Avanos Medical, Inc. (NYSE: AVNS) reported Q3 EPS of $0.21, $0.11 better than the analyst estimate of $0.10. Revenue for the quarter came in at $186 million versus the consensus estimate of $165.87 million.

"Thanks to the work of our team and their focus on execution, our momentum continued as we delivered results ahead of our expectations," stated Joe Woody, Avanos' chief executive officer. "Our performance was bolstered by the continued demand for our clinically-proven Respiratory Health products and the sequential acceleration of elective procedures."

Woody continued, "The team's resilient mindset along with the strategic steps we've enacted to reduce expenses and boost cash flow, have enabled us to effectively manage the business through this unparalleled environment. Further, we've resumed investing in our growth platforms to advance our strategy and position us for sales growth, margin expansion and positive free cash flow in 2021 and beyond."

Third Quarter 2020 Financial Highlights

• Net sales totaled $186 million, an 8 percent increase compared to the prior year.
• Net income for the quarter was $19 million, compared to net loss of $12 million a year ago.
• Adjusted net income totaled $10 million, compared to $14 million a year ago.
• Diluted earnings per share were $0.40, compared to $(0.24) a year ago.
• Adjusted diluted earnings per share were $0.21, compared to $0.30 in the prior year.

Full Year 2020 Outlook

On May 4, 2020, the company withdrew its previously announced full-year 2020 financial guidance, which was issued on February 25, 2020, due to the uncertainties associated with the impact of the COVID-19 pandemic. At this time, the company cannot fully quantify the extent or duration of the impact of the pandemic on its financial results. However, it will continue to monitor the situation and anticipates providing further updates in early 2021.

For earnings history and earnings-related data on Avanos Medical, Inc. (AVNS) click here.