Avanos Medical, Inc. (AVNS) shares are declining more than 16 percent on Wednesday morning trade after the company reported loss for the quarter, compared to profit last year. Revenues were down 2.9 percent from last year.
The company reported net loss of $0.5 million, compared to profit of $5.4 million in the previous year.
Revenue for the quarter declined to $191.7 million, from $197.4 million in the prior year.
The company projects full-year 2023 outlook in a range of $0.71-$1.00 per share. On an adjusted basis, earnings is expected in a range of $1.60-$1.80 per share.
Currently, shares are at $24.09, down 16.80 percent from the previous close of $28.96 on a volume of 266,455.
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