Bausch + Lomb Corporation

Good morning and welcome to the Bausch & Lomb third 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 Alison Ryan. Please go ahead.

Thank you. Good morning, everyone, and welcome to our third quarter 2022 financial results conference call. Participating on today's call are Chief Executive Officer, Mr. Joe Papa, and Chief Financial Officer, Mr. Sam Eldestuki. 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, Alison, and thank you everyone for joining us today. I will begin some comments about our Bausch and Lomb third quarter highlights. San Eldosuke, our CFO, will then review the third 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. Before I start, I want to especially thank our B&L team for their strong efforts in the third quarter of 2022, our first full quarter as a public company. As an integrated eye care company operating today, Bausch & Lomb is uniquely positioned in the eye health market. On page four, you see that we are building on approximately 170 years of success as a leading eye health brand. Bausch & Lomb is a company with the highest brand awareness in eye care. And as a global leader in consumer eye health, we have outpaced U.S. market growth by approximately 1.7 times since 2018. Turning to slide five, we continue to see compelling opportunities for a standalone Bausch & Lomb as a pure play eye health company. First, We believe the company is well-positioned for growth in large, durable markets driven by new products, and favorable megatrends are tailwinds that are expected to continue driving demand for our iHealth products. Second, we continue to see margin expansion over the long term based on our new product launch opportunities. And finally, as a publicly traded company, we expect to have balance sheet flexibility to expand investment in business and additional strategic bolt-on product opportunities. Given the challenges presented by the current economic environment, I want to spend a moment to share our insights on the potential impact of inflationary pressures on the eye health category. On slide six, we presented data and other insights which show that the eye health business is resilient to economic pressures. The first statistic on the left underscores just how important eyesight is. Eighty-one percent of U.S. adults surveyed would be willing to give up something else that is very important to them if it meant never losing their eyesight. Looking at Bausch & Lomb within this eye health sector, we believe our business is well positioned against an economic downturn because Bausch & Lomb has the highest brand awareness in eye care. Bausch & Lomb has a diverse product portfolio, more than 400 branded and generic products, as well as products that are offered at various ranges of price points. Vashon has a geographic presence in approximately 100 countries, and Vashon is investing in R&D to expand our portfolio with more than 15 new product launches expected in 2023. To summarize, the survey data and our team's experience through previous economic cycles tells us that eye health will continue to be a priority for consumers and patients. We believe customers will continue to want the best and most trusted products and services, which means that Bausch & Lomb is well positioned within the overall iHealth sector. Moving now to the third quarter highlights on slide seven. Our third quarter overall organic revenue growth was 5%. And importantly, it reflects growth in all three of our business segments. A few key highlights to note. First, our continued momentum in key portfolios. Reported revenue of Occupyte and Preservision grew by 14%, and we're pleased to report that Preservision currently has an approximately 95% market share in the U.S., and the 14% organic growth in surgical implantables was driven by the premium and standard IOLs. Next, our investment in the faster-growing eye health categories, Lumify U.S. weekly market share in the redness relief category has reached 49%, and we are seeing signs of a strong early launch in Canada. We're also well-positioned to take advantage of the U.S. prescription dry eye market, which grew at a 24% CAGR from 2016 to 2021, and is expected to see double-digit growth from 2021 to 2027. In NOVO3, our potential first-in-class treatment for dry eye disease associated with myobodium and gland dysfunction has a June 2023 PDUFA date. Finally, new product category expansion. We entered into an exclusive European distribution agreement for a minimally invasive surgical procedure for the treatment of glaucoma during the third quarter. And our premium LuxSmart IOL is now launched in 19 countries. To summarize, third quarter results demonstrate that our business is continuing to deliver strong performance despite the currency and inflationary headwind pressures. Our key brands have demonstrated their durability through challenging economic conditions and remain focused on continuing to invest in innovation to drive future growth in large, fast-growing markets and categories. And with that, I will turn the call over to Sam to cover the financial results in more detail.