CONMED Corporation

Good day, and thank you for standing by. Welcome to the Q3 fiscal year 21 ConMed earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. If you require any further assistance, please press star 0. I would now like to hand the conference over to ConMed for a brief announcement. Please go ahead.

Good afternoon, everyone. Before the conference call begins, let me remind you that during this call, management will be making comments and statements regarding its financial outlook and its plans and objectives, which represent forward-looking statements that involve risks and uncertainties as those terms are defined under the federal securities laws. Investors are cautioned that any such forward-looking statements are not guarantees of future events, performance, or results, and the company's actual results may differ materially from its current expectations. Please refer to the risks and other uncertainties disclosed under forward-looking information in today's press release, as well as the company's SEC filings for more details on the risks and uncertainties that may cause actual results to differ materially. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call, except as may be required by applicable law. You will also hear management refer to certain non-GAAP adjusted measurements during this discussion. While these figures are not a substitute for GAAP measurements, management uses these figures to aid in monitoring the company's ongoing financial performance from quarter to quarter and year to year on a regular basis, and for benchmarking against other medical technology companies. Adjusted net income and adjusted earnings per share measure the income of the company excluding credits or charges that are considered by the company to be special or outside of its normal ongoing operations. These adjusting items are specified in the reconciliations supporting the company's earning releases posted to the company's website. With these required announcements completed, I will turn the call over to Kurt Hartman, Convets Chair of the Board, President and Chief Executive Officer for opening remarks. Mr. Hartman.

Thank you, Michelle and Julie. Good afternoon. Thank you for joining us for ConMed's third quarter 2021 earnings call. I'm joined by Todd Garner, Executive Vice President and Chief Financial Officer. Today, we will walk you through our third quarter results and provide an update to our full year outlook. We will then open the call to your questions. Turning to our results, total sales for the third quarter were $248.8 million, representing a year-over-year increase of 4.6% as reported, and an increase of 4.3% in constant currency versus the same quarter in 2020. From an earnings perspective during the third quarter, our GAAP net income totaled $14.9 million, and this compares to net income of $6.9 million in the third quarter of 2020. Excluding special items that affected comparability, our adjusted net income was $24.7 million a decline of 4.9% versus a prior year third quarter. Our adjusted diluted net earnings per share came in at $0.80, a decline of 9.1% versus a prior year third quarter. Looking at the quarter in more detail, the international markets delivered solid results with 7.7% constant currency growth, while the domestic businesses felt the increased presence of the Delta variant, which held their growth to 1.6%. Both the global orthopedics business and the global general surgery business delivered positive growth in the quarter. Overall, we delivered a decent quarter that was clearly slowed by an even more aggressive impact from the Delta variant than we had communicated when we talked to you on our Q2 call. Finally, as a follow-up from our Q2 call, we made great progress in the quarter on our announced Salesforce expansion. In the U.S. market, we're 100% complete across our general surgery business, and the orthopedics expansion is on track to be complete by year end. Our international market expansion has a handful of positions to finalize and will be completed soon. In closing, I'm proud of the ConMed team and the progress we made during a quarter that had a lot of variability. The ConMed global leadership team and our organization around the world continue to perform exceptionally well in an unpredictable environment. We remain excited by both the near and longer-term opportunities and strength of the business. Our focus remains on meaningful innovation, service and delivery, and enhanced and growing digital strategy. I'll now turn the call over to Todd, who will provide a more detailed analysis of our financial performance and walk you through our outlook. Todd?