Here are 1-3 brief analogies for Avanos Medical (AVNS):

• Imagine a Medtronic, but singularly focused on essential devices for hospital pain management, respiratory support, and digestive health.
• A Teleflex, but with its product lines exclusively dedicated to devices for pain management, respiratory health, and digestive care in clinical settings.

• Pain Management Solutions: Offers non-opioid pain relief systems, including radiofrequency ablation for chronic pain and elastomeric pumps for post-surgical pain management.
• Enteral Feeding Systems: Provides a range of devices and accessories, such as gastrostomy and nasoenteric feeding tubes, for patients requiring nutritional support.
• Respiratory Health Products: Manufactures closed suction systems and other devices designed to protect ventilated patients from ventilator-associated pneumonia.

Avanos Medical (AVNS) Major Customers

• Medical Distributors: These companies purchase products from manufacturers like Avanos and then distribute them to healthcare providers. Major players in this space are likely to be among Avanos's top customers. Examples of such major medical distributors include:
  • Cardinal Health, Inc. (Symbol: CAH)
  • McKesson Corporation (Symbol: MCK)
  • Owens & Minor, Inc. (Symbol: OMI)
• Healthcare Providers: Avanos also sells directly to various healthcare facilities, which are the ultimate end-users of their products. These include:
  • Hospitals (Acute Care Facilities)
  • Ambulatory Surgery Centers (ASCs)
  • Long-Term Care Facilities
  • Home Health Agencies

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David Pacitti

Chief Executive Officer

David Pacitti was appointed CEO of Avanos Medical, effective April 14, 2025. He brings over 30 years of professional leadership in the healthcare industry. Prior to joining Avanos, he served as president of Siemens Medical Solutions USA, Inc. and Head of the Americas, Siemens Healthineers, where he led marketing, sales, service, and support functions in North America and Latin America across the Siemens Healthineers portfolio. Before Siemens Healthineers, which he joined in 2015, Mr. Pacitti held several leadership roles at Abbott Vascular, including division vice president of U.S. commercial operations, sales and marketing, vice president of commercial operations (2009-2013), and vice president of global marketing (2006-2009). He joined Abbott Vascular through its acquisition of Guidant Corp, where he held positions of increasing responsibility from 1995 to 2006. Mr. Pacitti serves as chair of the AdvaMed Medical Imaging Technology Division's board of directors and on the boards for Orchestra BioMed and the Siemens Foundation.

Scott Galovan

Senior Vice President and Chief Financial Officer

Scott Galovan was appointed Senior Vice President and Chief Financial Officer of Avanos Medical, effective August 1, 2025. He previously served as Avanos' Senior Vice President of Strategy and Corporate Development. With 12 years of experience at Avanos, Mr. Galovan has a proven track record of leading acquisition and divestiture initiatives, including the sale of the Surgical & Infection Prevention business to Owens & Minor and the Respiratory Health business to AirLife, as well as acquisitions such as CORPAK, Game Ready, Summit Medical, NeoMed, OrthogenRx, and Diros Medical. Before joining Avanos, he spent 10 years in various strategy, finance, and M&A roles for Newell Brands, Equity Pacific Partners, and Intel Capital. His role as a Principal at Equity Pacific Partners indicates experience with private equity-backed organizations.

Kerr Holbrook

Senior Vice President and Chief Commercial Officer

Kerr Holbrook was named Senior Vice President and Chief Commercial Officer in January 2023. He joined Avanos in 2019 as Senior Vice President and General Manager for the company’s Chronic Care franchise. Mr. Holbrook has over 25 years of experience as a healthcare industry executive, focusing on sales, marketing, strategy, and general management. Prior to Avanos, he served as chief commercial officer at AlloSource, a global biologic and regenerative implant company.

Camille Chang Gilmore

Senior Vice President and Chief Human Resources Officer

Camille Chang Gilmore leads Avanos Medical’s global people strategy, overseeing talent acquisition, workforce planning, leadership development, and the overall employee experience.

Moji James

Senior Vice President and General Counsel

Moji James serves as the Senior Vice President and General Counsel for Avanos Medical.

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Avanos Medical (AVNS) operates primarily in two main product areas: Pain Management & Recovery and Specialty Nutrition Systems.

Pain Management & Recovery

The global market for pain management devices, which includes solutions offered by Avanos Medical such as non-opioid pain therapies, radiofrequency ablation (RFA), and infusion pumps, is substantial and growing.

• The global pain management devices market size was estimated at approximately USD 7.94 billion in 2024.
• This market is projected to grow to USD 9.3 billion by 2032, with a compound annual growth rate (CAGR) of approximately 8% from 2025 to 2032.
• Another estimate projects the global market to reach USD 13.32 billion by 2035, growing at a CAGR of 4.7% during the forecast period.
• North America held the largest share of this market, accounting for 48% in 2022.

Specialty Nutrition Systems (Enteral Feeding Devices)

Avanos Medical's Specialty Nutrition Systems segment includes enteral feeding devices and solutions.

• The global enteral feeding devices market size was USD 3.52 billion in 2021.
• This market is expected to grow at a CAGR of 6.6% over the projection period.

Avanos Medical (AVNS) is anticipated to drive future revenue growth over the next two to three years through several key strategies:

1. Growth in Specialty Nutrition Systems (SNS) Segment: The company expects continued strong performance from its Specialty Nutrition Systems segment, which has demonstrated double-digit expansion, particularly in enteral feeding and neonatal solutions. New product adoption within platforms such as CORTRAK and CORGRIP is reinforcing Avanos' leadership and capturing market share.
2. Expansion in Pain Management and Recovery (PM&R) Segment, particularly Radiofrequency Ablation (RFA): The Pain Management and Recovery segment has shown a return to growth, primarily fueled by sustained momentum in Radiofrequency Ablation (RFA) product sales.
3. Strategic Acquisitions: Avanos is pursuing strategic acquisitions to enhance its product offerings and market presence. The recent acquisition of Nexus Medical is expected to immediately boost revenue growth by expanding its footprint in neonatal and pediatric critical care settings. The company also continues to explore additional merger and acquisition opportunities that align with its core Digestive Health and Pain Management & Recovery franchises.
4. New Product Launches and Innovation: Product innovation is a key focus, with new launches such as the CORGRIP SR Nasogastric/Nasointestinal Tube Retention System expanding the comprehensive Enteral Feeding portfolio. Avanos has a three-year plan that prioritizes product innovation to drive growth.
5. Commercial and Portfolio Optimization: The company is undergoing a three-year transformation plan designed to optimize its commercial operations and streamline its portfolio. This includes divesting non-core assets and focusing on consistent growth and portfolio expansion within its strategic Digestive Health and Pain Management & Recovery franchises, which is aimed at enhancing overall revenue generation.

Share Repurchases

• In December 2021, Avanos Medical's Board of Directors authorized a share repurchase program for up to $30 million of the company's common stock.
• A new stock repurchase program was approved by the Board in November 2024, allowing the company to buy back up to $25 million of its common stock over the subsequent year.
• For the nine months ended September 30, 2025, Avanos Medical withheld $3.0 million in common shares for taxes related to stock-based compensation, in addition to its ongoing share repurchase program.

Outbound Investments

• In December 2021, Avanos Medical announced the acquisition of OrthogenRx, Inc. for $160 million, consisting of $130 million in cash at closing and up to $30 million in contingent cash consideration, enhancing its interventional pain portfolio.
• Avanos Medical acquired Nexus Medical, LLC in September 2025, adding the proprietary TKO® anti-reflux needleless connector technology to its Specialty Nutrition Systems business, a move expected to be immediately accretive to revenue and earnings per share.
• The company made strategic portfolio adjustments, including the divestiture of its HA product line to Channel-Markers Medical, LLC in July 2025 and the agreement to sell its U.S. Game Ready® Orthopedic Rental Business to WRS Group in October 2025.

Capital Expenditures

• For the nine months ended September 30, 2025, capital expenditures totaled $24.7 million, an increase from $13.0 million in the comparable prior year period.
• In the first quarter of 2025, capital expenditures were $6.7 million.
• Avanos expects slightly higher capital expenditures in 2025 due to prioritized supply chain investments aimed at accelerating its exit from China for neonatal syringe production by mid-2026.