Avanos Medical, Inc. (AVNS), a maker of clinical medical devices, on Thursday reported a decline in preliminary sales for the fourth-quarter and full year.
According to its preliminary figures, for the fourth-quarter, the company expects to register net sales of $170 million to $173 million, a decrease of around 6.5 percent to 4.5 percent from the same period last year.
Sales for the full year are anticipated to be in the range of $670 million to $673 million, down from $820 million last year.
Quarterly sales were impacted by the underperformance of the company's hyaluronic acid or HA pain relief injection products, primarily as a result of continued pricing pressure due to the medicare reimbursement changes.
The company estimates that net sales for the HA product line will be slightly above $10 million for the fourth quarter, which is around $4 million lower than anticipated.
The fourth-quarter sales were also hurt by the lower than anticipated sales across the firm's North America Digestive Health products, primarily due to a major distributor's ordering pattern change.
The medical device maker said: "The company anticipates that the lower than expected net sales will negatively impact adjusted gross margin, adjusted EBITDA margin and adjusted earnings per share for the fourth quarter and the full year. The company is currently unable to quantify the overall impact on these measures."
For the full-year 2024, Avanos Medical expects revenue of $685 million to $705 million. On average, three analysts polled by Thomson Reuters expect the firm to report revenue of $714.43 million, for the year.
AVNS was trading down by 7.88 percent at $20 per share in the pre-market trade on the New York Stock Exchange.
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