ICU Medical, Inc. (NASDAQ:ICUI) Q3 2023 Results Conference Call November 6, 2023 4:30 PM ET

Company Participants

John Mills - Managing Partner at ICR

Vivek Jain - Chief Executive Officer and Chairman

Brian Bonnell - Chief Financial Officer

Conference Call Participants

Larry Solow - CJS Securities

Jayson Bedford - Raymond James

Operator

Good afternoon. And welcome to the ICU Medical Inc. Third Quarter 2023 Earnings Conference Call [Operator Instructions]. Please note, this event is being recorded.

I would like now to turn the conference over to John Mills, Managing Partner at ICR. Please go ahead.

John Mills

Good afternoon, everyone. Thank you for joining us to discuss ICU medical's financial results for the third quarter of 2023. On the call today representing ICU Medical is Vivek Jain, Chief Executive Officer and Chairman; and Brian Bonnell, Chief Financial Officer. We want to let everyone know that we have a presentation accompanying today's prepared remarks. To view the presentation, please go to our Investor page and click on the Event calendar and it will be under the third quarter 2023 events. Before we start our prepared remarks, I want to touch upon any forward-looking statements made during the call, including beliefs and expectations about the company's future results. Please be aware they are based on the best available information to management and assumptions that are reasonable. Such statements are not intended to be a representation of future results and are subject to risks and uncertainties. Future results may differ materially from management's current expectations. We refer all of you to the company's SEC filings for more detailed information on the risks and uncertainties that have a direct bearing on the operating results and financial position. Please note that during the call today, we will also be discussing non-GAAP financial measures, including results on an adjusted basis. We believe these financial measures can facilitate a more complete analysis and greater transparency into ICU Medical's ongoing results of operations, particularly when comparing underlying results from period-to-period. We also include a reconciliation of these non-GAAP measures in today's release and provide as much detail as possible on any addendums that are added back.

And with that, it is my pleasure to turn the call over to Vivek.

Vivek Jain

Thanks, John. Good afternoon, everyone. We hope you're well. Even with the volatility in the economic environment and some revenue variance in a few of our product lines, ICU Medical is operating very well for our customers in 2023, delivering high service levels, improving quality and relevant innovation. We're also equally focused on ensuring we take the right short and long term steps to do the same for our other stakeholders. The global demand environment was generally consistent and healthy in Q3 and it continues to feel that way, and the only macro items were some uptick in fuel pricing and continued pressure from currencies in our production geographies. Like everyone in our industry, we want to start first by thanking our customers and the frontline workers for trusting us to serve you during these times. We'll use the time today to; discuss the Q3 revenue performance of our business units and hopefully, we've reached the point where this is the last quarter with unusual year-over-year comparisons; provide more color on some of the product families that have been good and some that have been challenged; go into a bit more detail on the actions we've been taking in aligning our inventory with demand, its impact on the P&L and explain why we're making this temporary choice; update our next steps towards integration and synergy capture as there are no other meaningful housekeeping updates; check our progress against key short term priorities we outlined to start the year and quickly frame up some of the items on the strategic agenda and make clear where we want to be.