ALPHARETTA, Ga. - Avanos Medical, Inc. (NYSE: NYSE:AVNS), a medical technology company, announced today the appointment of Indrani Franchini as a new independent member of its Board of Directors.
The addition of Franchini brings a wealth of legal and compliance expertise to the Avanos board. She has a notable track record in the pharmaceutical industry, having recently served as Executive Vice President and Chief Legal Officer at Alnylam Pharmaceuticals.
Franchini's previous role as Executive Vice President and Chief Compliance Officer at Alexion Pharmaceuticals (NASDAQ:ALXN), Inc. saw her leading a significant overhaul of the company's compliance program from June 2017 to July 2021.
Her career also includes various legal and compliance positions at Hess Corporation (NYSE:HES) and nearly a decade at Pfizer (NYSE:PFE), supporting the global pharmaceutical business. Franchini's legal career began at Milbank LLP, where she practiced law for six years in New York and Tokyo.
Gary Blackford, chair of the Avanos board, expressed enthusiasm over Franchini's joining, citing her global experience as a valuable asset for Avanos's vision and goals. Franchini herself conveyed her excitement about joining the board, aligning with Avanos's commitment to critical healthcare needs.
With Franchini's appointment, the Avanos board now consists of six directors, five of whom are independent. The board's composition reflects a commitment to diversity, with three female directors, including two from ethnically diverse backgrounds.
Avanos Medical focuses on developing medical device solutions aimed at improving patient outcomes and reducing opioid use during recovery. The company holds a leading position in the market across various product categories and aims to address significant healthcare needs.
This information is based on a press release statement from Avanos Medical.
In other recent news, Avanos Medical has reported noteworthy developments. The medical technology company announced the appointment of Sigfrido Delgado as Senior Vice President of Integrated Supply Chain, leveraging his vast experience in the medical device industry to streamline Avanos' global operations. This move is part of the company's ongoing transformation process, with a focus on enhancing sales, inventory, and operations planning strategies.
Additionally, Avanos released its Q1 2024 results, meeting market expectations. The company's Digestive Health segment demonstrated strong performance with over 9% organic growth, largely driven by the NeoMed product line. Despite a slight dip in its Pain Management and Recovery segment, Avanos is projecting mid-single-digit growth for the year.
In terms of strategic initiatives, Avanos is actively pursuing merger and acquisition opportunities, particularly within the digestive sector. The company is also engaged in share repurchase programs, backed by a robust balance sheet featuring $76 million in cash and $177 million in debt.
InvestingPro Insights
As Avanos Medical, Inc. (NYSE: AVNS) welcomes Indrani Franchini to its board of directors, the company's strategic focus on leadership and governance aligns with several positive signals observed in its financial metrics and market behavior. Avanos's management has shown confidence in the company through aggressive share buybacks, a move that often reflects a belief in the company's value and future prospects. Additionally, the company stands out for its high shareholder yield, an indicator that can attract investors seeking returns in various forms, including dividends and share repurchases.
On the financial front, Avanos's market capitalization stands at $859.77 million USD, which, coupled with a Price/Book ratio of 0.7 as of the last twelve months leading up to Q1 2024, suggests that the stock may be undervalued relative to its assets. This could present an opportunity for value investors. Moreover, with analysts revising earnings upwards for the upcoming period, and a prediction that the company will turn profitable this year, the financial outlook for Avanos appears to be strengthening.
InvestingPro Tips further reveal that Avanos trades with low price volatility, which may appeal to risk-averse investors. The company's liquid assets also exceed its short-term obligations, indicating a strong liquidity position that can support ongoing operations and strategic initiatives. While Avanos does not pay a dividend, the combination of share repurchases and anticipated net income growth could compensate for this in the eyes of certain investors.
For those interested in a deeper dive into Avanos's financial health and future projections, InvestingPro offers additional insights. There are currently 8 more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/AVNS. Readers looking to leverage these insights can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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