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- Avanos Medical Inc AVNS reported a second-quarter FY21 adjusted EPS of $0.21, missing the consensus of $0.23.
- The sales of $186.4 million increased 14% Y/Y, beating the analyst estimate of $180.6 million.
- Adjusted gross margin of 51.3% contracted from 55.7% last year primarily due to higher freight costs and inefficiencies at manufacturing plants.
- It posted a wider operating loss of $(7) million compared to $2 million a year ago due to non-cash restructuring costs. Operating profit totaled $15 million on an adjusted basis, compared to $13 million a year ago.
- Adjusted EBITDA for Q2 was $20 million, compared to $19 million in the prior year.
- FY21 guidance: Avanos said it expects to log adjusted EPS of $1.10 - $1.20, cutting the top half from its previous projection of $1.10 to $1.25.
- It projects a revenue increase of between 2% and 4%.
- Price Action: AVNS shares are down 3.83% at $37.03 during the market session on the last check Tuesday.
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