Bausch Health Companies Inc.

Good morning and welcome to the Valsh Health third quarter 2020 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Art Shannon. Please go ahead.

Thank you, Sarah. Good morning, everyone, and welcome to our third quarter 2020 Financial Results Conference Call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Joe Papa, and Chief Financial Officer, Mr. Paul Herendue. In addition to this live webcast, a copy of today's live presentation and a replay of this conference call will be available on our website under the Investor Relations section. Before we begin, we'd like to remind you that our presentation today contains forward-looking information. We would ask that you take a moment to read the forward-looking statement legend at the beginning of our presentation as it contains important information. This presentation contains non-GAAP financial measures. For more information about these measures, please refer to slide two of the presentation. Non-GAAP reconciliations can be found in the appendix to the presentation posted on our website. Finally, the financial guidance in this presentation is effective as of today only. It is our policy to generally not update guidance until the following quarter and not to update or affirm guidance other than through broadly disseminated public disclosure. With that, it's my pleasure to turn the call over to Joe.

Thank you, Art, and thank you, everyone, for joining us today. We want to spend the bulk of today's call focused on the business fundamentals, so I'll start with our current perspective on COVID-19 and briefly cover some of the third quarter highlights before turning the call over to Paul Herendon, our CFO, to review the financial results in detail and discuss our 2020 guidance. We'll finish with updates on how our businesses are recovering and on the previously announced plan to spin off Bausch & Lomb before opening the line for questions. Beginning with slide five, although COVID has impacted the market over the past seven months, we have been able to adapt to the challenges of current marketing conditions by following the strategy we outlined on our last call, by specifically focusing on our key promoted grants, managing our operational expenses, and implementing investing in innovation and new growth technologies like e-commerce. For example, we are continuing to innovate. We launched Infuse, our SciHi daily lens in the USA. We are conducting clinical trials on our Novo3 product for dry eye disease. And Rifaximin received FDA orphan designation for sickle cell disease, a very exciting development. And we are also conducting COVID-focused research that may help advance science. Ribavirin is being studied as a possible COVID-related therapeutic in Italy and Canada, and our ivermectin product is being studied as a COVID therapeutic in Latin America. Our global SALTA business is well-positioned to capitalize on emerging trends, such as the new Zoom culture, which we believe is driving the demand for aesthetics, which is a key driver for SALTA's outstanding third-quarter revenue growth compared to the third quarter of 2019. Finally, our efforts to accelerate and strengthen our e-commerce capabilities resulted in more than a 100% increase in the e-commerce sales of our U.S. consumer business product year-to-date compared to the same period in the prior year. Moving to slide six, the impact of the global pandemic is still present, but our third quarter results demonstrated that the Bosch Healthcare operational recovery is in progress. Our team worked hard throughout the third quarter to make sure we had ample supply of our products for patients and customers and to manage our operating expenses. A total company organic and reported revenue declined by 3% compared to the third quarter of 2019. Bausch & Lomb had an outstanding quarter relative to the second quarter of 2020. And our therapeutic businesses, Stalix, Dermatology, International, and Neurology all demonstrated 20% to 30% sequential growth relative to the second quarter of 2020. Thanks to a great team effort and the continued engagement of over 21,000 employees of Vouch Health Company, we were able to preserve cash while supporting each of our businesses, including investments in R&D to build and advance our new product pipeline. With that, I'll turn the call over to Paul to cover the financial results in more detail.