Avanos Medical (AVNS) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		45,956,997
Entity Central Index Key	0001606498
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net Sales	$ 170.4	$ 171.3	$ 508.2	$ 500
Cost of products sold	77.5	75.8	224.9	215.3
Gross Profit	92.9	95.5	283.3	284.7
Research and development	7.2	6.1	20.5	20.4
Selling and general expenses	74.3	78.7	238.8	260.5
Other (income) expense, net	(0.6)	9.5	1.7	10.8
Operating Income (Loss)	12	1.2	22.3	(7)
Interest income	0.7	0.9	4.3	1.9
Interest expense	(3.2)	(4.7)	(9.4)	(11.7)
Income (Loss) Before Income Taxes	9.5	(2.6)	17.2	(16.8)
Income tax provision	(3.6)	(6.2)	(6.5)	(4.1)
Income (Loss) from Continuing Operations	5.9	(8.8)	10.7	(20.9)
(Loss) Income from discontinued operations, net of tax	(1.6)	5.1	(5.5)	(51.4)
Net Income (Loss)	$ 4.3	$ (3.7)	$ 5.2	$ (72.3)
Basic Earnings (Loss) Per Share
Continuing operations- basic (in dollars per share)	$ 0.13	$ (0.19)	$ 0.23	$ (0.45)
Discontinued operations- basic (in dollars per share)	(0.03)	0.11	(0.12)	(1.10)
Basic Earnings (Loss) Per Share (in dollars per share)	0.10	(0.08)	0.11	(1.55)
Diluted Earnings (Loss) Per Share
Continuing operations- diluted (in dollars per share)	0.12	(0.19)	0.23	(0.45)
Discontinued operations- diluted (in dollars per share)	(0.03)	0.11	(0.12)	(1.10)
Diluted Earnings (Loss) Per Share (in dollars per share)	$ 0.09	$ (0.08)	$ 0.11	$ (1.55)

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 4.3	$ (3.7)	$ 5.2	$ (72.3)
Other Comprehensive Income (Loss), Net of Tax
Unrealized currency translation adjustments	0.3	(4.6)	(8)	2.8
Defined benefit plans	0.1	0	(0.1)	0
Cash flow hedges	0.2	0	(1.8)	0
Total Other Comprehensive Income (Loss), Net of Tax	0.6	(4.6)	(9.9)	2.8
Comprehensive Income (Loss)	$ 4.9	$ (8.3)	$ (4.7)	$ (69.5)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 89	$ 87.7
Accounts receivable, net of allowances	131.9	142.8
Inventories	161.9	163.2
Prepaid and other current assets	15.9	28.8
Assets held for sale	73.9	64.5
Total Current Assets	472.6	487
Property, Plant and Equipment, net	109.5	117.2
Operating Lease Right-of-Use Assets	26.5	26.8
Goodwill	795.1	796.1
Other Intangible Assets, net	220.1	239.5
Deferred Tax Assets	6.6	6.5
Other Assets	25.8	19.3
TOTAL ASSETS	1,656.2	1,692.4
Current Liabilities
Current portion of long-term debt	9.4	8.6
Current portion of operating lease liabilities	13.7	12.8
Trade accounts payable	54.2	56.3
Accrued expenses	82.7	93.2
Liabilities held for sale	52.9	63.7
Total Current Liabilities	212.9	234.6
Long-Term Debt	152.6	159.4
Operating Lease Liabilities	26.5	28.3
Deferred Tax Liabilities	23.9	23.8
Other Long-Term Liabilities	10.6	10
Total Liabilities	426.5	456.1
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, 45,954,931 outstanding as of September 30, 2024 and 46,174,337 outstanding as of December 31, 2023	0.5	0.5
Additional paid-in capital	1,674.7	1,663.6
Accumulated deficit	(309.7)	(314.9)
Treasury stock	(98.9)	(85.9)
Accumulated other comprehensive loss	(36.9)	(27)
Total Stockholders’ Equity	1,229.7	1,236.3
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,656.2	$ 1,692.4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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)	45,954,931	46,174,337

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, 2022			$ 1,646.4	$ (253.1)	$ (66.8)	$ (35.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise or redemption of share-based awards			1.5
Stock-based compensation expense			11.8
Net income (loss)	$ (72.3)			(72.3)
Purchases of treasury stock					(12.9)
Other comprehensive income (loss), net of tax	2.8					2.8
Ending balance at Sep. 30, 2023	1,222.1	$ 0.5	1,659.7	(325.4)	(79.7)	(33)
Beginning balance at Jun. 30, 2023			1,654.9	(321.7)	(70.5)	(28.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise or redemption of share-based awards			0.9
Stock-based compensation expense			3.9
Net income (loss)	(3.7)			(3.7)
Purchases of treasury stock					(9.2)
Other comprehensive income (loss), net of tax	(4.6)					(4.6)
Ending balance at Sep. 30, 2023	1,222.1	0.5	1,659.7	(325.4)	(79.7)	(33)
Beginning balance at Dec. 31, 2023	1,236.3		1,663.6	(314.9)	(85.9)	(27)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise or redemption of share-based awards			1.1
Stock-based compensation expense			10
Net income (loss)	5.2			5.2
Purchases of treasury stock					(13)
Other comprehensive income (loss), net of tax	(9.9)					(9.9)
Ending balance at Sep. 30, 2024	1,229.7	0.5	1,674.7	(309.7)	(98.9)	(36.9)
Beginning balance at Jun. 30, 2024			1,671.5	(314)	(98.5)	(37.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise or redemption of share-based awards			0.6
Stock-based compensation expense			2.6
Net income (loss)	4.3			4.3
Purchases of treasury stock					(0.4)
Other comprehensive income (loss), net of tax	0.6					0.6
Ending balance at Sep. 30, 2024	$ 1,229.7	$ 0.5	$ 1,674.7	$ (309.7)	$ (98.9)	$ (36.9)

CONDENSED CONSOLIDATED CASH FLO

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income (loss)	$ 5.2	$ (72.3)
Depreciation and amortization	34.4	34.6
Stock-based compensation expense	10	11.8
Goodwill impairment	0	59.1
Net loss on asset dispositions and impairments	0.4	1.1
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(6.9)	30
Inventories	(5.9)	(6.6)
Prepaid expenses and other assets	7.7	0.2
Accounts payable	(1.2)	(16)
Accrued expenses	(3.7)	(19.7)
Deferred income taxes and other	2.8	(2.5)
Cash Provided by Operating Activities	42.8	19.7
Investing Activities
Capital expenditures	(13)	(11.9)
Proceeds from RH Divestiture post-closing settlement	2.1	0
Acquisition of assets and investments in businesses	0	(47.5)
Investment in Note Receivable	(9)	0
Cash Used in Investing Activities	(19.9)	(59.4)
Financing Activities
Secured debt repayments	(6.3)	(3.1)
Revolving credit facility proceeds	20	55
Revolving credit facility repayments	(20)	(20)
Purchases of treasury stock	(12.7)	(12.9)
Proceeds from the exercise of stock options	1.1	1.5
Payment of contingent consideration liabilities	(3.8)	0
Cash (Used in) Provided by Financing Activities	(21.7)	20.5
Effect of Exchange Rate Changes on Cash and Cash Equivalents	0.1	(1.4)
Increase (Decrease) in Cash and Cash Equivalents	1.3	(20.6)
Cash and Cash Equivalents - Beginning of Period	87.7	127.7
Cash and Cash Equivalents - End of Period	$ 89	$ 107.1

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2024
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 medical device solutions that will help patients get back to the things that matter. Headquartered in Alpharetta, Georgia, we are committed to addressing some of today’s most important healthcare needs, including providing a vital lifeline for nutrition to patients from hospital to home, and reducing the use of opioids while helping patients move from surgery to recovery. We develop, manufacture and market our recognized brands globally and hold leading market positions in multiple categories across our portfolio. References herein to “Avanos,” “the 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 the Form 10-K. 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, certain amounts included in discontinued operations, certain amounts included in assets and liabilities held for sale, 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. 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. Goodwill 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 is 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 determined that the fair value of our reporting unit exceeded the net carrying amount in our most recent goodwill impairment test on July 1, 2024. However, 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, as well as a decline in our stock price, could result in a goodwill impairment charge in the future. Hedging and Derivatives All derivative instruments are recorded as assets or liabilities on the balance sheet at fair value. Changes in the fair value of derivatives are either recorded in the income statement or other comprehensive income, as appropriate. The effective portion of the gain or loss on derivatives designated as cash flow hedges is included in other comprehensive income in the period that changes in fair value occur, and is reclassified to income in the same period that the hedged item affects income. Our policies allow the use of derivatives for risk management purposes and prohibit their use for speculation. Our policies also prohibit the use of any leveraged derivative instrument. Consistent with our policies, foreign currency derivative instruments are entered into with major financial institutions. At inception, we formally designate certain derivatives as cash flow hedges and establish how the effectiveness of these hedges will be assessed and measured. This process links the derivatives to the transactions they are hedging. See Note 11, “Derivative Financial Instruments,” for disclosures about derivative instruments and hedging activities. Recently Adopted Accounting Pronouncements Effective January 1, 2023, we adopted 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. 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 December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvement to Income Tax Disclosures. This ASU pertains to disaggregation of income tax disclosures and enhances annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid, and requires entities to disclose a tabular reconciliation of expected tax and reported tax on income from continuing operations using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the expected tax further broken out by nature and/or jurisdiction. Additionally, this ASU requires disclosure around income taxes paid (net of refunds received) broken out between federal, state, local and foreign, and income taxes paid (net of refunds received) to an individual jurisdiction when greater than 5% of total income taxes paid. This ASU will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This ASU enhances segment reporting under Topic 280 by expanding the breadth and frequency of segment disclosures, and aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Adoption of this ASU will require us to expand our current disclosures around significant expenses and disclose an aggregate amount and composition of other segment items related to our single operating segment. On an annual basis, this ASU will require us to disclose the Chief Operating Decision Maker’s (CODM) title and position, as well as how the CODM uses each reported measure of segment profit or loss to assess performance and allocate resources to the segment. We will retrospectively adopt this ASU in the fiscal period ending December 31, 2024 as required by ASU No. 2023-07. In August 2023, the FASB issued ASU No. 2023-05, Business Combinations: Joint Venture Formations. This ASU is intended to address diversity in practice regarding accounting and provide decision-useful information related to contributions made to joint ventures and requires entities that qualify as either a joint venture or a corporate joint venture to apply a new basis of accounting upon the formation of the joint venture. Specifically, the ASU provides that a joint venture or a corporate joint venture must initially measure its assets and liabilities at fair value on the formation date. This ASU will be effective for all newly formed joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. Joint ventures formed prior to the adoption date may elect to apply the new guidance retrospectively back to their original formation date. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On June 7, 2023, we entered into a Purchase Agreement (“the Purchase Agreement”) by and among us and certain of our affiliates and SunMed Group Holdings, LLC (“Buyer”) pursuant to which Buyer agreed to purchase substantially all of the assets primarily relating to or primarily used in our Respiratory Health (“RH”) business (the “RH Divestiture”). On October 2, 2023, we closed the RH Divestiture for a total purchase price of $110 million in cash, subject to certain adjustments as provided in the Purchase Agreement based on the indebtedness and inventory transferred to Buyer at the closing and the chargebacks assumed by Buyer but that would otherwise have been payable by the Company and its subsidiaries on or after October 2, 2023 to distributors of the Company’s RH products located in the United States (the “Initial Closing”). The RH Divestiture represents a key component of Avanos’ ongoing three-year transformation process, and is aimed at accelerating the Company’s efforts to focus its portfolio on markets where it is well positioned to succeed. At or before the closing of the RH Divestiture, we and Buyer entered into various transition services agreements pursuant to which we, Buyer and each company’s respective affiliates provide to each other various transitional services, including, but not limited to, product manufacturing and distribution, facilities, order fulfillment, invoicing, quality assurance, regulatory support, audit support and other services. The services generally commenced on the closing date of the Divestiture and terminate no later than one We have also entered into distribution agreements with Buyer under which we will remain a limited risk distributor for RH products on Buyer’s behalf for sales outside of the United States. As a result, we had $6.6 million of RH products included in “Prepaid expenses and other current assets” in the accompanying consolidated balance sheet as of September 30, 2024, compared to $11.9 million as of December 31, 2023. While our agreements with Buyer allows for limited risk distributor (“LRD”) arrangements for up to three years from the date of the Purchase Agreement, we expect the LRD arrangements to terminate by the end of this year. As a result of the RH Divestiture, the results of operations from our RH business are reported as “Net (Loss) Income from discontinued operations, net of tax” and the related assets and liabilities are classified as “held for sale” in the condensed consolidated financial statements. Pursuant to an agreement under which we provide manufacturing services for the Buyer, certain manufacturing facilities and equipment did not transfer to the Buyer upon the Initial Closing, and remained in “Assets Held for Sale” as of September 30, 2024 with a corresponding liability representing our obligation to transfer the manufacturing facilities and equipment to the buyer at a later date. Likewise, the results of operations from these manufacturing operations continue to be classified as “Net Loss from discontinued operations, net of tax. On October 1, 2024, we finalized the RH Divestiture and completed the transfer of the manufacturing facilities and equipment to Buyer. Accordingly, we expect to finalize adjustments to our pretax loss on discontinued operations in the fourth quarter of 2024. The following table summarizes the financial results of our discontinued operations for all periods presented herein (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net Sales $ 10.5 $ 31.1 $ 41.0 $ 93.9 Cost of products sold 15.9 19.9 47.4 57.8 Gross Profit (5.4) 11.2 (6.4) 36.1 Research and development — 0.2 — 0.8 Selling and general expenses — 4.2 — 11.9 Pretax loss on classification as discontinued operations — — — 72.3 Other (income) expense, net (3.2) 0.1 1.1 0.3 (Loss) Income from discontinued operations before income taxes (2.2) 6.7 (7.5) (49.2) Income tax benefit (provision) from discontinued operations 0.6 (1.6) 2.0 (2.2) Net (Loss) Income from discontinued operations, net of tax $ (1.6) $ 5.1 $ (5.5) $ (51.4) (Loss) Earnings Per Share Basic $ (0.03) $ 0.11 $ (0.12) $ (1.10) Diluted $ (0.03) $ 0.11 $ (0.12) $ (1.10) In accordance with accounting principles generally accepted in the United States (“GAAP”), only expenses specifically identifiable and related to a business to be disposed may be allocated to discontinued operations. Accordingly, the cost of products sold, research and development, selling and general expenses and other expense, net in discontinued operations include expenses incurred directly to solely support our respiratory health business. Details on assets and liabilities classified as held for sale in the accompanying consolidated balance sheets are presented in the following table (in millions): September 30, 2024 December 31, 2023 Assets held for sale - discontinued operations Inventories $ 28.2 $ 17.5 Property, Plant and Equipment, net 43.0 43.9 Operating Lease Right-of-Use Assets 2.7 3.1 Total assets classified as held for sale $ 73.9 $ 64.5 Liabilities held for sale - discontinued operations Current Portion of Operating Lease Liabilities $ 0.7 $ 0.8 Accrued expenses 51.3 61.3 Non-Current Operating Lease Liability 0.9 1.6 Total liabilities held for sale - discontinued operations $ 52.9 $ 63.7 Assets and liabilities held for sale as of September 30, 2024 were classified as current since we expect the RH Divestiture to be completed within one year. The following table provides operating and investing cash flow information for our discontinued operations (in millions): Nine Months Ended September 30, 2024 2023 Operating Activities: Depreciation and amortization $ — $ 2.6 Stock-based compensation expense — 0.1 Investing Activities: Capital expenditures 0.6 3.1

Restructuring Activities

Restructuring Activities	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities Post-RH Divestiture Restructuring Plan During 2024, we initiated a post-RH Divestiture restructuring plan (the “Plan”). The Plan is intended to align our organizational structure, distribution and operational footprint with our remaining business. We expect the Plan will be substantially complete by the end of 2025 and currently expect to incur between $10.0 million and $11.0 million of cash expenses, primarily for employee termination benefits. In the three and nine months ended September 30, 2024, we incurred $2.3 million and $6.4 million, respectively, of costs related to the Plan. These costs were included in “Cost of products sold” and “Selling and general expenses” in the accompanying condensed consolidated income statements. Transformation Process In January 2023, we initiated a three-year restructuring initiative intended to align the Company under a single commercial organization, rationalize our product portfolio, undertake additional cost management activities to enhance the Company’s operating profitability and pursue efficient capital allocation strategies (the “Transformation Process”). The RH Divestiture represents a key component of the three-year Transformation Process. We expect the Transformation Process will be substantially complete by the end of 2025. We expect to incur up to $30.0 million of cash expenses in connection with the Transformation Process, consisting of between $9.0 million and $12.0 million of program management consulting and employee retention expenses; between $8.0 million and $11.0 million of expenses associated with manufacturing and supply chain improvements and portfolio rationalization; and the remainder for expenses associated with organization design and alignment and other related activities. These amounts include between $6.0 million and $8.0 million of employee severance and benefits costs. In the three and nine months ended September 30, 2024, we incurred expenses of $0.7 million and $5.2 million, respectively, primarily related to employee severance and benefits costs in connection with the Transformation Process, compared to $4.3 million and $23.0 million in the three and nine months ended September 30, 2023. These costs were included in “Cost of products sold” and “Selling and general expenses” in the accompanying condensed consolidated income statements. Plan-to- date we have incurred expenses of $33.4 million in connection with the Transformation Process, which includes $28.1 million of cash expenses. Restructuring Liability Our liability for costs associated with our restructuring initiatives as of September 30, 2024 is summarized below (in millions): As of September 30, 2024 Beginning balance $ 2.3 Restructuring and transformation costs, excluding non-cash charges 10.3 Payments and adjustments, net (9.2) Ending balance $ 3.4

Business Acquisition

Business Acquisition	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Acquisition	Business Acquisition Diros Technology On June 17, 2023 we entered into a definitive agreement to acquire Diros Technology Inc. (“Diros”), a leading manufacturer of innovative radiofrequency ablation (“RFA”) products used to treat chronic pain conditions. On July 24, 2023, we closed the acquisition of Diros. The total purchase price paid in connection with our acquisition of Diros was $53.0 million, consisting of $2.5 million in cash paid upon entry into the definitive agreement and $50.5 million in cash paid at closing (subject to certain working capital and other adjustments), with up to an additional $7.0 million payable in contingent cash consideration based on achievement of certain performance objectives defined in the purchase agreement (the “Diros Acquisition”). The purchase price for the Diros Acquisition was funded by proceeds from our Revolving Credit Facility. The accompanying condensed consolidated income statement includes $4.6 million and $14.4 million of net sales from Diros for the three and nine months ended September 30, 2024, respectively. The accompanying condensed consolidated income statement includes $2.4 million of net sales from Diros since the acquisition date for the three and nine months ended September 30, 2023. In the three and nine months ended September 30, 2024, we incurred $1.5 million and $2.1 million of costs in connection with the Diros Acquisition, compared to $0.6 million and $0.9 million of costs in the three and nine months ended September 30, 2023, respectively. These costs are included in “Selling and general expenses,” In the nine months ended September 30, 2024, we made contingent consideration payments of $4.6 million and to date we have made contingent consideration payments of $6.1 million. Under the acquisition method of accounting for business combinations, the purchase price paid is allocated to the underlying net assets in proportion to their respective fair values. Any excess of the purchase price over the estimated fair values is recorded as goodwill. Fair values of assets acquired and liabilities assumed are being determined using discounted cash flow analyses and the fair value of the contingent consideration is being estimated using a Monte Carlo simulation. Assumptions supporting the estimated fair values are based on facts and circumstances that existed on the valuation date. The purchase price allocation is shown in the table below (in millions): Current assets, net of cash acquired $ 7.5 Current liabilities, excluding contingent consideration (7.0) Contingent consideration (5.3) Other noncurrent liabilities, net (0.5) Deferred tax liabilities (8.1) Identifiable intangible assets 29.6 Goodwill 33.4 Total $ 49.6 The identifiable intangible assets relating to the Diros Acquisition include the following (in millions, except years): Identifiable Intangible Asset Amount Weighted Average Useful Lives (Years) Trade names and trademarks $ 2.9 15 Customer relationships 21.2 14 Developed technology and other 5.5 13 Total $ 29.6

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	9 Months Ended
	Sep. 30, 2024
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, 2024 December 31, 2023 Accounts receivable $ 137.3 $ 134.0 Income tax receivable — 14.1 Allowances and doubtful accounts: Doubtful accounts (4.8) (5.1) Sales discounts (0.6) (0.2) Accounts receivable, net $ 131.9 $ 142.8 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. Allowance for doubtful accounts was $0.1 million for the three months ended September 30, 2024 and $0.2 million for the nine months ended September 30, 2024, compared to a net benefit of $0.4 million and an expense of $0.2 million for the three and nine months ended September 30, 2023, 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, 2024 December 31, 2023 Raw materials $ 47.4 $ 50.3 Work in process 23.2 19.8 Finished goods 87.9 88.5 Supplies and other 3.4 4.6 Total Inventory $ 161.9 $ 163.2 We incurred $2.8 million and $4.3 million of expense for inventory write-offs and obsolescence in the three and nine months ended September 30, 2024, compared to $2.0 million and $6.3 million in the three and nine months ended September 30, 2023, respectively. Property, Plant and Equipment Property, plant and equipment consists of the following (in millions): September 30, 2024 December 31, 2023 Land $ 1.2 $ 1.3 Buildings and leasehold improvements 41.3 38.0 Machinery and equipment 185.4 182.8 Construction in progress 18.8 18.0 246.7 240.1 Less accumulated depreciation (137.2) (122.9) Total $ 109.5 $ 117.2 Depreciation expense was $5.3 million and $15.6 million for the three and nine months ended September 30, 2024, respectively, compared to $4.8 million and $14.2 million for the three and nine months ended September 30, 2023, respectively. Goodwill and Intangible Assets The changes in the carrying amount of goodwill are as follows (in millions): Goodwill Balance, December 31, 2023 $ 796.1 Currency translation adjustment (1.0) Balance, September 30, 2024 $ 795.1 Intangible assets subject to amortization consist of the following (in millions): September 30, 2024 December 31, 2023 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Trademarks $ 41.6 $ (29.7) $ 11.9 $ 42.0 $ (28.8) $ 13.2 Patents and acquired technologies 248.5 (179.2) 69.3 248.6 (171.9) 76.7 Other 207.7 (68.8) 138.9 207.7 (58.1) 149.6 Total $ 497.8 $ (277.7) $ 220.1 $ 498.3 $ (258.8) $ 239.5 Amortization expense for intangible assets is included in “Cost of products sold” and “Selling and general expenses” and was $6.4 million and $18.8 million for the three and nine months ended September 30, 2024, respectively, compared to $6.2 million and $17.8 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 we had unrealized currency translation adjustments of $0.3 million related to our acquired intangibles from the acquisition of Diros. Amortization expense for the remainder of 2024, the following four years and thereafter is estimated as follows (in millions): Amount Remainder of 2024 $ 6.7 2025 25.0 2026 24.5 2027 22.8 2028 22.6 Thereafter 118.5 Total $ 220.1 Accrued Expenses Accrued expenses consist of the following (in millions): September 30, 2024 December 31, 2023 Accrued rebates and customer incentives $ 23.6 $ 17.7 Accrued salaries and wages 29.8 31.5 Accrued taxes and other 6.2 16.7 Other 23.1 27.3 Total $ 82.7 $ 93.2 Other Long-Term Liabilities Other long-term liabilities consist of the following (in millions): September 30, 2024 December 31, 2023 Accrued compensation and benefits $ 6.7 $ 5.9 Other 3.9 4.1 Total $ 10.6 $ 10.0

Fair Value Information

Fair Value Information	9 Months Ended
	Sep. 30, 2024
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, 2024 December 31, 2023 Fair Value Carrying Estimated Carrying Estimated Assets Cash and cash equivalents 1 $ 89.0 $ 89.0 $ 87.7 $ 87.7 Liabilities Revolving Credit Facility 2 $ 50.0 $ 50.0 $ 50.0 $ 50.0 Term Loan Facility 2 112.0 112.0 118.0 118.0 Contingent consideration related to acquisition 3 — — 5.3 5.3

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt As of September 30, 2024 and December 31, 2023, our respective debt balances were as follows (in millions): Weighted-Average Interest Rate Maturity September 30, 2024 December 31, 2023 Revolving Credit Facility 6.83 % 2027 $ 50.0 $ 50.0 Term Loan Facility 6.81 % 2027 112.5 118.8 162.5 168.8 Unamortized debt issuance costs (0.5) (0.8) Current portion of long-term debt (9.4) (8.6) Total Long-Term Debt, net $ 152.6 $ 159.4 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 sub-facility 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 7.1% as of September 30, 2024. The Credit Agreement requires compliance with certain customary operational and financial covenants . As of September 30, 2024, 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. Debt Payments The Credit Agreement requires quarterly principal installment payments on the Term Loan Facility of 10% of the total principal borrowed for the first eight quarters following funding and then quarterly installment payments of 20% 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 $9.4 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. During the nine months ended September 30, 2024, we repaid $6.3 million of the Term Loan Facility. During the nine months ended September 30, 2024, we borrowed $20.0 million and repaid $20.0 million of the Revolving Credit Facility. As of September 30, 2024, we had letters of credit outstanding of $6.3 million. As of September 30, 2024, the aggregate amounts of long-term debt that will mature during each of the next four years are as follows (in millions): Amount Remainder of 2024 $ 2.3 2025 9.4 2026 10.2 2027 140.6 2028 — Total $ 162.5

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2024
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 Cash Flow Defined Benefit Accumulated Balance, December 31, 2023 $ (27.0) $ — $ — $ (27.0) Other comprehensive loss (8.0) (1.8) (0.1) (9.9) Balance, September 30, 2024 $ (35.0) $ (1.8) $ (0.1) $ (36.9) 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, 2024 2023 2024 2023 Unrealized currency translation $ 0.3 $ (4.6) $ (8.0) $ 2.8 Defined benefit pension plans 0.1 — (0.1) — Defined benefit pension plans, net of tax 0.1 — (0.1) — Cash flow hedges 0.7 — (1.3) — Tax effect (0.5) — (0.5) — Cash flow hedges, net of tax 0.2 — (1.8) — Change in AOCI $ 0.6 $ (4.6) $ (9.9) $ 2.8

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023 is shown in the table below (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock options $ — $ — $ — $ 0.3 Time-based restricted share units 2.7 2.5 7.6 7.9 Performance-based restricted share units (0.1) 1.3 2.3 3.4 Employee stock purchase plan — 0.1 0.1 0.2 Total stock-based compensation $ 2.6 $ 3.9 $ 10.0 $ 11.8

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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. The DPA term expired on July 7, 2024. Under the DPA, the DOJ has up to six months following the term’s expiration to seek dismissal of the case. 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.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments During the second quarter of 2024, we began to enter into derivative instruments to hedge a portion of forecasted cash flows denominated in Mexican pesos. The derivative instruments used to manage these exposures are designated and qualify as cash flow hedges. The derivative liability for foreign exchange contracts was $2.1 million as of September 30, 2024 and is included in the condensed consolidated balance sheet in accrued expenses. The effective portion of the gain or loss on a derivative instrument is initially recorded in AOCI, net of related income taxes, and recognized in earnings in the same period that the hedged exposure affects earnings. The loss recognized in earnings was not material in the three and nine months ended September 30, 2024. As of September 30, 2024, the aggregate notional values of outstanding foreign currency swap contracts designated as cash flow hedges were $17.8 million.

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	9 Months Ended
	Sep. 30, 2024
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 (loss) per share for the three and nine months ended September 30, 2024 and 2023 is set forth in the following table (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) from continuing operations $ 5.9 $ (8.8) $ 10.7 $ (20.9) Net (loss) income from discontinued operations (1.6) 5.1 (5.5) (51.4) Net income (loss) $ 4.3 $ (3.7) $ 5.2 $ (72.3) Weighted Average Shares Outstanding: Basic weighted average shares outstanding 46.0 46.8 46.0 46.7 Dilutive effect of stock options and restricted share unit awards 0.6 — 0.5 — Diluted weighted average shares outstanding 46.6 46.8 46.5 46.7 Earnings (Loss) Per Share Basic: Continuing Operations $ 0.13 $ (0.19) $ 0.23 $ (0.45) Discontinued Operations (0.03) 0.11 (0.12) (1.10) Basic Earnings (Loss) Per Share $ 0.10 $ (0.08) $ 0.11 $ (1.55) Diluted: Continuing Operations $ 0.12 $ (0.19) $ 0.23 $ (0.45) Discontinued Operations (0.03) 0.11 (0.12) (1.10) Diluted Earnings (Loss) Per Share $ 0.09 $ (0.08) $ 0.11 $ (1.55) 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, 2024, $1.0 million and $1.3 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, 2024
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 globally with manufacturing facilities in the United States and Mexico. Avanos develops, manufactures and markets its recognized brands globally and holds leading market positions in multiple categories across its portfolio. 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, 2024 2023 2024 2023 Digestive Health $ 98.2 $ 95.0 $ 290.6 $ 276.8 Pain Management and Recovery: Surgical pain and recovery 30.3 34.1 93.8 103.6 Interventional pain 41.9 42.2 123.8 119.6 Total Pain Management and Recovery 72.2 76.3 217.6 223.2 Total Net Sales $ 170.4 $ 171.3 $ 508.2 $ 500.0 Digestive Health i s a portfolio of products such as our MIC-KEY enteral feeding tubes, Corpak patient feeding solutions and NeoMed neonatal and pediatric feeding solutions. Pain Management and Recovery is a portfolio of products including: • Surgical pain and recovery 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, OrthogenRx’s knee osteoarthritis HA pain relief injection products and Diros’ RFA products used to treat chronic pain conditions. Liabilities for estimated returns, rebates and incentives are presented in the table below (in millions): September 30, 2024 December 31, 2023 Accrued rebates $ 13.7 $ 10.4 Accrued customer incentives 9.9 7.3 Accrued rebates and customer incentives 23.6 17.7 Accrued sales returns (a) 0.1 0.1 Total estimated liabilities $ 23.7 $ 17.8 __________________________________________________ (a) Accrued sales returns are included in “Other” in the accrued expenses table in Note 5, “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 Program

Share Repurchase Program	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On July 28, 2023, 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. We have established a pre-arranged trading plan under Rule 10b5-1 of the Exchange Act in connection with this share repurchase program. 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. In the third quarter of 2023, we repurchased $9.2 million of our common stock and during the fourth quarter of 2023, we repurchased an additional $5.8 million of our common stock. For the nine months ended September 30, 2024, 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 2024 342,680 1,085,333 $ 6.7 $ 19.45 $ 3.3 Second quarter of 2024 169,571 1,254,904 $ 3.3 $ 19.67 $ — In addition to the share repurchase program, we withheld 140,539 shares of common stock for $2.7 million in taxes associated with stock-based compensation transactions for the nine months ended September 30, 2024.

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Background and Basis of Presentation	Background and Basis of Presentation Avanos Medical, Inc. is a medical technology company focused on delivering clinically superior medical device solutions that will help patients get back to the things that matter. Headquartered in Alpharetta, Georgia, we are committed to addressing some of today’s most important healthcare needs, including providing a vital lifeline for nutrition to patients from hospital to home, and reducing the use of opioids while helping patients move from surgery to recovery. We develop, manufacture and market our recognized brands globally and hold leading market positions in multiple categories across our portfolio. References herein to “Avanos,” “the 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, certain amounts included in discontinued operations, certain amounts included in assets and liabilities held for sale, 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. 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.
Goodwill	Goodwill 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 is 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 determined that the fair value of our reporting unit exceeded the net carrying amount in our most recent goodwill impairment test on July 1, 2024. However, 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, as well as a decline in our stock price, could result in a goodwill impairment charge in the future.
Hedging and Derivatives	Hedging and Derivatives All derivative instruments are recorded as assets or liabilities on the balance sheet at fair value. Changes in the fair value of derivatives are either recorded in the income statement or other comprehensive income, as appropriate. The effective portion of the gain or loss on derivatives designated as cash flow hedges is included in other comprehensive income in the period that
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2023, we adopted 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. 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 December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvement to Income Tax Disclosures. This ASU pertains to disaggregation of income tax disclosures and enhances annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid, and requires entities to disclose a tabular reconciliation of expected tax and reported tax on income from continuing operations using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the expected tax further broken out by nature and/or jurisdiction. Additionally, this ASU requires disclosure around income taxes paid (net of refunds received) broken out between federal, state, local and foreign, and income taxes paid (net of refunds received) to an individual jurisdiction when greater than 5% of total income taxes paid. This ASU will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This ASU enhances segment reporting under Topic 280 by expanding the breadth and frequency of segment disclosures, and aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Adoption of this ASU will require us to expand our current disclosures around significant expenses and disclose an aggregate amount and composition of other segment items related to our single operating segment. On an annual basis, this ASU will require us to disclose the Chief Operating Decision Maker’s (CODM) title and position, as well as how the CODM uses each reported measure of segment profit or loss to assess performance and allocate resources to the segment. We will retrospectively adopt this ASU in the fiscal period ending December 31, 2024 as required by ASU No. 2023-07. In August 2023, the FASB issued ASU No. 2023-05, Business Combinations: Joint Venture Formations. This ASU is intended to address diversity in practice regarding accounting and provide decision-useful information related to contributions made to joint ventures and requires entities that qualify as either a joint venture or a corporate joint venture to apply a new basis of accounting upon the formation of the joint venture. Specifically, the ASU provides that a joint venture or a corporate joint venture must initially measure its assets and liabilities at fair value on the formation date. This ASU will be effective for all newly formed joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. Joint ventures formed prior to the adoption date may elect to apply the new guidance retrospectively back to their original formation date. Adoption of this ASU is not expected to have a material effect on our financial position, results of operations or cash flows.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Summary of Financial Results of Discontinued Operations	The following table summarizes the financial results of our discontinued operations for all periods presented herein (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net Sales $ 10.5 $ 31.1 $ 41.0 $ 93.9 Cost of products sold 15.9 19.9 47.4 57.8 Gross Profit (5.4) 11.2 (6.4) 36.1 Research and development — 0.2 — 0.8 Selling and general expenses — 4.2 — 11.9 Pretax loss on classification as discontinued operations — — — 72.3 Other (income) expense, net (3.2) 0.1 1.1 0.3 (Loss) Income from discontinued operations before income taxes (2.2) 6.7 (7.5) (49.2) Income tax benefit (provision) from discontinued operations 0.6 (1.6) 2.0 (2.2) Net (Loss) Income from discontinued operations, net of tax $ (1.6) $ 5.1 $ (5.5) $ (51.4) (Loss) Earnings Per Share Basic $ (0.03) $ 0.11 $ (0.12) $ (1.10) Diluted $ (0.03) $ 0.11 $ (0.12) $ (1.10) Details on assets and liabilities classified as held for sale in the accompanying consolidated balance sheets are presented in the following table (in millions): September 30, 2024 December 31, 2023 Assets held for sale - discontinued operations Inventories $ 28.2 $ 17.5 Property, Plant and Equipment, net 43.0 43.9 Operating Lease Right-of-Use Assets 2.7 3.1 Total assets classified as held for sale $ 73.9 $ 64.5 Liabilities held for sale - discontinued operations Current Portion of Operating Lease Liabilities $ 0.7 $ 0.8 Accrued expenses 51.3 61.3 Non-Current Operating Lease Liability 0.9 1.6 Total liabilities held for sale - discontinued operations $ 52.9 $ 63.7 The following table provides operating and investing cash flow information for our discontinued operations (in millions): Nine Months Ended September 30, 2024 2023 Operating Activities: Depreciation and amortization $ — $ 2.6 Stock-based compensation expense — 0.1 Investing Activities: Capital expenditures 0.6 3.1

Restructuring Activities (Table

Restructuring Activities (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Summary of Accrual and Payment Activity	Our liability for costs associated with our restructuring initiatives as of September 30, 2024 is summarized below (in millions): As of September 30, 2024 Beginning balance $ 2.3 Restructuring and transformation costs, excluding non-cash charges 10.3 Payments and adjustments, net (9.2) Ending balance $ 3.4

Business Acquisition (Tables)

Business Acquisition (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Summary of Purchase Price Allocation	The purchase price allocation is shown in the table below (in millions): Current assets, net of cash acquired $ 7.5 Current liabilities, excluding contingent consideration (7.0) Contingent consideration (5.3) Other noncurrent liabilities, net (0.5) Deferred tax liabilities (8.1) Identifiable intangible assets 29.6 Goodwill 33.4 Total $ 49.6
Summary of Identifiable Intangible Assets	The identifiable intangible assets relating to the Diros Acquisition include the following (in millions, except years): Identifiable Intangible Asset Amount Weighted Average Useful Lives (Years) Trade names and trademarks $ 2.9 15 Customer relationships 21.2 14 Developed technology and other 5.5 13 Total $ 29.6

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Accounts Receivable	Accounts receivable consist of the following (in millions): September 30, 2024 December 31, 2023 Accounts receivable $ 137.3 $ 134.0 Income tax receivable — 14.1 Allowances and doubtful accounts: Doubtful accounts (4.8) (5.1) Sales discounts (0.6) (0.2) Accounts receivable, net $ 131.9 $ 142.8
Summary 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, 2024 December 31, 2023 Raw materials $ 47.4 $ 50.3 Work in process 23.2 19.8 Finished goods 87.9 88.5 Supplies and other 3.4 4.6 Total Inventory $ 161.9 $ 163.2
Summary of Property, Plant and Equipment	Property, plant and equipment consists of the following (in millions): September 30, 2024 December 31, 2023 Land $ 1.2 $ 1.3 Buildings and leasehold improvements 41.3 38.0 Machinery and equipment 185.4 182.8 Construction in progress 18.8 18.0 246.7 240.1 Less accumulated depreciation (137.2) (122.9) Total $ 109.5 $ 117.2
Summary of Changes in the Carrying Amount of Goodwill	The changes in the carrying amount of goodwill are as follows (in millions): Goodwill Balance, December 31, 2023 $ 796.1 Currency translation adjustment (1.0) Balance, September 30, 2024 $ 795.1
Summary of Intangible Assets Subject to Amortization	Intangible assets subject to amortization consist of the following (in millions): September 30, 2024 December 31, 2023 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Trademarks $ 41.6 $ (29.7) $ 11.9 $ 42.0 $ (28.8) $ 13.2 Patents and acquired technologies 248.5 (179.2) 69.3 248.6 (171.9) 76.7 Other 207.7 (68.8) 138.9 207.7 (58.1) 149.6 Total $ 497.8 $ (277.7) $ 220.1 $ 498.3 $ (258.8) $ 239.5
Summary of Estimated Amortization Expense	Amortization expense for the remainder of 2024, the following four years and thereafter is estimated as follows (in millions): Amount Remainder of 2024 $ 6.7 2025 25.0 2026 24.5 2027 22.8 2028 22.6 Thereafter 118.5 Total $ 220.1
Summary of Accrued Expenses	Accrued expenses consist of the following (in millions): September 30, 2024 December 31, 2023 Accrued rebates and customer incentives $ 23.6 $ 17.7 Accrued salaries and wages 29.8 31.5 Accrued taxes and other 6.2 16.7 Other 23.1 27.3 Total $ 82.7 $ 93.2 Liabilities for estimated returns, rebates and incentives are presented in the table below (in millions): September 30, 2024 December 31, 2023 Accrued rebates $ 13.7 $ 10.4 Accrued customer incentives 9.9 7.3 Accrued rebates and customer incentives 23.6 17.7 Accrued sales returns (a) 0.1 0.1 Total estimated liabilities $ 23.7 $ 17.8 __________________________________________________ (a) Accrued sales returns are included in “Other” in the accrued expenses table in Note 5, “Supplemental Balance Sheet Information”.
Summary of Other Long-Term Liabilities	Other long-term liabilities consist of the following (in millions): September 30, 2024 December 31, 2023 Accrued compensation and benefits $ 6.7 $ 5.9 Other 3.9 4.1 Total $ 10.6 $ 10.0

Fair Value Information (Tables)

Fair Value Information (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary 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, 2024 December 31, 2023 Fair Value Carrying Estimated Carrying Estimated Assets Cash and cash equivalents 1 $ 89.0 $ 89.0 $ 87.7 $ 87.7 Liabilities Revolving Credit Facility 2 $ 50.0 $ 50.0 $ 50.0 $ 50.0 Term Loan Facility 2 112.0 112.0 118.0 118.0 Contingent consideration related to acquisition 3 — — 5.3 5.3

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Debt Balances	As of September 30, 2024 and December 31, 2023, our respective debt balances were as follows (in millions): Weighted-Average Interest Rate Maturity September 30, 2024 December 31, 2023 Revolving Credit Facility 6.83 % 2027 $ 50.0 $ 50.0 Term Loan Facility 6.81 % 2027 112.5 118.8 162.5 168.8 Unamortized debt issuance costs (0.5) (0.8) Current portion of long-term debt (9.4) (8.6) Total Long-Term Debt, net $ 152.6 $ 159.4
Summary of Maturities of Long-Term Debt	As of September 30, 2024, the aggregate amounts of long-term debt that will mature during each of the next four years are as follows (in millions): Amount Remainder of 2024 $ 2.3 2025 9.4 2026 10.2 2027 140.6 2028 — Total $ 162.5

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Summary 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 Cash Flow Defined Benefit Accumulated Balance, December 31, 2023 $ (27.0) $ — $ — $ (27.0) Other comprehensive loss (8.0) (1.8) (0.1) (9.9) Balance, September 30, 2024 $ (35.0) $ (1.8) $ (0.1) $ (36.9) 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, 2024 2023 2024 2023 Unrealized currency translation $ 0.3 $ (4.6) $ (8.0) $ 2.8 Defined benefit pension plans 0.1 — (0.1) — Defined benefit pension plans, net of tax 0.1 — (0.1) — Cash flow hedges 0.7 — (1.3) — Tax effect (0.5) — (0.5) — Cash flow hedges, net of tax 0.2 — (1.8) — Change in AOCI $ 0.6 $ (4.6) $ (9.9) $ 2.8

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary 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, 2024 and 2023 is shown in the table below (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock options $ — $ — $ — $ 0.3 Time-based restricted share units 2.7 2.5 7.6 7.9 Performance-based restricted share units (0.1) 1.3 2.3 3.4 Employee stock purchase plan — 0.1 0.1 0.2 Total stock-based compensation $ 2.6 $ 3.9 $ 10.0 $ 11.8

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Calculation of Basic and Diluted Earnings Per Share	The calculation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2024 and 2023 is set forth in the following table (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) from continuing operations $ 5.9 $ (8.8) $ 10.7 $ (20.9) Net (loss) income from discontinued operations (1.6) 5.1 (5.5) (51.4) Net income (loss) $ 4.3 $ (3.7) $ 5.2 $ (72.3) Weighted Average Shares Outstanding: Basic weighted average shares outstanding 46.0 46.8 46.0 46.7 Dilutive effect of stock options and restricted share unit awards 0.6 — 0.5 — Diluted weighted average shares outstanding 46.6 46.8 46.5 46.7 Earnings (Loss) Per Share Basic: Continuing Operations $ 0.13 $ (0.19) $ 0.23 $ (0.45) Discontinued Operations (0.03) 0.11 (0.12) (1.10) Basic Earnings (Loss) Per Share $ 0.10 $ (0.08) $ 0.11 $ (1.55) Diluted: Continuing Operations $ 0.12 $ (0.19) $ 0.23 $ (0.45) Discontinued Operations (0.03) 0.11 (0.12) (1.10) Diluted Earnings (Loss) Per Share $ 0.09 $ (0.08) $ 0.11 $ (1.55)

Business and Products Informa_2

Business and Products Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Summary 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, 2024 2023 2024 2023 Digestive Health $ 98.2 $ 95.0 $ 290.6 $ 276.8 Pain Management and Recovery: Surgical pain and recovery 30.3 34.1 93.8 103.6 Interventional pain 41.9 42.2 123.8 119.6 Total Pain Management and Recovery 72.2 76.3 217.6 223.2 Total Net Sales $ 170.4 $ 171.3 $ 508.2 $ 500.0
Summary of Accrued Expenses	Accrued expenses consist of the following (in millions): September 30, 2024 December 31, 2023 Accrued rebates and customer incentives $ 23.6 $ 17.7 Accrued salaries and wages 29.8 31.5 Accrued taxes and other 6.2 16.7 Other 23.1 27.3 Total $ 82.7 $ 93.2 Liabilities for estimated returns, rebates and incentives are presented in the table below (in millions): September 30, 2024 December 31, 2023 Accrued rebates $ 13.7 $ 10.4 Accrued customer incentives 9.9 7.3 Accrued rebates and customer incentives 23.6 17.7 Accrued sales returns (a) 0.1 0.1 Total estimated liabilities $ 23.7 $ 17.8 __________________________________________________ (a) Accrued sales returns are included in “Other” in the accrued expenses table in Note 5, “Supplemental Balance Sheet Information”.

Share Repurchase Program (Table

Share Repurchase Program (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Summary of Class of Treasury Stock	For the nine months ended September 30, 2024, 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 2024 342,680 1,085,333 $ 6.7 $ 19.45 $ 3.3 Second quarter of 2024 169,571 1,254,904 $ 3.3 $ 19.67 $ —

Accounting Policies - Narrative

Accounting Policies - Narratives (Details)	9 Months Ended
	Sep. 30, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reporting units	1

Discontinued Operations - Narra

Discontinued Operations - Narratives (Details) - USD ($) $ in Millions			9 Months Ended
	Oct. 02, 2023	Jun. 07, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses			$ 2.1	$ 0
Prepaid and other current assets			15.9		$ 28.8
RH Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses	$ 110
Transformation process term (in years)		3 years
RH Business | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Prepaid and other current assets			$ 6.6		$ 11.9
RH Business | Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services agreement, term (in years)		1 year
RH Business | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services agreement, term (in years)		3 years

Discontinued Operations - Sched

Discontinued Operations - Schedule of Income (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net (Loss) Income from discontinued operations, net of tax	$ (1.6)	$ 5.1	$ (5.5)	$ (51.4)
(Loss) Earnings Per Share
Basic (in dollars per share)	$ (0.03)	$ 0.11	$ (0.12)	$ (1.10)
Diluted (in dollars per share)	$ (0.03)	$ 0.11	$ (0.12)	$ (1.10)
RH Business | Disposed of by sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net Sales	$ 10.5	$ 31.1	$ 41	$ 93.9
Cost of products sold	15.9	19.9	47.4	57.8
Gross Profit	(5.4)	11.2	(6.4)	36.1
Research and development	0	0.2	0	0.8
Selling and general expenses	0	4.2	0	11.9
Pretax loss on classification as discontinued operations	0	0	0	72.3
Other (income) expense, net	(3.2)	0.1	1.1	0.3
(Loss) Income from discontinued operations before income taxes	(2.2)	6.7	(7.5)	(49.2)
Income tax benefit (provision) from discontinued operations	0.6	(1.6)	2	(2.2)
Net (Loss) Income from discontinued operations, net of tax	$ (1.6)	$ 5.1	$ (5.5)	$ (51.4)
(Loss) Earnings Per Share
Basic (in dollars per share)	$ (0.03)	$ 0.11	$ (0.12)	$ (1.10)
Diluted (in dollars per share)	$ (0.03)	$ 0.11	$ (0.12)	$ (1.10)

Discontinued Operations - Sch_2

Discontinued Operations - Schedule of Balance Sheet (Details) - RH Business - Disposed of by sale - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventories	$ 28.2	$ 17.5
Property, Plant and Equipment, net	43	43.9
Operating Lease Right-of-Use Assets	2.7	3.1
Total assets classified as held for sale	73.9	64.5
Current Portion of Operating Lease Liabilities	0.7	0.8
Accrued expenses	51.3	61.3
Non-Current Operating Lease Liability	0.9	1.6
Total liabilities held for sale - discontinued operations	$ 52.9	$ 63.7

Discontinued Operations- Schedu

Discontinued Operations- Schedule of Cashflow (Details) - Disposed of by sale - RH Business - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Depreciation and amortization	$ 0	$ 2.6
Stock-based compensation expense	0	0.1
Investing Activities:
Capital expenditures	$ 0.6	$ 3.1

Restructuring Activities - Narr

Restructuring Activities - Narratives (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 07, 2023	Jan. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Term of restructuring initiative (in years)		3 years
RH Business
Restructuring Cost and Reserve [Line Items]
Transformation process term (in years)	3 years
Post-RH Divestiture Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Costs incurred			$ 2.3		$ 6.4
Post-RH Divestiture Restructuring Plan | Minimum
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			10		10
Post-RH Divestiture Restructuring Plan | Maximum
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			11		11
Transformation Process | Maximum
Restructuring Cost and Reserve [Line Items]
Costs expected to incur		$ 30
Program Management Consulting and Employee Retention
Restructuring Cost and Reserve [Line Items]
Costs incurred			0.7	$ 4.3	5.2	$ 23
Program Management Consulting and Employee Retention | Minimum
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			9		9
Program Management Consulting and Employee Retention | Maximum
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			12		12
Manufacturing and Supply Chain Improvements | Minimum
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			8		8
Manufacturing and Supply Chain Improvements | Maximum
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			11		11
Organizational Design Alignment and Other Related Activities | Minimum
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			6		6
Organizational Design Alignment and Other Related Activities | Maximum
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			8		8
Program Management Consulting and Employee Retention Expenses And Employee Severance and Benefits
Restructuring Cost and Reserve [Line Items]
Costs expected to incur			28.1		28.1
Costs incurred			$ 33.4		$ 33.4

Restructuring Activities - Accr

Restructuring Activities - Accrual and Payment Activity (Details) - Employee severance and benefits - Multi-year restructuring plan, initial phase $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 2.3
Restructuring and transformation costs, excluding non-cash charges	10.3
Payments and adjustments, net	(9.2)
Ending balance	$ 3.4

Business Acquisition - Narrativ

Business Acquisition - Narratives (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended		15 Months Ended
	Jul. 24, 2023	Jun. 17, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Business Acquisition [Line Items]
Net Sales			$ 170.4	$ 171.3	$ 508.2	$ 500
Payment of contingent consideration liabilities					4.6		$ 6.1
Diros Technology Inc
Business Acquisition [Line Items]
Consideration transferred	$ 53
Payments to acquire businesses, gross	50.5	$ 2.5
Future estimated payments	$ 7
Net Sales			4.6	2.4	14.4	2.4
Business acquisition, transaction costs			$ 1.5	$ 0.6	$ 2.1	$ 0.9

Business Acquisition - Purchase

Business Acquisition - Purchase Price Allocation (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Jul. 24, 2023
Business Acquisition [Line Items]
Goodwill	$ 795.1	$ 796.1
Diros Technology Inc
Business Acquisition [Line Items]
Current assets, net of cash acquired			$ 7.5
Current liabilities, excluding contingent consideration			(7)
Contingent consideration			(5.3)
Other noncurrent liabilities, net			(0.5)
Deferred tax liabilities			(8.1)
Identifiable intangible assets			29.6
Goodwill			33.4
Total			$ 49.6

Business Acquisition - Identifi

Business Acquisition - Identifiable Intangible Assets (Details) - Diros Technology Inc $ in Millions	Jul. 24, 2023 USD ($)
Business Acquisition [Line Items]
Identifiable Intangible Asset Amount	$ 29.6
Trade names and trademarks
Business Acquisition [Line Items]
Identifiable Intangible Asset Amount	$ 2.9
Weighted Average Useful Lives (Years)	15 years
Customer relationships
Business Acquisition [Line Items]
Identifiable Intangible Asset Amount	$ 21.2
Weighted Average Useful Lives (Years)	14 years
Developed technology and other
Business Acquisition [Line Items]
Identifiable Intangible Asset Amount	$ 5.5
Weighted Average Useful Lives (Years)	13 years

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information - Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accounts receivable	$ 137.3		$ 137.3		$ 134
Income tax receivable	0		0		14.1
Accounts receivable, net	131.9		131.9		142.8
Provision (reversal) for doubtful accounts	0.1	$ (0.4)	0.2	$ 0.2
Doubtful accounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowances and doubtful accounts	(4.8)		(4.8)		(5.1)
Sales discounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowances and doubtful accounts	$ (0.6)		$ (0.6)		$ (0.2)

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information - Inventories (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Inventory, Net
Raw materials	$ 47.4		$ 47.4		$ 50.3
Work in process	23.2		23.2		19.8
Finished goods	87.9		87.9		88.5
Supplies and other	3.4		3.4		4.6
Total Inventory	161.9		161.9		$ 163.2
Inventory obsolescence	$ 2.8	$ 2	$ 4.3	$ 6.3

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 246.7		$ 246.7		$ 240.1
Less accumulated depreciation	(137.2)		(137.2)		(122.9)
Total	109.5		109.5		117.2
Depreciation expense	5.3	$ 4.8	15.6	$ 14.2
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1.2		1.2		1.3
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	41.3		41.3		38
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	185.4		185.4		182.8
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 18.8		$ 18.8		$ 18

Supplemental Balance Sheet In_6

Supplemental Balance Sheet Information - Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 796.1
Currency translation adjustment	(1)
Ending balance	$ 795.1

Supplemental Balance Sheet In_7

Supplemental Balance Sheet Information - Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 497.8		$ 497.8		$ 498.3
Accumulated Amortization	(277.7)		(277.7)		(258.8)
Net Carrying Amount	220.1		220.1		239.5
Amortization expense for intangible assets	6.4	$ 6.2	18.8	$ 17.8
Unrealized currency translation adjustments			(0.3)
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	41.6		41.6		42
Accumulated Amortization	(29.7)		(29.7)		(28.8)
Net Carrying Amount	11.9		11.9		13.2
Patents and acquired technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	248.5		248.5		248.6
Accumulated Amortization	(179.2)		(179.2)		(171.9)
Net Carrying Amount	69.3		69.3		76.7
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	207.7		207.7		207.7
Accumulated Amortization	(68.8)		(68.8)		(58.1)
Net Carrying Amount	$ 138.9		$ 138.9		$ 149.6

Supplemental Balance Sheet In_8

Supplemental Balance Sheet Information - Estimated Amortization Expense (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Estimated Amortization Expense
Remainder of 2024	$ 6.7
2025	25
2026	24.5
2027	22.8
2028	22.6
Thereafter	118.5
Net Carrying Amount	$ 220.1	$ 239.5

Supplemental Balance Sheet In_9

Supplemental Balance Sheet Information - Accrued Expenses (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued rebates and customer incentives	$ 23.6	$ 17.7
Accrued salaries and wages	29.8	31.5
Accrued taxes and other	6.2	16.7
Other	23.1	27.3
Total	$ 82.7	$ 93.2

Supplemental Balance Sheet I_10

Supplemental Balance Sheet Information - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and benefits	$ 6.7	$ 5.9
Other	3.9	4.1
Total	$ 10.6	$ 10

Fair Value Information (Details

Fair Value Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 89	$ 87.7	$ 107.1	$ 127.7
Level 1 | Carrying Amount
Assets
Cash and cash equivalents	89	87.7
Level 1 | Estimated Fair Value
Assets
Cash and cash equivalents	89	87.7
Level 2 | Carrying Amount | Revolving Credit Facility
Liabilities
Long-term debt, fair value	50	50
Level 2 | Carrying Amount | Term Loan Facility
Liabilities
Long-term debt, fair value	112	118
Level 2 | Estimated Fair Value | Revolving Credit Facility
Liabilities
Long-term debt, fair value	50	50
Level 2 | Estimated Fair Value | Term Loan Facility
Liabilities
Long-term debt, fair value	112	118
Level 3 | Carrying Amount
Liabilities
Contingent consideration related to acquisition	0	5.3
Level 3 | Estimated Fair Value
Liabilities
Contingent consideration related to acquisition	$ 0	$ 5.3

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total Long-Term Debt, net	$ 162.5	$ 168.8
Unamortized debt issuance costs	(0.5)	(0.8)
Current portion of long-term debt	(9.4)	(8.6)
Total Long-Term Debt, net	$ 152.6	159.4
Revolving Credit Facility | Unsecured debt
Debt Instrument [Line Items]
Weighted-Average Interest Rate	6.83%
Total Long-Term Debt, net	$ 50	50
Term Loan Facility | Unsecured debt
Debt Instrument [Line Items]
Weighted-Average Interest Rate	6.81%
Total Long-Term Debt, net	$ 112.5	$ 118.8

Debt - Narratives (Details)

Debt - Narratives (Details) - USD ($)		9 Months Ended
	Jun. 24, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Current portion of long-term debt		$ 9,400,000		$ 8,600,000
Repayment of credit facility		20,000,000	$ 20,000,000
Revolving credit facility proceeds		$ 20,000,000	$ 55,000,000
First Eight Quarters
Debt Instrument [Line Items]
Quarterly installment payments (as percent)		10%
Subsequent To First Eight Quarters
Debt Instrument [Line Items]
Quarterly installment payments (as percent)		20%
Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding		$ 6,300,000
Unsecured debt | Revolving Credit Facility
Debt Instrument [Line Items]
Repayment of credit facility		20,000,000
Unsecured debt | Term Loan Facilities
Debt Instrument [Line Items]
Repayment of credit facility		$ 6,300,000
Credit Agreement
Debt Instrument [Line Items]
Borrowing capacity	$ 500,000,000
Credit Agreement | Secured overnight financing rate (SOFR) | Variable rate component three
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1%
Credit Agreement | Fed funds effective rate overnight index rate swap
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	0.50%
Credit Agreement | Minimum | Secured overnight financing rate (SOFR) | Variable rate component one
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.50%
Credit Agreement | Minimum | Secured overnight financing rate (SOFR) | Variable rate component two
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.50%
Credit Agreement | Minimum | Base rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	0.50%
Credit Agreement | Maximum | Secured overnight financing rate (SOFR) | Variable rate component one
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2%
Credit Agreement | Maximum | Secured overnight financing rate (SOFR) | Variable rate component two
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2%
Credit Agreement | Maximum | Base rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1%
Term Loan Facility | Senior Secured Term Loan
Debt Instrument [Line Items]
Debt instrument, term (in years)	5 years
Face amount of debt	$ 125,000,000
Effective interest rate (as percent)		7.10%
Senior Secured Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	$ 375,000,000
Debt instrument, term (in years)	5 years
Senior Secured Revolving Credit Facility | Line of Credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.20%
Senior Secured Revolving Credit Facility | Line of Credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.25%
Senior Secured Revolving Credit Facility | Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 75,000,000

Debt - Maturities of Long-Term

Debt - Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Remainder of 2024	$ 2.3
2025	9.4
2026	10.2
2027	140.6
2028	0
Total	$ 162.5	$ 168.8

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes During the Period (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 1,236.3
Other comprehensive loss	$ 0.6	$ (4.6)	(9.9)	$ 2.8
Ending balance	1,229.7	1,222.1	1,229.7	1,222.1
Unrealized Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(27)
Other comprehensive loss			(8)
Ending balance	(35)		(35)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0
Other comprehensive loss			(1.8)
Ending balance	(1.8)		(1.8)
Defined Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0
Other comprehensive loss			(0.1)
Ending balance	(0.1)		(0.1)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(37.5)	(28.4)	(27)	(35.8)
Other comprehensive loss	0.6	(4.6)	(9.9)	2.8
Ending balance	$ (36.9)	$ (33)	$ (36.9)	$ (33)

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Unrealized currency translation	$ 0.3	$ (4.6)	$ (8)	$ 2.8
Defined benefit pension plans	0.1	0	(0.1)	0
Defined benefit pension plans, net of tax	0.1	0	(0.1)	0
Cash flow hedges	0.7	0	(1.3)	0
Tax effect	(0.5)	0	(0.5)	0
Cash flow hedges, net of tax	0.2	0	(1.8)	0
Total Other Comprehensive Income (Loss), Net of Tax	$ 0.6	$ (4.6)	$ (9.9)	$ 2.8

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 2.6	$ 3.9	$ 10	$ 11.8
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	0	0	0	0.3
Time-based restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	2.7	2.5	7.6	7.9
Performance-based restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	(0.1)	1.3	2.3	3.4
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 0	$ 0.1	$ 0.1	$ 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

Derivative Financial Instrume_2

Derivative Financial Instruments (Details) - Foreign exchange forward $ in Millions	Sep. 30, 2024 USD ($)
Derivative [Line Items]
Derivative liability	$ 2.1
Cash flow hedging | Designated as hedging instrument
Derivative [Line Items]
Derivative, notional amount	$ 17.8

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 5.9	$ (8.8)	$ 10.7	$ (20.9)
Net (loss) income from discontinued operations	(1.6)	5.1	(5.5)	(51.4)
Net Income (Loss)	$ 4.3	$ (3.7)	$ 5.2	$ (72.3)
Weighted Average Shares Outstanding:
Basic weighted average shares outstanding (in shares)	46	46.8	46	46.7
Dilutive effect of stock options and restricted share unit awards (in shares)	0.6	0	0.5	0
Diluted weighted average shares outstanding (in shares)	46.6	46.8	46.5	46.7
Earnings (Loss) Per Share
Continuing operations- basic (in dollars per share)	$ 0.13	$ (0.19)	$ 0.23	$ (0.45)
Discontinued operations- basic (in dollars per share)	(0.03)	0.11	(0.12)	(1.10)
Basic Earnings (Loss) Per Share (in dollars per share)	0.10	(0.08)	0.11	(1.55)
Diluted Earnings (Loss) Per Share
Continuing operations- diluted (in dollars per share)	0.12	(0.19)	0.23	(0.45)
Discontinued operations- diluted (in dollars per share)	(0.03)	0.11	(0.12)	(1.10)
Diluted Earnings (Loss) Per Share (in dollars per share)	$ 0.09	$ (0.08)	$ 0.11	$ (1.55)
Dilutive securities excluded from computation of earnings per share (in shares)	1		1.3

Business and Products Informa_3

Business and Products Information - Narratives (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 170.4	$ 171.3	$ 508.2	$ 500
Digestive Health
Disaggregation of Revenue [Line Items]
Total Net Sales	98.2	95	290.6	276.8
Total Pain Management and Recovery
Disaggregation of Revenue [Line Items]
Total Net Sales	72.2	76.3	217.6	223.2
Surgical pain and recovery
Disaggregation of Revenue [Line Items]
Total Net Sales	30.3	34.1	93.8	103.6
Interventional pain
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 41.9	$ 42.2	$ 123.8	$ 119.6

Business and Products Informa_5

Business and Products Information - Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Accrued rebates	$ 13.7	$ 10.4
Accrued customer incentives	9.9	7.3
Accrued rebates and customer incentives	23.6	17.7
Accrued sales returns	0.1	0.1
Total estimated liabilities	$ 23.7	$ 17.8

Share Repurchase Program - Narr

Share Repurchase Program - Narratives (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jul. 28, 2023	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2024
Equity [Abstract]
Repurchase program period (in years)	1 year
Stock repurchase program, authorized amount	$ 25
Value of common stock repurchased		$ 5.8	$ 9.2
Shares withheld for tax withholding obligation (in shares)				140,539
Stock issued, value, stock options exercised, net of tax benefit (expense)				$ 2.7

Share Repurchase Program - Summ

Share Repurchase Program - Summary of Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Equity [Abstract]
Shares Repurchased (in shares)	169,571	342,680
Shares repurchased, program to date (in shares)	1,254,904	1,085,333
Aggregate Purchase Price (in millions)	$ 3.3	$ 6.7
Average Price Per Share (in dollars per share)	$ 19.67	$ 19.45
Amount Remaining in Program for Purchase (in millions)	$ 0	$ 3.3