Avanos Medical (AVNS) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-36440
Entity Registrant Name	AVANOS MEDICAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4987888
Entity Address, Address Line One	5405 Windward Parkway
Entity Address, Address Line Two	Suite 100 South
Entity Address, City or Town	Alpharetta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30004
City Area Code	(844)
Local Phone Number	428-2667
Title of 12(b) Security	Common Stock - $0.01 Par Value
Trading Symbol	AVNS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,497,608
Entity Central Index Key	0001606498
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net Sales	$ 202.1	$ 184.1	$ 602.5	$ 551.2
Cost of products sold	92	93.9	269.4	284.3
Gross Profit	110.1	90.2	333.1	266.9
Research and development	7.3	8.4	23.1	24.7
Selling and general expenses	82.1	75	259.3	225.1
Other expense, net	2	3.4	2.9	33.7
Operating Income (Loss)	18.7	3.4	47.8	(16.6)
Interest income	0.3	0.2	0.5	0.2
Interest expense	(3)	(0.9)	(7)	(2.6)
Income (Loss) Before Income Taxes	16	2.7	41.3	(19)
Income tax (provision) benefit	(0.3)	(38)	(7.7)	13.8
Net Income (Loss)	$ 15.7	$ (35.3)	$ 33.6	$ (5.2)
Earnings (Loss) Per Share
Basic (in dollars per share)	$ 0.34	$ (0.73)	$ 0.71	$ (0.11)
Diluted (in dollars per share)	$ 0.33	$ (0.73)	$ 0.71	$ (0.11)

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended						6 Months Ended		9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 15.7	$ 12.5	$ 5.4	$ (35.3)	$ 38.5	$ (8.4)	$ 17.9	$ 30.1	$ 33.6	$ (5.2)
Other Comprehensive Income (Loss), Net of Tax
Unrealized currency translation adjustments	(5.1)			(3.7)					(9.1)	(5.6)
Defined benefit plans	0			0.1					0	0.1
Total Other Comprehensive Income (Loss), Net of Tax	(5.1)			(3.6)					(9.1)	(5.5)
Comprehensive Income (Loss)	$ 10.6	$ 6.8	$ 7.1	$ (38.9)	$ 40.8	$ (12.6)	$ 13.9	$ 28.2	$ 24.5	$ (10.7)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 117	$ 118.5
Accounts receivable, net of allowances	146.2	131.2
Inventories	193.6	159.3
Prepaid and other current assets	13.2	18.6
Total Current Assets	470	427.6
Property, Plant and Equipment, net	163.4	168.1
Operating Lease Right-of-Use Assets	32.5	38.6
Goodwill	823.6	801.6
Other Intangible Assets, net	258.7	141.2
Deferred Tax Assets	10.9	10
Other Assets	16.1	16.5
TOTAL ASSETS	1,775.2	1,603.6
Current Liabilities
Current portion of long-term debt	6.2	0
Current portion of operating lease liabilities	13.4	14.7
Trade accounts payable	62.7	56.4
Accrued expenses	80	68.1
Total Current Liabilities	162.3	139.2
Long-Term Debt	247.8	130
Operating Lease Liabilities	36.8	42.8
Deferred Tax Liabilities	37	11.9
Other Long-Term Liabilities	27.8	9.1
Total Liabilities	511.7	333
Commitments and Contingencies
Stockholders’ Equity
Preferred stock - $0.01 par value - authorized 20,000,000 shares, none issued	0	0
Common stock - $0.01 par value - authorized 300,000,000 shares, 46,495,519 outstanding as of September 30, 2022 and 48,206,156 outstanding as of December 31, 2021	0.5	0.5
Additional paid-in capital	1,642.3	1,628.8
Accumulated deficit	(270)	(303.6)
Treasury stock	(66.4)	(21.3)
Accumulated other comprehensive loss	(42.9)	(33.8)
Total Stockholders’ Equity	1,263.5	1,270.6
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,775.2	$ 1,603.6

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares outstanding (in shares)	46,495,519	48,206,156

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2020			$ 1,609.4	$ (309.9)	$ (9.8)	$ (28.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (8.4)
Ending balance at Mar. 31, 2021	1,257.4			(318.3)
Beginning balance at Dec. 31, 2020			1,609.4	(309.9)	(9.8)	(28.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	30.1
Ending balance at Jun. 30, 2021	1,301.7		1,621.3	(279.8)	(10.3)	(30)
Beginning balance at Dec. 31, 2020			1,609.4	(309.9)	(9.8)	(28.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise or redemption of share-based awards			6.1
Stock-based compensation expense			10.2
Net income (loss)	(5.2)			(5.2)
Purchases of treasury stock					(0.6)
Other comprehensive loss, net of tax						(5.5)
Ending balance at Sep. 30, 2021	1,267.1	$ 0.5	1,625.7	(315.1)	(10.4)	(33.6)
Beginning balance at Mar. 31, 2021	1,257.4			(318.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	38.5
Ending balance at Jun. 30, 2021	1,301.7		1,621.3	(279.8)	(10.3)	(30)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise or redemption of share-based awards			0.9
Stock-based compensation expense			3.5
Net income (loss)	(35.3)			(35.3)
Purchases of treasury stock					(0.1)
Other comprehensive loss, net of tax						(3.6)
Ending balance at Sep. 30, 2021	1,267.1	0.5	1,625.7	(315.1)	(10.4)	(33.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of treasury stock	(10.7)
Ending balance at Dec. 31, 2021	1,270.6		1,628.8	(303.6)	(21.3)	(33.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5.4
Purchases of treasury stock	(19.3)
Ending balance at Mar. 31, 2022	1,262.8			(298.2)
Beginning balance at Dec. 31, 2021	1,270.6		1,628.8	(303.6)	(21.3)	(33.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	17.9
Ending balance at Jun. 30, 2022	1,259		1,637.4	(285.7)	(55.4)	(37.8)
Beginning balance at Dec. 31, 2021	1,270.6		1,628.8	(303.6)	(21.3)	(33.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise or redemption of share-based awards			1.6
Stock-based compensation expense			11.9
Net income (loss)	33.6			33.6
Purchases of treasury stock					(45.1)
Other comprehensive loss, net of tax						(9.1)
Ending balance at Sep. 30, 2022	1,263.5	0.5	1,642.3	(270)	(66.4)	(42.9)
Beginning balance at Mar. 31, 2022	1,262.8			(298.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	12.5
Purchases of treasury stock	(14.1)
Ending balance at Jun. 30, 2022	1,259		1,637.4	(285.7)	(55.4)	(37.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise or redemption of share-based awards			0.8
Stock-based compensation expense			4.1
Net income (loss)	15.7			15.7
Purchases of treasury stock	(10.9)				(11)
Other comprehensive loss, net of tax						(5.1)
Ending balance at Sep. 30, 2022	$ 1,263.5	$ 0.5	$ 1,642.3	$ (270)	$ (66.4)	$ (42.9)

CONDENSED CONSOLIDATED CASH FLO

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities
Net income (loss)	$ 33.6	$ (5.2)
Depreciation and amortization	34.3	28.8
Stock-based compensation expense	11.9	10.2
Net loss on asset dispositions and impairments	0	4.9
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(6)	(10.5)
Income tax receivable	0	47.7
Inventories	(35.8)	9.9
Prepaid expenses and other assets	3.5	1.1
Accounts payable	34.1	(11.9)
Accrued expenses	(18.5)	(24.5)
Deferred income taxes and other	0.1	(15.3)
Cash Provided by Operating Activities	57.2	35.2
Investing Activities
Capital expenditures	(14.4)	(16.3)
Acquisition of assets and investments in businesses	(116.1)	0
Cash Used in Investing Activities	(130.5)	(16.3)
Financing Activities
Proceeds from issuance of secured debt	250	0
Secured debt repayments	(125)	0
Revolving credit facility proceeds	150	20
Revolving credit facility repayments	(150)	(55)
Purchases of treasury stock	(45.1)	(0.6)
Payments of debt issuance costs	(2.9)	0
Proceeds from the exercise of stock options	1.6	6.1
Cash Provided by (Used in) Financing Activities	78.6	(29.5)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(6.8)	(3.1)
Decrease in Cash and Cash Equivalents	(1.5)	(13.7)
Cash and Cash Equivalents - Beginning of Period	118.5	111.5
Cash and Cash Equivalents - End of Period	$ 117	$ 97.8

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Background and Basis of Presentation Avanos Medical, Inc. is a medical technology company focused on delivering clinically superior breakthrough medical device solutions to improve patients’ quality of life. Headquartered in Alpharetta, Georgia, Avanos is committed to addressing some of today’s most important healthcare needs, such as reducing the use of opioids while helping patients move from surgery to recovery. We develop, manufacture and market clinically superior solutions in more than 90 countries. References herein to “Avanos,” “Company,” “we,” “our” and “us” refer to Avanos Medical, Inc. and its consolidated subsidiaries. Interim Financial Statements We prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, and the condensed consolidated financial statements in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021. Our unaudited interim condensed consolidated financial statements contain all necessary material adjustments, which are of a normal and recurring nature, to fairly state our financial condition, results of operations and cash flows for the periods presented. Use of Estimates Preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Estimates are used in accounting for, among other things, distributor rebate accruals, future cash flows associated with impairment testing for goodwill and long-lived assets, loss contingencies, and deferred tax assets and potential income tax assessments. Our estimates are subject to uncertainties associated with supply chain disruptions, which have caused volatility and adverse effects in global markets. Actual results could differ from these estimates, and the effect of any change could be material to our financial statements. Changes in these estimates are recorded when known. Annual Goodwill Impairment Test We test goodwill for impairment annually or more frequently whenever events or circumstances more likely than not indicate that the fair value of the reporting unit may be below its carrying value. We operate as a single reportable operating segment with one reporting unit. The fair value of our reporting unit was estimated using a combination of income (discounted cash flow analysis) and market approaches. The income approach is dependent upon several assumptions regarding future periods such as sales growth and a terminal growth rate. A weighted average cost of capital (“WACC”) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants’ cost of equity and debt, optimal capital structure and risk factors specific to us. The market approach estimates the value of our company using a market capitalization methodology. We completed our annual goodwill impairment test as of July 1, 2022, and determined that the fair value of our reporting unit exceeds the net carrying amount. There can be no assurance that the assumptions and estimates made for purposes of the annual goodwill impairment test will prove to be accurate. Volatility in the equity and debt markets, or increases in interest rates, could result in a higher discount rate. Changes in sales volumes, selling prices and costs of goods sold, and increases in interest rates could cause changes in our forecasted cash flows. Unfavorable changes in any of the factors described above could result in a goodwill impairment charge in the future. Recently Adopted Accounting Pronouncements Effective January 1, 2022, we adopted Accounting Standards Update (“ASU”) No. 2021-04, Issuers Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This ASU is intended to clarify accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity-classified after modification or exchange. The accounting is determined based on whether the transaction was done to issue equity, issue or modify debt or for other reasons. Adoption of this ASU did not have a material effect on our financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021-08, Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU pertains to acquired revenue contracts with customers in a business combination and addresses diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. This ASU is to be applied prospectively for years beginning after December 15, 2022. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows. Change in Accounting Principle During the third quarter of 2022, we elected to change our method of accounting for U.S. inventory from the Last-In, First-Out (“LIFO”) method to the First-In, First-Out (“FIFO”) method. We believe the FIFO method of accounting for inventory is preferable because it provides for an inventory balance that more closely reflects the inventory’s current cost, improves efficiency and enhances comparability with our peers. The effects of the change in accounting method from LIFO to FIFO have been retrospectively applied to all periods presented in all sections of this Form 10-Q, including Management's Discussion and Analysis. As a result of the accounting change, accumulated deficit as of January 1, 2021 improved from $315.5 million, as reported under the LIFO method to $309.9 million using the FIFO method. Accumulated deficit as of January 1, 2022 improved from $310.3 million, as reported under the LIFO method to $303.6 million using the FIFO method. The following financial statement line items within the accompanying condensed consolidated financial statements and unaudited interim 2022 and 2021 quarterly condensed consolidated financial statements were adjusted as follows: Condensed Consolidated Income Statements (in millions, except per share amounts) (Unaudited) Three Months Ended Three Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Cost of products sold $ 92.3 $ 92.0 $ (0.3) $ 93.7 $ 93.9 $ 0.2 Income (loss) before income taxes 15.7 16.0 0.3 2.9 2.7 (0.2) Income tax (provision) benefit (0.3) (0.3) — (38.0) (38.0) — Net income (loss) 15.4 15.7 0.3 (35.1) (35.3) (0.2) Earnings (loss) per share: Basic $ 0.33 $ 0.34 $ 0.01 $ (0.73) $ (0.73) $ — Diluted $ 0.33 $ 0.33 $ — $ (0.73) $ (0.73) $ — Nine Months Ended Nine Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Cost of products sold $ 270.6 $ 269.4 $ (1.2) $ 283.8 $ 284.3 $ 0.5 Income (loss) before income taxes 40.1 41.3 1.2 (18.5) (19.0) (0.5) Income tax (provision) benefit (7.5) (7.7) (0.2) 13.7 13.8 0.1 Net income (loss) 32.6 33.6 1.0 (4.8) (5.2) (0.4) Earnings (loss) per share: Basic $ 0.69 $ 0.71 $ 0.02 $ (0.10) $ (0.11) $ (0.01) Diluted $ 0.69 $ 0.71 $ 0.02 $ (0.10) $ (0.11) $ (0.01) Condensed Consolidated Income Statements (cont’d) (in millions, except per share amounts) (Unaudited) Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Cost of products sold $ 88.1 $ 86.6 $ (1.5) $ 100.7 $ 100.0 $ (0.7) Income (loss) before income taxes 16.5 18.0 1.5 (8.2) (7.5) 0.7 Income tax (provision) benefit (5.1) (5.5) (0.4) 46.1 46.0 (0.1) Net income (loss) 11.4 12.5 1.1 37.9 38.5 0.6 Earnings (loss) per share: Basic $ 0.24 $ 0.27 $ 0.03 $ 0.79 $ 0.80 $ 0.01 Diluted $ 0.24 $ 0.26 $ 0.02 $ 0.78 $ 0.79 $ 0.01 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Cost of products sold $ 178.3 $ 177.4 $ (0.9) $ 190.1 $ 190.4 $ 0.3 Income (loss) before income taxes 24.4 25.3 0.9 (21.4) (21.7) (0.3) Income tax (provision) benefit (7.2) (7.4) (0.2) 51.7 51.8 0.1 Net income (loss) 17.2 17.9 0.7 30.3 30.1 (0.2) Earnings (loss) per share: Basic $ 0.36 $ 0.38 $ 0.02 $ 0.63 $ 0.63 $ — Diluted $ 0.36 $ 0.37 $ 0.01 $ 0.62 $ 0.62 $ — Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Cost of products sold $ 90.2 $ 90.8 $ 0.6 $ 89.4 $ 90.4 $ 1.0 Income (loss) before income taxes 7.9 7.3 (0.6) (13.2) (14.2) (1.0) Income tax (provision) benefit (2.1) (1.9) 0.2 5.6 5.8 0.2 Net income (loss) 5.8 5.4 (0.4) (7.6) (8.4) (0.8) Earnings (loss) per share: Basic $ 0.12 $ 0.11 $ (0.01) $ (0.16) $ (0.17) $ (0.01) Diluted $ 0.12 $ 0.11 $ (0.01) $ (0.16) $ (0.17) $ (0.01) Condensed Consolidated Statements of Comprehensive Income (in millions) (Unaudited) Three Months Ended Three Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Net income (loss) $ 15.4 15.7 $ 0.3 $ (35.1) $ (35.3) $ (0.2) Comprehensive income (loss) 10.3 10.6 0.3 (38.7) (38.9) (0.2) Nine Months Ended Nine Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Net income (loss) $ 32.6 $ 33.6 $ 1.0 $ (4.8) $ (5.2) $ (0.4) Comprehensive income (loss) 23.5 24.5 1.0 (10.3) (10.7) (0.4) Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Net income (loss) $ 11.4 $ 12.5 $ 1.1 $ 37.9 $ 38.5 $ 0.6 Comprehensive income (loss) 5.7 6.8 1.1 40.2 40.8 0.6 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Net income (loss) $ 17.2 $ 17.9 $ 0.7 $ 30.3 $ 30.1 $ (0.2) Comprehensive income (loss) 13.2 13.9 0.7 28.4 28.2 (0.2) Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Net income (loss) $ 5.8 $ 5.4 $ (0.4) $ (7.6) $ (8.4) $ (0.8) Comprehensive income (loss) 7.5 7.1 (0.4) (11.8) (12.6) (0.8) Condensed Consolidated Balance Sheets (in millions) (Unaudited) As of September 30, 2022 As of December 31, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Inventories $ 183.4 $ 193.6 $ 10.2 $ 150.3 $ 159.3 $ 9.0 Accrued expenses (a) 77.5 80.0 2.5 68.1 68.1 — Deferred tax liabilities 37.0 37.0 — 9.6 11.9 2.3 Accumulated deficit, end of period (277.7) (270.0) 7.7 (310.3) (303.6) 6.7 Condensed Consolidated Statements of Stockholders’ Equity (in millions) (Unaudited) Three Months Ended Three Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (293.1) $ (285.7) $ 7.4 $ (285.2) $ (279.8) $ 5.4 Net income (loss) 15.4 15.7 0.3 (35.1) (35.3) (0.2) Total stockholders' equity 1,255.8 1,263.5 7.7 1,261.9 1,267.1 5.2 Nine Months Ended Nine Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (310.3) $ (303.6) $ 6.7 $ (315.5) $ (309.9) $ 5.6 Net income (loss) 32.6 33.6 1.0 (4.8) (5.2) (0.4) Total stockholders' equity 1,255.8 1,263.5 7.7 1,261.9 1,267.1 5.2 Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (304.5) $ (298.2) $ 6.3 $ (323.1) $ (318.3) $ 4.8 Net income (loss) 11.4 12.5 1.1 37.9 38.5 0.6 Total stockholders' equity 1,251.6 1,259.0 7.4 1,296.3 1,301.7 5.4 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (310.3) $ (303.6) $ 6.7 $ (315.5) $ (309.9) $ 5.6 Net income (loss) 17.2 17.9 0.7 30.3 30.1 (0.2) Total stockholders' equity 1,251.6 1,259.0 7.4 1,296.3 1,301.7 5.4 Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (310.3) $ (303.6) $ 6.7 $ (315.5) $ (309.9) $ 5.6 Net income (loss) 5.8 5.4 (0.4) (7.6) (8.4) (0.8) Total stockholders' equity 1,256.5 1,262.8 6.3 1,252.6 1,257.4 4.8 Condensed Consolidated Cash Flow Statements (in millions) (Unaudited) Nine Months Ended Nine Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Net income (loss) $ 32.6 $ 33.6 $ 1.0 $ (4.8) $ (5.2) $ (0.4) Inventories (34.6) (35.8) (1.2) 9.4 9.9 0.5 Accrued expenses (a) (18.7) (18.5) 0.2 (24.4) (24.5) (0.1) Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Net income (loss) $ 17.2 $ 17.9 $ 0.7 $ 30.3 $ 30.1 $ (0.2) Inventories (17.1) (18.0) (0.9) 8.7 9.0 0.3 Accrued expenses (a) (28.7) (28.5) 0.2 (5.6) (5.7) (0.1) Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Net income (loss) $ 5.8 $ 5.4 $ (0.4) $ (7.6) $ (8.4) $ (0.8) Inventories (4.5) (3.9) 0.6 2.8 3.8 1.0 Accrued expenses (a) (28.6) (28.8) (0.2) (2.0) (2.2) (0.2) __________________________________________________

Business Acquisition

Business Acquisition	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Business Acquisition	Business Acquisition On January 20, 2022, we acquired all of the equity voting interests and completed the acquisition of OrthogenRx, Inc. (“OrthogenRx”), which is focused on the development and commercialization of treatments for knee pain caused by osteoarthritis. We expect the acquisition of OrthogenRx will enhance our chronic pain portfolio. The initial purchase price was $130 million at closing less working capital adjustments, with up to an additional $30 million payable in contingent cash consideration based on OrthogenRx’s growth in net sales during 2022 and 2023. The purchase price was funded by available cash on hand and the proceeds of borrowings, including an incremental $125.0 million tranche of term loans. T he accompanying condensed consolidated income statement for the three and nine months ended September 30, 2022 includes $20.4 million and $56.9 million of net sales, respectively, from OrthogenRx since the closing of the acquisition. In the three and nine months ended September 30, 2022, we incurred $0.2 million and $1.6 million of costs, respectively, in connection with the OrthogenRx acquisition, which are included in “Selling and general expenses.” We accounted for the OrthogenRx acquisition under the acquisition method of accounting for business combinations. Accordingly, the purchase price paid was allocated to the underlying net assets in proportion to their respective fair values. The fair value of the net assets acquired are based on estimates and assumptions relating to certain intangible assets acquired, liabilities assumed, income taxes and loss contingencies, which are subject to change during the measurement period (up to one year from the acquisition date). The deferred tax liability is subject to change as the estimated liability may be adjusted in conjunction with our year-end tax provision calculation. Any excess of the purchase price over the estimated fair values was recorded as goodwill. Fair values of assets acquired and liabilities assumed were determined using discounted cash flow analyses, and the fair value of the contingent cash consideration was estimated using a Monte Carlo simulation. The purchase price allocation, net of cash acquired, is shown in the table below (in millions): Accounts receivable, net $ 13.7 Inventory 2.8 Other current assets 0.4 Accounts payable (5.4) Other current liabilities (13.0) Contingent consideration (9.2) Other non-current assets (liabilities) (9.5) Deferred tax liability (23.7) Identifiable intangible assets 135.6 Goodwill 24.4 Total $ 116.1 Goodwill arising from the OrthogenRx acquisition is not fully tax deductible. The identifiable intangible assets relating to the OrthogenRx acquisition include the following (in millions, except years): Identifiable Intangible Asset Amount Weighted Average Useful Lives (Years) Trademarks $ 1.3 10 Other 134.3 14 Total $ 135.6 Other intangible assets are primarily related to the OrthogenRx products that we currently market and distribute, combined into one composite intangible asset that includes customer relationships and exclusive distribution rights. The following unaudited pro forma financial information is presented in the table below for the three and nine months ended September 30, 2022 and 2021 as if the acquisition had occurred on January 1, 2021 (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 (Unaudited) 2021 (Unaudited) 2022 (Unaudited) 2021 (Unaudited) Net sales $ 202.1 $ 204.3 $ 604.8 $ 605.5 Net income $ 15.9 $ (28.2) $ 36.7 $ 9.8 Earnings (Loss) Per Share: Basic $ 0.34 $ (0.58) $ 0.78 $ 0.20 Diluted $ 0.34 $ (0.58) $ 0.77 $ 0.20 The pro forma financial information has been adjusted to include the effects of the acquisition, including acquisition-related costs, amortization of acquired intangibles and related tax effects. The pro-forma financial information is not necessarily indicative of the results of operations that would have been achieved.

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information Accounts Receivable Accounts receivable consist of the following (in millions): September 30, 2022 December 31, 2021 Accounts receivable $ 140.0 $ 122.0 Income tax receivable 12.2 13.0 Allowances and doubtful accounts: Doubtful accounts (5.7) (3.6) Sales discounts (0.3) (0.2) Accounts receivable, net $ 146.2 $ 131.2 Losses on receivables are estimated based on known troubled accounts and historical experience. Receivables are considered impaired and written off when it is probable that payments due will not be collected. Our provision for doubtful accounts was a net expense of $0.4 million and $1.0 million for the three and nine months ended September 30, 2022, respectively, compared to a net benefit of $0.1 million and $0.5 million for the three and nine months ended September 30, 2021, respectively. Inventories Inventories at the lower of cost (determined on the FIFO method) or net realizable value consists of the following (in millions): September 30, 2022 December 31, 2021 Raw materials $ 55.3 $ 47.7 Work in process 34.1 33.2 Finished goods 96.7 71.6 Supplies and other 7.5 6.8 Total Inventory $ 193.6 $ 159.3 As of September 30, 2022, our inventory reserve balance was $5.0 million consisting of $2.2 million for Halyard-branded inventory and $2.8 million for inventory obsolescence. Property, Plant and Equipment Property, plant and equipment consists of the following (in millions): September 30, 2022 December 31, 2021 Land $ 1.1 $ 1.1 Buildings and leasehold improvements 47.0 48.0 Machinery and equipment 230.1 223.2 Construction in progress 34.4 32.0 312.6 304.3 Less accumulated depreciation (149.2) (136.2) Total $ 163.4 $ 168.1 Depreciation expense was $5.5 million and $16.3 million for the three and nine months ended September 30, 2022, respectively, compared to $5.4 million and $16.3 million for the three and nine months ended September 30, 2021, respectively. Goodwill and Intangible Assets The changes in the carrying amount of goodwill are as follows (in millions): Goodwill Balance, December 31, 2021 $ 801.6 Goodwill acquired (a) 24.4 Currency translation adjustment (2.4) Balance, September 30, 2022 $ 823.6 ____________________________________________ (a) We acquired $24.4 million of goodwill in conjunction with the acquisition of OrthogenRx described in Note 2, “Business Acquisition.” Goodwill was allocated to our existing medical devices reporting segment. Intangible assets subject to amortization consist of the following (in millions): September 30, 2022 December 31, 2021 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Trademarks $ 92.5 $ (66.2) $ 26.3 $ 90.9 $ (64.0) $ 26.9 Patents and acquired technologies 278.8 (192.1) 86.7 271.7 (177.7) 94.0 Other 187.4 (41.7) 145.7 61.2 (40.9) 20.3 Total $ 558.7 $ (300.0) $ 258.7 $ 423.8 $ (282.6) $ 141.2 In the first quarter of 2022, we acquired $135.6 million of identified intangibles in conjunction with our acquisition of OrthogenRx, as described in Note 2, “Business Acquisition.” Amortization expense for intangible assets is included in “Costs of products sold” and “Selling and general expenses” and was $6.1 million and $18.0 million for the three and nine months ended September 30, 2022, respectively, compared to $4.2 million and $12.5 million for the three and nine months ended September 30, 2021, respectively. Amortization expense for the remainder of 2022 and the following four years and thereafter is estimated as follows (in millions): Amount Remainder of 2022 $ 12.4 2023 29.9 2024 29.9 2025 29.3 2026 22.7 Thereafter 134.5 Total $ 258.7 Accrued Expenses Accrued expenses consist of the following (in millions): September 30, 2022 December 31, 2021 Accrued rebates and customer incentives $ 23.6 $ 24.5 Accrued salaries and wages 33.4 29.3 Accrued taxes and other 9.5 3.0 Other 13.5 11.3 Total $ 80.0 $ 68.1 Other Long-Term Liabilities Other long-term liabilities consist of the following (in millions): September 30, 2022 December 31, 2021 Accrued compensation and benefits $ 4.3 $ 4.4 Other (a) 23.5 4.7 Total $ 27.8 $ 9.1 __________________________________________________ (a) For the September 30, 2022 period presented, amounts primarily relate to contingent consideration and indemnification liability associated with the OrthogenRx acquisition as described in Note 2, “Business Acquisition.”

Fair Value Information

Fair Value Information	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Information	Fair Value Information The following fair value information is based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels in the hierarchy used to measure fair value are: Level 1: Unadjusted quoted prices in active markets accessible at the reporting date for identical assets and liabilities. Level 2: Quoted prices for similar assets or liabilities in active markets. Quoted prices for identical or similar assets and liabilities in markets that are not considered active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3: Prices or valuations that require inputs that are significant to the valuation and are unobservable. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following table includes the fair value of our financial instruments for which disclosure of fair value is required (in millions): September 30, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated Assets Cash and cash equivalents 1 $ 117.0 $ 117.0 $ 118.5 $ 118.5 Liabilities Revolving Credit Facility 2 $ 130.0 $ 130.0 $ 130.0 $ 130.0 Term Loan Facility 2 124.0 124.0 — — Contingent consideration related to acquisition 3 9.2 9.2 — — Cash equivalents are recorded at cost, which approximates fair value due to their short-term nature. The fair value of amounts borrowed under our Revolving Credit Facility and Term Loan Facility approximates carrying value because borrowings are subject to a variable rate as described in Note 5, “Debt.” The fair value amount of the contingent consideration was determined using a Monte Carlo simulation using assumptions regarding net sales volatility, discount rate and others. See further discussion of the acquisition of OrthogenRx in Note 2, “Business Acquisition.”

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt As of September 30, 2022 and December 31, 2021, our respective debt balances were as follows (in millions): Weighted-Average Interest Rate Maturity September 30, 2022 December 31, 2021 (a) Revolving Credit Facility 4.18 % 2027 $ 130.0 $ 130.0 Term Loan Facility 4.18 % 2027 125.0 — 255.0 130.0 Unamortized debt issuance costs (1.0) — Current portion of long-term debt (6.2) — Total Long-Term Debt, net $ 247.8 $ 130.0 ____________________________________________ (a) Borrowings for this period presented were under the Amended and Restated Credit Agreement dated as of October 30, 2018. On June 24, 2022, we entered into a credit agreement (the “Credit Agreement”) with certain lenders which established credit facilities in an aggregate principal amount of $500.0 million, consisting of a five-year senior secured term loan of $125.0 million (the “Term Loan Facility”) and a five-year senior secured revolving credit facility allowing borrowings of up to $375.0 million, with a letter of credit subfacility in an amount of $75.0 million (the “Revolving Credit Facility”). All obligations under the Credit Agreement and certain hedging agreements and cash management arrangements thereunder are: (i) guaranteed by each of the Company’s direct and indirect, existing and future, material wholly owned domestic subsidiaries (“Guarantors”) and (ii) secured by a first priority lien on substantially all the assets of the Company and the Guarantors. The Credit Agreement contains an accordion feature that allows us to incur incremental term loans under the Term Loan Facility or under new term loan facilities or to increase the amount of the commitments under the Revolving Credit Facility, including through the establishment of one or more tranches under the Revolving Credit Facility. The Credit Agreement will mature on June 24, 2027. Borrowings under the Term Loan Facility and Revolving Credit Facility bear interest at our option at either: (i) an adjusted term secured overnight financing rate (“SOFR”), plus a margin ranging between 1.50% to 2.00% per annum, depending on our consolidated total leverage ratio; (ii) an adjusted daily simple SOFR rate, plus a margin ranging between 1.50% to 2.00% per annum, depending on our consolidated total leverage ratio; or (iii) a base rate (calculated as the greatest of (a) the prime rate, (b) the NYFRB rate (being the greater of the federal funds effective rate or the overnight bank funding rate) plus 0.50%, and (c) the one month adjusted term SOFR rate plus 1.00%), plus a margin ranging between 0.50% to 1.00% per annum, depending on our consolidated total leverage ratio. The unused portion of the Revolving Credit Facility will be subject to a commitment fee ranging between 0.20% to 0.25% per annum, depending on our consolidated total leverage ratio. Unamortized debt discount and issuance costs are being amortized to interest expense over the life of the Term Loan Facility using the interest method, resulting in an effective interest rate of 4.4% as of September 30, 2022. The Credit Agreement requires compliance with certain customary operational and financial covenants . As of September 30, 2022, we were in compliance with these covenants. In addition, the Credit Agreement contains certain other customary limitations on our ability to, among other things: incur additional indebtedness; pay dividends on or repurchase or redeem our capital stock; make loans, investments and acquisitions; sell, transfer or otherwise dispose of assets; guarantee other obligations; create or grant liens; and enter into certain types of transactions with affiliates. Notwithstanding such limitations, the Credit Agreement allows us to pay dividends, repurchase stock and make investments up to an “Available Amount,” as defined in the Credit Agreement, provided no event of default has occurred and certain financial ratios have been achieved on a pro forma basis. We are permitted to prepay all or a portion of the Term Loan Facility and the Revolving Credit Facility at any time without premium or penalty. As of September 30, 2022, we had $130.0 million of borrowings under the Revolving Credit Facility. In connection with entering into the Credit Agreement, we terminated the Amended and Restated Credit Agreement dated as of October 30, 2018 by and among the Company, the lenders thereunder and Citibank N.A., as administrative agent (as amended and supplemented, the “Prior Credit Agreement”). The Prior Credit Agreement established a $250.0 million senior secured revolving credit facility, with a letter of credit sub-facility of $25.0 million. The Prior Credit Agreement was scheduled to mature on October 30, 2023. As a result of terminating the Prior Credit Agreement, for the nine months ended September 30, 2022, we incurred a debt extinguishment loss of $1.1 million, which is included in “Interest expense” in the accompanying consolidated income statement. Debt Payments The Credit Agreement requires quarterly principal installment payments on the Term Loan Facility of 10 percent of the total principal borrowed for the first eight quarters following funding and then quarterly installment payments of 20 percent of the total principal borrowed, at which time the remaining unpaid principal amount of the Term Loan Facility is due and payable by the Company upon the maturity date of June 24, 2027. The current portion of the Term Loan Facility is $6.2 million. Interest is payable quarterly. We have the right to voluntarily prepay the Term Loan Facility in accordance with the terms of the Credit Agreement. Interest is payable at the same rates set forth above for the Revolving Credit Facility As of September 30, 2022, the aggregate amounts of long-term debt that will mature during each of the next four years and thereafter are as follows (in millions): Amount Remainder of 2022 $ 1.6 2023 6.2 2024 7.0 2025 9.4 2026 10.2 Thereafter 220.6 Total $ 255.0

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The changes in the components of Accumulated Other Comprehensive Income (“AOCI”), net of tax, are as follows (in millions): Unrealized Currency Accumulated Balance, December 31, 2021 $ (33.8) $ (33.8) Other comprehensive income (loss) (9.1) (9.1) Balance, September 30, 2022 $ (42.9) $ (42.9) The net changes in the components of AOCI, including the tax effect, are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Unrealized currency translation $ (5.1) $ (3.7) $ (9.1) $ (5.6) Defined benefit pension plans — 0.1 — 0.1 Defined benefit pension plans, net of tax — 0.1 — 0.1 Change in AOCI $ (5.1) $ (3.6) $ (9.1) $ (5.5)

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is included in “Cost of products sold,” “Research and development,” and “Sales and general expenses.” Stock-based compensation expense for the three and nine months ended September 30, 2022 and 2021 is shown in the table below (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options $ 0.3 $ 0.4 $ 0.9 $ 1.5 Time-based restricted share units 3.1 2.5 8.6 6.8 Performance-based restricted share units 0.7 0.5 2.2 1.7 Employee stock purchase plan — 0.1 0.2 0.2 Total stock-based compensation $ 4.1 $ 3.5 $ 11.9 $ 10.2

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters We are subject to various legal proceedings, claims and governmental inspections, audits or investigations pertaining to issues such as contract disputes, product liability, tax matters, patents and trademarks, advertising, governmental regulations, employment and other matters. Under the terms of the distribution agreement we entered into with Kimberly-Clark Corporation (“Kimberly-Clark”) prior to our 2014 spin-off from Kimberly-Clark, legal proceedings, claims and other liabilities that are primarily related to our business are our responsibility and we are obligated to indemnify and hold Kimberly-Clark harmless for such matters. Government Investigation In June 2015, we were served with a subpoena from the Department of Veterans Affairs Office of the Inspector General (“VA OIG”) seeking information related to the design, manufacture, testing, sale and promotion of MicroCool and other surgical gowns produced by the Company. In July 2015, we became aware that the VA OIG subpoena and an earlier VA OIG subpoena served on Kimberly-Clark requesting information about gown sales to the federal government were related to a United States Department of Justice (“DOJ”) investigation. In May 2016, April 2017 and September 2018, we received additional subpoenas from the DOJ seeking further information related to the Company’s surgical gowns. On July 6, 2021, we entered into a Deferred Prosecution Agreement (“DPA”) with the DOJ that resolved their criminal investigation related to our MicroCool surgical gowns. Pursuant to the terms of the DPA, in July 2021 the Company made a payment of $22.2 million. We continue to comply with the terms of the DPA. Patent Litigation We operate in an industry characterized by extensive patent litigation. Competitors may claim that our products infringe upon their intellectual property. Resolution of patent litigation or other intellectual property claims is typically time consuming and costly and can result in significant damage awards and injunctions that could prevent the manufacture and sale of the affected products or require us to make significant royalty payments in order to continue selling the affected products. At any given time, we may be involved as either a plaintiff or a defendant in a number of patent infringement actions, the outcomes of which may not be known for prolonged periods of time. General While we maintain general and professional liability, product liability and other insurance, our insurance policies may not cover all of these matters and may not fully cover liabilities arising out of these matters. In addition, we may be obligated to indemnify our directors and officers against these matters. We record provisions in the consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. For any matters that are reasonably possible to result in loss and for which no possible loss or range of loss is disclosed in this Form 10-Q, management has determined that it is unable to estimate the possible loss or range of loss because, in each case, at least the following facts applied: (a) the matter is at an early stage of the proceedings; (b) the damages are indeterminate, unspecified or determined to be immaterial; and (c) significant factual issues have yet to be resolved. At present, although the results of litigation and claims cannot be predicted with certainty, we believe that the ultimate resolution of any pending legal proceeding to which we are a party will not have a material adverse effect on our business, financial condition, results of operations or liquidity. Environmental Compliance We are subject to federal, state and local environmental protection laws and regulations with respect to our business operations. We believe we are operating in compliance with, or are taking action aimed at ensuring compliance with, these laws and regulations. None of our compliance obligations with environmental protection laws and regulations, individually or in the aggregate, is expected to have a material adverse effect on our business, financial condition, results of operations or liquidity.

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share (“EPS”)	Earnings Per Share (“EPS”)Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during each period. Diluted earnings per share is calculated by dividing net income by the number of common shares outstanding and the effect of all dilutive common stock equivalents outstanding during each period, as determined using the treasury stock method. The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 is set forth in the following table (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income (loss) $ 15.7 $ (35.3) $ 33.6 $ (5.2) Weighted Average Shares Outstanding: Basic weighted average shares outstanding 46.6 48.1 47.1 48.1 Dilutive effect of stock options and restricted share unit awards 0.4 — 0.4 — Diluted weighted average shares outstanding 47.0 48.1 47.5 48.1 Earnings (Loss) Per Share Basic $ 0.34 $ (0.73) $ 0.71 $ (0.11) Diluted $ 0.33 $ (0.73) $ 0.71 $ (0.11) Restricted share units (“RSUs”) contain provisions allowing for the equivalent of any dividends paid on common stock during the restricted period to be reinvested into additional RSUs at the then fair market value of the common stock on the date the dividends are paid. Such awards are to be included in the EPS calculation under the two-class method. Currently, we do not anticipate any cash dividends for the foreseeable future and our outstanding RSU awards are not material in comparison to our weighted average shares outstanding. Accordingly, all EPS amounts reflect shares as if they were fully vested and the disclosures associated with the two-class method are not presented herein. For the three and nine months ended September 30, 2022, 1.7 million and 1.8 million of potentially dilutive stock options and RSU awards were excluded from the computation of earnings per share as their effect would have been anti-dilutive.

Business and Products Informati

Business and Products Information	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Business and Products Information	Business and Products Information We conduct our business in one operating and reportable segment that provides our medical device products to healthcare providers and patients in more than 90 countries with manufacturing facilities in the United States and Mexico. We provide a portfolio of innovative product offerings focused on chronic care and pain management to improve patient outcomes and reduce the cost of care. Our management evaluates net sales by product category within our single reportable segment as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Chronic Care: Digestive health $ 85.9 $ 77.8 $ 247.5 $ 235.3 Respiratory health 29.8 39.3 100.0 118.9 Total Chronic Care 115.7 117.1 347.5 354.2 Pain Management: Acute pain $ 38.9 $ 40.7 $ 118.8 $ 121.6 Interventional pain 47.5 26.3 136.2 75.4 Total Pain Management 86.4 67.0 255.0 197.0 Total Net Sales $ 202.1 $ 184.1 $ 602.5 $ 551.2 Chronic care is a portfolio of products including: • Digestive health products such as our Mic-Key enteral feeding tubes, Corpak patient feeding solutions and NeoMed neonatal and pediatric feeding solutions; and • Respiratory health products such as our closed airway suction systems and other airway management devices marketed under the Ballard, Microcuff and Endoclear brands. Pain management is a portfolio of non-opioid pain solutions including: • Acute pain products such as On-Q and ambIT surgical pain pumps and Game Ready cold and compression therapy systems; and • Interventional pain solutions, which provide minimally invasive pain relief therapies, such as our Coolief pain therapy and OrthogenRx’s pain relief injection products. Liabilities for estimated returns, rebates and incentives are presented in the table below (in millions): September 30, 2022 December 31, 2021 Accrued rebates $ 12.3 $ 14.3 Accrued customer incentives 11.3 10.2 Accrued rebates and customer incentives 23.6 24.5 Accrued sales returns (a) 0.1 0.1 Total estimated liabilities $ 23.7 $ 24.6 __________________________________________________ (a) Accrued sales returns are included in “Other” in the accrued expenses table in Note 3, “Supplemental Balance Sheet Information.” Due to the nature of our business, we receive purchase orders for products under supply agreements which are normally fulfilled within three to four weeks. Our performance obligations under purchase orders are satisfied and revenue is recognized at a point in time, which is upon shipment or upon delivery of our products, depending on shipping terms. Accordingly, we normally do not have transactions that give rise to material unfulfilled performance obligations.

Share Repurchase Programs

Share Repurchase Programs	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Share Repurchase Programs	Share Repurchase Programs On December 15, 2021, we announced that our Board of Directors had approved a share repurchase program authorizing us to repurchase up to $30.0 million of our common stock. We established a pre-arranged trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Rule 10b5-1 trading plan permits common stock to be repurchased over a twelve-month period. In the fourth quarter of 2021, we repurchased $10.7 million of our common stock and during the first quarter of 2022, we repurchased an additional $19.3 million of our common stock. On May 16, 2022, the Board of Directors approved a new one-year program under which we may repurchase up to $25.0 million of our common stock. Repurchases under this program will be made from time to time at management’s discretion on the open market or through privately negotiated transactions in compliance with Rule 10b-18 under the Exchange Act, subject to market conditions, applicable legal requirements and other relevant factors, and we have established a pre-arranged trading plan under Rule 10b5-1 of the Exchange Act. This share repurchase program does not obligate us to purchase any particular amount of common stock and may be suspended, modified or discontinued by us without prior notice. For the nine months ended September 30, 2022, our repurchases of our common stock were as summarized in the table below. Shares Repurchased Aggregate Purchase Price Average Price per Share Amount Remaining in # of Shares Program to Date First quarter of 2022 588,293 911,433 $ 19.3 $ 32.85 $ — Second quarter of 2022 522,162 522,162 14.1 27.00 10.9 Third quarter of 2022 399,957 922,119 10.9 27.25 — In addition to the share repurchase program, we withheld 27,263 shares of common stock for $0.8 million in taxes associated with stock-based compensation transactions for the nine months ended September 30, 2022.

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Background and Basis of Presentation and Interim Financial Statements	Background and Basis of Presentation Avanos Medical, Inc. is a medical technology company focused on delivering clinically superior breakthrough medical device solutions to improve patients’ quality of life. Headquartered in Alpharetta, Georgia, Avanos is committed to addressing some of today’s most important healthcare needs, such as reducing the use of opioids while helping patients move from surgery to recovery. We develop, manufacture and market clinically superior solutions in more than 90 countries. References herein to “Avanos,” “Company,” “we,” “our” and “us” refer to Avanos Medical, Inc. and its consolidated subsidiaries. Interim Financial Statements
Use of Estimates	Use of Estimates Preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Estimates are used in accounting for, among other things, distributor rebate accruals, future cash flows associated with impairment testing for goodwill and long-lived assets, loss contingencies, and deferred tax assets and potential income tax assessments. Our estimates are subject to uncertainties associated with supply chain disruptions, which have caused volatility and adverse effects in global markets. Actual results could differ from these estimates, and the effect of any change could be material to our financial statements. Changes in these estimates are recorded when known.
Recently Adopted Accounting Pronouncements/Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2022, we adopted Accounting Standards Update (“ASU”) No. 2021-04, Issuers Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This ASU is intended to clarify accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity-classified after modification or exchange. The accounting is determined based on whether the transaction was done to issue equity, issue or modify debt or for other reasons. Adoption of this ASU did not have a material effect on our financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021-08, Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU pertains to acquired revenue contracts with customers in a business combination and addresses diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. This ASU is to be applied prospectively for years beginning after December 15, 2022. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows.
Change in Accounting Principle	Change in Accounting Principle During the third quarter of 2022, we elected to change our method of accounting for U.S. inventory from the Last-In, First-Out (“LIFO”) method to the First-In, First-Out (“FIFO”) method. We believe the FIFO method of accounting for inventory is preferable because it provides for an inventory balance that more closely reflects the inventory’s current cost, improves efficiency and enhances comparability with our peers. The effects of the change in accounting method from LIFO to FIFO have been retrospectively applied to all periods presented in all sections of this Form 10-Q, including Management's Discussion and Analysis.

Accounting Policies (Tables)

Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Accounting Standards Update and Change in Accounting Principle	The following financial statement line items within the accompanying condensed consolidated financial statements and unaudited interim 2022 and 2021 quarterly condensed consolidated financial statements were adjusted as follows: Condensed Consolidated Income Statements (in millions, except per share amounts) (Unaudited) Three Months Ended Three Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Cost of products sold $ 92.3 $ 92.0 $ (0.3) $ 93.7 $ 93.9 $ 0.2 Income (loss) before income taxes 15.7 16.0 0.3 2.9 2.7 (0.2) Income tax (provision) benefit (0.3) (0.3) — (38.0) (38.0) — Net income (loss) 15.4 15.7 0.3 (35.1) (35.3) (0.2) Earnings (loss) per share: Basic $ 0.33 $ 0.34 $ 0.01 $ (0.73) $ (0.73) $ — Diluted $ 0.33 $ 0.33 $ — $ (0.73) $ (0.73) $ — Nine Months Ended Nine Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Cost of products sold $ 270.6 $ 269.4 $ (1.2) $ 283.8 $ 284.3 $ 0.5 Income (loss) before income taxes 40.1 41.3 1.2 (18.5) (19.0) (0.5) Income tax (provision) benefit (7.5) (7.7) (0.2) 13.7 13.8 0.1 Net income (loss) 32.6 33.6 1.0 (4.8) (5.2) (0.4) Earnings (loss) per share: Basic $ 0.69 $ 0.71 $ 0.02 $ (0.10) $ (0.11) $ (0.01) Diluted $ 0.69 $ 0.71 $ 0.02 $ (0.10) $ (0.11) $ (0.01) Condensed Consolidated Income Statements (cont’d) (in millions, except per share amounts) (Unaudited) Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Cost of products sold $ 88.1 $ 86.6 $ (1.5) $ 100.7 $ 100.0 $ (0.7) Income (loss) before income taxes 16.5 18.0 1.5 (8.2) (7.5) 0.7 Income tax (provision) benefit (5.1) (5.5) (0.4) 46.1 46.0 (0.1) Net income (loss) 11.4 12.5 1.1 37.9 38.5 0.6 Earnings (loss) per share: Basic $ 0.24 $ 0.27 $ 0.03 $ 0.79 $ 0.80 $ 0.01 Diluted $ 0.24 $ 0.26 $ 0.02 $ 0.78 $ 0.79 $ 0.01 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Cost of products sold $ 178.3 $ 177.4 $ (0.9) $ 190.1 $ 190.4 $ 0.3 Income (loss) before income taxes 24.4 25.3 0.9 (21.4) (21.7) (0.3) Income tax (provision) benefit (7.2) (7.4) (0.2) 51.7 51.8 0.1 Net income (loss) 17.2 17.9 0.7 30.3 30.1 (0.2) Earnings (loss) per share: Basic $ 0.36 $ 0.38 $ 0.02 $ 0.63 $ 0.63 $ — Diluted $ 0.36 $ 0.37 $ 0.01 $ 0.62 $ 0.62 $ — Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Cost of products sold $ 90.2 $ 90.8 $ 0.6 $ 89.4 $ 90.4 $ 1.0 Income (loss) before income taxes 7.9 7.3 (0.6) (13.2) (14.2) (1.0) Income tax (provision) benefit (2.1) (1.9) 0.2 5.6 5.8 0.2 Net income (loss) 5.8 5.4 (0.4) (7.6) (8.4) (0.8) Earnings (loss) per share: Basic $ 0.12 $ 0.11 $ (0.01) $ (0.16) $ (0.17) $ (0.01) Diluted $ 0.12 $ 0.11 $ (0.01) $ (0.16) $ (0.17) $ (0.01) Condensed Consolidated Statements of Comprehensive Income (in millions) (Unaudited) Three Months Ended Three Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Net income (loss) $ 15.4 15.7 $ 0.3 $ (35.1) $ (35.3) $ (0.2) Comprehensive income (loss) 10.3 10.6 0.3 (38.7) (38.9) (0.2) Nine Months Ended Nine Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Net income (loss) $ 32.6 $ 33.6 $ 1.0 $ (4.8) $ (5.2) $ (0.4) Comprehensive income (loss) 23.5 24.5 1.0 (10.3) (10.7) (0.4) Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Net income (loss) $ 11.4 $ 12.5 $ 1.1 $ 37.9 $ 38.5 $ 0.6 Comprehensive income (loss) 5.7 6.8 1.1 40.2 40.8 0.6 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Net income (loss) $ 17.2 $ 17.9 $ 0.7 $ 30.3 $ 30.1 $ (0.2) Comprehensive income (loss) 13.2 13.9 0.7 28.4 28.2 (0.2) Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Net income (loss) $ 5.8 $ 5.4 $ (0.4) $ (7.6) $ (8.4) $ (0.8) Comprehensive income (loss) 7.5 7.1 (0.4) (11.8) (12.6) (0.8) Condensed Consolidated Balance Sheets (in millions) (Unaudited) As of September 30, 2022 As of December 31, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Inventories $ 183.4 $ 193.6 $ 10.2 $ 150.3 $ 159.3 $ 9.0 Accrued expenses (a) 77.5 80.0 2.5 68.1 68.1 — Deferred tax liabilities 37.0 37.0 — 9.6 11.9 2.3 Accumulated deficit, end of period (277.7) (270.0) 7.7 (310.3) (303.6) 6.7 Condensed Consolidated Statements of Stockholders’ Equity (in millions) (Unaudited) Three Months Ended Three Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (293.1) $ (285.7) $ 7.4 $ (285.2) $ (279.8) $ 5.4 Net income (loss) 15.4 15.7 0.3 (35.1) (35.3) (0.2) Total stockholders' equity 1,255.8 1,263.5 7.7 1,261.9 1,267.1 5.2 Nine Months Ended Nine Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (310.3) $ (303.6) $ 6.7 $ (315.5) $ (309.9) $ 5.6 Net income (loss) 32.6 33.6 1.0 (4.8) (5.2) (0.4) Total stockholders' equity 1,255.8 1,263.5 7.7 1,261.9 1,267.1 5.2 Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (304.5) $ (298.2) $ 6.3 $ (323.1) $ (318.3) $ 4.8 Net income (loss) 11.4 12.5 1.1 37.9 38.5 0.6 Total stockholders' equity 1,251.6 1,259.0 7.4 1,296.3 1,301.7 5.4 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (310.3) $ (303.6) $ 6.7 $ (315.5) $ (309.9) $ 5.6 Net income (loss) 17.2 17.9 0.7 30.3 30.1 (0.2) Total stockholders' equity 1,251.6 1,259.0 7.4 1,296.3 1,301.7 5.4 Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Accumulated deficit, beginning of period $ (310.3) $ (303.6) $ 6.7 $ (315.5) $ (309.9) $ 5.6 Net income (loss) 5.8 5.4 (0.4) (7.6) (8.4) (0.8) Total stockholders' equity 1,256.5 1,262.8 6.3 1,252.6 1,257.4 4.8 Condensed Consolidated Cash Flow Statements (in millions) (Unaudited) Nine Months Ended Nine Months Ended September 30, 2022 September 30, 2021 As Calculated As Reported Effect of As Reported As Adjusted Effect of Net income (loss) $ 32.6 $ 33.6 $ 1.0 $ (4.8) $ (5.2) $ (0.4) Inventories (34.6) (35.8) (1.2) 9.4 9.9 0.5 Accrued expenses (a) (18.7) (18.5) 0.2 (24.4) (24.5) (0.1) Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Net income (loss) $ 17.2 $ 17.9 $ 0.7 $ 30.3 $ 30.1 $ (0.2) Inventories (17.1) (18.0) (0.9) 8.7 9.0 0.3 Accrued expenses (a) (28.7) (28.5) 0.2 (5.6) (5.7) (0.1) Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 As Reported As Adjusted Effect of As Reported As Adjusted Effect of Net income (loss) $ 5.8 $ 5.4 $ (0.4) $ (7.6) $ (8.4) $ (0.8) Inventories (4.5) (3.9) 0.6 2.8 3.8 1.0 Accrued expenses (a) (28.6) (28.8) (0.2) (2.0) (2.2) (0.2) __________________________________________________

Business Acquisitions (Tables)

Business Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price Allocation	The purchase price allocation, net of cash acquired, is shown in the table below (in millions): Accounts receivable, net $ 13.7 Inventory 2.8 Other current assets 0.4 Accounts payable (5.4) Other current liabilities (13.0) Contingent consideration (9.2) Other non-current assets (liabilities) (9.5) Deferred tax liability (23.7) Identifiable intangible assets 135.6 Goodwill 24.4 Total $ 116.1
Schedule of Identifiable Intangible Assets	The identifiable intangible assets relating to the OrthogenRx acquisition include the following (in millions, except years): Identifiable Intangible Asset Amount Weighted Average Useful Lives (Years) Trademarks $ 1.3 10 Other 134.3 14 Total $ 135.6
Schedule of Pro-Forma Information	The following unaudited pro forma financial information is presented in the table below for the three and nine months ended September 30, 2022 and 2021 as if the acquisition had occurred on January 1, 2021 (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 (Unaudited) 2021 (Unaudited) 2022 (Unaudited) 2021 (Unaudited) Net sales $ 202.1 $ 204.3 $ 604.8 $ 605.5 Net income $ 15.9 $ (28.2) $ 36.7 $ 9.8 Earnings (Loss) Per Share: Basic $ 0.34 $ (0.58) $ 0.78 $ 0.20 Diluted $ 0.34 $ (0.58) $ 0.77 $ 0.20

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable	Accounts receivable consist of the following (in millions): September 30, 2022 December 31, 2021 Accounts receivable $ 140.0 $ 122.0 Income tax receivable 12.2 13.0 Allowances and doubtful accounts: Doubtful accounts (5.7) (3.6) Sales discounts (0.3) (0.2) Accounts receivable, net $ 146.2 $ 131.2
Schedule of Inventories	Inventories at the lower of cost (determined on the FIFO method) or net realizable value consists of the following (in millions): September 30, 2022 December 31, 2021 Raw materials $ 55.3 $ 47.7 Work in process 34.1 33.2 Finished goods 96.7 71.6 Supplies and other 7.5 6.8 Total Inventory $ 193.6 $ 159.3
Schedule of Property, Plant and Equipment	Property, plant and equipment consists of the following (in millions): September 30, 2022 December 31, 2021 Land $ 1.1 $ 1.1 Buildings and leasehold improvements 47.0 48.0 Machinery and equipment 230.1 223.2 Construction in progress 34.4 32.0 312.6 304.3 Less accumulated depreciation (149.2) (136.2) Total $ 163.4 $ 168.1
Schedule of Changes in the Carrying Amount of Goodwill by Business Segment	The changes in the carrying amount of goodwill are as follows (in millions): Goodwill Balance, December 31, 2021 $ 801.6 Goodwill acquired (a) 24.4 Currency translation adjustment (2.4) Balance, September 30, 2022 $ 823.6 ____________________________________________
Schedule of Intangible Assets Subject to Amortization	Intangible assets subject to amortization consist of the following (in millions): September 30, 2022 December 31, 2021 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Trademarks $ 92.5 $ (66.2) $ 26.3 $ 90.9 $ (64.0) $ 26.9 Patents and acquired technologies 278.8 (192.1) 86.7 271.7 (177.7) 94.0 Other 187.4 (41.7) 145.7 61.2 (40.9) 20.3 Total $ 558.7 $ (300.0) $ 258.7 $ 423.8 $ (282.6) $ 141.2
Schedule of Estimated Amortization Expense	Amortization expense for the remainder of 2022 and the following four years and thereafter is estimated as follows (in millions): Amount Remainder of 2022 $ 12.4 2023 29.9 2024 29.9 2025 29.3 2026 22.7 Thereafter 134.5 Total $ 258.7
Schedule of Accrued Expenses	Accrued expenses consist of the following (in millions): September 30, 2022 December 31, 2021 Accrued rebates and customer incentives $ 23.6 $ 24.5 Accrued salaries and wages 33.4 29.3 Accrued taxes and other 9.5 3.0 Other 13.5 11.3 Total $ 80.0 $ 68.1 Liabilities for estimated returns, rebates and incentives are presented in the table below (in millions): September 30, 2022 December 31, 2021 Accrued rebates $ 12.3 $ 14.3 Accrued customer incentives 11.3 10.2 Accrued rebates and customer incentives 23.6 24.5 Accrued sales returns (a) 0.1 0.1 Total estimated liabilities $ 23.7 $ 24.6 __________________________________________________ (a) Accrued sales returns are included in “Other” in the accrued expenses table in Note 3, “Supplemental Balance Sheet Information.”
Schedule of Other Long-Term Liabilities	Other long-term liabilities consist of the following (in millions): September 30, 2022 December 31, 2021 Accrued compensation and benefits $ 4.3 $ 4.4 Other (a) 23.5 4.7 Total $ 27.8 $ 9.1 __________________________________________________ (a) For the September 30, 2022 period presented, amounts primarily relate to contingent consideration and indemnification liability associated with the OrthogenRx acquisition as described in Note 2, “Business Acquisition.”

Fair Value Information (Tables)

Fair Value Information (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments	The following table includes the fair value of our financial instruments for which disclosure of fair value is required (in millions): September 30, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated Assets Cash and cash equivalents 1 $ 117.0 $ 117.0 $ 118.5 $ 118.5 Liabilities Revolving Credit Facility 2 $ 130.0 $ 130.0 $ 130.0 $ 130.0 Term Loan Facility 2 124.0 124.0 — — Contingent consideration related to acquisition 3 9.2 9.2 — —

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt Balances	As of September 30, 2022 and December 31, 2021, our respective debt balances were as follows (in millions): Weighted-Average Interest Rate Maturity September 30, 2022 December 31, 2021 (a) Revolving Credit Facility 4.18 % 2027 $ 130.0 $ 130.0 Term Loan Facility 4.18 % 2027 125.0 — 255.0 130.0 Unamortized debt issuance costs (1.0) — Current portion of long-term debt (6.2) — Total Long-Term Debt, net $ 247.8 $ 130.0
Schedule of Maturities of Long-Term Debt	As of September 30, 2022, the aggregate amounts of long-term debt that will mature during each of the next four years and thereafter are as follows (in millions): Amount Remainder of 2022 $ 1.6 2023 6.2 2024 7.0 2025 9.4 2026 10.2 Thereafter 220.6 Total $ 255.0

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Changes in the Components of Accumulated Other Comprehensive Income	The changes in the components of Accumulated Other Comprehensive Income (“AOCI”), net of tax, are as follows (in millions): Unrealized Currency Accumulated Balance, December 31, 2021 $ (33.8) $ (33.8) Other comprehensive income (loss) (9.1) (9.1) Balance, September 30, 2022 $ (42.9) $ (42.9) The net changes in the components of AOCI, including the tax effect, are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Unrealized currency translation $ (5.1) $ (3.7) $ (9.1) $ (5.6) Defined benefit pension plans — 0.1 — 0.1 Defined benefit pension plans, net of tax — 0.1 — 0.1 Change in AOCI $ (5.1) $ (3.6) $ (9.1) $ (5.5)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	Stock-based compensation expense is included in “Cost of products sold,” “Research and development,” and “Sales and general expenses.” Stock-based compensation expense for the three and nine months ended September 30, 2022 and 2021 is shown in the table below (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options $ 0.3 $ 0.4 $ 0.9 $ 1.5 Time-based restricted share units 3.1 2.5 8.6 6.8 Performance-based restricted share units 0.7 0.5 2.2 1.7 Employee stock purchase plan — 0.1 0.2 0.2 Total stock-based compensation $ 4.1 $ 3.5 $ 11.9 $ 10.2

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 is set forth in the following table (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income (loss) $ 15.7 $ (35.3) $ 33.6 $ (5.2) Weighted Average Shares Outstanding: Basic weighted average shares outstanding 46.6 48.1 47.1 48.1 Dilutive effect of stock options and restricted share unit awards 0.4 — 0.4 — Diluted weighted average shares outstanding 47.0 48.1 47.5 48.1 Earnings (Loss) Per Share Basic $ 0.34 $ (0.73) $ 0.71 $ (0.11) Diluted $ 0.33 $ (0.73) $ 0.71 $ (0.11)

Business and Products Informa_2

Business and Products Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Net Sales by Product Category	Our management evaluates net sales by product category within our single reportable segment as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Chronic Care: Digestive health $ 85.9 $ 77.8 $ 247.5 $ 235.3 Respiratory health 29.8 39.3 100.0 118.9 Total Chronic Care 115.7 117.1 347.5 354.2 Pain Management: Acute pain $ 38.9 $ 40.7 $ 118.8 $ 121.6 Interventional pain 47.5 26.3 136.2 75.4 Total Pain Management 86.4 67.0 255.0 197.0 Total Net Sales $ 202.1 $ 184.1 $ 602.5 $ 551.2
Schedule of Accrued Expenses	Accrued expenses consist of the following (in millions): September 30, 2022 December 31, 2021 Accrued rebates and customer incentives $ 23.6 $ 24.5 Accrued salaries and wages 33.4 29.3 Accrued taxes and other 9.5 3.0 Other 13.5 11.3 Total $ 80.0 $ 68.1 Liabilities for estimated returns, rebates and incentives are presented in the table below (in millions): September 30, 2022 December 31, 2021 Accrued rebates $ 12.3 $ 14.3 Accrued customer incentives 11.3 10.2 Accrued rebates and customer incentives 23.6 24.5 Accrued sales returns (a) 0.1 0.1 Total estimated liabilities $ 23.7 $ 24.6 __________________________________________________ (a) Accrued sales returns are included in “Other” in the accrued expenses table in Note 3, “Supplemental Balance Sheet Information.”

Share Repurchase Programs (Tabl

Share Repurchase Programs (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Class of Treasury Stock	For the nine months ended September 30, 2022, our repurchases of our common stock were as summarized in the table below. Shares Repurchased Aggregate Purchase Price Average Price per Share Amount Remaining in # of Shares Program to Date First quarter of 2022 588,293 911,433 $ 19.3 $ 32.85 $ — Second quarter of 2022 522,162 522,162 14.1 27.00 10.9 Third quarter of 2022 399,957 922,119 10.9 27.25 —

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) country Reporting_Unit	Dec. 31, 2021 USD ($)	Jan. 01, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of countries entity provides goods to | country	90
Number of reporting units | Reporting_Unit	1
Accumulated deficit	$ 270	$ 303.6	$ 309.9
As Calculated (LIFO)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	$ 277.7		$ 315.5

Accounting Policies - Accountin

Accounting Policies - Accounting Standards Update and Change in Accounting Principle (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						6 Months Ended		9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Consolidated Income Statements
Cost of products sold	$ 92	$ 86.6	$ 90.8	$ 93.9	$ 100	$ 90.4	$ 177.4	$ 190.4	$ 269.4	$ 284.3
Income (loss) before income taxes	16	18	7.3	2.7	(7.5)	(14.2)	25.3	(21.7)	41.3	(19)
Income tax (provision) benefit	(0.3)	(5.5)	(1.9)	(38)	46	5.8	(7.4)	51.8	(7.7)	13.8
Net income (loss)	$ 15.7	$ 12.5	$ 5.4	$ (35.3)	$ 38.5	$ (8.4)	$ 17.9	$ 30.1	$ 33.6	$ (5.2)
Earnings (loss) per share
Basic (in dollars per share)	$ 0.34	$ 0.27	$ 0.11	$ (0.73)	$ 0.80	$ (0.17)	$ 0.38	$ 0.63	$ 0.71	$ (0.11)
Diluted (in dollars per share)	$ 0.33	$ 0.26	$ 0.11	$ (0.73)	$ 0.79	$ (0.17)	$ 0.37	$ 0.62	$ 0.71	$ (0.11)
Consolidated Income Statements
Comprehensive income (loss)	$ 10.6	$ 6.8	$ 7.1	$ (38.9)	$ 40.8	$ (12.6)	$ 13.9	$ 28.2	$ 24.5	$ (10.7)
Condensed Consolidated Balance Sheets
Inventories	193.6								193.6		$ 159.3
Accrued expenses	80								80		68.1
Deferred tax liabilities	37								37		11.9
Accumulated deficit	(270)								(270)		(303.6)	$ (309.9)
Consolidated Statements of Stockholders' Equity
Stockholders' equity attributable to parent	1,263.5	1,259	1,262.8	1,267.1	1,301.7	1,257.4	1,259	1,301.7	1,263.5	1,267.1	1,270.6
Consolidated Cash Flow Statements
Inventories			(3.9)			3.8	(18)	9	(35.8)	9.9
Accrued expenses			(28.8)			(2.2)	(28.5)	(5.7)	(18.5)	(24.5)
As Calculated (LIFO)
Consolidated Income Statements
Cost of products sold		88.1	90.2	93.7	100.7	89.4	178.3	190.1		283.8
Income (loss) before income taxes		16.5	7.9	2.9	(8.2)	(13.2)	24.4	(21.4)		(18.5)
Income tax (provision) benefit		(5.1)	(2.1)	(38)	46.1	5.6	(7.2)	51.7		13.7
Net income (loss)		$ 11.4	$ 5.8	$ (35.1)	$ 37.9	$ (7.6)	$ 17.2	$ 30.3		$ (4.8)
Earnings (loss) per share
Basic (in dollars per share)		$ 0.24	$ 0.12	$ (0.73)	$ 0.79	$ (0.16)	$ 0.36	$ 0.63		$ (0.10)
Diluted (in dollars per share)		$ 0.24	$ 0.12	$ (0.73)	$ 0.78	$ (0.16)	$ 0.36	$ 0.62		$ (0.10)
Consolidated Income Statements
Comprehensive income (loss)		$ 5.7	$ 7.5	$ (38.7)	$ 40.2	$ (11.8)	$ 13.2	$ 28.4		$ (10.3)
Condensed Consolidated Balance Sheets
Inventories											150.3
Accrued expenses											68.1
Deferred tax liabilities											9.6
Accumulated deficit											(310.3)
Consolidated Statements of Stockholders' Equity
Stockholders' equity attributable to parent		1,251.6	1,256.5	1,261.9	1,296.3	1,252.6	1,251.6	1,296.3		1,261.9
Consolidated Cash Flow Statements
Inventories			(4.5)			2.8	(17.1)	8.7		9.4
Accrued expenses			(28.6)			(2)	(28.7)	(5.6)		(24.4)
Effect of change
Consolidated Income Statements
Cost of products sold		(1.5)	0.6	0.2	(0.7)	1	(0.9)	0.3		0.5
Income (loss) before income taxes		1.5	(0.6)	(0.2)	0.7	(1)	0.9	(0.3)		(0.5)
Income tax (provision) benefit		(0.4)	0.2	0	(0.1)	0.2	(0.2)	0.1		0.1
Net income (loss)		$ 1.1	$ (0.4)	$ (0.2)	$ 0.6	$ (0.8)	$ 0.7	$ (0.2)		$ (0.4)
Earnings (loss) per share
Basic (in dollars per share)		$ 0.03	$ (0.01)	$ 0	$ 0.01	$ (0.01)	$ 0.02	$ 0		$ (0.01)
Diluted (in dollars per share)		$ 0.02	$ (0.01)	$ 0	$ 0.01	$ (0.01)	$ 0.01	$ 0		$ (0.01)
Consolidated Income Statements
Comprehensive income (loss)		$ 1.1	$ (0.4)	$ (0.2)	$ 0.6	$ (0.8)	$ 0.7	$ (0.2)		$ (0.4)
Condensed Consolidated Balance Sheets
Inventories											9
Accrued expenses											0
Deferred tax liabilities											2.3
Accumulated deficit											6.7
Consolidated Statements of Stockholders' Equity
Stockholders' equity attributable to parent		7.4	6.3	5.2	5.4	4.8	7.4	5.4		5.2
Consolidated Cash Flow Statements
Inventories			0.6			1	(0.9)	0.3		0.5
Accrued expenses			(0.2)			(0.2)	0.2	(0.1)		(0.1)
As Calculated (LIFO)
Consolidated Income Statements
Cost of products sold	92.3								270.6
Income (loss) before income taxes	15.7								40.1
Income tax (provision) benefit	(0.3)								(7.5)
Net income (loss)	$ 15.4								$ 32.6
Earnings (loss) per share
Basic (in dollars per share)	$ 0.33								$ 0.69
Diluted (in dollars per share)	$ 0.33								$ 0.69
Consolidated Income Statements
Comprehensive income (loss)	$ 10.3								$ 23.5
Condensed Consolidated Balance Sheets
Inventories	183.4								183.4
Accrued expenses	77.5								77.5
Deferred tax liabilities	37								37
Accumulated deficit	(277.7)								(277.7)			$ (315.5)
Consolidated Statements of Stockholders' Equity
Stockholders' equity attributable to parent	1,255.8								1,255.8
Consolidated Cash Flow Statements
Inventories									(34.6)
Accrued expenses									(18.7)
Effect of Change
Consolidated Income Statements
Cost of products sold	(0.3)								(1.2)
Income (loss) before income taxes	0.3								1.2
Income tax (provision) benefit	0								(0.2)
Net income (loss)	$ 0.3								$ 1
Earnings (loss) per share
Basic (in dollars per share)	$ 0.01								$ 0.02
Diluted (in dollars per share)	$ 0								$ 0.02
Consolidated Income Statements
Comprehensive income (loss)	$ 0.3								$ 1
Condensed Consolidated Balance Sheets
Inventories	10.2								10.2
Accrued expenses	2.5								2.5
Deferred tax liabilities	0								0
Accumulated deficit	7.7								7.7
Consolidated Statements of Stockholders' Equity
Stockholders' equity attributable to parent	7.7								7.7
Consolidated Cash Flow Statements
Inventories									(1.2)
Accrued expenses									0.2
Accumulated Deficit
Consolidated Income Statements
Net income (loss)	15.7			(35.3)					33.6	(5.2)
Consolidated Statements of Stockholders' Equity
Stockholders' equity attributable to parent	$ (270)	(285.7)	(298.2)	$ (315.1)	(279.8)	(318.3)	(285.7)	(279.8)	$ (270)	$ (315.1)	(303.6)		$ (309.9)
Accumulated Deficit | As Calculated (LIFO)
Consolidated Statements of Stockholders' Equity
Stockholders' equity attributable to parent			(304.5)		(285.2)	(323.1)		(285.2)			(310.3)		(315.5)
Accumulated Deficit | Effect of change
Consolidated Statements of Stockholders' Equity
Stockholders' equity attributable to parent			$ 6.3		$ 5.4	$ 4.8		$ 5.4			6.7		$ 5.6
Accumulated Deficit | As Calculated (LIFO)
Consolidated Statements of Stockholders' Equity
Stockholders' equity attributable to parent		(293.1)					(293.1)				(310.3)
Accumulated Deficit | Effect of Change
Consolidated Statements of Stockholders' Equity
Stockholders' equity attributable to parent		$ 7.4					$ 7.4				$ 6.7

Business Acquisition - Narrativ

Business Acquisition - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Jan. 20, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Revolving credit facility proceeds			$ 150	$ 20
Senior Loans
Business Acquisition [Line Items]
Revolving credit facility proceeds	$ 125
OrthogenRx, Inc
Business Acquisition [Line Items]
Payments to acquire businesses, gross	130
Future estimated payments	$ 30
Pro forma revenue		$ 20.4	56.9
OrthogenRx, Inc | Selling, General and Administrative Expenses
Business Acquisition [Line Items]
Business acquisition, transaction costs		$ 0.2	$ 1.6

Business Acquisition - Purchase

Business Acquisition - Purchase Price Allocation (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jan. 20, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 823.6		$ 801.6
OrthogenRx, Inc
Business Acquisition [Line Items]
Accounts receivable, net		$ 13.7
Inventory		2.8
Other current assets		0.4
Accounts payable		(5.4)
Other current liabilities		(13)
Contingent consideration		(9.2)
Other non-current assets (liabilities)		(9.5)
Deferred tax liability		(23.7)
Identifiable intangible assets		135.6
Goodwill		24.4
Total		$ 116.1

Business Acquisition - Identifi

Business Acquisition - Identifiable Intangible Assets (Details) - OrthogenRx, Inc $ in Millions	Jan. 20, 2022 USD ($)
Business Acquisition [Line Items]
Identifiable Intangible Asset Amount	$ 135.6
Trademarks
Business Acquisition [Line Items]
Identifiable Intangible Asset Amount	$ 1.3
Weighted Average Useful Lives (Years)	10 years
Other
Business Acquisition [Line Items]
Identifiable Intangible Asset Amount	$ 134.3
Weighted Average Useful Lives (Years)	14 years

Business Acquisition - Schedule

Business Acquisition - Schedule of Pro-Forma Information (Details) - OrthogenRx, Inc - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Net sales	$ 202.1	$ 204.3	$ 604.8	$ 605.5
Net income	$ 15.9	$ (28.2)	$ 36.7	$ 9.8
Earnings (Loss) Per Share:
Basic (in dollars per share)	$ 0.34	$ (0.58)	$ 0.78	$ 0.20
Diluted (in dollars per share)	$ 0.34	$ (0.58)	$ 0.77	$ 0.20

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information - Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accounts receivable	$ 140		$ 140		$ 122
Income tax receivable	12.2		12.2		13
Accounts receivable, net	146.2		146.2		131.2
Provision (reversal) for doubtful accounts	0.4	$ (0.1)	1	$ (0.5)
Doubtful accounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowances and doubtful accounts	(5.7)		(5.7)		(3.6)
Sales discounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowances and doubtful accounts	$ (0.3)		$ (0.3)		$ (0.2)

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory, Net
Raw materials	$ 55.3	$ 47.7
Work in process	34.1	33.2
Finished goods	96.7	71.6
Supplies and other	7.5	6.8
Total Inventory	193.6	$ 159.3
Inventory valuation reserves	5
Halyard-branded Products
Inventory, Net
Inventory valuation reserves	2.2
Inventory Obsolescence
Inventory, Net
Inventory valuation reserves	$ 2.8

Supplemental Balance Sheet In_5

Supplemental Balance Sheet Information - Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 312.6		$ 312.6		$ 304.3
Less accumulated depreciation	(149.2)		(149.2)		(136.2)
Total	163.4		163.4		168.1
Depreciation expense	5.5	$ 5.4	16.3	$ 16.3
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1.1		1.1		1.1
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	47		47		48
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	230.1		230.1		223.2
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 34.4		$ 34.4		$ 32

Supplemental Balance Sheet In_6

Supplemental Balance Sheet Information - Schedule of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 801.6
Goodwill acquired	24.4
Currency translation adjustment	(2.4)
Ending balance	823.6
OrthogenRx, Inc
Goodwill [Roll Forward]
Goodwill acquired	$ 24.4

Supplemental Balance Sheet In_7

Supplemental Balance Sheet Information - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 20, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 558.7		$ 558.7			$ 423.8
Accumulated Amortization	(300)		(300)			(282.6)
Net Carrying Amount	258.7		258.7			141.2
Amortization expense for intangible assets	6.1	$ 4.2	18	$ 12.5
OrthogenRx, Inc
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets					$ 135.6
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	92.5		92.5			90.9
Accumulated Amortization	(66.2)		(66.2)			(64)
Net Carrying Amount	26.3		26.3			26.9
Patents and acquired technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	278.8		278.8			271.7
Accumulated Amortization	(192.1)		(192.1)			(177.7)
Net Carrying Amount	86.7		86.7			94
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	187.4		187.4			61.2
Accumulated Amortization	(41.7)		(41.7)			(40.9)
Net Carrying Amount	$ 145.7		$ 145.7			$ 20.3

Supplemental Balance Sheet In_8

Supplemental Balance Sheet Information - Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Estimated Amortization Expense
Remainder of 2022	$ 12.4
2023	29.9
2024	29.9
2025	29.3
2026	22.7
Thereafter	134.5
Net Carrying Amount	$ 258.7	$ 141.2

Supplemental Balance Sheet In_9

Supplemental Balance Sheet Information - Accrued Expenses (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued rebates and customer incentives	$ 23.6	$ 24.5
Accrued salaries and wages	33.4	29.3
Accrued taxes and other	9.5	3
Other	13.5	11.3
Total	$ 80	$ 68.1

Supplemental Balance Sheet I_10

Supplemental Balance Sheet Information - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and benefits	$ 4.3	$ 4.4
Other	23.5	4.7
Total	$ 27.8	$ 9.1

Fair Value Information (Details

Fair Value Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 117	$ 118.5	$ 97.8	$ 111.5
Level 1 | Carrying Amount
Assets
Cash and cash equivalents	117	118.5
Level 1 | Estimated Fair Value
Assets
Cash and cash equivalents	117	118.5
Level 2 | Carrying Amount | Revolving Credit Facility
Liabilities
Long-term debt, fair value	130	130
Level 2 | Carrying Amount | Term Loan Facility
Liabilities
Long-term debt, fair value	124	0
Level 2 | Estimated Fair Value | Revolving Credit Facility
Liabilities
Long-term debt, fair value	130	130
Level 2 | Estimated Fair Value | Term Loan Facility
Liabilities
Long-term debt, fair value	124	0
Level 3 | Carrying Amount
Liabilities
Contingent consideration related to acquisition	9.2	0
Level 3 | Estimated Fair Value
Liabilities
Contingent consideration related to acquisition	$ 9.2	$ 0

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Revolving Credit Facility	$ 255	$ 130
Unamortized debt issuance costs	(1)	0
Current portion of long-term debt	(6.2)	0
Total Long-Term Debt, net	$ 247.8	130
Unsecured debt | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted-Average Interest Rate	4.18%
Revolving Credit Facility	$ 130	130
Unsecured debt | Term Loan Facility
Debt Instrument [Line Items]
Weighted-Average Interest Rate	4.18%
Revolving Credit Facility	$ 125	$ 0

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)		3 Months Ended	9 Months Ended
	Jun. 24, 2022	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Current portion of long-term debt		$ 6,200,000	$ 6,200,000	$ 0
First Eight Quarters
Debt Instrument [Line Items]
Quarterly installment payments (in percent)			10%
Subsequent To First Eight Quarters
Debt Instrument [Line Items]
Quarterly installment payments (in percent)			20%
Credit Agreement
Debt Instrument [Line Items]
Borrowing capacity	$ 500,000,000
Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Credit Agreement | One Month Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Credit Agreement | Minimum | Adjusted Term Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Credit Agreement | Minimum | Adjusted Daily Simple Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Credit Agreement | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Credit Agreement | Maximum | Adjusted Term Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Credit Agreement | Maximum | Adjusted Daily Simple Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Credit Agreement | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Term Loan Facility | Senior Secured Term Loan
Debt Instrument [Line Items]
Debt instrument, term	5 years
Face amount of debt	$ 125,000,000
Effective interest rate (in percent)		4.40%	4.40%
Senior Secured Revolving Credit Facility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 375,000,000
Debt instrument, term	5 years
Amount outstanding		$ 130,000,000	$ 130,000,000
Senior Secured Revolving Credit Facility | Revolving Credit Facility | Minimum | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.20%
Senior Secured Revolving Credit Facility | Revolving Credit Facility | Maximum | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.25%
Senior Secured Revolving Credit Facility | Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 75,000,000
Prior Credit Agreement | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity		250,000,000	250,000,000
Prior Credit Agreement | Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity		25,000,000	$ 25,000,000
Loss on extinguishment of debt		$ 1,100,000

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Remainder of 2022	$ 1.6
2023	6.2
2024	7
2025	9.4
2026	10.2
Thereafter	220.6
Total Long-Term Debt, net	$ 255	$ 130

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,259	$ 1,301.7	$ 1,270.6
Other comprehensive income (loss)	(5.1)	(3.6)	(9.1)	$ (5.5)
Ending balance	1,263.5	1,267.1	1,263.5	1,267.1
Unrealized Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(33.8)
Other comprehensive income (loss)			(9.1)
Ending balance	(42.9)		(42.9)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(37.8)	(30)	(33.8)	(28.1)
Ending balance	$ (42.9)	$ (33.6)	$ (42.9)	$ (33.6)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Net Changes in Components of AOCI, Including Tax Effect (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Unrealized currency translation	$ (5.1)	$ (3.7)	$ (9.1)	$ (5.6)
Defined benefit pension plans	0	0.1	0	0.1
Defined benefit plans	0	0.1	0	0.1
Total Other Comprehensive Income (Loss), Net of Tax	$ (5.1)	$ (3.6)	$ (9.1)	$ (5.5)

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 4.1	$ 3.5	$ 11.9	$ 10.2
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	0.3	0.4	0.9	1.5
Time-based restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	3.1	2.5	8.6	6.8
Performance-based restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	0.7	0.5	2.2	1.7
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 0	$ 0.1	$ 0.2	$ 0.2

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jul. 06, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency accrual, payments	$ 22.2

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						6 Months Ended		9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 15.7	$ 12.5	$ 5.4	$ (35.3)	$ 38.5	$ (8.4)	$ 17.9	$ 30.1	$ 33.6	$ (5.2)
Weighted Average Shares Outstanding:
Basic weighted average shares outstanding (in shares)	46.6			48.1					47.1	48.1
Dilutive effect of stock options and restricted share unit awards (in shares)	0.4			0					0.4	0
Diluted weighted average shares outstanding (in shares)	47			48.1					47.5	48.1
Earnings (Loss) Per Share
Basic (in dollars per share)	$ 0.34	$ 0.27	$ 0.11	$ (0.73)	$ 0.80	$ (0.17)	$ 0.38	$ 0.63	$ 0.71	$ (0.11)
Diluted (in dollars per share)	$ 0.33	$ 0.26	$ 0.11	$ (0.73)	$ 0.79	$ (0.17)	$ 0.37	$ 0.62	$ 0.71	$ (0.11)
Dilutive securities excluded from computation of earnings per share (in shares)	1.7								1.8

Business and Products Informa_3

Business and Products Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 segment country
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Number of countries entity provides goods to | country	90

Business and Products Informa_4

Business and Products Information - Net Sales by Product Category (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 202.1	$ 184.1	$ 602.5	$ 551.2
Chronic Care:
Disaggregation of Revenue [Line Items]
Total Net Sales	115.7	117.1	347.5	354.2
Digestive health
Disaggregation of Revenue [Line Items]
Total Net Sales	85.9	77.8	247.5	235.3
Respiratory health
Disaggregation of Revenue [Line Items]
Total Net Sales	29.8	39.3	100	118.9
Pain Management:
Disaggregation of Revenue [Line Items]
Total Net Sales	86.4	67	255	197
Acute pain
Disaggregation of Revenue [Line Items]
Total Net Sales	38.9	40.7	118.8	121.6
Interventional pain
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 47.5	$ 26.3	$ 136.2	$ 75.4

Business and Products Informa_5

Business and Products Information - Schedule Of Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Accrued rebates	$ 12.3	$ 14.3
Accrued customer incentives	11.3	10.2
Accrued rebates and customer incentives	23.6	24.5
Accrued sales returns	0.1	0.1
Total estimated liabilities	$ 23.7	$ 24.6

Share Repurchase Programs - Nar

Share Repurchase Programs - Narrative (Details) - USD ($)			3 Months Ended				9 Months Ended
	May 16, 2022	Dec. 15, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Equity [Abstract]
Stock repurchase program, authorized amount	$ 25,000,000	$ 30,000,000
Repurchase program period	1 year	12 months
Aggregate purchase price			$ 10,900,000	$ 14,100,000	$ 19,300,000	$ 10,700,000
Shares withheld for tax withholding obligation (in shares)							27,263
Stock issued, value, stock options exercised, net of tax benefit (expense)							$ 800,000

Share Repurchase Programs (Deta

Share Repurchase Programs (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Purchases of treasury stock (in shares)	399,957	522,162	588,293
Shares repurchased to date (in shares)	922,119	522,162	911,433
Aggregate purchase price	$ 10.9	$ 14.1	$ 19.3	$ 10.7
Average cost per share (in dollars per share)	$ 27.25	$ 27	$ 32.85
Remaining authorized repurchase amount	$ 0	$ 10.9	$ 0