Avanos Medical, Inc. (NYSE:AVNS) Q1 2022 Earnings Conference Call May 7, 2022 9:00 AM ET

Company Participants

Scott Galovan - Vice President, Corporate Strategy and Business Development

Joe Woody - Chief Executive Officer

Michael Greiner - Senior Vice President and Chief Financial Officer

Conference Call Participants

Chris Cooley - Stephens

Matthew Mishan - KeyBanc

Rick Wise - Stifel

Drew Ranieri - Morgan Stanley

Operator

Good morning. And welcome to Avanos First Quarter 2022 Earnings Call. [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 the Avanos 2022 first quarter earnings conference call. Presenting today will be Joe Woody, CEO; and Michael Greiner, Senior Vice President and CFO. Joe will begin with an update on our quarter and current business environment as well as review our key objectives for 2022. Then Michael will discuss additional detail around our first quarter and affirm our 2022 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, 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 that are 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.

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 2022. I was very pleased with how our operational and commercial teams continue to execute against a range of challenging macroeconomic dynamics, as always we remain focused on getting patients back to the things that matter as we meet the needs of our customers. I'll begin with a brief review of our results for the quarter before reviewing our 2022 priorities. We achieve sales of over $197 million for the quarter with 3% organic growth in constant currency and earn $0.26 of adjusted diluted earnings per share. Our chronic care portfolio remains flat despite an 11% contraction experienced in our respiratory business due to a tough comparison with last year's first quarter COVID outbreak.