Edwards Lifesciences Corp. (NYSE:EW) Q2 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 05:00 pm ET


Edwards Lifesciences Corp. (NYSE:EW) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings and welcome to the Edwards Lifesciences Corporation Second Quarter 2020 Results Conference Call and Webcast.

[Operator Instructions]

I will now turn the conference over to our host, Mark Wilterding, Vice President of Investor Relations. Thank you. You may begin.

Mark Wilterding

Thanks, Diego. Good afternoon, everyone, and thank you for joining us.

With me on today's call are Mike Mussallem, Chairman and Chief Executive Officer and Scott Ullem Chief Financial Officer. Just after the close of regular trading, Edwards Lifesciences released second quarter 2020 financial results. During today's call, management will discuss those results included in the press release and accompanying financial statements and then use the remaining time for Q&A.

Please note that management will be making forward-looking statements that are based on estimates, assumptions and projections. These statements include but aren't limited to financial guidance and expectations for longer-term growth opportunities, regulatory approvals, clinical trials, litigation, reimbursement, competitive matters and foreign currency fluctuations. These statements speak only as of the date on which they were made and Edwards does not undertake any obligation to update them after today. Additionally, the statements involve risks and uncertainties, including but not limited to those associated with COVID-19 pandemic that could cause actual results to differ materially. Information concerning factors that could cause these differences and important safety information may be found in the press release, our 2019 Annual Report on Form 10-K and Edwards's other SEC filings, all of which are available on the company's website at Edwards.com.

Finally, a quick reminder that when using the terms underlying and adjusted, management is referring to non-GAAP financial measures. Otherwise, they are referring to GAAP results. Reconciliations between GAAP and non-GAAP numbers mentioned during this call are included in today's press release.

With that, I'd like to turn the call over to Mike for his comments. Mike?

Michael A. Mussallem

Thanks, Mark.

Before we get into the specifics of the second quarter, I would like to make a few comments on the overall environment and how Edwards is striving to deliver during these challenging times. There is no question that the world has changed considerably as a result of the COVID pandemic. However, some things haven't changed. Most importantly, our patient-focused strategy and our aspirations as a company. At Edwards, our dedication to providing innovative solutions for people fighting cardiovascular disease remains central to our credo. Our aspiration to excel as a trusted partner and to foster an inclusive culture where all employees grow and thrive is stronger than ever. And our desire to improve access to our therapies for underserved and under-treated patient populations around the world motivates our 14,000 employees every day.

An unfortunate consequence of the intense focus of the pandemic during the first few months was that many patients, like those with structural heart disease, were not treated. One interesting published source highlighted how the COVID-19 surge in March and April overwhelmed Dutch hospitals and undermined regular ongoing care. In this study, they estimated there were more -- there were approximately 10 times more