Integra LifeSciences Holdings Corporation

Good day and thank you for standing by. Welcome to the Integra Life Sciences fourth quarter 2023 financial results. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Chris Ward, Senior Director of Investor Relations. Please go ahead.

Good morning, and thank you for joining the Integral Life Sciences 4th Quarter 2023 Earnings Conference Call. Joining me on the call this morning are Jan DeWitt, President and Chief Executive Officer, Leah Knight, Chief Financial Officer, and Matthew Austin Meyer, Senior Vice President of Corporate Finance, Investor Relations, and Treasurer. This morning, we issued a press release announcing our 4th Quarter 2023 financial results. The release and corresponding earnings presentation, which we will reference during the call, are available at IntegralLife.com under Investors, Events and Presentations, and a file named Fourth Quarter 2023 Earnings Call Presentations. Before we begin, I want to remind you that many of the statements made during this call may be considered forward-looking. Factors that could cause actual results to differ materially are discussed in the company's Exchange Acts Reports filed with the SEC and in the release. Also in our prepared remarks, we will reference reporting organic revenue growth and organic revenue growth excluding Boston. For 2023 results, organic revenue growth excludes the effects of foreign currency, acquisitions, divestitures, and discontinued products. For 2024 guidance and reporting, organic revenue growth will no longer exclude discontinued products. Organic revenue growth excluding Boston excludes the revenues from products manufactured in our Boston facility in both periods. Management believes that excluding revenue from all products manufactured at the Boston plant provides useful information when evaluating the company's organic growth because of the unusual nature of the manufacturing stoppage and voluntary global recall. Unless otherwise stated, all disaggregated and franchise-level growth rates are based on organic performance. Lastly, our comments today will include certain non-GAAP financial measures. Reconciliations of non-GAAP financial measures can be found in today's press release, which is an exhibit to Integra's current report on Form 8-K filed with the SEC. And with that, I will now turn the call over to Jan.

Thank you, Chris, and good morning, everyone. Before we dive into our financial results, I first want to acknowledge the commitment of our teams working to strengthen our operational capabilities while capitalizing on the growth of our markets and building out our strategic potential. Total sales for the fourth quarter were $397 million, representing a year-over-year organic decline of 1.2% or growth of 3.6%, if we exclude the Boston province. Our fourth quarter adjusted earnings per share were 89 cents. Both results were within our guidance at the low end of the range. For the full year, sales were $1.54 billion flat on an organic basis and up 5.5% excluding Boston. The full year adjusted EPS of $3.10 per share And Leah will take us deeper into these financials in a few minutes. So let's turn to slide number four to cover an update on Boston and our strategic highlights for the year. Although the Boston recall weighed on our financial results for the year, we're pleased with the significant and steady progress we have made towards bringing the Boston portfolio back on the market by mid to late second quarter. We restarted the factory in November, and in January, we successfully completed an initial external review following the factory restart. The dress rehearsal we referred to in earlier calls. We're now preparing for the external audit, which will take place in March. Successful audit will allow us to start building finished goods inventory to resume distribution mid to late second quarter. When we look at the broader performance of our business, excluding Boston, we are encouraged by our results. the resilience of our markets, and the strength of our broad portfolio. Full-year growth in Codman's specialty surgical and tissue technologies was approximately 5% and 7%, respectively, in line with our growth expectations. We have made and we continue to make considerable progress in our strategic initiatives. Our commitment to long-term growth has guided our actions, including the successful global relaunch of CEROLINK with the 510K clearance in the U.S. earlier this month. We have completed the successful integration of SIA into our tissue technology division and advanced our implant-based breast reconstruction PMA strategy for both Surgiment, our collagen-based mesh, and Durasorb, a resorbable synthetic mesh. Outside the U.S., we expanded our international portfolio and footprint and strengthened our commercial execution focus fueling double-digit growth in our international business in 2023. In parallel, our In China for China strategy is taking shape with the ongoing build-out of our late-stage assembly capabilities in China. We also signed a definitive agreement to acquire the Eclarent EMT business, which we expect to close by the second quarter. With this acquisition, we are adding an adjacent, highly complementary and growth-recreative platform to our neurosurgery segment. In addition to the advances in our portfolio and markets, we return value to shareholders with $270 million of share repurchases. We remain focused on our drive for operational excellence and resiliency and exit 2023 better positioned for the future. We have fortified our quality management system across our manufacturing network and continue to invest in our operations, infrastructure, and process capabilities in order to create a more robust supply chain. This work will also remain a 2024 focus. So with this intro, let me now turn the call over to Leah to provide additional detail on our financial results and guidance for 2024.