Integer Holdings Corporation (NYSE:ITGR) Q3 2022 Earnings Conference Call October 27, 2022 9:00 AM ET
Company Participants
Anthony Borowicz - Senior Vice President, Investor Relations
Joe Dziedzic - President and Chief Executive Officer
Jason Garland - Executive Vice President and Chief Financial Officer
Conference Call Participants
Matthew Mishan - KeyBanc
Jim Sidoti - Sidoti
Operator
Good day and welcome to the Integer Holdings Corporation Third Quarter 2022 Earnings Release Conference Call. Please note today’s conference is being recorded. [Operator Instructions] Thank you. At this time, I will turn the conference over to Anthony Borowicz, Senior Vice President of Investor Relations. Mr. Borowicz, you may begin your conference.
Anthony Borowicz
Good morning, everyone. Thank you for joining us and welcome to Integer’s third quarter 2022 earnings conference call. With me today are Joe Dzedzic, President and Chief Executive Officer and Jason Garland, Executive Vice President and Chief Financial Officer.
As a reminder, the results and data we discuss today reflect the consolidated results of Integer for the periods indicated. During our call, we will discuss some non-GAAP measures. For a reconciliation of these non-GAAP measures, please refer to the appendix of today’s presentation, today’s earnings’ press release and the trending schedules, which are available on our website at integer.net. Please note that today’s presentation includes forward-looking statements. Please refer to the company’s SEC filings for a discussion of the risk factors that could cause our actual results to differ materially.
On today’s call, Joe will provide his opening comments, and an update on the execution of Interger strategy. Jason will then review our adjusted financial results for the third quarter 2022, provide additional insight on our product line performance, and review our full year 2022 guidance. Joe will come back to provide his closing remarks, and then we’ll open up the call for your questions.
With that, I will turn the call over to Joe.
Joe Dziedzic
Thank you, Tony and thanks to everyone for joining the call today, especially the Integer associates who have continued to execute our strategy through these dynamic times. We thought it would be appropriate to start by providing an update on the supply chain challenges that we highlighted on our October 5 preannouncement. Since that time, we have eliminated additional sales risk related to the two medical component suppliers, because we have received all the material needed to meet our fourth quarter outlook.
For our non-medical products, we have line of sight to component supply from more consistent supplier performance and our dual-sourcing strategy for critical components. We continue to intensify our management of the supply chain to reduce operational risk. We have increased the frequency and depth of managing supplier risk, including more frequent tracking, faster escalation of delays and shortages, and executive level engagement with suppliers. We are also accelerating our proactive measures, including executing in-sourcing and dual-sourcing strategies where appropriate. Also, our updated guidance includes an even more cautious risk adjustment based upon existing supplier performance.