Avanos Medical Inc. (NYSE: AVNS) saw its stock price plummet by 5.51% in intraday trading on Thursday, following the release of the company's fourth-quarter and full-year 2024 financial results.

The medical device company reported a net loss of $386.3 million for the full year 2024, representing a significant widening of losses compared to the previous year. The company's revenue grew by 2.2% year-over-year to $687.8 million, but the bottom line was impacted by a non-cash impairment charge and ongoing challenges in certain business segments.

In the earnings call, Avanos Medical's interim CEO, Michael Greiner, acknowledged the "uneven performance" in 2024, particularly in the pain management and recovery portfolio. While the enteral feeding business continued to deliver solid growth, the company faced pricing pressure in its hyaluronic acid (HA) and intravenous infusion product lines.

Looking ahead to 2025, Greiner outlined the company's guidance, which reflects a "challenging market environment" and currency headwinds. Avanos Medical expects revenue in the range of $665 million to $685 million, with adjusted diluted earnings per share between $1.05 and $1.25. The guidance also factors in continued HA pricing pressures and a deemphasis on the intravenous infusion products.

As part of its transformation efforts, Avanos Medical is reorganizing into three operating segments: Specialty Nutrition Systems, Pain Management and Recovery, and Corporate and Other. The company aims to reignite margin expansion and deliver consistent revenue growth in its strategic segments while optimizing returns on capital.