Bausch + Lomb Corporation

Good morning and welcome to Bausch & Lomb's third quarter 2024 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 George Gatkowski, Vice President of Investor Relations and Business Insights. Please go ahead.

Thank you. Good morning, everyone, and welcome to our third quarter 2024 Financial Results Conference call. Participating on today's call are Chairman and Chief Executive Officer, Mr. Brent Saunders, and Chief Financial Officer, Mr. Sam Aldasuki. In addition to this live webcast, a copy of today's live 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 1 of the presentation. Non-GAAP reconciliations can be found in the appendix to the presentation posted on our website. 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 today's call. I'm going to share the latest chapter in our execution story, Sam will dig into the numbers, and I'll close by highlighting some of the diverse products and services that position us for sustained profitable growth. But first, an important note on recent speculation around a potential sale of Bausch & Lomb. While all parties remain committed to a full separation from Bausch Health, and there are multiple paths to making that happen, we don't comment on rumors involving the company. I certainly appreciate that some of you may ask about these rumors in the Q&A portion of today's call, as I'm sure you'll appreciate our standard response. You may be bored by our three areas of focus, and that's a good thing. We don't need a dramatic shift in strategy or change in how we report our progress. Instead, we need to continue our relentless focus on execution, which is exactly what we are doing. 19, 20, 20, 19. Those figures represent our constant currency revenue growth over the past four quarters. Topline growth is one of the three critical metrics we're focused on as we work to become the best iHealth companies. We obviously made great strides there while steadily improving the other two metrics, margin expansion and cash flow, which Sam will cover in his remarks. Our revenue growth is fueled by our sales force. We're giving them a steady stream of new products to place online, in-store, on prescription pads, and in the operating suites. But we're also making their jobs easier by enhancing our digital capabilities. On our last earnings call, I highlighted Glymphs, a new proprietary digital sales platform that uses AI and machine learning to provide tailor-made guidance for engaging eye care professionals. As our team becomes more comfortable with the platform, we're seeing its impact on both sales and employee engagement. We also launched Opal, a digital e-commerce marketplace that I'll go deeper on later. Finally, The ongoing evolution of our R&D function is positioning us to win now and in the future. The most recent example is FDA approval of Invista Envy, our latest entry into the high-margin premium IOL category. What's happening behind the scenes will dictate our success for years to come. We're making a calculated move to higher-margin product portfolio, which means turning our focus to addressing unmet needs and playing in areas where existing therapies aren't moving the needle. We're doing this through an influx of top talent and by partnering with academic institutions and startups that can deliver multiple candidates ready for clinical stage over the next few years. Keeping with our boring theme, nothing has changed on the roadmap slide save for the position of our progress indicators. This slide always represents an opportunity to highlight some of the less glamorous but critically important ways we're changing how we operate with efficiency and continued growth top of mind. Here are a few examples from the third quarter. In July, we installed a new line at our facility in Milan to manufacture small bottle products, which is part of a broader network optimization strategy. This mirrors a similar move earlier this year in Berlin with one goal in mind. getting products to end users faster. We continue to deploy AI across our contact lens manufacturing sites to drive yield and output gains. It started in Rochester, and last quarter we extended the program to Waterford. This isn't AI for AI's sake. Using predictive analytics to eliminate downtime on automated lines producing millions of contact lenses can result in real savings. Product launches and performance get all the hype, but if we're not constantly optimizing how we operate and getting the small things right, we won't realize our full potential. Our holistic strength was once again on full display in the third quarter and continues to differentiate Bausch & Lomb in the eye health industry and beyond. In our vision care segment, we continue to see aggressive growth in daily side-high lenses with room to run as we progressively launch multifocal and toric options in new geographies. Big picture, it's clear we're taking market share and not at our own expense. There's growth across our lens offerings with Infuse, Ultra, and BioTrue driving switches and new starts. Our surgical business, which saw 12% constant currency revenue growth, is a microcosm of our holistic strength. which I'll touch on later. We highlighted Mibo and Zydra revenue, which certainly played an outsized role in 76% constant currency revenue growth for our pharmaceutical segment. But it's important to understand that combined revenues from these two products represents less than half of overall sales for that segment last quarter. International pharmaceuticals, in particular, was a solid contributor with 11% constant currency revenue growth. It's worth pointing out that absent Zydra revenue, pharmaceuticals saw an impressive 25% organic revenue growth for the quarter. I'll now turn it over to Sam for a deeper dive on our financials.