Baxter International Inc. (BAX) Q3 2022 Earnings Call Transcript

Baxter International Inc. (NYSE:BAX) Q3 2022 Earnings Conference Call October 27, 2022 8:30 AM ET

Company Participants

José Almeida - Chairman, President and CEO

James Saccaro - EVP and CFO

Clare Trachtman - VP, IR

Conference Call Participants

Travis Steed - Bank of America Securities

Robbie Marcus - JPMorgan

Rick Wise - Stifel

Pito Chickering - Deutsche Bank

Joanne Wuensch - Citigroup

Joshua Jennings - Cowen and Company

Operator

Good morning, ladies and gentlemen, and welcome to Baxter International's Third Quarter 2022 Earnings Conference Call. Your lines will remain in a listen-only mode until the question-and-answer segment of today's call. [Operator Instructions]. As a reminder, this call is being recorded by Baxter and is copyrighted material. It cannot be recorded or rebroadcast without Baxter's permission. If you have any objections, please disconnect at this time.

I would now like to turn the call over to Ms. Clare Trachtman, Vice President, Investor Relations at Baxter International. Ms. Trachtman, you may begin.

Clare Trachtman

Good morning, and welcome to our third quarter 2022 earnings conference call. Joining me today are Joe Almeida, Baxter's Chairman and Chief Executive Officer; and Jay Saccaro, Baxter's Chief Financial Officer. On the call this morning, we will be discussing Baxter's third quarter 2022 financial results and full year financial outlook for 2022.

With that, let me start our prepared remarks by reminding everyone that this presentation, including comments regarding our financial outlook for the fourth quarter and full year 2022, our 2022 to 2025 long range plans, the acquisition of Hillrom, new product development, the potential impact of proposed pricing actions, business development, portfolio optimization and regulatory matters contains forward-looking statements that involve risks and uncertainties, and of course, our actual results could differ materially from our current expectations. Please refer to today's press release and our SEC filings for more detail concerning factors that could cause actual results to differ materially.

In addition, on today's call, non-GAAP financial measures will be used to help investors understand Baxter's ongoing business performance. A reconciliation of the non-GAAP financial measures being discussed today to the comparable GAAP financial measures is included in our earnings release issued this morning and available on our Web site. On the call this morning, we will be discussing operational sales growth, which adjusts for the impact of foreign exchange and the acquisition of Hillrom.

Now, I'd like to turn the call over to Joe. Joe?