Avanos Medical, Inc. (NYSE:AVNS) Q1 2023 Earnings Conference Call May 3, 2023 9:00 AM ET

Company Participants

Scott Galovan - SVP, Strategy and M&A

Joe Woody - CEO

Michael Greiner - SVP, CFO, and Chief Transformation Officer

Conference Call Participants

Rick Wise - Stifel

Matthew Mishan - KeyBanc

Drew Ranieri - Morgan Stanley

Operator

Good morning and welcome to the Avanos Q1 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Scott Galovan. Please go ahead.

Scott Galovan

Good morning everyone and thanks for joining us. It's my pleasure to welcome you to Avanos 2023 first 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 first quarter and expectations for 2023 as well as provide an update on the current business environment. Then Michael will discuss additional details regarding our first quarter and 2023 planning assumptions. 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 will 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.

Joe Woody

Thanks, Scott. Good morning, everyone, and thank you for joining us to review our operational and financial results for the first quarter of 2023. Our first quarter results were generally in line with our expectations. As we noted in our year-end earnings call, our quarterly results for 2023 would likely be uneven given the timing uncertainties associated with our transformation plan including the pace at which we rationalized our product portfolio, eliminate SKUs or accelerate cost savings.

The demand for our products remain strong and although supply chain disruptions have improved with our backlog coming down $1 million during the quarter, we continue to have a sticky backlog that has limited our ability to fulfill our demand levels.