NuVasive, Inc.

And welcome to the Nuvasiv third quarter 2022 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. I would now like to introduce your host for today's call, Ms. Juliette Cunningham, Vice President of Investor Relations at Nuvasiv. Please go ahead, Ms. Cunningham.

Thank you. Good afternoon, everyone. Joining me today are Chris Berry, Chief Executive Officer, and Matt Harbaugh, Chief Financial Officer. Chris will provide an overview of NuVasive's third quarter 2022 business results and trends, as well as innovation highlights. Matt will review our detailed financial results and full year 2022 outlook, and then we'll host a question and answer session. The earnings release, which we issued earlier this afternoon, is posted on the IR section of our website and has been filed on Form 8K with the SEC. We have also posted supplemental financial information. As a reminder, this call has been recorded and an archive will be available on our IR website later today. Before we get started, I'd like to remind you that our comments during the call will include forward-looking statements which are based on current expectations and involve risk and uncertainties, assumptions and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. The factors that could cause actual results to differ materially are described in evasive news releases and periodic filings with the FCC. Acceptance required by law we assume no obligation to update any forward-looking statements or information which speak as of their respective date. In addition, this call will include certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP financial measures are included in today's earnings release and the supplemental financial information, both of which are accessible on Evasive's website. And now I'd like to introduce Chris Berry.

Thank you, Juliette, and good afternoon, everyone. Earlier today, we reported third quarter 2022 financial results. On today's call, I will review our performance for the quarter, discuss the three fundamentals of our growth strategy, and review how the company's innovation strategy uniquely positions us to deliver on the future of spine and specialized orthopedics. After my remarks, Matt will provide additional financial details on the quarter and commentary on the remainder of the year. Nuvasa delivered third quarter 2022 net sales of $295.3 million, an increase of 9% on a reported basis. On a constant currency basis, the third quarter net sales were $305.8 million, an increase of 12.9% compared to the prior year period. Like many other leading global companies, we're not immune to macroeconomic pressures. However, we continue to grow above market in both our U.S. and international businesses. We had another strong core in our international business, achieving double-digit growth in every region on a constant currency basis, led by core spine growth and higher net sales from new basis specialized orthopedics. In the U.S., our spinal hardware business delivered double-digit year-over-year growth driven by continued demand for the X360 portfolio led by modulus ALIF adoption and XLIF procedure volume recovery, strong performance by Nuvasys specialized orthopedics, and higher cervical net sales led by the C360 portfolio. This quarter, we delivered more net sales from our cervical portfolio than any quarter in our history. And most importantly, we still have significant runway in this key procedural segment. Our U.S. surgical support business delivered mid-single-digit year-over-year growth in the third quarter, driven by procedure of arm recovery and invasive clinical services, growth in intraoperative neuromonitoring disposables, and pulse platform sales. While we cannot control fluctuations in foreign currency rates, we can control how we execute on our growth strategy. As evidenced by our net sales performance this quarter, we continue to outpace the global spine market. we have seen an increase in procedure volumes, specifically in lower acuity thoracolumbar and cervical procedures. And given our leading portfolios within those respective segments, we're well positioned for continued volume recovery. Conversely, higher acuity cases within the complex procedural segment have not rebounded as quickly. In early October, I outlined at our 2022 Investor Day the three fundamentals of our long-term growth strategy. Fundamental number one, delivering core growth, which continues the momentum in our core business and opportunities from globalization. Fundamental number two, introducing intelligent surgery, which extends the pulse platform with integrated solutions supporting the care pathway from preoperative to postoperative care. And fundamental number three, aggressively pursuing attractive market opportunities both in and outside of traditional spine. Starting with core growth. We have significant procedural runway that our 360 strategies will continue to target through meaningful innovation. To remind you, 360 represents our comprehensive, procedurally integrated solutions that are applied to a surgical approach, giving surgeons the flexibility to choose the right procedure for the right patient. Within the $900 million anterior segment, we remain the market leader and have a strong foundation to build upon. We continue to see high demand for modulus ALIF, as well as our core procedural offerings within the X360 portfolio, including XLIF, XALIF, and X-Fixation. We have continued to grow our advanced material science portfolio, the company's best-in-class implant portfolio, to include our next-generation expandable technology, MODX. In early 2023, MODX XLIF will begin clinical evaluations which we expect will bring continued interest in our market-leading X360 portfolio. Within the $1.7 billion posterior segment, we have tremendous runway with our P360 portfolio, providing comprehensive, pathology-driven solutions from the prone position. To that end, ModXPL began clinical evaluations in the U.S. market this month. In addition, the recent commercial launch of the new invasive tube system provides surgeons less invasive, surgical access for both T-lift and decompression applications, and is the company's first tubular access system to date. Turning to the $2.6 billion cervical segment, as I mentioned earlier, our C360 portfolio delivered a record quarter in net sales. We have a highly differentiated portfolio, and we will continue to take share with the industry's most clinically effective cervical total disc replacement with the Simplify Cervical Disc, the thinnest interior plate system on the market with an evasive ACP, and our most recent addition to the C360 portfolio, Reline Cervical, the cervical extension to the industry's most comprehensive fixation system, Reline. Central to our core growth strategy is enabling technology and integrating the Pulse platform with each procedure. While other enabling technologies in market deliver limited clinical utility, PULSE differentiates itself in that it can be used in 100% of spine procedures. Our customers are experiencing the benefits of the platform. We've achieved new milestones this quarter, including our first PULSE case in an ambulatory surgery center, our first PULSE case in Australia, and increased X360 integration with PULSE in multiple global markets. Our customers are not just focused on the next screws, plates, implants, and standalone navigation systems. Surgeons and providers need intelligently designed solutions, and we remain laser-focused on furthering our philosophy of comprehensive, procedurally integrated solutions with our 360 portfolios and the Pulse platform. That focus is reflected in the recent commercial launch of Reliant Cervical. From the onset, Reliant Cervical was designed to be integrated with PULSE, giving surgeons the ability to support more complex deformity cases with the help of global alignment planning, neuromonitoring, radiation reduction and imaging enhancement, navigation, and patient-specific rod bending. Combining state-of-the-art technology for posterior cervical fusion with PULSE delivers an optimal solution for our surgeons, and most importantly, for our patients. As the foundation of our enabling technology strategy, Pulse is key to unlocking our vision for our second fundamental of growth, intelligent surgery. Unlike other orthopedic segments, the spine industry has been challenged to drive clinical standardization due to the variability in outcomes. Outcomes will improve when clinical decisions are fact-based and not subjective, and enabling technology support this focused effort. To achieve better outcomes, we must help surgeons identify whether a patient is an appropriate surgical candidate, what the right procedure is for the patient, will it lead to the patient's desired outcome, and whether the surgeon achieved that intended outcome. To do so, we need to provide data and advance planning preoperatively, integrate smart tools that deliver real-time information intraoperatively, and make intelligent devices available that track outcomes postoperatively. Our vision to change a patient's life every minute and our purpose to transform surgery, advance care, and change lives guides our next phase of innovation. By delivering on the promise of intelligent surgery, we'll help define the standard of patient care from pre-op to post-op. We are investing and will continue to invest in meaningful innovation to drive this future of spine surgery. Our growth journey will be aligned with aggressively pursuing market opportunities, including those outside of traditional spine, which is our third fundamental for growth. Our team is actively identifying novel technologies that further our spine and specialized orthopedic portfolios and expand into other adjacent markets. An example of this is our recent partnership with Smyo, a French-based technology company that specializes in the use of clinical data in preoperative planning. Like many companies with a scaling global presence, we're not immune to current market challenges. However, we're making continued progress to deliver multiple vectors of growth through extending our 360 strategy across all key segments, integrating our procedural solutions with enabling technology and pulse, and driving continued above-market growth in global markets. I'm confident in the three fundamentals of our growth strategy, the durability of our business, and how we are strategically positioned to deliver on our commitments in the short and the long term. NuVasive will make surgery more intelligent. And as we do, we'll transform the future of surgery, supporting our surgeons, but also helping change the lives of millions of people around the world suffering from back pain. I'll now turn the call over to Matt to discuss the company's financial results in more detail.