Owens & Minor, Inc. (NYSE:OMI) Q3 2023 Earnings Conference Call November 3, 2023 8:00 AM ET

Company Participants

Edward Pesicka - President & CEO

Alex Bruni - EVP & CFO

Jackie Marcus - IR

Conference Call Participants

Kevin Caliendo - UBS

John Stansel - J.P. Morgan

Daniel Grosslight - Citi

Eric Coldwell - Robert W. Baird

Operator

Good day, and thank you for standing by. Welcome to the Owens & Minor Third Quarter 2023 Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jackie Marcus, Investor Relations.

Jackie Marcus

Thank you, operator. Hello, everyone, and welcome to the Owens & Minor third quarter 2023 earnings call. Our comments on the call will be focused on the financial results for the third quarter of 2023, as well as our updated outlook for 2023, both of which are included in today's press release. The press release, along with the supplemental slides, are posted on the Investor Relations section of our website.

Please note that during this call, we will make forward-looking statements. The matters addressed in these statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied here today. Please refer to our SEC filings for a full description of these risks and uncertainties, including the Risk Factors section of our annual report on Form 10-K and quarterly reports on Form 10-Q.

In our discussion today, we will reference certain non-GAAP financial measures, and information about these measures and reconciliations to the most comparable GAAP financial measures, which are included in our press release. Today, I'm joined by Ed Pesicka, President and Chief Executive Officer, and Alex Bruni, Executive Vice President and Chief Financial Officer. I will now turn the call over to Ed.

Edward Pesicka

Thank you, Jackie. Good morning, everyone, and thank you for joining us today. Our third quarter represented another strong indication that we are executing at a high level. We generated high single-digit topline growth in our Patient Direct segment, and low single-digit improvement in our Products and Healthcare Services segment. Our operational performance in the quarter was complemented by a significant reduction in our overall debt position, combined with robust cashflow generation. I'm incredibly proud of what the team has done thus far with our operating model realignment program, and I'm excited about what the future holds for our organization.