Avanos Medical, Inc. (NYSE:AVNS) Q1 2024 Earnings Conference Call May 2, 2024 9:00 AM ET

Company Participants

Scott Galovan - Senior Vice President, Strategy & Corporate Development
Joe Woody - Chief Executive Officer
Michael Greiner - Senior Vice President, Chief Financial Officer & Chief Transformation Officer

Conference Call Participants

Kristen Stewart - CL King
Daniel Stauder - JMP Securities

Operator

Good morning ladies and gentlemen and welcome to the Avanos First Quarter 2024 Earnings Conference. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Thursday, May 2, 2024.

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 2024 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 results, the current business environment, as well as provide an update on our transformation efforts. Michael will share additional detail regarding these topics and affirm our 2024 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 2024.

First quarter results were in line with our expectations as Digestive Health continued its consistent performance and we experienced additional positive shifts in our Pain Management and our Recovery business. As we noted in our 2023 year-end earnings call, our quarterly performance for 2024 will improve as the year progresses, following a similar cadence to past years. The demand for our products remain strong and our supply chain organization is executing effectively to support our commercial strategy with our backlog at about $1 million at quarter end. This is a significant improvement over last year's first quarter back-order levels of over $8 million.