Agiliti, Inc.

Good afternoon, ladies and gentlemen, and welcome to Agility's first quarter of 2022 earnings conference call. Today's call is being recorded, and we have allocated one hour for prepared remarks and Q&A. At this time, I'd like to turn the conference over to Kate Kaiser, Senior Vice President of Corporate Communication and Investor Relations at Agility. Thank you. You may begin.

Thank you, Operator, and hello, everyone. Thank you for joining us on today's call as we provide an overview of Agility's results for the quarter ending March 31st, 2022. Before we begin, I'll remind you that during today's call, we'll be making statements that are forward-looking and consequently are subject to risks and uncertainties. Certain factors may affect us in the future and could cause actual results to differ materially from those expressed in these forward-looking statements. Specific risk factors are detailed in our press release and our most recent SEC filings. which can be found in the investor section of our corporate website at agilityhealth.com. We will also be referring to certain measures that are not calculated and presented in accordance with generally accepted accounting principles during this call. You can find a reconciliation of those measures to the most directly comparable gap measures and a description of why we use these measures in our press release. To download a copy of the presentation that we'll use to facilitate today's discussion, please visit our website at agilityhealth.com. Select the Investors section at the top of the screen, and then Events and Presentations. Finally, select a presentation titled Agility Q1 2022 Earnings Slides. With that, I'll turn the call over to our CEO, Tom Leonard.

Thanks, Kate, and good afternoon. Thank you for taking time to join us as we review our results from the first quarter of 2022. Joining me today is our CFO, Jim Pekarek, and our President, Tom Benning. who leads our commercial operations. We're pleased with our performance in Q1 and our financial results met our expectations. We remain on track for the balance of the year and with three quarters of work still ahead of us, we are reaffirming our full year financial guidance. Jim will review our Q1 results and provide additional color on our performance in a few minutes. I'd like to start today with some brief observations on the broader trends impacting our customers. By now, we're all well aware of the challenges facing our healthcare system, the rapidly increasing burdens of capital constraints, widespread labor and supply shortages, and broad-based inflationary cost pressures. Importantly, at the intersection of those challenges, agility is able to deliver a broad set of compelling value propositions. When it comes to the manufacturing, management, maintenance, and mobilization of medical devices, We believe agility stands alone. Our goal for our customers is simple, to ensure clinicians have access to the patient-ready medical devices they need, delivered to the point of care with the confidence they're maintained to the highest industry standard. Let me share a few examples of these capabilities in action and quantify the benefits to our customers. Our unique ability to supplement a hospital's biomed team with agility technicians deployed from our local service centers, as one simple example, can compensate for our customers' short-term staffing shortages, minimizing their employee burnout and eliminating overtime expense. And by helping our customers return their own devices back to service more quickly, we reduce or eliminate other operational impacts caused by lack of availability and excess rental expense. Similarly, improving medical device utilization and reducing total medical device operating costs is another area where agility is making a difference. Even prior to the pandemic, health systems generally owned too much capital medical equipment. We've previously shared research showing health systems across the country experienced average on-patient daily utilization below 42%. across device categories like monitoring equipment and infusion pumps and ventilators. Yet many health systems subsequently acquired even more equipment to meet the rapid surge in patient census early on in the COVID-19 pandemic. Today, many of these health systems labor under the financial and operational impact of expensive and increasingly idle assets that still require ongoing preventative maintenance and repair. Agility's onsite management programs are helping customers free up the capital and the related excess operating expense that's resulted from making long-term capital investments to meet the short-term demands of COVID. At Agility, we pride ourselves in being on the right side of healthcare, meaning we specialize in making the delivery of care safer and more efficient, ensuring regulatory compliance for our customers, and giving clinicians peace of mind. knowing that the devices we serve are maintained to the highest industry standard. As our customers struggle with rapidly rising labor and other input costs, Agility is able to deliver an average of a 15 to 25% lower operating cost to our customers in the areas we manage, while still maintaining our own best-in-class margin profile. As we've shared in prior calls, our unique local market service infrastructure consisting of medical device-focused maintenance, repair, and logistics capabilities extend all the way to the patient's bedside, all support an operating model without peer. We believe Agility is unique as a company with the scale and breadth of capabilities to deliver these benefits across our nation's healthcare system, supporting providers ranging from individual healthcare facilities up to the largest health systems in the country, helping medical device manufacturers as an extension of their own repair and remediation capabilities. And increasingly, supporting states and federal government agencies to manage, maintain, and deploy their emergency medical device stockpiles. The essential nature of our work was clearly evident throughout the period defined by COVID-19. And it's equally relevant today as we support our customers through this challenging period. We recently left the one-year anniversary of Agility's initial public offering. Reflecting briefly from last year to now, I'm excited to have this opportunity to continue to share our story. Looking forward, we're even more enthusiastic about our strong business momentum and the opportunities ahead of us as a company. Let me now turn the call to Tom Benning to offer his perspective on our performance.