The Alpharetta, Ga.-based company reported losses of -$47.2 million, or -99¢ per share, on sales of $185 million for the three months ended Dec. 31, 2020, for a sales loss of 2.53% compared with Q4 2019.
Adjusted to exclude one-time items, earnings per share were 28¢, 6¢ ahead of The Street, where analysts were looking for sales of $184.2 million.
“I’m pleased with our team’s execution and accomplishments in 2020 highlighted by our cost savings, the integration of our recent acquisitions and free cash flow improvement throughout the year, while successfully responding to the challenges presented by the pandemic,” CEO Joe Woody said. “During the quarter we continued to build momentum across our franchises, while we maintained our cost discipline and implemented a 2020 restructuring program to further drive efficiencies and reduce costs.”
“We enter 2021 in a strong position and are poised to execute on our plan to deliver top-line growth, drive margin improvement and generate free cash flow in 2021 and beyond.”
Due to the ongoing uncertainties surrounding the COVID-19 pandemic, Avanos Medical is not providing a full-year outlook.
Shares in AVNS were up 3.93% to $55.50 apiece in pre-market trading.