Bausch + Lomb Corporation

Greetings. Welcome to the Bausch & Lomb fourth quarter 2024 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over to your host, George Gatkowski, Vice President of Investor Relations. You may begin.

Thank you. Good morning, everyone, and welcome to our fourth 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 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 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 us today. I'm going to show progress against our strategy through the lens of our fourth quarter and full year results. And Sam will go deeper on our performance and provide 2025 guidance. I'll close by highlighting the products and technology that will advance our strategy in 2025 and beyond. We've booked our fifth straight quarter of double-digit constant currency revenue growth, contributing to 17% constant currency revenue growth for the year. While top-line growth isn't the only metric that matters, our trajectory is clear. We're capturing market share in an industry with significant growth potential and carving out leadership positions in areas of unmet need. There's no secret sauce behind that growth. In fact, the formula is simple. We continue to introduce new products across businesses and geographies at a steady clip while optimizing our manufacturing process, which includes deploying AI. Technology is also a key component of an ongoing investment in our sales force. Our reps are leveraging digital tools to establish new relationships and deepen existing ties. The easier we make their jobs, the better they perform. Again, it's a simple formula. Underpinning our recent success is a commitment to long-term growth. We are once again an innovation company. something I couldn't say when I rejoined Bausch & Lomb two years ago. Our R&D organization has been completely overhauled and infused with top talent. Our refocus pipeline is now filled with promise and potential to significantly enhance the standard of care in eye health. This section of our roadmap to accelerate growth, which we highlight every quarter, focuses on phase two, innovate and execute. I can't think of a more appropriate way to describe our current state. Innovation is driving our decision-making process and positioning the company for long-term sustainable growth. And our relentless focus on execution is clearly reflected in our results. Words on a roadmap are hollow without concrete examples. So consider the following when it comes to execution. Our organic revenue CAGR over the past two years is approximately 10%. The success of recent product launches is well documented, particularly in dry ice space, where a comprehensive portfolio is approaching $1 billion in annual revenue. Proof of our commitment to innovation deserves its own slide. These are the pipeline products we're most excited about, with representation from all businesses. Our in-house engineers are developing a first-of-its-kind biomimetic contact lens that would optimize oxygen permeability and, critically, can be produced on existing lines, which means minimizing future capital expenditures. We're also developing a myopia control solution for children and young adolescents. Our consumer pipeline is all about building on the success of category-leading brands with new formulations. We're once again working with the National Eye Institute to develop an ARIDS III offering, which we believe would expand the market for our high-performance preservation franchise and address a significant growth opportunity in dry AMD. Lumify Lux is currently under development and would represent the next chapter of premium redness relief. The recent addition of Elios Procedure to our surgical portfolio unlocks new opportunities to treat glaucoma in conjunction with cataract surgery, and we hope to secure an FDA approval later this year. Meanwhile, we continue to roll out premium IOL offerings in a staged approach, with an expected 2026 U.S. launch from Vista Beyond and an adjustable IOL in early stages of development. Finally, we've transformed our pharma pipeline to potentially introduce several novel treatments. These include a first dual-action therapeutic to address both evaporative and inflammatory dry eye disease, the first product to treat chronic ocular surface pain, and the first glaucoma product to lower intraocular pressure and improve visual acuity. Our revamped pipeline positions us to significantly enhance the standard of care for patients across the spectrum of eye health needs. That's where our focus will continue to be. I reference our holistic strength every quarter, so it's no surprise that I'll do the same when providing a full year review. The key takeaway is there continues to be no laggard. All three reporting segments deliver double-digit constant currency revenue growth for the year, thanks to a focus on execution, in particular when bringing new products to market. Of note, absence of hydro revenue, pharmaceuticals saw approximately 15% organic revenue growth for the year. The franchises we highlight speak to that holistic strength. We updated our 2024 projections for MIBO in November and still outperformed expectations with 172 million of revenue. Zydra hit the high end of our projections with $364 million in full-year 2024 revenue, and a 14% year-over-year growth for Artelac is a reminder that our holistic strength extends to performance across geographies. Daily SciHi Lens's uptake continues to leap off the page with over 70% reported revenue growth through the year. Three things are driving that growth, a superior product offering, sales excellence, and a thoughtful approach to how we introduce multifocal and toric options in new markets around the world. I referenced our premium IOL pipeline earlier, but it's important to recognize that we're carving out a significant presence in the category with existing offerings. Revenue from premium lenses was up 35% in 2024, despite several launches taking place later in the year. I'll now turn it over to Sam for a closer look at the financials.