Zimmer Biomet Holdings, Inc.

Good morning, ladies and gentlemen, and welcome to the Zimmer Biomet first quarter 2022 earnings conference call. If anyone needs assistance at any time during the conference, please press the star followed by the zero. As a reminder, this conference is being recorded today, May 3rd, 2022. Following today's presentation, there will be a question and answer session. At this time, all participants are in a listen-only mode. If you have a question, please press the star followed by the one on your push button phone. I would now like to turn the conference over to Carrie Maddox, Senior Vice President, Investor Relations, and Chief Communications Officer. Please go ahead.

Thank you, Operator, and good morning, everyone. I hope you are all well and safe. Welcome to Zimmer Biomet's first quarter 2022 earnings conference call. Joining me today are Brian Hansen, our Chairman, President, and CEO, EVP and CFO, Suki Apadhyay, and COO, Yvonne Tornos. Before we get started, I'd like to remind you that our comments during this call will 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 note we assume no obligation to update these forward-looking statements, even if actual results or future expectations change materially. Please refer to our SEC filings for a detailed discussion of these risks and uncertainties, in addition to the inherent limitations of such forward-looking statements. Additionally, the discussions on this call will include certain non-GAAP financial measures. Reconciliation of these measures to the most directly comparable GAAP financial measures is included within our Q1 earnings release, which can be found on our website, ZimmerBiomet.com. With that, I'll turn the call over to Brian. Brian?

All right. Thanks, Carrie, and thanks to all of you for joining us this morning. I'm going to talk briefly about our Q1 performance and our revised expectations for the full year. I'm also going to spend a few minutes talking about our recent innovation and our key drivers for long-term growth. And then after that, I'm going to turn it over to Sookie, who will get into more details on the quarter, but also very importantly, our full year guidance update. And then we'll close out the call with your questions, of course. So let's get started with Q1. We had a strong quarter, well above our own expectations and obviously above external expectations. And the primary reason for that level of overachievement was stronger than anticipated COVID recovery in the quarter, particularly when we looked at the back half of the quarter. And if I look at the US recovery, it was stronger and faster than I think anyone expected pretty much across the board. And while we continue to see COVID surges in EMEA and China, the impact on overall procedure cancellations has been minimal, at least so far. And inside of that, we saw very strong performance in large joints and in particular our knee franchise, while our set recovery lagged our core recon business at this point. We know it's still early in the year, but based on what we saw in the quarter and really current trends in the Q2, our confidence in 2022 growth has definitely increased. And as a result, we are raising and tightening our full year guidance. Now there are clearly a number of headwinds that we are facing, you know, supply challenges, inflation, Russia, Ukraine, but given our revenue dependence on elective procedures, COVID recovery outweighs those headwinds. And that's why even in the face of these challenges, we're able to raise our outlook for the year. Okay. So turning the page a bit outside of external influences on our business, our strategy is working and our underlying business is very strong. Our new product pipeline continues to deliver. We're adding more innovation and value to our ZB Edge ecosystem. If you were at AAOS, you saw our recently launched Walk AI. This is ZB's first AI-based solution. We also showed recently launched functionality for MyMobility platform. This is under the umbrella of our exclusive partnership with Apple. Our ROSA robotics momentum continues to be very strong, and the early feedback on Persona IQ, even though it's in limited launch, is very positive. All of these things combined are highlighting the possibilities around data collection and integration on the patient experience. We also continue to drive significant demand and traction with Persona Revision in our knee franchise, with Avenir Complete in our hip franchise, and our Signature One Planner in shoulder. And our new product pipeline remains very strong, with additional product launches planned for 2022, especially across our knee and set portfolios. We're also continuing to reshape our business and accelerate ZB's transformation, That means, of course, streamlining and modernizing our operating model, but also focusing on making ZBA best and preferred place to work in a trusted partner. Now, just in Q1, we scored 100% on the Human Rights Campaign's Corporate Equality Index. We made Forbes' best large employers list, and we were named one of the most innovative companies by Fast Company for our ROSA robotics platform. We have also prioritized our environmental, social, and governance, or ESG, commitments, and our actions in this area continue to expand. We have committed to key environmental standards, delivered on social giving pledges, and set DE&I standards and long-term goals in this area. And we've enhanced our overall reporting of ESG progress internal to our own team members, but also to investors. And finally, our transformation also includes, as you know, active portfolio management. And as a part of this, we completed our spin of ZIMB on March 1st. That was ahead of schedule and certainly is a part of our active portfolio management strategy. So in summary, even though there are real macro headwinds that we will have to manage, and I have confidence in our team to do so, the recovery, you know, the shift in recovery really in COVID is the bright spot we've been waiting for. And we're excited about and has certainly changed our view of 2022. And with that, I'm going to turn the call over to Sookie for a deeper dive into Q1 and our revised expectations for the full year. Okay, Sookie.