Owens & Minor, Inc. (NYSE:OMI) Q2 2023 Earnings Conference Call August 4, 2023 8:30 AM ET

Company Participants

Jackie Marcus - Investor Relations

Edward Pesicka - President, Chief Executive Officer

Alexander Bruni - Executive Vice President, Chief Financial Officer

Conference Call Participants

Kevin Caliendo - UBS

Michael Turney - Bank of America

Jonathan Yong - Credit Suisse

John Stansel - JPMorgan

Daniel Grosslight - Citi

Eric Coldwell - Baird

Operator

Good day, and thank you for standing by. Welcome to the Owens & Minor Second 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. Please go ahead.

Jackie Marcus

Thank you, operator. Hello, everyone, and welcome to the Owens & Minor second quarter 2023 earnings call. Our comments on the call will be focused on the financial results for the second 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 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, and good morning, everyone, and thank you for joining us on the call today. The second quarter showed a continuation of positive momentum in many areas, including exceptionally strong cash flow, meaningful improvement in net debt, mid-single-digit organic growth in our Medical Distribution division and continued double-digit growth in our Patient Direct segment. However, we continue to see a slow recovery in our Global Products division as demand for our higher-margin S&IP products remain constrained.