Avanos Names CFO Greiner Interim CEO as Woody Retires, 3Q Sales Slip

Dow Jones

Oct 30, 2024

By Rob Curran

Medical-device maker Avanos Medical named Chief Financial Officer Michael Greiner interim chief executive, taking the reins from veteran Joe Woody, as the company also posted a down-tick in third-quarter sales.

Greiner, who also holds the title of chief transformation officer, joined Avanos as chief financial officer on Jan. 1, 2020.

Woody is retiring after seven years at the helm of Avanos, and he will assist in the transition, in a consulting capacity, through April, 2025, the company said.

For the third quarter, the Alpharetta, Ga., maker of non-narcotic pain-medication pumps and other equipment swung to a profit of $4.3 million, or 9 cents a share, from a loss of $3.7 million, or 8 cents a share, a year earlier.

Sales ticked down 0.5% to $170.4 million.

"We had a few strong pockets of sales performance for the quarter, including continued execution in our digestive health business and double digit growth for Game Ready and IVP," said Greiner, in a statement. "However, underperformance in our surgical pain category, particularly ON-Q, negatively impacted our overall sales performance."

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

October 30, 2024 08:20 ET (12:20 GMT)

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