Avanos Medical, Inc. · NYSE:AVNS
Avanos Medical — Q3 2025 Earnings Presentation
27 slides from Avanos Medical's earnings presentation, Nov 5, 2025
Slide 1: Avanos – Getting patients back to the things that matter
AVANOS November 5, 2025 Getting patients back to the things that matter.
Slide 2: Q3 Overview & Business Update; Q3 Results & 2025 Planning Assumptions
Q3 Overview Q3 Results & 2025 & Business Update Planning Assumptions AVANOS
Slide 3: Disclaimer Regarding Forward-Looking Statements
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS Certain matters in this presentation, including expectations and planning assumptions, any comments about our expected performance, and any estimates, projections, or statements relating to our business plans, objectives, acquisitions and transformatio
Slide 4: Avanos
AVANOS
Slide 5: 3Q25 Business Highlights
3Q25 Business Highlights * Raised and narrowed full year guidance » Revenue estimate $690 million to $700 million » Adjusted EPS estimate $0.85 to $0.95 per share * 10% organic growth in our combined strategic segments, Specialty Nutrition Systems and Pain Management & Recovery » Expanded scope of t
Slide 6: 3Q25 Financial Highlights
3Q25 Financial Highlights $20 $0.22 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 ”
Slide 7: Specialty Nutrition Systems: market leader in enteral feeding
$114 $23 $19 $98 "93 2024 "3 2025 . Q3 2024 Q3 2025 Market leader in long-term, short-term and Margin improvement through higher sales neonatal enteral feeding volumes partially offset by unfavorable tariff impacts Continued above-market growth Healthy organic demand across the portfolio benefiting
Slide 8: Pain Management & Recovery Growing >2%
Pain Management & Recovery Growing >2% Net Sales Operating Profit $58 $59 $2 antl 2.4% “932024 Q32025 organic growth Q3 2024 Q3 2025 * Double-digit growth in our Radiofrequency * Operating Profit expansion through topline Ablation business capturing higher procedural growth and cost management execu
Slide 9: Maintaining Strong Financial Position
Maintaining Strong Financial Position » Healthy balance sheet provides coe [evel ene | $108 strategic capital investment flexibility Cash » Capital expense deployment to Term Debt (110) (103) support key supply chain initiatives Revolver (25) - » Continuing to pursue active M&A Net (Debt) ($27) ($33
Slide 10: Revised 2025 Guidance: Revenue and Adjusted EPS
Prior Estimate: $665 million to $685 million Revised Estimate: $690 million to $700 million Prior Estimate: $0.75 to $0.95 per share Revised Estimate: $0.85 to $0.95 per share
Slide 11: Thank You
Slide 12: Appendices: Non-GAAP Reconciliations
APPENDICES Non-GAAP Reconciliations a ll
Slide 13: Segments
SEGMENTS In millions [Specialty Nutrition Systems: Enteral feeding Neonate solutions Total Specialty Nutrition Systems Pain Management & Recovery: Surgical pain and recovery Radiofrequency ablation Total Pain Management & Recovery Corporate and Other Total Net Sales Operating Income (Loss) Specialty
Slide 14: Gross Profit – Three Months
NON-GAAP RECONCILIATIONS Gross Profit Three Months Three Months Ended September 30, 2024 Ended September Continuing Discontinued 30, 2025 Operations Operations Total |As reported $ 86.0 $ 929 $§ (54) $ 87.5 Restructuring and transformation charges - 0.7 - 0.7 Post-RH Divestiture transition charges -
Slide 15: Gross Profit – Nine Months
NON-GAAP RECONCILIATIONS Gross Profit Nine Months Ended Nine Months Ended September 30, 2024 September 30, Continuing Discontinued 2025 Operations Operations Total JAs reported $ 267.9 $ 2833 $ (64) $ 276.9 Restructuring and transformation charges - 27: - 17 Post-RH Divestiture transition charges -
Slide 16: Operating Income (Loss) – Three Months
NON-GAAP RECONCILIATIONS |As reported Acquisition and integration-related charges Restructuring and transformation charges Post-RH Divestiture transition charges Post-RH Divestiture restructuring EU MDR Compliance Intangibles amortization JAs adjusted, non-GAAP Operating Income (Loss) ainrece outa:
Slide 17: Operating Income (Loss) – Nine Months
NON-GAAP RECONCILIATIONS ‘Operating Income (Loss) Nine Months Ended Nine Months Ended September 30, 2024 September 30, Continuing Discontinued 2025 Operations Operations Total As reported $ (64.1) $ 223 $¢ (7.5) $ 14.8 Acquisition and integration-related charges 0.4 44 - 4. Restructuring and transfo
Slide 18: Income (Loss) Before Taxes – Three Months
NON-GAAP RECONCILIATIONS |As reported Acquisition and integration-related charges Restructuring and transformation charges Post-RH Divestiture transition charges Post-RH Divestiture restructuring charges EU MDR Compliance Intangibles Amortization JAs adjusted, non-GAAP ‘Income (Loss) Before Taxes Th
Slide 19: Income (Loss) Before Taxes – Nine Months
NON-GAAP RECONCILIATIONS |As reported Acquisition and integration-related charges Restructuring and transformation charges Post-RH Divestiture transition charges Post-RH Divestiture restructuring charges Goodwill impairment EU MDR Compliance Litigation and legal Intangibles Amortization JAs adjusted
Slide 20: Tax (Provision) Benefit
NON-GAAP RECONCILIATIONS JAs reported Tax effects of adjusting items |As adjusted non-GAAP Effective tax rate, as reported Effective tax rate, as adjusted Tax (Provision) Benefit Three Months Three Months Ended September 30, 2024 Ended September Continuing Discontinued 30, 2025 Operations ‘Operation
Slide 21: Net Income (Loss) – Three Months
NON-GAAP RECONCILIATIONS In millions (except per-share amounts) JAs reported Acquisition and integration-related charges Restructuring and transformation charges Post-RH Divestiture transition charges Post-RH Divestiture restructuring EU MDR Compliance Intangibles Amortization Tax effects of adjusti
Slide 22: Net Income (Loss) – Nine Months
NON-GAAP RECONCILIATIONS In millions (except per-share amounts) Net Income (Loss) Nine Months Nine Months Ended September 30, 2024 Ended September Continuing Discontinued 30, 2025 Operations Operations Total /As reported $ (71.6) $ 10.7 $ (55) $ 5.2 Acquisition and integration-related charges 0.4 41
Slide 23: Selling, General and Administrative Expense – Three Months
NON-GAAP RECONCILIATIONS Selling, General and Administrative Expense Three Months Three Months Ended September 30, 2024 Ended September Continuing Discontinued 30, 2025 Operations Operations Total |As reported $ 77.6 $ m3 §$ =e 74.3 Acquisition and integration-related charges (0.4) (0.7) - (0.7) Res
Slide 24: Selling, General and Administrative Expense – Nine Months
NON-GAAP RECONCILIATIONS Selling, General and Administrative Expense Nine Months Nine Months Ended September 30, 2024 Ended September Continuing Discontinued 30, 2025 Operations Operations Total |As reported $ 236.8 $ 2388 $ - $ 238.8 Acquisition and integration-related charges (0.4) (1.3) - (1.3) R
Slide 25: EBITDA – Three Months
NON-GAAP RECONCILIATIONS EBITDA icon aeaeaets ‘Three Months Ended September 30, 2024 Ended September Continuing Discontinued 30, 2025 Operations ‘Operations Total INet income (loss) $ (14) $ 59 § (1.6) $ 43 Interest expense, net 13 25 - 25 Income tax provision (benefit) 0.2 3.6 (0.6) 3.0 Depreciatio
Slide 26: EBITDA – Nine Months
NON-GAAP RECONCILIATIONS AVANOS INet income (loss) Interest expense, net Income tax provision (benefit) Depreciation Amortization EBITDA Acquisition and integration-related charges Restructuring and transformation charges Post-RH Divestiture transition charges Post-RH Divestiture restructuring Goodw
Slide 27: Free Cash Flow and 2025 Outlook Reconciliation
NON-GAAP RECONCILIATIONS Three Months Ended September 30, __Nine Months Ended September 30, 2025 2024 2025 2024 [Cash provided by operating activities $ 14.0 $ 23.0 $ 46.5 $ 42.8 Capital expenditures (7.0) (3.0) (24.7) (13.0) Free Cash Flow $ 70 $ 20.0 $ 21.8 $ 29.8 2025 Outlook Estimated Range Dilu