Masimo Corporation

Good afternoon, ladies and gentlemen, and welcome to Massimo's third quarter 2022 earnings conference call. The company's press release is available at www.massimo.com. At this time, all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. And now I am pleased to introduce Eli Kammerman, Massimo's Vice President of Business Development and Investor Relations.

Thank you and hello everyone. Joining me today are Chairman and CEO Joe Chiani and Executive Vice President and Chief Financial Officer Micah Young. This call will contain forward-looking statements which reflect management's current judgment, including certain of our expectations regarding fiscal year 2022 financial performance. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Risk factors that could cause our actual results to differ materially from our projections and forecasts are discussed in detail in our periodic filings with the SEC. You will find these in the investor relations section of our website. Also, this call will include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles, or GAAP. We generally refer to these as non-GAAP financial measures. In addition to GAAP results, these non-GAAP financial measures are intended to provide additional information to enable investors to assess the company's operating results in the same way management assesses such results. Management uses non-GAAP measures to budget, evaluate, and measure the company's performance and sees these results as an indicator of the company's ongoing business performance. The company believes that these non-GAAP financial measures increase transparency and better reflect the underlying financial performance of the business. Reconciliation of these measures to the most directly comparable GAAP financial measures are included within the earnings release and supplementary financial information on our website. Investors should consider all of our statements today together with our reports filed with the SEC, including our most recent form 10-K and 10-Q, in order to make informed investment decisions. In addition to the earnings release issued today, we have posted a quarterly earnings presentation within the investor relations section of our website to supplement the content we will be covering this afternoon. I'll now pass the call to Joe Chiani.

Thank you, Eli. Thank you very much. Good afternoon and thank you for joining us for Massimo's third quarter 2022 earnings call. I'm happy to report that we achieved results above expectations for the quarter. Our pro forma consolidated revenues increased 8% versus last year on a constant currency basis with 10% growth from our healthcare segment and 5% growth from our consumer segment. These figures reflect above-market growth for both business segments. Our healthcare business has been seeing solid growth as we are realizing a steady stream of new customer wins globally, and we are on track to see our installed base grow by 7% this year. In our consumer business, sales growth exceeded expectations as demand for premium audio products was strong. Bowers & Wilkins and Marantz are holding up well in the face of a challenging economic environment due to their reputation for exceptional quality and design. Our consumer and healthcare teams are working independently and collaboratively on multiple projects to create exciting new consumer products, and professional healthcare products, as well as innovative consumer health products. These products will incorporate technology and design from both teams that will be highly differentiated in their target markets, and we expect they will be well received. Now I'll ask Micah to review our third quarter results in more detail and provide you with an update on our 2022 financial guidance.