AVNS - Earnings call transcript Q1 2022

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Operator

Good morning. And welcome to Avanos First Quarter 2022 Earnings Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Scott Galovan. Please go ahead.

Scott Galovan

thanks us. and everyone, morning for joining Good It's XXXX first to welcome the Avanos you to quarter my pleasure earnings conference call. be and will Senior today Joe and CEO; Presenting Michael Vice President CFO. Woody, Greiner, update Joe will environment well review as our XXXX. and key for current as objectives on our begin business quarter an with around will detail quarter affirm our Michael Then additional our and first discuss XXXX assumptions. planning

on website, the presentation for is available A avanos.com. call our today's of Q&A. the with finish section will We Investors call

contain can forward-looking differ expected financial today related as As to and forward-looking our a comments results materially reminder, future company, statements performance, the in our statements. the our could to those Actual results. industry. be conditions from economic No assurance given

could risk results, release the For today's press that influence factors SEC. see more our about factors future statements information please filings and forward-looking described and are in the with that risk

be Additionally, these adjusted press on outlook. and information financial we'll has GAAP reconciliations referring release to comparable measures. and The adjustments results to

to I'll the Now turn Joe. call over

Joe Woody

Thanks, quarter to share. to first of before growth earn begin the diluted review commercial with our over things quarter quarter continue that Scott. XXXX achieve of a and currency and for a our in brief joining with of against I'll million of per as matter constant was the operational for and the review results X% on $XXX And us everyone. customers. meet the sales as operational financial results the patients earnings challenging reviewing focused back adjusted we priorities. our for XXXX. our pleased Good for macroeconomic getting with organic our $X.XX I needs teams of very we how you range dynamics, always execute of thank morning, remain to We

contraction our year's with Our outbreak. in chronic business despite quarter a to comparison first remains experienced respiratory last due tough an XX% COVID portfolio flat care

business a of our pandemic However, the X%. without quarter quarter last respiratory impact sales as compared were to on XXXX, the up first

franchise digestive delivered with another greater growth quarter than strong X% year. Our versus prior

two by growing our than than with We very portfolio both performance of grew pain performance franchise company delivering we from more little pleased sales X% and X% excess XXXX will commercial that the of a interventional and for overall improvement This was sales growth. execution. procedure solid for million pain net rate which by We quarter our confident were over Our driven growth X% Including OrthogenRx, offering. portfolio little of months remain elective we acute OrthogenRx generate with a over OrthogenRx the our pain quarter. in more the the product for over of fiscal $XX X%. for first year our first owned

the by as manufacturing compared was basis more XXX margin of by bright on quarter the and compared the the XXX XXXX. We quarter quarter as to of well plans fourth our in the delivering solid execution product favorable for OrthogenRx, first efficiencies. inclusive XX%. Another to spot basis mix than quarter points us gross over improved sequentially delivery Gross XXXX of of and margin in of points improved experienced

overseas escalated results first related headwinds Although, given we raw cautiously the the gross in availability, quarter, are to increases for availability. our material remain capacity year, continued of very to margin inflation, optimistic pleased the costs duration with for and due fuel we shipping

to high currently most into net margins ultimately gross these believe between volatile a basis. on that million our was million our $X under and XXs. on sales transitory $XX to Our drive still throughout backorder the is a We basis, of impact be but continues the back $X are not and ultimately and headwinds weekly million first will quarter ability

for the inclusive be between Finally, XX% margins acquisition OrthogenRx year our we gross XX% of remain confident and will XXXX. that full

our we during in earnings still And for noted that that SG&A, a yearend be first less XXXX. execute percentage margin would the SG&A we to profile of of XXXX. as full identified XX% would as the than impact half year call, revenue to we expenses on our range Turning SG&A of a maintaining

SG&A in expectations, quarter a full first was some review Although, elevated on of slightly additional background, our as let's as provide minutes. regards below product portfolio. will we focused few With to with remain Michael percentage our SG&A our year versus delivering on a that revenue XX%. detail detail expectations a

procedures on stated tailwinds would anticipated favor. market in our elective growth we portfolio as from our call, turn to way pain we a As yearend from see lead the our start earnings perspective we

returned of year. momentum first ease depressed, a versus seeing and year's quarter. comparison. product we for the we anticipate performed half of volume were procedures In for experienced use We then improve growth the Coolief growth the while the leveraging digit Although, to of remains year due mid-single prior return But portfolio being digit second on enhancements single pain low second the portfolio care are to anticipate to quarter of across the prior for and franchise elective offerings growth, growth our efficacy the a for ON-Q and our our tough XXXX, the to that double lasted some partners. digit

collection continued app the in adoption PainBlock engagement of driving For ON-Q Pro, and patient is data and and ambIT, momentum business. the adoption our

own Behind growth the to enteral normalized anticipate beyond. primarily we health to we chronic digit rates revert second portfolio was due to throughout legacy expectations, the quarter continues XXXX the we digestive continue to across and we first maintain comparisons versus position as respiratory leadership We as continue that here, conversion cooled product trend frequency see and feeding our year Separately, this double be to quarter to growth strengthen and our beyond. growth launch our health Shifting mid-single Cooled driver, to radio conversions, ‘XX. and continue anticipate digits kits historical availability, anticipate NeoMed RF to to probe our the continues. across throughout more in our positive our ENFit North soft franchise Coolief, products grow American although in well. business positive and a our For as advanced strong

our priority was ability XXXX demonstrate repeatable flow. consistent free cash to for generate Our next to

million XXXX. XXXX, $XX As you excluding in may one impacts few profile we generating of approximately flow Michael slides. of in year time our million generated $XX will discuss a number free and of normalized anticipate first dynamics free cash recall, cash a in and full flow the quarter

on is Our final efficient added deployment. focused priority capital for value and XXXX

and pleased healthy both X remains expectations, the in rates favorable our shot off and enhance growth, date engaged free achieve offerings. half cash in position our synergies consistent and are would as upon anticipating our acid year remain We outcome, performance line OrthogenRx our deliver and shot tuck-in In shot strategy, on meaningful execution OrthogenRx which our our our our its of in maintain addition start organic helping active ability we're material hyaluronic delivering second to making to dialogue in summary, our positioned primary objectives is and on demonstrating landscape number with footprint, understanding initial X a of very our Our growth. line of X to to well which to we position line XXXX in the M&A category generate building pipeline our top existing XXXX flow. targets, improvements potential market. a we're reimbursement with leverage current with X would us for margin our be solid of within reimbursement we expectations. the the are year focused and the expand work Based the changes with to and profile, our simultaneously for the as on around We're gross

excess we our our extended additional execute remain share Additionally, acquisitions, repurchases, should intrinsic on of shares of value calculated an meaningfully $XXX have well for bolt-on period as time. as to of million immediately below capital in available consider further

the turn I'll Michael. call to over Now

Michael Greiner

Thanks Joe.

were plans in we well look a year growth for off organic OrthogenRx to on first and strategy XXXX. on to As the improving delivered the quarter forward you both meaningfully our and solid our gross priorities margins. as for start our executing We as noted,

are quarter to later additional to and costs inflationary anticipated, outside on slightly and marketing than below and ensuring compensation the was in for revenue, year planned first investments higher of in percentage a related services. full Although, the SG&A year selling as remained spend we spend spending the XX% committed

the from sales well exited last as Maxter-generated at quarter, first quarter, quarter. coming first up to as review $XXX the impact Maxter let's Now revenue compared flat our to of Care prior million to basis reported facility. sales prior million, organic year, This sales X.X% first sales last $X.XX. with in our adjusted EPS $XXX growth X%. was from excludes quarter constant the year OrthogenRx were Chronic results, total currency removing in the the contribution year of was from a excluding On year's

even have expectations, from of closer our business in would of more portfolio X%. tailwind with challenges, consistent to given quarter our continue been impeding year. down X%, quarter last NeoMed constraints first adjusting sales pandemic separately, health further the the strong despite see digestive to health supply health from technology for We then product our than respiratory growth growth growth, the conversions with continuation XX% of over ENFit our digestive supply to the grew But first

to management. pain Moving

an the care, procedural wider return growing business the The as us accelerate on performance procedures more $XX contribution a delivered OrthogenRx addition growth driven the the physicians. for continuum across year sales, to prior giving broader patients elective by extension million the $X demands. access a of and to we of than of pain X%. interventional of of poised and to With of portfolio Excluding in pain start year ahead within our a of is help base a of strong portfolio million capitalize OrthogenRx, return pain this ON-Q will

probes. franchise and like recent the the and release will and a the from products Additionally, pain advanced to momentum commercial PainBlock Coolief initiatives benefit Pro continue

adjusted improved versus year. basis Now moving points to gross statement, the income more last XXX XX.X% than down margin

from margins improved As performance. indicated product with benefits gross the initiatives combination mix, pleased better pricing we progress on including OrthogenRx, and with are earlier, a planned our of

our of challenge as quarter last XX% XX%. in between $XX improved totaled per by and share. EBITDA and higher confident to in compared $XX already a net our are to presents higher to our to totaled $XX supply objective chain elevated, year totaled Joe noted, to Adjusted material $X.XX previously compared pressures profit environment the were ago stated gross offset very said, partially $XX $XX components year, Inflationary diluted existing margins That are our the we rolling year million we Although, remains through sales million adjusted with we as are margin, being certain million encouraged backorder. earnings the compared with translating raw regards gross SG&A. Adjusted achieve first prior year, full availability a ability million and results global disrupted. of and gross million adjusted to $XX income million across margins of operating spend work

and the cash to sheet Turning statement. balance flow

remains strength with the post share with closing million sheet the us balance continues repurchase of flexibility, to provide $XXX of our debt $XXX million as for have us and and of over Our acquisition we outstanding a on hand completion of OrthogenRx currently cash program. strategic

Given delivering of our the delivering is a X% objectives materials, profile accessing this low of still unevenness $X margin our EBITDA sales the range with on over just appropriate indicated currency in of X% million our raw the will end cash by are still to elective post approximately we this constant our was on $XX activities, million quarter. XXXX to growth, expected inventory assumes The To in continued levered our year. delivering which with improvements deliver management, require improvement quarter on procedures. organic combined The and we flow approximately OrthogenRx pro for and Xx. in acquisition, free in I free driven collection in net to capital with strategy, at than with centered anticipate collections grow and OrthogenRx focused was year. challenges return first of of remain target, million $XX sales full we cash our forma expenditures primarily cash the anticipated, for meaningful demonstrating weaker flow. summarize, ability organic our gross making consistent outflow We poor cash primary meaningful material

As anticipate gross we've in we the stated, XX% XX%. of margins annual already to range

capturing costs. and end of range, the inflation lower elevated With distribution that

drive is in continue We million drive strategy for well and more target finally $XX necessary a towards in XXXX. range and steps XXXX as results We from approximately were And questions. of Operator, execute EPS our priorities both improvement free open progress our key our sales expansion. off please strong diluted as to we are We as already. gross the and to ability line to start taking to $X.XX. margin remain throughout margin consistent deliver flow and to cash made the to adjusted confident anticipated $X.XX operating

Operator

question [Operator Instructions] Cooley with Our comes Chris Stephens. first from

Chris Cooley

appreciate morning, Maybe shuffling two year. And level you the good for and congrats I you already it. want I as if just the solid quick here the Joe on Hey, on ones new set sure little to was me But bit here I'm first taking Michael, on at I questions. to just year. start correctly OrthogenRx outset, the on the calls two a make apologize, touched

essentially the accelerating get year in to $XX the rate contribution this that So growth million the million. a $XX with to -- XQ to to

the acceleration as your here I half of and year, a the changes and get year, want participants public disclosure make Just injection the understand talked migration several of same the sure space about half underlying in have from hitting the the as second that three I of modalities. continued for know, perspective back you to there to one to in assumptions

want both of in then and mark, of follow there just I've terms what a utilization, to so macro Thanks fully you're quick sure understand got and much. make I up. kind expecting So of kind reimbursement

Joe Woody

will, ASP suppliers type of you an level all QX, sort Okay, changes, be lands, of reporting on overall with three, can currently our depending we're that the I and really mostly business that about, is we've shots I have if to and of going where million at which QX diligence, accretive will very shift more of aware talked plus reimbursements in X% and in reimbursement then to or of confident that. the Chris, mean, $XX one. were we X%, Avanos to we the said any whether a that's start affect in entire much ASPs, five, to Medicare

the of for we if digit million have So really into need want million. And again, toward. we kind in of of incorporating go channel, But about the up mid-single to just pricing, thinking And ‘XX. product we reimbursement as and second the acquisition, to the a growth to in of said changes I think achieve level we our year, the points. then for accretive when offering as second $XX we forward, we managing capture this to part tying this back But the year places. it's this the non-AVN solid, kind year a And obviously, see head we product, be the could differentiable made to in we're that what after that $XX grower. a confidence way a more we're Coolief, importantly over going already this going own some in it with treatment. access half customer going that's talked as more customer The about strategic the aspect that the really with have other from XXXXs we OA diligence, then of then approaches areas well. in us the our we and different started actually mean in strategically

So hopefully that helps.

Chris Cooley

but OpEx at to And alluded up. I great. spend really and was gross that from appreciate I the And to look moving I of comments, quarter you see other, a good, lastly, the in really quarter. just to to here know couple additional P&L makes then all apologize. the the the just nice margin I some overall make to you did No, the want look sense. in

an could kind down just the comes you and the level SG&A so elevated as one gross realize such how when I through all walk stay burned hopped there time that one some It's but can you right XX% in this think side, up. but us or of on not I comes is below back leverage actually that P&L. in much. that margin Thanks weighted a

Joe Woody

do you that. handle sorry, Yes, go. Michael think will I Michael, Correct, want

Michael Greiner

No, okay. that’s

in different places, guys. about We sorry that, are so

Joe Woody

guys. sorry, Yes,

Michael Greiner

two indicated year we So things one half we XX%. the SG&A, first about be had on of wouldn’t that the the

point, did in little Chris, Now come thought. harder did bit than come a we once your into you

we to that reason And we decided that those to so selling and to is QX, The couple a spend we expected your had initiatives specific in forward. QX bring question. of for or marketing

just in have So QX. want we would to QX, spends those

a throughout That to normalized for about make up were year. have we're the and headwinds, factors on. year those So services. on was goes said, being Those additional also there million going of to with $X inflationary compensation outside

on. So million we're the about goes $X to make for that going up year

that already experiencing as The we're on, normalize we've other just the headwind things goes part it. will in year that QX are of that spent because

Chris Cooley

Okay, part, much forward basis queue. get back to maybe us points? just Michael, pull help that in just think I'm into what's, did is XXX that and Is quarter? XX about you last could part, points, and quantify maybe trying that how basis you the I'll

Michael Greiner

into Yes, the about quarter in OpEx. points XXX going forward basis was

Operator

next KeyBanc. from Matthew question Mishan with Our comes

Matthew Mishan

good Joe impressive. nice What's sustainable? to tougher the what's right improvement Hey, of make that kind quarter, Definitely margin XXs? the consider in be gross -- three and on of a start material and raw congratulations we're expectations four sequential year. where to and the some more seeing a the quarters bit here you inflationary Michael is low issues? sustainable -- to the will where exceed it? this Did changed side incrementally And way then kind first more look there run some the conditions is start little last the the margin. you What's to I and on want morning, were gross in do what versus pretty or on you at

Joe Woody

was then you on expect further sales, pain and increase commercial throughout Michael I'll year. But through to the mix more each gross would one positive, on margin. that to we're I say generally, take side, just seeing the think the quarter a I wants thing, and

take mix the So think we of Michael? the sort some new of and definitely eventually normal through some But other Michael can happening that where and are some things pricing. you is

Michael Greiner

Yes, great.

end today, off said range at our we you XX% for So We was again Matt, said last if to up XX%. XX%. year what recall, XX%, and affirm year's of year the is to

XXX XXX the basis OrthogenRx. be to XX% points or that that Half XX%. just would So points favorable of impact of basis

that planned half another of efficiencies, cost other just be better initiatives, basis The would points manufacturing performance. XXX savings

on planned the And half We performance Our executed slightly good. about expect overall margin than to performance, of change which XX% we quarter the was expect OrthogenRx as our had gross to see on, was so that better half goes better that of was don't we anticipated. first much slightly and that was we continue improve. and than we the that year anticipated,

not Now thing currently be dealing XX% inflationary Joe we that us would the mentioned, XX% headwinds, as in that the would some with. level are versus additional additional keep one some issues

back XX%, written there's then we year. high we And did in more again, that, a and though, we've Ultimately, up more in basis shipping we So normalized to reach sustainable up the get comments, at we think the than XXs why a no that reason could said we in leaves would to the be a priced ourselves priced somehow. the current issues environment. and we great think to better in us the quarter, we'll that can't which as which to perform in we've we XX%. continue see environment, continue experienced, If we've first

Matthew Mishan

second you. OrthogenRx. back like in here? bit you do should going we the the is thinking about How embedded steady reimbursement it of year? little have from just to or in $XX be of a the Thank change then Or And half that cadence it of for modeling Is excellent. in million? cushion the Okay,

Joe Woody

as fine. get a the softer year. going it QX Typically the things pain that's business. the there Yes, little HA is in not the from unlike And then with bit grows

consider try space, So the new XXXXs time sort time, in have that and we to period. of of the QX channels any convert at and early indications more are into that's we're bringing effects this going the number the same that accounts in of one on did well. a But change thing, in yes, orthopedic selling the might market reimbursement

kind comes it So all we as landed of $XX how together that million.

Matthew Mishan

the of guess expect been Okay, just excellent. one have finalized, kind see you a on rates final result last one. that when to I reimbursement there? do you And

Joe Woody

we'll to and and Medicare, it think I I from not think into it implement hear what some They've about July we could people if been, time the generally probably in will call. next here, is be push here they'll take June talking June, then those in that think but do all others most

Operator

Stifel. Wise comes next with question Our Rick from

Rick Wise

Good your what you understand to Maybe going both. you're to I comments on mean, morning management. I back step pain saying. as

Ready, Game So digit steady track, change. sort mid-single ambIT of on Coolief, no are outlook,

year an correctly, It's as wrong, be is So COVID improvement the if through and elective please me the it's you wane, go to going understanding if down real factor inverse. in correct sort go you procedures ON-Q. and better. I'm the does of I'm as hospitals go And up ON-Q so uncovered,

app my understand underway? to this questions sense kind that new improvement April? improve if it did you things get continue So of there what's us pain help specifically, products? important two bigger? PainBlock What is Pro sort how How normal? into utilization as And is turnaround just of in impact throughout the marketing have back issues? Are next do quarter? And the What improved did

Joe Woody

Absolutely. Yes.

came just, the see Center with a most Surgical from you been January, in generally, from ambIT. to momentum product ambIT grew And we're a things their in have we us. growth talking for a of differentiator I but think an Ready ON-Q lot we've focus. and solutions. training And Coolief single quarter-to-quarter low which So do accelerated and And and me single And which Ready PainBlock Game a to digit really digits, in good on for that calls. more think part we Ambulatory ambIT at life just about of digit, of about But for analytic is and just double legs in has excellent where putting generally, performance back where we February. ON-Q. everybody's digit Rick, the quarter, portfolio sequential was pain it's high did Game then alongside in Pro tough high March, got pain, if rate. is think elective the fairly we'll to ambIT, ON-Q that it was acute like improvement clinical back the double in of the just procedures, seems coming had

So some some extent growth digit growth and centers that the us to back good get where a ambulatory times is total in pain you an to was obviously, to the digits puts from with ON-Q double for add good business. it digit opportunity want so in mid, really runway, pandemic, as surgical single for go more bolt-on it And growth to the for into single land to for to into there. before be high we which low

from were perspective, pain. generally, in very inside the So we the pleased performance the comeback with and

Rick Wise

for health respiratory think Mike, down sure about X%, wanted what comment commented your adjusting I those suggesting. make was challenges. chain it what I were and you on, And, being supply to understood were you I

where And actual or in to so your we ability in fill orders, shortfalls that? supply demand just impacted resolving are

Michael Greiner

making we're ended first We week May progress, rolling that. in but quarter higher here, is the so QX, year a was it's about it rolling of now, a backorder. Yes, and better of last slightly $XX months million, $X million million, than backorder. $XX million now, had where throughout a so just million We noted six part under right we're $X $X we've or the

some it's point, And at availability. close a materials suction at the care impacted respiratory products, some that's we time the chronic had that period some franchise. products and product health other of happened points it raw of just our in catheter at So shortages

up ultimately April. in So happening that those are sales ended

Rick Wise

you. it last continued flow in me, you the free cash to I'll that the highlighted for are two Got It's do also, M&A transactions hope half distant future. too Joe, just comments. throw one positive you've strong, comments your not but sort your actually, And and maybe there. out of

into on hope that flow, tee You said other one? in this year. away? What's be dialogue. that the might your not to second engaged far one. priority maybe active what's done update this I have obviously cash you transaction beyond back You And know any tie others up that you're free

first are priorities you your the you. For as shares. flexibility? ability think now Thank about repurchase talk your the financial to I'm about time hearing What we

Joe Woody

pretty a cash this get say a can things have as bolt-on off each I on about. Yes. and late another and predict couple on a for I And that it Thanks, much on flow to done. we Rick. then or things. to summer, the finish I'll yes, by very of when got see good very the getting year, couple some and pieces. one two pipeline, these calls, have get capacity record eye full on probably so But definitely you we term have But we these near very sites done, a doable. the track early going questions. And of can we've M&A of we comment we're stated, time never in would we are talk Michael And again, think we've bolt-on,

‘XX, that a might scale something ‘XX, capacity transformational of that more we can could frankly, be and acquisition looking opportunities as for meaningful, really, businesses into both internationally. expand opportunities And bit that think with, flow the have for we that. move little there, And us. be also a cash and I for at would to in be that of confidence getting lot then at that the and generating we look ultimately, us, larger So type we're

then sort with perspective. the pleased And capacity you pretty of we're can So that outline Michael, elements.

Michael Greiner

share Yes, absolutely, question Joe. Rick, to around your repurchase. the point, it I'll your to tie

last just on tail if DCF we based you we're it end we and the of that So undervalued, ways, that our our year, believe internal repurchase at share our two stock announced completed meaningfully look outlook, the any is own of in announced recall about our that at program we when undervalued. versus we talked one, we peers, completely

what think want that good already, stated we do so the year, repurchase to We we the looking enough program we do. do to it's enough capital remains a capacity still our to The to that's extent deploy stock have that that a we depressed. we to all capital. So M&A place last all have in completed we believe share we're put and do M&A

So level engaging above as as deploying these we program even the far make levels to another some capital. repurchase sense at seems should remain or these year, during

it's So capital we're clearly do, view two, to under going the that we of to do. execute we that what do four important scenarios, we think are over we two enough undervalued, years. do we one three the that And only our want have M&A we believe would to to next to to which support

Operator

question Stanley. Drew from Morgan next Our Ranieri with comes

Drew Ranieri

Joe. Michael, taking thanks question. Hi, for And the

term, Just a there about HA for curious that think moment. injection pricing you shift where that kind that three plan. to baked for Medicare, three the your of Thank and in XXXX the five go as But stands and forum Medicare, three OrthogenRx longer what you're digit asset? a and understand just the with coming potential changes with on shift of new factor growth mix guess, had with kind and disruptions into How of your to does maybe mid-single looking from regime I five today. the back to I kind terms of mix Does your for this coming injections? injection from you. be in injection you could beyond outlook of pricing

Joe Woody

base force That's impact XXXX as people we which confident that And and we the mean we're to question. if that $XX And to and ON-Q but yes, three, try just our OrthogenRx, largely externally us direct sales is ship talked XXXX of out and of that we've have are have, Yes, that is the And as a us Game ability with reimbursement, prolongs the that in more into five in that it's focus the and Drew, about that an the can on in the on have. to more XXXX for that'll did space. million. but that thanks the and this strategy. are internally how we we Ready just maintain we expand build well. end, settled upside, consider a of increasing be model we reiterate, the we for base what whatever that. working the QX for orthopedic it, through picture that's are put the today,

Drew Ranieri

Thank you. for Michael, you. it. Got Maybe

back margins go gross for to Just moment. a to

You did quarter. XX XX bit over this

clear, be the to be sequentially your that the second you of should kind of you year inflationary throughout or is some margins a of push the through there suggesting inventory? kind in concerns, guidance. that inflationary just and Thanks. You pricing, improving And maintained your just just in are any risks gross quarter downturn see

Michael Greiner

we're And expectations but macro anticipated. that the in QX something see see are a just the above of and XX%. given our that quarters we got XX% But slight hold, we until programs be downtick just will due we mix how above place. to obviously and the we're board. just don't when some and take could to midpoint cognizant programs for could very we quarter, want will off overall again, confident ahead that's through We we're of get months to savings necessarily second start the the few in of a far think, we're put And place, not slight those we downside, possibly, and XX% environment more able between on be a be the too to year -- and year in putting the of should QX

Joe Woody

Joe Jordan, closing is now to might and questions, answer it correct. the right? remarks. That's conference question I back on Woody turn be concludes session. the over I for the to any that This would like that think

Joe Woody

I'd you I'm priority And position that as us very discussions going all. commitment. confident the results this and XXXX. given on everybody interest market we're the meaningful with to we free further creating XXXX anticipate positive and their of shareholder overall for attractive like the detailed while thank execution Avanos. look margin value we deliver and portfolio and growth, to our this combined to, pleased are cash expansion going to go They're to environment, all uncertain week. quarter, continued that are Thank we forward for Thanks through committed as flow markets. leading always with in

Operator

for concluded. The now conference attending is presentation. Thank you today's

You may now disconnect.

Avanos Medical (AVNS) 8 May 222022 Q1 Earnings call transcript