ALPHARETTA, Ga., Dec. 15, 2021 /PRNewswire/ -- Avanos
Medical, Inc. (NYSE: AVNS) today announced that its Board of
Directors has approved a share repurchase program authorizing
Avanos to purchase up to $30 million
of the company's common stock. The Company expects to fund
repurchases under this program from the company's existing cash or
future cash flow.
The Company has established a pre-arranged trading plan in
accordance with Rule 10b5-1 of the Securities Exchange Act of 1934,
as amended. The Rule 10b5-1 trading plan will permit common stock
to be repurchased over a twelve-month period. The Rule 10b5-1
trading plan will be administered by an independent broker and will
be subject to preset price, volume and timing restrictions set
forth in the plan.
"Over the past 18 months we have spent significant effort
settling a range of litigation matters, which has created clarity
around our free cash flow generation," said Avanos Chief Executive
Officer Joe Woody. "We are confident
in our strategy, have a strong balance sheet to support both our
organic and inorganic growth initiatives, and believe that using
some capital to invest in ourselves is prudent at these stock
levels."
There is no assurance as to the amount, timing or prices of
repurchases, all of which will vary based on market conditions and
other factors, as well as being subject to the parameters set forth
in the plan intended to comply with the requirements of Rule
10b-18 under the Exchange Act.
About Avanos Medical:
Avanos Medical, Inc. (NYSE: AVNS) is a medical technology company
focused on delivering clinically superior breakthrough medical
device solutions to improve patients' quality of
life. Headquartered in Alpharetta, Georgia, Avanos is committed to addressing
some of today's most important healthcare needs, such as reducing
the use of opioids while helping patients move from surgery to
recovery. Avanos develops, manufactures and markets its recognized
brands in more than 90 countries. For more information, visit
www.avanos.com and follow Avanos Medical on Twitter
(@AvanosMedical), LinkedIn and Facebook.
Note Regarding Forward-Looking Statements
This press release contains information that includes or is
based on "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that do not relate solely to
historical or current facts, and can generally be identified by the
use of words such as "may," "believe", "will," "expect," "project,"
"estimate," "anticipate," "plan" or "continue" and similar
expressions, among others. The "forward-looking statements"
include, without limitation, statements regarding the Company's
expectations regarding free cash flow, its ability to execute on
its strategy, and the timing and amount of the Company's share
repurchases. Forward-looking statements are based on the
current plans and expectations of management and are subject to
various risks and uncertainties that could cause our actual results
to differ materially from those expressed or implied in such
statements. Actual results could differ materially from those
expected as a result of a variety of factors, including weakening
of economic conditions that could adversely affect the level of
demand for our products; pricing pressures generally, including
cost-containment measures that could adversely affect the price of
or demand for our products; risks related to the ongoing COVID-19
pandemic; shortage in drugs used in our Acute Pain products or
other disruptions in our supply chain; changes in foreign exchange
markets; legislative and regulatory actions; unanticipated issues
arising in connection with clinical studies and otherwise that
affect U.S. Food and Drug Administration approval of new products;
changes in reimbursement levels from third-party payors; a
significant increase in product liability claims; the impact of
investigative and legal proceedings and compliance risks; the
impact of the federal legislation to reform the United States healthcare system; changes
in financial markets; and changes in the competitive
environment. Additional information concerning these and
other factors that may impact future results is contained in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2020 and other periodic
reports filed with the Securities and Exchange Commission.
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SOURCE Avanos Medical, Inc.