ZimVie Inc.

Good afternoon and welcome to Zimby's second quarter 2023 earnings conference call. Currently, all participants are in listen-only mode. We will be facilitating a question-and-answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Marissa Bias by Gilmartin Group for Inductry Disclosures.

Thank you all for joining today's call. Earlier today, Zimby released financial results for the quarter ended June 30, 2023. A copy of the press release is available on the company's website, zimby.com, as well as on sec.gov. Before we begin, I'd like to remind you that management will make comments during this call that include forward-looking statements. Actual results may differ materially from those indicated by the forward-looking statements due to a variety of risks and uncertainties. Please refer to the company's most recent periodic report filed with the SEC and subsequent SEC filings for a detailed discussion of these risks and uncertainties. In addition, the discussion on this call will include certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP financial measures are included within the earnings release and or the investor deck issued today found on the investor relations section of the company's website. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 2, 2023. ZIMBEE disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. With that, I will turn the call over to Zafa Jamali, President and Chief Executive Officer of ZIMBEE.

Good afternoon, and thank you all for joining us. In the second quarter, we continue to drive steady progress against our most vital objectives of innovation and commercial execution while taking deliberate steps to improve our operating profile. Our most critical imperative continues to be our innovation platform as we work to actively reshape our portfolio and lean further into the markets with the best long-term growth potential. On this note, we continue to build traction in the second quarter with our recently launched dental solutions, including our T3 Pro, and TSX implants, and the ENCODE Emergence healing abutment. We have been actively expanding the reach of these premium portfolio additions to markets around the globe. This includes the launch of T3 Pro and TSX in the Asia Pacific region, as well as the expansion of ENCODE Emergence into the European market. We also continue to roll out new products with the addition of two new bone graft solutions, the Regeneros CC Allograft Particulate and Regeneros Bone Graft Plug. As we shared at the time of the launch, these two bone graft solutions broaden Zimbi's presence in the dental biomaterials market and expand our comprehensive suite of offerings. Our sales team and DSO partners are having success engaging existing and new customers on the heels of this cadence of launches, and we believe that the pace of adoption of our new-to-market products is outpacing growth in the overall market. Turning to other areas of progress in our dental portfolio, as we announced in April, we have now opened a state-of-the-art dental science educational and training institute at our Palm Beach Gardens Dental Facility. It's been a great pleasure hosting current and prospective dental customers at the institute in recent months, and we have been receiving great feedback on the training we've hosted thus far. As of today, we've hosted 23 different courses with over 500 clinicians in a short span of roughly 12 weeks since opening. We anticipate hosting many additional events this year and ultimately hosting over 1,000 clinicians in 2023. In summary, I am pleased with our position in dental and remain confident in our ability to perform at or above market in our core product areas going forward. Turning to our spine business, we are also driving incremental success within the spine portfolio with noteworthy success in our international markets. An accelerant for growth was OUS growth of MobiSea. I've been showcasing the importance of clinical evidence in our spine portfolio for the past 18 months, and MobiSea's truly differentiated clinical evidence dossier was rewarded here. MobiSea received French government reimbursement and the highest quality rating from the British clinical panel, ODEP, early in the second quarter. These developments have helped drive strong European performance, which is particularly relevant as Europe's been historically under-penetrated and an under-adopted region for cervical disc replacements. Building on our spine presence outside the U.S., we are also excited to announce we will continue to expand our commercial efforts for the Tether, our differentiated non-fusion spinal device for the treatment of idiopathic scoliosis in key countries in both Europe and in Asia Pacific. Finally, we are advancing our BrainLamp partnership. As a reminder, In March, we announced a global development agreement with BrainLab for spine-enabling technologies to provide our customers and patients the deepest level of integration between Zimbi products and BrainLab's industry-leading portfolio of spine imaging, planning, navigation, and robotic-assisted solutions. Today, we continue to work on achieving compatibility between our spinal implant and BrainLab's spine and trauma navigation systems. allowing us to enhance workflow and accuracy in the operating room while reducing intraoperative x-rays and radiation exposure. We are now collaborating much more deliberately at the customer level, and I look forward to sharing some customer successes in coming quarters with you. Looking forward, we will continue to engage with our key surgeon customers, innovate on and around our existing solutions, and ultimately optimize our position in markets we are positioned to win. Turning to our continued operational improvement, I'm excited to announce that we have now completed all TSAs related to the separation from our former parent, Zero Biomed. In these transition agreements with the parent, we refreshed our core IT systems, moving over 950 servers to data centers and transitioning over 200 applications to modern and largely cloud-based platforms. We are also finalizing the ERP conversions with our last conversion in Barcelona, set to finalize this fall. In addition, we've made meaningful reductions to our physical footprint, receivables, and corporate overhead. We have more work to do surrounding optimizing inventory levels and optimizing manufacturing output. These actions are in accordance with a plan we laid out at the time of the spin and are included in our 2023 financial guidance. I'll now turn the call over to Rich to outline our financial performance.