Avanos Medical

The NOPAIN Act, passed in late 2022 and effective for Medicare outpatient procedures starting January 2024, provides separate reimbursement for non-opioid pain management devices that were previously bundled into the surgical payment. This removes the hospital's direct cost barrier for using Avanos's ON-Q and ambIT infusion pumps. CMS designation effectively positions these products as a new, reimbursable standard of care in the outpatient setting.

Joe Woody has served as CEO since the company's 2018 separation from Halyard Health. He previously led Halyard's medical device business and spent over two decades at Kimberly-Clark in various global roles. His tenure has been defined by portfolio streamlining — shedding non-core units like surgical and infection prevention, then respiratory health, to concentrate on pain management and enteral feeding.

Avanos is a publicly traded operating company (NYSE: AVNS) that manufactures and sells medical devices. It does not function as or maintain a single-family office, multi-family office, or captive investment vehicle. The entity allocates corporate capital directly into R&D and bolt-on acquisitions within its two clinical segments.

The enteral feeding segment, which includes the MIC-KEY low-profile gastrostomy tube and CORTRAK placement system, generated the majority of 2023 revenue. Pain management and recovery products — led by ON-Q pumps and COOLIEF radiofrequency probes — represent the smaller, faster-growing segment, particularly with the NOPAIN Act reimbursement tailwind.

No. Avanos uses its balance sheet solely for organic CapEx, R&D, and selective acquisitions of complementary product lines — such as the purchase of NeoMed's enteral portfolio in 2020. It has no disclosed fund vehicles, co-investment programs, or third-party asset management activities.