Strong Second Quarter Performance
Avanos delivered a strong second quarter with net sales of $175 million, organic sales up 2% compared to a year ago, and $0.17 of adjusted diluted earnings per share. Adjusted EBITDA was $17 million, with adjusted gross margins of 55.7%.
Specialty Nutrition Systems Growth
The Specialty Nutrition Systems portfolio grew 5% organically year over year, reaffirming the #1 position in long-term, short-term, and neonatal enteral feeding. The neonatal solutions business grew greater than 12% compared to the prior year.
Radiofrequency Ablation Business Success
The RFA business posted near 14% growth compared to the previous year. Sustained growth in RFA generator capital sales enabled higher procedure volumes.
Hyaluronic Acid Divestiture
Avanos closed the sale of its hyaluronic acid product line, marking a significant step in its transformation strategy focused on growth in Specialty Nutrition Systems and Pain Management and Recovery.
Leadership Appointments
Scott Galovan was appointed as the new CFO, and David Pacitti was appointed to Avanos' Board of Directors.