AVNS

• Delivered solid fourth quarter and full year results with full year net sales of $701 million and adjusted diluted earnings per share of $0.94. • Specialty Nutrition Systems portfolio had strong above-market results with over 8% organic growth. • Pain Management and Recovery portfolio had normalized organic sales up 2.3%. • Executing on tariff mitigation solutions, including internal cost containment, pricing actions, and lobbying. • Driving operating efficiencies with initiatives to drive cost improvements. • Completed portfolio-shaping actions like divesting hyaluronic acid business, exiting rental portion of GAME READY, acquiring Nexus Medical, and planning to exit IV therapy business. • Nexus integration going well with robust sales pipeline.

• 2026 guidance reflects mid-single-digit organic sales growth in strategic segments and operating margin improvement, with net sales expected in $700 million to $720 million range. • SNS segment to grow mid- to high single digits organically, PM&R segment to grow low to mid-single digits organically. • Adjusted diluted earnings per share expected $0.90 to $1.10. • Anticipates full year tariff P&L costs of approximately $30 million, $12 million increase from 2025. • Capital expenditures expected in range of $25 million, approximately $7 million lower than 2025. • Annual effective tax rate about 29%.

Specialty Nutrition Systems segment grew over 8% organically in 2025, led by double-digit growth in short-term enteral feeding globally, high single-digit growth in long-term feeding supported by U.K. Go-Direct, and neonatal solutions up over 6%. Pain Management and Recovery portfolio had normalized organic sales up 2.3% in 2025, RFA business had double-digit organic growth, Surgical Pain business was down year-over-year, and GAME READY portfolio was slightly down but revenue levels similar. Hyaluronic acid injections and IV therapy product lines declined over 35% due to divestiture and exit plans.

• Impact of tariffs and ongoing tariff negotiations, including uncertainty from Supreme Court rulings and administration actions. • Potential impact on financial outlook from tariff-related developments. • Uncertainty regarding the implementation and impact of the NOPAIN Act on Surgical Pain business.

Q: Just on tariffs, give more color on 2026 outlook, milestones for China transition, USMCA exemption, Nairobi protocol exemption.

A: Estimated $30 million impact in 2026, 2/3 of which is China related. Expect full exit from China by June. Nairobi exemption for long-term feeding tubes, USMCA for majority products in Mexico.

Q: On revenue guidance, organic normalized growth rate for full company and segments.

A: Consolidated organic around 5%, SNS mid- to high single digits, PM&R low to mid-single digits.

Q: On operating leverage and cost-saving initiatives.

A: High confidence in continuing to drive operating leverage, R&D spend will continue but more externally, earnings expansion greater than top line growth with offset from sales volume and cost containment.

Q: On Specialty Nutrition, performance and Nexus.

A: Demand strong for SNS portfolio, Nexus performing better than expected, expected to be double-digit grower in 2026.