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Side-by-side financial comparison of AVANOS MEDICAL, INC. (AVNS) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
AVANOS MEDICAL, INC. is the larger business by last-quarter revenue ($180.9M vs $173.1M, roughly 1.0× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 0.7%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $21.3M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 4.4%).
Avanos Medical, Inc. is a medical technology company making clinical medical devices. The company consists of two franchises – Pain Management and Chronic Care – that address reducing the use of opioids while helping patients recover faster and preventing infection.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
AVNS vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $180.9M | $173.1M |
| Net Profit | $-1.3M | — |
| Gross Margin | 47.5% | 76.0% |
| Operating Margin | 1.4% | -1.7% |
| Net Margin | -0.7% | — |
| Revenue YoY | 0.7% | 26.9% |
| Net Profit YoY | 99.7% | — |
| EPS (diluted) | $-0.02 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $173.1M | ||
| Q4 25 | $180.9M | $173.4M | ||
| Q3 25 | $177.8M | $161.6M | ||
| Q2 25 | $175.0M | $152.2M | ||
| Q1 25 | $167.5M | $136.4M | ||
| Q4 24 | $179.6M | $158.5M | ||
| Q3 24 | $170.4M | $148.1M | ||
| Q2 24 | $171.7M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-1.3M | $-27.8M | ||
| Q3 25 | $-1.4M | $-29.9M | ||
| Q2 25 | $-76.8M | $-35.8M | ||
| Q1 25 | $6.6M | $-35.8M | ||
| Q4 24 | $-397.3M | $-13.0M | ||
| Q3 24 | $4.3M | $-18.3M | ||
| Q2 24 | $1.8M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 47.5% | 78.9% | ||
| Q3 25 | 48.4% | 78.2% | ||
| Q2 25 | 52.6% | 79.5% | ||
| Q1 25 | 53.6% | 78.7% | ||
| Q4 24 | 54.6% | 83.6% | ||
| Q3 24 | 54.5% | 83.8% | ||
| Q2 24 | 55.7% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 1.4% | -17.5% | ||
| Q3 25 | 0.1% | -22.2% | ||
| Q2 25 | -42.6% | -24.0% | ||
| Q1 25 | 6.1% | -32.1% | ||
| Q4 24 | -233.0% | -11.1% | ||
| Q3 24 | 7.0% | -16.0% | ||
| Q2 24 | 3.7% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -0.7% | -16.0% | ||
| Q3 25 | -0.8% | -18.5% | ||
| Q2 25 | -43.9% | -23.5% | ||
| Q1 25 | 3.9% | -26.2% | ||
| Q4 24 | -221.2% | -8.2% | ||
| Q3 24 | 2.5% | -12.4% | ||
| Q2 24 | 1.0% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.02 | $-0.23 | ||
| Q3 25 | $-0.03 | $-0.26 | ||
| Q2 25 | $-1.66 | $-0.32 | ||
| Q1 25 | $0.14 | $-0.32 | ||
| Q4 24 | $-8.64 | $-0.12 | ||
| Q3 24 | $0.09 | $-0.16 | ||
| Q2 24 | $0.04 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $89.8M | $179.3M |
| Total DebtLower is stronger | $90.3M | — |
| Stockholders' EquityBook value | $778.2M | $453.5M |
| Total Assets | $1.1B | $1.6B |
| Debt / EquityLower = less leverage | 0.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $89.8M | $883.7M | ||
| Q3 25 | $70.5M | $671.3M | ||
| Q2 25 | $90.3M | $770.9M | ||
| Q1 25 | $97.0M | $567.6M | ||
| Q4 24 | $107.7M | $529.0M | ||
| Q3 24 | $89.0M | $844.8M | ||
| Q2 24 | $92.2M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $90.3M | — | ||
| Q3 25 | $93.4M | — | ||
| Q2 25 | $95.7M | — | ||
| Q1 25 | $98.0M | — | ||
| Q4 24 | $125.3M | — | ||
| Q3 24 | $152.6M | — | ||
| Q2 24 | $164.9M | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $778.2M | $598.7M | ||
| Q3 25 | $778.0M | $604.8M | ||
| Q2 25 | $776.3M | $341.5M | ||
| Q1 25 | $839.4M | $367.7M | ||
| Q4 24 | $828.5M | $455.7M | ||
| Q3 24 | $1.2B | $428.6M | ||
| Q2 24 | $1.2B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.0B | $1.6B | ||
| Q1 25 | $1.1B | $1.6B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $1.7B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.12× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.12× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 0.12× | — | ||
| Q2 24 | 0.13× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.2M | $55.0M |
| Free Cash FlowOCF − Capex | $21.3M | $49.0M |
| FCF MarginFCF / Revenue | 11.8% | 28.3% |
| Capex IntensityCapex / Revenue | 3.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $43.1M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $28.2M | $24.7M | ||
| Q3 25 | $14.0M | $33.4M | ||
| Q2 25 | $6.8M | $21.3M | ||
| Q1 25 | $25.7M | $68.0M | ||
| Q4 24 | $57.9M | $24.3M | ||
| Q3 24 | $23.0M | $22.5M | ||
| Q2 24 | $27.8M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $21.3M | $20.7M | ||
| Q3 25 | $7.0M | $30.4M | ||
| Q2 25 | $-4.2M | $18.0M | ||
| Q1 25 | $19.0M | $65.7M | ||
| Q4 24 | $53.1M | $19.9M | ||
| Q3 24 | $20.0M | $21.3M | ||
| Q2 24 | $21.9M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 11.8% | 12.0% | ||
| Q3 25 | 3.9% | 18.8% | ||
| Q2 25 | -2.4% | 11.8% | ||
| Q1 25 | 11.3% | 48.1% | ||
| Q4 24 | 29.6% | 12.6% | ||
| Q3 24 | 11.7% | 14.4% | ||
| Q2 24 | 12.8% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | 2.3% | ||
| Q3 25 | 3.9% | 1.8% | ||
| Q2 25 | 6.3% | 2.2% | ||
| Q1 25 | 4.0% | 1.7% | ||
| Q4 24 | 2.7% | 2.7% | ||
| Q3 24 | 1.8% | 0.8% | ||
| Q2 24 | 3.4% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.89× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.35× | — | ||
| Q2 24 | 15.44× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNS
| Enteral Feeding | $83.0M | 46% |
| Radiofrequency Ablation | $36.9M | 20% |
| Neonate Solutions | $32.1M | 18% |
| Surgical Pain And Recovery | $24.7M | 14% |
| Corporate Other | $4.2M | 2% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
