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Convatec Group's (CNVVF) CEO Karim Bitar on Q1 2020 Results - Earnings Call Transcript

May 01, 2020 11:09 PM ETConvaTec Group PLC (CNVVF), CNVVY
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Convatec Group Plc (OTCPK:CNVVF) Q1 2020 Earnings Conference Call April 30, 2020 4:00 AM ET

Company Participants

Mark Reynolds – Investor Relations

Karim Bitar – Chief Executive Officer

Frank Schulkes – Chief Financial Officer

Conference Call Participants

Patrick Wood – Bank of America

Amy Walker – Peel Hunt

Alex Gibson – Morgan Stanley

Sebastian Walker – UBS

Christian Glennie – Stifel

Craig McDowell – JPMorgan

Paul Cuddon – Numis

Veronika Dubajova – Goldman Sachs

Mark Reynolds

Good morning, everyone, and thank you for joining us for the ConvaTec Q1 trading update. I’m joined by Karim Bitar, Chief Executive Officer; and Frank Schulkes, Chief Financial Officer.

I will now hand over to Karim to commence the update.

Karim Bitar

Thanks, Mark, and good morning to everyone. It’s a real pleasure to be with you all today. And I just want to thank you once again for joining us. As you’re all aware, these are really challenging times. But at the same time, it’s good that we can have the opportunity to get together in dialogue. I hope you and your families are keeping safe and healthy. And as Mark highlighted, I’m joined by Frank, our Chief Financial Officer, who will be taking you through the Q1 trading in a moment. And later, the two of us will be happy to address any questions you may have.

As you hear, Q1 was a robust quarter. In fact, it reflected that customers, including patients, increased their own stock of products. In addition, it’s important to highlight that this was a weak prior year comparator and, at the same time, we did see increased underlying demand.

In terms of looking ahead, there are increased risks in the remainder of the year. And what’s important to highlight is that we expect a material reduction, particularly in elective surgeries, to

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