Owens & Minor, Inc. (NYSE:OMI) Q2 2024 Earnings Conference Call August 2, 2024 8:30 AM ET

Company Participants

Jackie Marcus - IR
Ed Pesicka - CEO
Jon Leon - Interim CFO

Conference Call Participants

Michael Cherny - Leerink Partners
Kevin Caliendo - UBS
John Stansel - JPMorgan
Stephanie Davis - Barclays
Daniel Grosslight - Citi
Eric Coldwell - Baird

Operator

Good day, and thank you for standing by. Welcome to the Owens & Minor Second Quarter 2024 Earnings Conference Call. Please be advised that today's conference call is being recorded.

I would now like to hand the conference over to your first speaker today, Jackie Marcus, Investor Relations. Jackie, you may begin.

Jackie Marcus

Thank you, operator. Hello, everyone, and welcome to the Owens & Minor second quarter 2024 earnings call. Our comments on the call will be focused on the financial results for the second quarter of 2024 as well as our outlook for 2024, both of which are included in today's press release. The press release along with the supplemental slides are posted on the Investor Relations section of our website.

Please note that during this call, we will make forward-looking statements. The matters addressed in these statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied here today. Please refer to our SEC filings for a full description of these risks and uncertainties, including the Risk Factors section of our annual report on Form 10-K and quarterly reports on Form 10-Q.

In our discussion today, we will reference certain non-GAAP financial measures, and information about these measures and reconciliations to the most comparable GAAP financial measures are included in our press release.

Today, I'm joined by Ed Pesicka, Owens & Minor's President and Chief Executive Officer; and Jon Leon, the Interim Chief Financial Officer and Senior Vice President of Finance and Corporate Treasurer.

I will now turn the call over to Ed.

Ed Pesicka

Thank you, Jackie. Good morning, everyone, and thank you for joining us on the call today. It's been an exciting past few weeks here at Owens & Minor. Last Tuesday, we shared with all of you our definitive agreement to acquire Rotech Healthcare Holdings, Inc. The addition of Rotech aligns with our strategy to strengthen and expand our existing Patient Direct business as one of the premier suppliers to support home-based care.

Combining our organizations allows us to improve our capabilities, broaden our reach and ultimately improve our service levels to patients, providers and payers. And furthermore, it accelerates our pace to achieve our long-term Patient Direct revenue target of $5 billion by 2028, demonstrating our commitment to sustainable growth and driving long-term shareholder value.