Avanos Medical, Inc. · NYSE:AVNS
Avanos Medical — Q4 2025 Earnings Presentation
20 slides from Avanos Medical's earnings presentation, Feb 24, 2026
Slide 1: Q4 & Full Year 2025 Earnings Presentation
Q4 & Full Year 2025 Earnings Presentation February 24, 2026 Getting patients back to what matters.
Slide 2: Q4/FY Overview and Results Presenters
Dave Pacitti Scott Galovan Chief Executive Officer SVP, Chief Financial Officer Q4/FY Overview Q4/FY Results & 2026 & Business Update Planning Assumptions
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: FY25 Business Highlights
FY25 Business Highlights Financial Performance • $701M revenue, exceeded revised estimate • $0.94 adjusted EPS, achieved high end of our revised estimate • 6% organic growth in strategic segments Operational & Cost Discipline • Tariff mitigation actions on track • Expanded transformation initiatives
Slide 5: Solid Progress on Strategic Imperatives
Solid Progress on Strategic Imperatives Accelerate growth in our strategic segments Mitigate the impact of tariffs Realize more operating efficiencies Improve or divest underperforming assets Find synergistic M&A opportunities 5
Slide 6: FY25 Financial Highlights
FY25 Financial Highlights Net Sales Adjusted EBITDA Adjusted EPS Millions Millions $701 $108 $1.35 $688 $87 $0.94 6%* organic 12% growth margin FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 * Strategic segment organic sales growth excluding currency 6 Numbers include rounding
Slide 7: Specialty Nutrition Systems Growing >8% (FY)
Specialty Nutrition Systems Growing >8% (FY) Net Sales Operating Profit Millions Millions $433 $81 $83 $396 8.2% 19% organic margin growth FY 2024 FY 2025 FY 2024 FY 2025 Performance Highlights Growth Drivers Margin Dynamics • 8.2% organic growth • Sustained above-market growth • Volume leverage dro
Slide 8: Pain Management & Recovery Growing >2% (FY)
Pain Management & Recovery Growing >2% (FY) Net Sales Operating Profit Millions Millions $234 $238 $9 2.3% organic 4% $3 margin growth FY 2024 FY 2025 FY 2024 FY 2025 Performance Highlights Growth Drivers Margin Dynamics • 2.3% organic growth • Higher RFA procedural • Operating profit expansion • 4%
Slide 9: Maintaining Strong Financial Position
Maintaining Strong Financial Position • Healthy balance sheet provides $ in millions 12/31/24 12/31/25 strategic capital investment flexibility Cash $108 $90 • Targeted capital investments Term Debt (110) (101) supporting supply chain optimization Revolver (25) - • Continuing to leverage our balance
Slide 10: 2026 Outlook
2026 Outlook Estimate: $700 million to $720 million • Specialty Nutrition Systems up mid to high-single digit growth Net Sales • Pain Management & Recovery low to mid single-digit growth • Assumed foreign exchange rates near current levels Adjusted Estimate: $0.90 to $1.10 per share Diluted • Assume
Slide 11: Thank You
Thank You
Slide 12: Appendices
APPENDICES Segments Non-GAAP Reconciliations
Slide 13: Segments
SEGMENTS In millions Segment Income 2024 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Specialty Nutrition Systems: Enteral feeding $ 70.0 $ 72.7 $ 72.0 $ 75.0 $ 289.7 $ 74.5 $ 74.5 $ 82.7 $ 83.0 $ 314.7 Neonate solutions 24.6 25.0 26.2 30.8 106.6 26.6 28.2 31.3 32.1 118.2 Total Specialty Nutrition Syste
Slide 14: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS In millions Three Months Ended December 31, 2025 Post-RH Acquisition and Divestiture Intangibles As Adjusted Non- As reported Integration Restructuring Amortization Tax Effects GAAP Net Sales $ 180.9 $ — $ — $ — $ — $ 180.9 Cost of products sold 94.9 — (9.0) (1.6) — 84.3 Gro
Slide 15: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS In millions Three Months Ended December 31, 2024 Acquisition Post-RH Post-RH Goodwill & and Restructuring Divestiture Divestiture Intangibles EU MDR Intangibles As Adjusted As reported Integration & Transform. Transition Restructuring Impairment Compliance Amortization Tax E
Slide 16: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS In millions Year Ended December 31, 2025 Post-RH Goodwill and Acquisition and Divestiture Intangibles Litigation and Intangibles As Adjusted As reported Integration Restructuring Impairment Legal Amortization Tax Effects Non-GAAP Net Sales $ 701.2 $ — $ — $ — $ — $ — $ — $ 7
Slide 17: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS In millions Year Ended December 31, 2024 Acquisition Post-RH Post-RH Goodwill & and Restructuring Divestiture Divestiture Intangibles EU MDR Intangibles As Adjusted As reported Integration & Transform. Transition Restructuring Impairment Compliance Amortization Tax Effects N
Slide 18: Non-GAAP Reconciliations: EBITDA
NON-GAAP RECONCILIATIONS In millions EBITDA Three Months Ended December 31, 2024 Three Months Ended Continuing Discontinued December 31, 2025 Operations Operations Total Net loss $ (1.3) $ (397.0) $ (0.3) $ (397.3) Interest expense, net 1.3 2.0 — 2.0 Income tax (provision) benefit 2.5 (23.5) 0.1 (23
Slide 19: Non-GAAP Reconciliations: EBITDA
NON-GAAP RECONCILIATIONS In millions EBITDA Year Ended December 31, 2024 Year Ended Continuing Discontinued December 31, 2025 Operations Operations Total Net loss $ (72.9) $ (386.3) $ (5.8) $ (392.1) Interest expense, net 4.6 7.1 — 7.1 Income tax benefit (provision) 6.7 (17.0) (1.9) (18.9) Depreciat
Slide 20: Non-GAAP Reconciliations: Free Cash Flow
NON-GAAP RECONCILIATIONS In millions Free Cash Flow Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Cash provided by (used in) operating activities $ 28.2 $ 57.9 $ 74.7 $ 100.7 Capital expenditures (6.9) (4.8) (31.6) (17.8) Free Cash Flow $ 21.3 $ 53.1 $ 43.1 $ 82.9 2026