Avanos Medical, Inc. (NYSE:AVNS) Q4 2023 Earnings Conference Call February 20, 2024 9:00 AM ET

Company Participants

Scott Galovan - Senior Vice President, Strategy & Corporate Development

Joe Woody - Chief Executive Officer

Michael Greiner - Senior Vice President, Chief Financial Officer & Chief Transformation Officer

Conference Call Participants

Daniel Stauder - JMP Securities

Rick Wise - Stifel

Kristen Stewart - CL King

Operator

Good day and welcome to the Avanos Fourth Quarter and Full Year 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note today’s event is being recorded.

I'd now like to turn the conference over to Scott Galovan, Senior Vice President, Strategy and Corporate Development. Please go ahead.

Scott Galovan

Good morning, everyone and thanks for joining us. It's my pleasure to welcome you to Autodesk's 2023 fourth quarter and full year earnings conference call. Presenting today will be Joe Woody, CEO; and Michael Greiner, Senior Vice President CFO and Chief Transformation Officer.

Joe will review our fourth quarter and full year results, the current business environment, as well as provide an update on our transformation efforts. Michael will share additional details regarding these topics and our 2024 planning assumptions, we'll finish the call with Q&A. The presentation for today's call is available on the Investors section of our website avanos.com.

As a reminder our comments today contain forward-looking statements related to the company, our expected performance, current economic conditions and our industry, no assurance can be given as to future financial results. Actual results could differ materially from those in the forward-looking statements.

For more information about forward-looking statements and the risk factors that could influence future results. Please see today's press release and the risk factors described in our filings with the SEC. Additionally we'll be referring to adjusted results and outlook. Press release has information on these adjustments and reconciliations to comparable GAAP financial measures.

Now I'll turn the call over to Joe.

Joe Woody

Thanks Scott. Good morning, everyone and thank you for joining us to review our operational and financial results for the fourth quarter and full year 2023. Net sales for the fourth quarter were $173.3 million impacted by the company's hyaluronic acid pain relief injection products as a result of continued pricing pressure due to the Medicare reimbursement changes and lower than anticipated sales across the company's North America digestive health products due to a major distributors ordering pattern change.