RTI Surgical Inc. (NASDAQ:RTIX) Q2 2020 Earnings Conference Call - Final Transcript

Aug 07, 2020 • 09:00 am ET


RTI Surgical Inc. (NASDAQ:RTIX) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to the Surgalign Second Quarter Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time.

I would now like to turn the conference call over to Jon Singer Chief Financial and Operating Officer. Please go ahead.

Jonathon Singer

Thank you. Good morning and thank you for joining the Surgalign Holdings, Inc. second quarter conference call. Joining me today on the call is Terry Rich, our newly minted President and Chief Executive Officer. Before we start, let me make the following disclosure. The earnings and other matters we will be discussing on this conference call will involve statements that are forward-looking.

These statements are based on our management's current expectations. They are subject to various risks and uncertainties associated with our lines of business and with the economic environment in general. Our actual results may vary from our statements concerning our expectations about future events that are made during this call. We make no guarantees as the accuracy of these statements. Accordingly, we urge you to consider all information about the company and not to place undue reliance on these forward-looking statements.

During the call, we will also present certain financial information on a non-GAAP basis. Management believes that non-GAAP financial measures taken in conjunction with US GAAP financial measures provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of our core operating results.

Management uses non-GAAP measures to compare our performance relative to forecast and strategic plans to benchmark our performance externally against competitors and for certain compensation decisions. Reconciliations between US GAAP and non-GAAP results are presented in tables accompanying our earnings release, which can be found in the Investor Relations section of our website.

Now, I will turn over the call to Terry. Please go ahead.

Terry Rich

Thanks, Jon, and good morning, everyone. There has been a flurry of activity over the past month, within the company, including but not limited to the completion of the sale of the OEM business, the transition of leadership, a new name, logo and ticker. Our goal today is to provide an overview of Surgalign Spine Technologies, the name of the operating company, my perspective on the business, as well as a high level overview of our strategy moving forward.

Following that, we will provide an update on our recent performance before opening the line for questions. Before digging into the details, I want to take a minute to introduce myself and provide an overview of Surgalign as this is our first call as an independent company. As many of you are aware, I joined the company roughly eight months ago as the Head of Global Spine, a portion of the business that then became Surgalign. Having led this portion of the business and seen the progress made during this period, I'm incredibly excited about the opportunity that exists for Surgalign as a