Bausch + Lomb Corporation

Good morning and welcome to the Baoshan Lam's first quarter 2022 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 Alice and Ryan. Please go ahead.

Thank you. Good morning, everyone, and welcome to our first quarter 2022 financial results conference call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Joe Papa, and Chief Financial Officer, Mr. Sam Eldosuki. In addition to this live webcast, a copy of today's slide presentation and a replay of this conference call will be available on our website under the Investor Relations section. Before we begin, we would 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 to not update or affirm guidance other than through broadly disseminated public disclosure. With that, it is my pleasure to turn the call over to Joe.

Thank you, Allison, and thank you, everyone, for joining us today on the Bausch & Lomb First Earnings Clause of Publicly Traded Companies. I will begin with some comments about our vision for Bausch & Lomb now that the IPO has been completed and briefly discuss the first quarter highlights. Tim Eldesuki, our CFO, will then review the first quarter financial results in detail and discuss our 2022 guidance. Finally, I will conclude by discussing our product pipeline and upcoming catalyst before opening the line for questions. Before I get started, let me answer the question. If we provided the first quarter B&L results on May 10th as part of Bausch Health, what is the objective for today's call? Simply stated, we want to provide greater clarity on B&L performance, our vision for B&L's future growth, and provide a forum to answer your questions. So let's begin with slide four. With a nearly 170-year history as a leading eye health brand, Bausch & Lomb has always stood at the forefront of cutting-edge scientific and technological optical advancement, and today we are more focused than ever on developing and offering new treatments to meet unmet eye health needs. Specifically, Bausch & Lomb is the most integrated eye care company operating today, the fastest-growing global contact suppliers in 2021, the company with the highest brand awareness in eye care, and a global leader in consumer health, outpacing U.S. market growth by approximately 1.7 times since 2018. B&L also has critical mass. With a commercial presence in approximately 100 countries, over 80% of the world's population has access to Bausch & Lomb products. Turning to slide five, we have outlined three key areas of strategic focus for this important point in Bausch & Lomb's development. One, accelerate growth in large addressable markets. Two, invest in categories that are growing faster than the overall eye health market, and three, expands into new product categories. As we look to the future as a publicly traded company, we see attractive opportunities for a pure play eye health company. We believe the company is well positioned for growth in large, durable markets driven by new product and favorable megatrends or tailwinds, such as the increasing prevalence of myopia and diabetes, an aging population, and a growing middle class that are expected to continue driving demand for high-health products. In addition, we have the potential for margin expansion over the long term based on new product and supply chain efficiencies. Finally, as a publicly traded company, we expect to have balance sheet flexibility to expand investment in the business and additional strategic bolt-on product opportunities. With respect to the spinoff process, the initial public offering was completed last month, an important first step toward the spinoff of Bausch & Lomb. The spinoff is expected to be completed following the expiry of agreed-upon lockups and the achievement of Bausch Health's target net leverage ratios, subject to shareholder and necessary approvals and other conditions. While the final date for completion of the spinoff has not yet been terminated, The spinoff is expected to occur by the distribution of approximately 80% of the remaining B&L shares to Bausch Healthcare shareholders. Separate from the spinoff process, Bausch Health has the flexibility to monetize an additional approximately 8.7% of Bausch & Lomb shares subject to market conditions and the expiry of agreed-upon lockups. Moving now to the first quarter highlights on slide six. First quarter, organic revenue growth of 5% was driven by our two largest segments, vision care and surgical, which grew organically by 4% and 13%, respectively, despite macro headwinds. Looking at the first quarter through the lens of our key areas of focus, consumer eye care had an approximately 33% U.S. market share in the first quarter, demonstrating continued momentum in eye vitamins and Lumify. Our daily CyHi lens market share doubled And we expect annual U.S. market growth of approximately 10% in this category from 2019 to 2030. Finally, we launched Zypere in the first quarter, entering into a new product category with the first and only product to use the suprachoroidal space of the eye for patients with macular edema associated with uveitis. These impressive achievements are due to the sustained effort and dedication of the approximately 12,500 Bausch & Lomb employees around the world whose hard work and ongoing contributions enabled us to execute on our key areas of focus and navigate external headwinds in the first quarter, while completing an important milestone on the road to becoming an independent, publicly traded company. With that, I will turn the call over to Sam to cover the financial results in more detail.