Avanos Medical Inc. (NYSE:AVNS) Q3 2023 Earnings Conference Call November 1, 2023 9:00 AM ET

Company Participants

Scott Galovan - SVP, Strategy and Corporate Development

Joseph Woody - CEO

Michael Greiner - Senior VP, CFO and Chief Transformation Officer

Conference Call Participants

Rick Wise - Stifel

Kristen Stewart - CL King

Daniel Stauder - JMP Securities

Operator

Good morning, and welcome to Avanos' Third Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Scott Galovan, Senior Vice President of Strategy and Corporate Development. Please go ahead.

Scott Galovan

Good morning, everyone, and thanks for joining us. It's my pleasure to welcome you to Avanos 2023 third quarter earnings conference call. Presenting today will be Joe Woody, CEO; and Michael Greiner, Senior Vice President, CFO and Chief Transformation Officer. Joe will review our third quarter, expectations for the remainder of 2023, and provide an update on our transformation efforts. Michael will share additional detail regarding these topics. We will finish the call with Q&A. A presentation for today's call is available on the Investors section of our website, avanos.com.

As a reminder, our comments today contain forward-looking statements related to the company, our expected performance, current economic conditions and our industry. No assurance can be given as to future financial results. Actual results could differ materially from those in the forward-looking statements. For more information about forward-looking statements and the risk factors that could influence future results, please see today's press release and risk factors described in our filings with the SEC.

Additionally, we'll be referring to adjusted results and outlook. The press release has information on these adjustments and reconciliations to comparable GAAP financial measures.

Now, I'll turn the call over to Joe.

Joseph Woody

Thanks, Scott. Good morning, everyone, and thank you for joining us to review our operational and financial results for the third quarter of 2023. We are pleased with our third quarter results, which align with the expectations outlined during our second quarter earnings call.

We anticipated a continued reduction in supply chain disruptions and strong demand for our products. Last quarter, we indicated that our year end back order would be around $3 million, down from over $10 million at the beginning of the year, and we are making steady progress toward achieving this target by the end of December.