Merit Medical Systems, Inc. (NASDAQ:MMSI) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 05:00 pm ET

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Merit Medical Systems, Inc. (NASDAQ:MMSI) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the Merit Medical Systems Second Quarter 2020 Earnings Call. At this time, all participants lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. Fred Lampropoulos, Chairman and CEO. Please go ahead, sir.

Executive
Fred Lampropoulos

Thank you very much. Ladies and gentlemen, thank you for joining us today. Usually, we open our comments by stating that our staff is assembled and present. However, like almost all of our activities today, only Raul Parra and Brian Lloyd are with me today. The rest of the staff is virtual like you. I would like to turn the time over now to Brian Lloyd to read our Safe Harbor provision. Brian?

Executive
Brian G. Lloyd

Thank you, Fred. I'd like to remind everyone that this presentation contains forward-looking statements that receive Safe Harbor protection under federal securities laws. Although we believe these forward-looking statements are based upon reasonable assumptions, they are subject to known and unknown risks and uncertainties. The realization of any of those risks or uncertainties including the unpredictable effect of the COVID-19 coronavirus outbreak which is negatively affecting public health, financial markets, and global economic activities can cause actual results to differ materially from those currently anticipated.

In addition, any forward-looking statements represent our views only as of today, July 29th, 2020 and should not be relied upon as representing our views as of any other date. We specifically disclaim any obligation to update such statements. Please refer to the section entitled disclosure regarding forward-looking statements in today's presentation for important information regarding such statements. Please also refer to our most recent filings with the SEC for a detailed discussion of the factors that could cause actual results to differ from these forward-looking statements. This presentation also contains certain non-GAAP measures. Reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures are included in today's release and presentation furnished to the SEC under Form 8-K. Both today's preliminary earnings release and presentation are available on our website.

Executive
Fred Lampropoulos

Thank you, Brian and again, thank you ladies and gentlemen for taking the time to join us today. We have adapted our business locally as well as globally by conducting project and business meetings and sales training through Microsoft Teams, which has been of tremendous value to us. We have accomplished this without a hitch. The company has adapted to market conditions with health and safety as our primary concern. Because of the lower sales levels, we have had employed various strategies to reduce costs. Some of these programs and reductions will be permanent while others will be modified in order to keep the company nimble and prepared for opportunity.

In some ways, we have had an advantage in that we started many of these programs well in advance of the emergence of the COVID-19 pandemic. Every day, we hear of new solutions to the