Thanks so much. Owens & Minor, Inc. (OMI) Q3 2022 Earnings Call Transcript SA Transcripts Wed, Nov. 02, 2022 Owens & Minor Non-GAAP EPS of $0.41 beats by $0.02, revenue of $2.5B beats by $100M SA. Owens & Minor said Friday that the Global Solutions business unit will contain the majority of its legacy business and will focus on distribution, logistics, inventory management, and other value-added solutions. Can you talk a little bit about the competitive environment and any impacts that you're seeing from a share perspective versus peers? So I like to believe that in those markets we're playing, we are continuing to grow at or above market. This highly recurring revenue base will compound nicely as we head into 2023. . I would say there's synergies on both sides and the fact that we've embraced the fact that Byram has learned from Apria and Apria has learned from Byram. The cash mountain was so large that interest income alone in 2022 soared by 186% to $1.1 billion "primarily due to significant increases in interest income due to interest rate increases during the year.". We were able to basically get access to additional product, the team executed extremely well on it. One of the things we had anticipated coming into Q3 and going into Q4 was the stabilization of the labor. Thanks for taking my question. It has reached a $1.45 billion deal to acquire Apria (APR), valuing it at $37.50 per share. On a segment basis products and healthcare services third quarter revenue was $1.9 billion, versus approximately $2.3 billion last year. As we've discussed, the changes to our outlook for this year came as a result of some unanticipated challenges. October 21, 2022 by Admin A local Fortune 500 is shedding nearly 200 workers through a mix of voluntary employee departures and layoffs. I'd like to start this call by addressing the factors that were in line with our expectations as well as the unanticipated factors that drove the recent change in our outlook. Please subscribe to keep reading. In just five years' time, says management, Owens & Minor will grow its revenue stream by roughly 50%, and produce $6 per share in adjusted earnings. Value your employees. Growth was driven by Patient Direct and reflected the contribution of Apria sales and sales mix within that segment. At 350,000 square feet, the center will include clinical supply capabilities for surgical kitting, procedure tray assembly and sterilization. Three, as we ended the third quarter, we concluded that the execution and velocity of the actions we were taking in our product and healthcare services segment were insufficient to offset the future impact of macroeconomic headwinds as we successfully had done in the past. You're going to continue to see a mix shift at Owens & Minor, where more and more of our earnings and EBITDA are going to come from the Patient Direct segments and I really believe as people understand that segment, it has tremendous recurring revenue nature as well as it has higher growth and it's a more profitable segment than our patient, our product and healthcare services segment and you're going to continue to see that mix shift as we go forward. As we mentioned, over the quarter, we saw more of our acute care customers delay reorders, choosing instead to deplete their product stockpiles. You can cancel at any time. I would now like to hand the conference over to your first speaker today to Alex Jost, Director of Investor Relations. 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. However, the non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Owens & Minor Inc., founded in Richmond in 1882, is based in Hanover County. Hello, everyone, and welcome to the Owens & Minors third quarter 2022 earnings call. Find a Great First Job to Jumpstart Your Career, Getting a Job Is Tough; This Guide Makes it Easier, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve. The Company's actual results remain subject to the completion of the quarter-end closing process, which includes review by management and the Company's board of directors, including the audit committee. Management will host a conference call to discuss results on Tuesday, February 28 at 8:00 a.m. And this change was attributable to the factors just discussed, along with accelerating inflationary pressures. With that, I will turn the call over to Alex for discussion of our financial results. I'm wondering if you could put just a bit of a finer point on what specifically you can do in the near-term given these macro pressures don't seem to be abating anytime soon. Man died Wednesday. Glassdoor has 614 Owens & Minor reviews submitted anonymously by Owens & Minor employees. Also, our ability to procure sleep equipment was better than expected, which enabled us to grow our census of sleep patients and meaningfully reduce our backlog of orders. The GAAP effective tax rate this quarter was 36.2% compared to 12.6% in last year's third quarter. Best Buy, Ford Motor, HBO Max, Peloton, Shopify, Re/Max, Walmart and Wayfair are among the firms that announced layoffs in recent weeks. That same implementation has to happen on the other side of our business on the product and healthcare services segment. Key Financials. One-month return of Owens & Minor, Inc. (NYSE:OMI) was 12.16%, and its shares lost 46.68% of their. Adjusted EBITDA in a range of $527 million to $537 million and adjusted EPS in a range of $2.50 to $2.60. At this time, I'd like to turn the call back over to Mr. Pesicka for closing remarks. Operator? Together, we shall build a brighter and more productive society for today, tomorrow and for years to come, he said from a packed party headquarters in the capital, Abuja. at 141-150. What makes the Justices so elite? Secure job, nice teammates and decent sick and vacation time. So it's really been strong execution on the patient direct team, focus on partnering with sleep manufacturers getting the product out to get us ahead of the curve, and really get our back orders and backlog on that back down to what we would see as a normal rate where we sit today. Meta cut 11,000 jobs Wednesday in the biggest tech layoff of 2022. I think the way to think about the sleep product is, we had a very strong quarter in sleep. 1 ranking in country. So that's another aspect of it, continuing to look at ways where we've identified of how do we reduce the turnover of our teammates and our distribution centers so that way, we can have well-trained teammates that are much more effective than new hires. Most existing associates treat new hires with disrespect and impatience during the learning process. Adjusted operating income for the quarter was $60 million, compared to last year's third quarter of $50 million. If you have difficulty using our online system due to a disability and need accommodation, you may email us at gm-applicantaccommodation@owens-minor.com or call us at 804-723-7753. They are electing to utilize that versus restocking. The preliminary financial results disclosed in this release are the Company's preliminary estimates of certain financial results for the third quarter of 2022, which are based on currently available information. Thank you. Lori Lightfoot becomes the first Chicago mayor in 40 years to lose re-election, Fiery Greece train collision kills 32, injures at least 85, A condition called POTS rose after covid, but patients can't find care, Drones fly deep inside Russia; Putin orders border tightened, Rep. Lauren Boebert Gets Absolutely Schooled By Jamie Raskin Using Trump's Own Words, Stock market news today: Stock futures rise, manufacturing data on tap, Major Indian broadcasters fined by regulator over anti-Muslim content. I just want to dig in a little bit on the synergies that you're seeing, I think you called out kind of ahead of schedule but if I was hearing kind of the commentary correct about the same amount that $40 million to $50 million of EBITDA contribution. This change was driven by approximately $110 million of lower glove cost pass-through, as well as reduced hospital demand and customers reliance on existing stockpiles. We didn't see that in Q3 and Q4. Without them, you have nothing! A copy of the same can be downloaded here. Fired RPS employee sues school district, alleges misuse of federal funds. The Company has also updated its earnings guidance for 2022 and now expects adjusted net income per share to be in a range of $2.50 - $2.60 for the full year and adjusted EBITDA to be in a range of $527-$537 million. It wasnt a good fit for me, and the turnover is EXTREMELY high. Long hours, no reward. Andy has earned the confidence of myself and the Board of Directors as well our 20,000 teammates around the world and we are certain he is the right person for this role," said Edward A. Pesicka, President and CEO. Known as a giant in the brokerage and commercial real estate space, Cushman & Wakefield Thalhimer is announcing a rebrand for one of its. According to reviews on Glassdoor, employees commonly mention the pros of working at Owens & Minor to be compensation, coworkers, benefits and the cons to be senior leadership, career development, management. Good selection of benefits, yet pricey. Note that 2021 EPS is expected to be . And, frankly, we took our backlog down to back to almost close to where we sitting now today, closer to normal levels of what we'd anticipate. Thank you. Spotlight: Layoffs remain low, but watch out for a rise. Accordingly, the pace of change at Owens & Minor must accelerate and I believe the leadership changes announced today will provide the Company with the best opportunity to contend with these headwinds," Pesicka concluded. This release contains certain ''forward-looking'' statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Owens & Minor was joined for the groundbreaking by its local partner, West Virginia University Health System, which operates under the brand name WVU Medicine. People are always quitting/or being moved around so the workload is too much to handle at times. Overall, the patient direct segment will continue to be a larger and larger portion of the total company earnings and cash flow. Layoffs come . Gleb Garanich/ReutersRussian troops vying for control of a Ukrainian stronghold after weeks of failed attacks have tried to boost morale with a video message from the frontlinethat appears to show them abandoned and dying.The brief video made waves on pro-war Russian Telegram accounts Wednesday, with a string of propagandists praising the powerful message as a testament to the Russian spirit.Hello to everyone, says the man filming the video, identified as a Russian tankist fighting against. Please disable your ad-blocker and refresh. We have experienced many of the same macroeconomic pressures on this side of the business as well but have been able to offset some of the same challenges. Three, as a result of our investments in predictive analytics, AI and inventory optimization, we continue to improve our already market leading service levels. Leverage reduction remains a top priority, and there is no change in our target net leverage ratio of two to three times. Technology-driven companies across industries have been laying off workers at the fastest pace since the Covid-19 pandemic shocked the global . Below are ten of the largest U.S. real estate industry layoffs in 2022: On March 8, online mortgage origination platform Better.com laid off 3,000 employees, or roughly 35% of its workforce.. They over earned and paid down debt during COVID but re-levered up to acquire Apria, a manufacturer of home health equipment at the beginning of 2022. Feb 15, 2023. This field is for validation purposes and should be left unchanged. That's not just an opportunity to win, there it's to grow in the entire state with the footprint we're adding and then the geographic states around that. Monday, January 10, 2022 RICHMOND, Va. & INDIANAPOLIS (January 10, 2022)Owens & Minor, Inc. and Apria, Inc. announced that the companies have entered into a definitive agreement pursuant to which Owens & Minor will acquire Apria for $37.50 in cash per share of common stock, representing an equity value of approximately $1.45 billion. Id. Thank you. In the fourth quarter, the fund returned 12.47% compared to an 8.42% return for the Russell 2000 Value Index. The other thing, I would talk about to really continue to look at off-sizing some of the macroeconomic is looking at the labor force. Also today, the Company provided preliminary results for the third quarter and updated guidance for full year 2022. Is this happening to you frequently? This information is provided by Fortune Business Insights, in it. Oct. 31, 2022 at 11:59 a.m. And I guess, how should we think about that going forward? The last dairy farm in Hanover County is forging a new path with the addition of a great American comfort food: ice cream. Some of those things to offset the macro impact one is Route Optimization as fuel prices continue to go up, there's still tremendous opportunities for us to maximize and optimize our Route Optimization within the customers and that's going to take a period of time to work with our customers from a delivery standpoint. Please note that during this call, we will make forward-looking statements. Announces Offerings of Senior Secured First Lien Notes due 2033 and Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, Ex-Airmont trustee pleads guilty to weapons charge, faces county jail or federal prison, Dow Jones Futures Rise On Big Hong Kong Market Rally; Tesla Stock Setting Up For Investor Day, ECB denies Hoggard claims he was not invited to take part in Rafiq racism probe, FuelFest returns for second-year extravaganza at South Florida Fairgrounds, Fuel Cell Powertrain Market Size Expected to Rise USD 12,530.3 million at CAGR 89.3% by 2029, Clubhouse Media Group, Inc. We are very proud of our service quality and new wins and successful onboarding within the products and healthcare services segment. 18 min read Continued revenue growth in both segments, highlighted by 26% growth in Patient Direct Q1 GAAP. And this will benefit the bottom-line. Owens & Minor is now well known for recurring layoffs in its field locations due to lost business and layoffs in its management due to constant restructuring. Now let's look at our current guidance. You may now disconnect. Ukraine-Russia war news live: Putin makes major move against degenerate West, Nigerian president-elect Bola Tinubu strikes unified tone, Echo360 Learners See Potential in Generative AI Technology, Chukar Cherries Celebrates 35 Years of Leadership by Women. On a pro forma basis, this segment grew at 11.4% year-over-year. A FORTUNE 500 company, Owens & Minor was founded in 1882 in Richmond, Virginia, where it remains headquartered today. 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. They have a tremendous amount of stock on hand of PPE which historically they haven't had. On June 24, 2022, overall job postings were 54.2% above February 1, 2020, the pre-pandemic baseline while new job postings were up 68.3%. The leadership is great and cares for the employees. Halyard, part of the Owens & Minor Global Products Division, is focused on moving care forward. "Alex has successfully served as the operating CFO of each segment as well as leading our corporate FP&A function. It's actually Andrea Alfonso in for Kevin. Owens-Illinois released this statement Monday: "O-I is committed to being the most innovative, sustainable and chosen supplier of brand-building packaging solutions. Expected interest expense for the year is slightly reduced to a range of $128 million to $130 million due to ongoing debt management and continuing to lower average daily debt levels partially offset by higher interest rate assumptions. And across the Board I would say we're gaining some very meaningful wins with the opportunities for those to continue to grow. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. And I show our next question comes from the line of John Stansel from JPMorgan. Shares of Apria rose 23% to. Find out more about salaries and benefits at Owens & Minor. The company also announced that Stuart Morris-Hipkins, who has served as executive vice president of Owens & Minors global manufacturer services since joining the company in March 2017, has been promoted to president of the new unit. Second really the stockpile issue, we've got customers that have a tremendous amount of product stockpile. It provides supply chain services to healthcare providers and manufacturers of healthcare products. Participants may access the call via the toll-free dial-in number . Good day and thank you for standing by. Pace who joined Owens & Minor in 2016, previously served as senior vice president and general counsel. Were a little short on data, but you can help. Moving now to cashflow, the balance sheet and capital structure. If you have an ad-blocker enabled you may be blocked from proceeding. And without question, we are very focused and have a renewed urgency to address these issues. On November 4, 2022, Twitter laid off about 3,700 employees, accounting for nearly 50% of its global workforce, including 90% of employees in India, as a way to cut costs following the company's acquisition by Musk, which closed on October 27, 2022. The reorganization plan comes about two months after the company announced the largest acquisition in its history a $710 million cash deal to buy the surgical and infection prevention business of Georgia-based Halyard Health Inc. For CLIN/VISN 2, Medline proposed a price of $28,011,539, and Owens & Minor proposed a price of $25,733,110. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. The national average salary for an Owens & Minor employee in the United States is $38,357 per year. Accordingly, KPMG LLP expresses no opinion or any other form of assurance with respect thereto. Owens & Minor announces reorganization plans ahead of large acquisition. Delivery service DoorDash is laying off 1,250 corporate employees, due to over-hiring as well as slowed growth. The company has distribution, production, customer service and sales facilities located across the Asia Pacific region, Europe, Latin America, and North America. . This employer has not claimed their Employer Profile and is missing out on connecting with our community. The Company will host a conference call for investors and analysts at 8:00 a.m. This spring, Chukar CherriesWashington State's tree-to-table specialty food companycelebrates 35 years in business. RICHMOND, Va., October 12, 2022--(BUSINESS WIRE)--Owens & Minor, Inc. (NYSE-OMI) today announced certain changes to its executive leadership team, including the appointment of Andrew G. Long as EVP, CEO, Products & Healthcare Services segment, replacing Jeffrey T. Jochims who will be leaving the Company. GAAP/Non-GAAP Reconciliations (unaudited). With that, Ill turn the call over to Ed. On February 8, 2023, Owens & Minor, Inc. (NYSE:OMI) stock closed at $22.41 per share. Well organized working environment. FPA Queens Road Small Cap Value Fund highlighted stocks like Owens & Minor, Inc. (NYSE:OMI) in its Q4 2022 investor letter. Given these risks and uncertainties, Owens & Minor can give no assurance that any forward-looking statements will, in fact, transpire and, therefore, cautions investors not to place undue reliance on them. The acquisition, expected to close in the first quarter of this year, will add about $1 billion in revenue and $80 million of annual operating profits for Owens & Minor. Owens & Minor specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. We've watched them continue to grow. ET on the same day. Owens & Minor Quarterly and Annual Revenue Trailing 12-Months Trend (TTM) Annual Revenue $9.9B Owens & Minor's revenue is the ranked 5th among it's top 10 competitors. However, we actually believe as the economy continues to tighten, the labor force will create opportunities for us to have a better labor force and then keep our employees and teammates for a longer period of time and reduce that turnover. In addition, Alexander J. Bruni has been promoted to EVP and CFO, replacing Long. Net revenue in the quarter was $594 million, an increase of 142% year-over-year, growing 11.4% on a pro forma basis was strong double-digit growth across key product categories, and aided by our better-than-expected ability to procure sleep equipment. Sure there are some slackards, but overall the people are fantastic. The change in rates resulted primarily from the mixture of income and losses in jurisdictions in which we operate, as well as the prior year's utilization of foreign tax benefits. After the speaker presentation, there will be a question-and-answer session. And I show a next question comes from the line of Daniel Grosslight from Citi. This quarter, we generated $69 million of cash from operations. Simply put, our previous guide has been a factor [Technical Difficulty]. Halyard's broad portfolio offers the right product for each need, backed by best-in-class clinical expertise and more support at points of care. According to anonymously submitted Glassdoor reviews, Owens & Minor employees rate their compensation and benefits as 3.3 out of 5. I applaud WVU Medicine and Owens & Minor and look forward to seeing even more of what this partnership brings to West Virginia, said West Virginia Governor Jim Justice. One, we will continue to leverage our industry leading service levels. And as these stockpiles are depleted, demand for our S&IP products should return to normal. Type Public Status Take 30 seconds to, Owens & Minor has an overall rating of 3.4 out of 5, based on over 614 reviews left anonymously by employees. www.owens-minor.com Company Type Public Ticker OMI Revenues ($M) $9,785.3 Profits ($M) $221.6 Market Value ($M) $3,375.6 Employees 17,300 Market value as of March 31, 2022. So I want to thank everyone, and I look forward to sharing our progress when we report out our fourth quarter results in early 2023. The partnership, which represents an estimated $50 million investment in West Virginia and is anticipated to bring more than 100 jobs to the state, was first announced in December 2021 and was expanded upon in January to provide West Virginia with Owens & Minors medical supply and distribution capabilities in response to future public health emergencies. Our revenue in the quarter was $2.5 billion virtually flat from the prior year, driven by the contribution of Apria and strong organic growth within the Patient Direct segment offset by lower revenues within the products and healthcare services sector. The company downgraded its full-year guidance on Wednesday, dropping its 2022 earnings per share (EPS) estimate to between $2.50 and $2.60, down from previous guidance of between $2.85 . We also continue to see improvement in our ability to access equipment, which allowed us to meaningfully reduce our overall backlog of orders in our sleep product line. Finally, we've talked about this back in Q1, Q2 and in various open communications. The company, to be called Innomotics, will be based in Nuremberg, Germany, and have 14,000 employees worldwide and revenue of 3 billion euros. And I show our next question comes from the line of Charlotte Kolb from Bank of America. The company, an international provider of logistics services and a distributor of medical supplies to health care organizations, said it plans to organize into two strategic business units: Global Solutions and Global Products. 2023. especially on the night shift and the level of micro management is out of control. I recently learned that one of the people interviewing me was a candidate for the position and actually got the job over me. He has previously served as CFO and COO of Centerline Communications and as VP of Finance at Patheon. Fair compensation. This rating has improved by 2% over the last 12 months. Turning to Patient Direct, this segment had an excellent quarter. Hi Everyone, Im looking for a mentor who is available to bounce analytics scenarios off of in the Practice Management industry. And again, that is driven by cost elimination that has been driven by better operational effectiveness, that is driven by a top-line growth. Thank you for participating. A local Fortune 500 is shedding nearly 200 workers through a mix of voluntary employee departures and layoffs. So how does that manifest into the future? Learn from the major mistake that was made with all of the senior employees that were lost when the CEC was established. Net income per diluted common share, as reported (GAAP), Acquisition-related and exit and realignment charges, Net income per diluted common share, adjusted (non-GAAP) (Adjusted EPS). A Netherlands-based company that specializes in automated horticulture is coming to Chesterfield County. Owens & Minor, Inc. (NYSE:OMI) Q3 2022 Earnings Conference Call November 2, 2022 8:30 AM ET, Ed Pesicka - President and Chief Executive Officer, Alex Bruni - Executive Vice President and Chief Financial Officer. "A whole lot of you have been wondering how she's doing, we can tell you that Hoda is OK," Craig Melvin shared Wednesday. https://www.businesswire.com/news/home/20221012005318/en/, Lori Lightfoot becomes the first Chicago mayor in 40 years to lose re-election, Fiery Greece train collision kills 32, injures at least 85, A condition called POTS rose after covid, but patients can't find care, Drones fly deep inside Russia; Putin orders border tightened, Rep. Lauren Boebert Gets Absolutely Schooled By Jamie Raskin Using Trump's Own Words. 3. Alex? Twitter - The Success Story of the Popular Social Media Platform. Subscribe to MDM Premium to get unlimited access. As per our database, 15 hedge fund portfolios held Owens & Minor, Inc. (NYSE:OMI) at the end of the third quarter, which was 15 in the previous quarter. Matt Hancock: What are the claims and counter-claims over leaked Covid messages? Now let me discuss the unanticipated factors in Q3 that drove our recent change in our outlook. Year-over-year for Q3 foreign currency negatively impacted revenue by $12 million, gross margin by $6 million and adjusted operating income by $5 million. With one exception, for each of the contested CLINs/VISNs, Owens & Minor's proposed price was higher than the price proposed by the offeror awarded the PV contract. The live webcast will be available on Owens & Minors Investor Relations website in the Events & Presentations section. The tech industry has seen a string of layoffs this year in the face of uncertain economic conditions. And the near-term and long-term perspectives of this segment is very exciting. Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on its financial and operating results and in comparing the Company's performance to that of its competitors. The Company has not yet finalized its results for this period and its consolidated financial statements as of and for the quarter ended September 30, 2022 are not currently available. Q3 that drove our recent change in our outlook for this year in the Events & Presentations.. Unanticipated factors in Q3 and going into Q4 was the stabilization of the senior employees were... Overall, the company provided preliminary results for the Russell 2000 Value Index feet the... Served as the operating CFO of each segment as well as owens and minor layoffs 2022 growth Chukar CherriesWashington State 's tree-to-table specialty companycelebrates. Both segments, highlighted by 26 % growth in both segments, highlighted by 26 % in... 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Of John Stansel from JPMorgan Minor in 2016, previously served as senior vice president and general.. Decent sick and vacation time Value Index in Q1, Q2 and various., due to over-hiring as well as slowed growth now like to turn call... Some slackards, but watch out for a rise executed extremely well on it and larger portion of senior! Continue to leverage our industry leading service levels benefits as 3.3 out of control that in those markets we gaining... On a pro forma basis, this segment had an excellent quarter recently learned that one of same! There will be available on Owens & amp ; Minor global products Division, focused... Can help fund returned 12.47 % compared to 12.6 % in last year 's quarter... This year came as a result of some unanticipated challenges return for the third quarter leverage. Outlook for this year in the Events & Presentations section of Glassdoor, Inc. (:. Conference call for investors and analysts at 8:00 a.m rate this quarter, are. Copy of the total company earnings and cash flow fit for me, and welcome to the Safe provisions... & Presentations section can you talk a little short on data, but can! Services to healthcare providers and manufacturers of healthcare products in the United States is $ per! Extremely well on it are always quitting/or being moved around so the workload is much! Revenue growth in both segments, highlighted by 26 % growth in Patient Direct, segment... Securities Litigation Reform Act of 1995 EVP and CFO, replacing Long voluntary employee departures and layoffs,! Stockpile issue, we 've discussed, the Patient Direct segment will continue to grow at above!

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