At a glance
Avanos Medical Inc is worth $1.17B. Revenue grew 1.9% to $701.2M in fiscal 2025, at a loss; over 4 years it has grown 4.5% a year. It pays no dividend; it spent $92.2M buying back its shares over FY2021–FY2025. The stock returned +115.8% over the past year with dividends reinvested and −4.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.0% in the 2020 crash (S&P 500: 33.7%) and 44.4% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Avanos Medical, formerly Halyard Health, is a medical device maker based in Alpharetta, Georgia. It sells to hospitals, outpatient centers and other sites of care, and reports two business segments. Specialty Nutrition Systems covers enteral feeding (tube feeding into the stomach or intestine), led by MIC-KEY tubes and Corpak systems, plus NeoMed feeding products for newborns and children. Pain Management and Recovery sells non-opioid pain treatments: ON-Q and ambIT surgical pain pumps, Game Ready cold and compression systems, and radiofrequency ablation products such as COOLIEF, which use heat to block pain signals from nerves.
In 2025, sales were $701.2 million. Enteral feeding brought in 44.9%, radiofrequency ablation 19.8%, newborn products 16.9% and surgical pain and recovery 14.1%. MIC-KEY, Corpak and NeoMed each accounted for more than 10% of sales. Avanos makes its products in the US, Mexico and Canada and spent $23.3 million on research and development in 2025.
Avanos markets to doctors, nurses and hospital administrators, but distributors handle much of the selling: about 49% of North American sales in 2025, with Medline alone about 12% of total sales. The company has been reshaping itself. It sold its respiratory business in 2023 and, in 2025, a product line and its Game Ready rental business. It also bought Nexus Medical in 2025, adding needleless connectors for IV lines.
Price history
The interactive chart needs JavaScript.
AVNS +115.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Enteral feeding | $314.7M | 44.9% |
| Radiofrequency ablation | $139.0M | 19.8% |
| Neonate solutions | $118.2M | 16.9% |
| Surgical pain and recovery | $98.8M | 14.1% |
Latest results
- In Q1 FY2026 (ended Mar 31, 2026), revenue was $182.2M, up 8.8% from a year earlier, and net income was $5.1M (-22.7%).
- For fiscal 2025, revenue was $701.2M (+1.9% year over year; +4.5% a year from FY2021 to FY2025) with a -10.4% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +4.5% watch |
|---|---|
| Operating margin | -8.8% weak |
| Free cash flow margin | 6.1% watch |
| Return on equity (FY2025) | -9.4% weak |
| Return on assets (FY2025) | -6.8% weak |
| Net cash (cash minus debt) | $-21.7M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $714.8M | $-29.0M | $-22.7M |
| FY2021 | $587.0M | $6.3M | $66.3M |
| FY2022 | $684.1M | $50.5M | $71.6M |
| FY2023 | $673.3M | $-61.8M | $14.6M |
| FY2024 | $687.8M | $-392.1M | $82.9M |
| FY2025 | $701.2M | $-72.9M | $43.1M |
Valuation snapshot
| Market value | $1.17B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Avanos Medical’s market value went from $1.73B at the end of 2016 to $1.17B on Oct 28, 2026, down 32%; since the end of 2025 it is up 124%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.17B | +124.5% |
| 2025 | $521.3M | -28.8% |
| 2024 | $731.6M | -29.7% |
| 2023 | $1.04B | -17.2% |
| 2022 | $1.26B | -24.7% |
| 2021 | $1.67B | -23.9% |
| 2020 | $2.19B | +35.9% |
| 2019 | $1.62B | -24.0% |
| 2018 | $2.12B | -1.8% |
| 2017 | $2.16B | +25.3% |
| 2016 | $1.73B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AVNS price data to Oct 28, 2026 | +122.5% | +115.8% | +12.0% | -4.6% | -2.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +122.5% |
| 2025 | -29.5% |
| 2024 | -29.0% |
| 2023 | -17.1% |
| 2022 | -21.9% |
| 2021 | -24.4% |
| 2020 | +36.1% |
| 2019 | -24.8% |
| 2018 | -3.0% |
| 2017 | +24.9% |
| 2016 | +10.7% |
| 2015 | -26.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.7% over that stretch · deepest drop along the way 40%, back to its old high 6.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 44% over that stretch · deepest drop along the way 44.4%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($165K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 18, 2025 | Kerr Holbrook SVP, Chief Commercial Officer | sell | $152K |
| Nov 18, 2025 | Kerr Holbrook SVP, Chief Commercial Officer | sell | $8K |
| Nov 18, 2025 | Kerr Holbrook SVP, Chief Commercial Officer | sell | $3K |
| Nov 18, 2025 | Kerr Holbrook SVP, Chief Commercial Officer | sell | $1K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.8% | Mar 31, 2025 |
| Vanguard Capital Management | 5% | Jun 30, 2026 |
| Dimensional Fund Advisors LP | 4.6% | Dec 31, 2025 |
| Armistice Capital, LLC | 4.3% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 3.7% | Apr 30, 2026 |
ETFs with the most weight in AVNS
| PSCH Invesco S&P SmallCap Health Care ETF | 0.43% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.33% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.32% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.32% |
| AFSM First Trust Active Factor Small Cap ETF | 0.22% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.17% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.17% |
| SEIS SEI Select Small Cap ETF | 0.14% |
What could go wrong
- Turnaround may not pay off. Avanos has sold its respiratory business, a product line and a rental business as part of a restructuring. It posted net losses in 2023, 2024 and 2025, and the plan may not deliver the expected benefits.
- Big buyers can squeeze prices. Hospitals and buying groups push hard to cut costs. Medline, a distributor, was about 12% of 2025 sales, and contracts with hospital buying groups, which bring discounts and fees, covered about 29% of sales.
- Mexican plants and tariffs. Avanos makes products in the US, Mexico and Canada. Its annual report singles out risks from its Mexican operations, and new or retaliatory tariffs could raise the cost of moving goods across borders.
- Acquisitions may disappoint. Avanos paid about $53.0 million for Diros and $27.0 million for Nexus. If such deals underperform, it may have to cut their value on its books, a non-cash charge that lowers reported earnings.
- Larger competitors with deeper pockets. Rivals include Boston Scientific, Medtronic, Stryker, Cardinal Health and Pacira Pharmaceuticals, some with far greater financial and marketing resources. Their new products or lower prices could make Avanos's devices less competitive.
- Reimbursement, approvals and recalls. Avanos's customers depend on insurers and government programs to pay for care. Reimbursement cuts, slow regulatory clearance of new products, or a product recall or liability claim could reduce sales and raise costs.
Recent events
- Major agreement signed; Major agreement ended; Acquisition or sale of assets completed; New debt or financial obligation; Listing notice from the exchange; Change to shareholder rights; Change in control; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement
- Shareholder vote results; Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
- Executive or board change
- Major agreement signed; Other company announcement
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
Avanos pays no dividend, and its annual report filed in February 2026 says it has no present intention to start one. For income investors, that means no regular cash payments: any return depends on the share price, and someone living off savings would have to sell shares to raise cash. Avanos bought back $92.2 million of stock from 2021 through 2025, but just $3.3 million in 2025, and the share count fell 2.6% between April 2021 and April 2026. Free cash flow, the cash left after running the business and buying equipment, was $43.1 million in 2025, despite a net loss.
The stock has fallen hard in downturns. It dropped 40% in the 2020 COVID crash, recovering in about 6.5 months. In the 2022 bear market it fell 44.4% and had not regained that peak as of October 28, 2026. Its deepest fall from a high was 86.4%. Single stocks like this carry more risk than diversified funds.
Questions investors ask
How does Avanos Medical make money?
Avanos makes money selling medical devices to hospitals, outpatient centers and other care sites, often through wholesale distributors. In 2025, enteral feeding (tube feeding) products such as MIC-KEY tubes and Corpak systems brought in 44.9% of its $701.2 million in sales. Radiofrequency ablation products for chronic pain added 19.8%, products for newborns, such as NeoMed feeding systems, 16.9%, and surgical pain products such as ON-Q pumps and Game Ready cold therapy 14.1%.
Does Avanos Medical pay a dividend?
No. Avanos paid no dividends from 2021 through 2025, and its annual report filed in February 2026 says it has no present intention to pay one. Instead, it spent $92.2 million repurchasing its own shares over those five years. For income investors, that means no cash payments from holding the stock; any return would come only from changes in the share price.
Is Avanos Medical profitable?
Not on a full-year basis since 2022. It posted net losses of $61.8 million in 2023, $392.1 million in 2024 and $72.9 million in 2025. Its gross margin, the share of sales left after production costs, was 50.5% in 2025, but operating expenses exceeded that gross profit, leaving an operating loss of $61.6 million. Free cash flow stayed positive at $43.1 million. In the first quarter of 2026, it earned $5.1 million on sales of $182.2 million, up 8.8% from a year earlier, though profit fell 22.7%.
Is Avanos Medical still publicly traded?
Probably not. On July 30, 2026, Avanos filed a report with the Securities and Exchange Commission (SEC) listing a change in control, a completed acquisition or sale of assets, a notice from its stock exchange and a change to shareholders' rights. That mix of items usually accompanies a takeover that ends public trading. The company no longer lists a ticker symbol with the SEC, and the share price showed no change over the three months to October 28, 2026. The July 30 filing gives the details.
How has Avanos Medical stock performed over the long term?
Poorly over five and 10 years, despite a big jump in 2026. As of October 28, 2026, the share price was down 21% over five years and 22% over 10 years, after falling in every calendar year from 2021 through 2025. From the start of 2026 to October 28, 2026, it rose 122.5%, lifting the three-year gain to 40%. With no dividend, price changes are the whole return.