Bausch + Lomb Corporation

Good morning and welcome to the Bausch and Lomb third quarter 2023 earnings call. All participants will be in a 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 George Katkowski, Vice President of Investor Relations and Business Insights. Please go ahead.

Thank you. Good morning, everyone, and welcome to our third quarter 2023 financial results conference call. Participating on today's call are Chairman and Chief Executive Officer Mr. Brent Saunders and Chief Financial Officer Mr. Sam Eldosuke. 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, I 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 legend at the beginning of our presentation as it contains important information. This presentation contains non-GAAP financial measures and ratios. For more information about these measures and ratios, please refer to slide one 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 unless required by law and not to update or affirm guidance other than through broadly disseminated public disclosure. With that, it's my pleasure to turn the call over to Brent.

Thank you, George, and thank you, everyone, for joining us today. I'll start by providing highlights from the quarter, and after Sam does a deeper dive on financials and updates guidance, I'll share how we'll continue to drive profitable growth for the remainder of 2023 and beyond. I'm going to start with three things that define the quarter, which we expect will be familiar themes going forward. First, we are growing revenue at or above market thanks to the strength of established and emerging brands that cover the entire spectrum of eye health. We're excited about our trajectory as we enter 2024. which we expect will be one of the most active launch years in the 170-year history of our company. Second, we're equipping our sales work with the tools, training, and the product portfolio they need to turn our market leadership potential into reality. Look no further than our powerhouse dry eye disease portfolio and the outsized opportunity in that area. Bringing MyBo to market and reinvigorating the Zydra brand comes at a crucial time as 96% of estimated U.S. population suffering from dry eye disease is not treated with a prescription product. Finally, we're focused on addressing the supply chain challenges we've faced. We're nearing the finish line on upgrades to our Lynchburg distribution facility. And our new chief supply chain and operations officer is establishing a multi-year blueprint for turning our scale and global manufacturing footprint into a competitive advantage. As made clear when I introduced the roadmap to accelerate growth on my first earnings call this May, this is a multi-year journey that will fundamentally change how we operate. Rewiring the company is no easy lift. but I'm proud of our ongoing progress in phase one. Our leadership team, which has been almost entirely remade since my arrival earlier this year, has largely completed the process of flattening the respective organization to improve efficiency. But rethinking how we work goes much deeper, from making life easier for our sales representatives to strategically investing in digital capabilities we're maximizing our potential by focusing on what matters most. And critically, we have buy-in from approximately 13,000 colleagues around the world who want to see Bausch & Lomb back on top. While early in the process, changing how we operate is already helping improve our performance. We had another quarter of solid revenue growth of 8% year-over-year on a constant currency basis. That growth is being driven across key franchises, which speaks to our holistic strength. Performance from consumer brands like Lumify continues to exceed expectations, while premium IOL offerings in surgical represent a high-growth, high-margin opportunity. Promoted pharmaceutical products like Bisulta, which saw revenue growth of 54% year-over-year on a constant currency basis, health offset issues with contract manufacturers for two mature non-promoted products. Dynamics in the fourth quarter and beyond will obviously change with the focus on Mibo and Zydra. Before turning things over to Sam, I'd like to acknowledge his team's work in securing favorable financing terms for the Zydra transaction, one of the biggest in our history. Our focus, and his in particular, now turns to deleveraging. Sam?