Avanos is a medical device company focused on two core areas: specialty nutrition systems (SNS) and non-opioid pain management and recovery (PM&R). SNS, which accounts for roughly 60%+ of revenue, makes enteral feeding tubes and related products used to deliver nutrition directly into patients who cannot eat normally. Key SNS products include MIC-KEY gastrostomy tubes for long-term feeding, CORTRAK/CORFLO systems for short-term nasogastric feeding, and NeoMed neonatal and pediatric feeding solutions for NICUs. SNS is primarily a consumable-driven business — feeding tubes are single-use and continuously replenished, giving this segment a recurring, predictable revenue profile. PM&R, roughly 40% of revenue, sells non-opioid pain solutions including COOLIEF radiofrequency ablation (RFA) devices for chronic pain, ON-Q/ambIT surgical pain pumps for post-operative pain management, and Game Ready cold and compression therapy systems. The RFA business follows a capital/consumable model, where Avanos sells generators to build an installed base and then generates recurring revenue from single-use probe consumables. Avanos sells primarily to hospitals and ambulatory care centers, with roughly half of North American sales flowing through distributors like Medline and McKesson. Avanos has been reshaping its portfolio by divesting non-core businesses — including its Respiratory Health unit and hyaluronic acid line — and making small bolt-on acquisitions, most recently Nexus Medical, which expands into vascular access products sold into the same NICU customer base as NeoMed. A key growth catalyst is the NOPAIN Act, which provides reimbursement for non-opioid post-surgical pain management and is expected to drive ON-Q and ambIT adoption, though implementation has been slower than anticipated.