Bausch + Lomb Corporation

Good morning and welcome to the Bausch and Lomb's second 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 Art Shannon. Please go ahead.

Thank you very much. Good morning, everyone, and welcome to our second quarter 2022 Financial Results Conference Call. Participating on today's call are Chief Executive Officer, Mr. Joe Papa, and Chief Financial Officer, Mr. Sam Eldesuki. 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'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 is my pleasure to turn the call over to Joe.

Thank you, Art, and thank you, everyone, for joining us today for the second quarter Bausch & Lomb earnings call. I will begin some comments about Bausch & Lomb as an integrated eye care business and briefly discuss the second quarter highlights. Samuel DeSucchi, our CFO, will then review our second quarter financial results in detail and discuss our 2022 guidance. Finally, I will conclude by discussing our product pipeline and upcoming catalysts before opening the line for questions. But before we talk about the quarter, I would like to take a moment to address two recent announcements. Last month, we announced that I will be stepping down as chairman and CEO of Bausch & Lomb in the coming months. Having completed the IPO of Bausch & Lomb, it is an appropriate time to transition to new leadership. First and foremost, I want to thank all of the talented Bausch & Lomb employees who are dedicated to our mission of helping people see better to live better. I'm honored to have been a part of this incredible company's history, and I will leave knowing that Bausch & Lomb is well positioned for continued success. Second, The Zyfax and Norwich decision is a Bausch Health matter. We will not comment on it. Bausch Health will discuss the Norwich decision on its earnings call next week. Now, let's turn to slide four and talk about the Bausch & Lomb business. For an overview of the important differentiators that support Bausch & Lomb's competitive position in the marketplace, Bausch & Lomb is the most integrated eye care company operating today. Bausch & Lomb was the fastest-growing global contact supplier in 2021. Bausch & Lomb has the highest brand awareness in eye care. Bausch & Lomb is a global leader in consumer health, outpacing U.S. market growth by approximately 1.7 times since 2018. And finally, B&L products are available to over 80% of the world's population. This clearly demonstrates the Bausch & Lomb critical mass in eye health. Turning to slide five, we see a number of opportunities for standalone Bausch & Lomb as an eye health company. First, we believe the company is well-positioned for growth in large, durable markets driven by new products and favorable megatrends or tailwinds, such as the increasing prevalence of myopia and diabetes in an aging population that utilizes 10 times more eye health than those patients under the age of 65-year-olds. and a growing middle class that are expected to continue driving demand for eye health products. In addition, we have the potential margin expansion over the long term based on new product launches 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, such as our recent announcement in Sinoculus for a surgical glaucoma solution, which I will discuss in more detail later. Moving now to the second quarter highlights on slide six. Our achievements contribute to a strong second quarter organic revenue growth of 6%. First, We had continued momentum in key portfolios. We had great consumer performance in the second quarter with a Lumify, BioTrue, and Prezavision all reaching their record high market shares in the U.S. U.S. market share for iVitamin franchise increased by 410 basis points compared to the prior year quarter. The BioTrue solutions franchise grew by 39% in the second quarter and is expanding with two new launches underway. Next, the investment in fast-growing categories, Lumify reported revenue grew by 21% in the second quarter, and we're in the early stages of brand expansion. Reported revenue for the Sci-Hi daily contact lenses grew by approximately 50%, and with the global Sci-Hi daily market growing at a CAGR of approximately 11%, we continue to see significant growth potential as we launch in more countries. And finally, new product category expansion. We are launching Revive, a new family of customizable soft contact lenses designed to meet the needs of more patients. And in June, we filed an NDA for Novo3, a potential first-in-class treatment for dry eye disease associated with meibomian gland dysfunction. To summarize, our strong second quarter results demonstrate the advantage of our integrated eye care platform, the durability of our brands through challenging economic conditions, and the continued ability of our team to execute our goals and drive innovation. As we look to the future as a standalone publicly traded company, we see many attractive opportunities for an eye health company that is well positioned for growth in large, durable markets and in categories that are growing faster than the overall eye health market. And with that, I'll now turn the call over to Sam to cover the financial results in more detail.