 2.2% | 12.1% | 6.1% |
| Effective Tax Rate | 40.2% | 55.5% | 53.0% | 28.3% | 55.0% | 13.7% | 19.5% | -25.3% | 4.2% | -2.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.40 | $2.16 | $-4.12 | $-2.63 | $-0.47 | $1.36 | $1.51 | $0.31 | $1.80 | $0.93 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $46.6M | $46.5M | $47.2M | $47.6M | $47.8M | $48.1M | $46.9M | $46.6M | $46.0M | $46.4M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -8.91% |
| Return on Invested Capital | -6.03% |
| Return on Assets | -6.61% |
| Gross Margin | 48.55% |
| Operating Margin | -7.92% |
| Net Margin | -9.69% |
Financial Health
| Debt / Equity | 0.18 |
| Current Ratio | 2.48 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.72 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 43.51 | 27.33 | 36.71 | -35.10 | -80.49 | 266.69 | 25.06 | -16.86 | -1.87 | -7.69 |
| P/B | 1.56 | 1.77 | 1.63 | 1.27 | 1.75 | 1.31 | 0.98 | 0.85 | 0.88 | 0.67 |
| P/S | 3.04 | 3.51 | 3.24 | 2.30 | 3.07 | 2.24 | 1.86 | 1.55 | 1.06 | 0.74 |
| Gross Margin | 52.5% | 55.1% | 59.9% | 57.7% | 54.6% | 51.0% | 57.6% | 56.4% | 55.4% | 49.8% |
| Operating Margin | -12.3% | -2.6% | 5.4% | -0.8% | 9.9% | 11.7% | 6.1% | 9.7% | 5.8% | -8.8% |
| Net Margin | 7.0% | 13.0% | 8.8% | -6.6% | -3.8% | 0.8% | 7.4% | -9.2% | -57.0% | -9.7% |
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Explore sector: Healthcare · Medical - Devices
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