Q4 2019 Earnings Call
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Good morning, ladies and gentlemen and welcome to the Baxter International fourth quarter 2019 earnings conference call your lines will remain in a listen-only mode until the question-and-answer segment of today's call home at that time. If you have a question, you will need to press the star. Then the one key on your touch-tone telephone if anyone should require operator assistance during the conference, please press the star then the 0 key touch-tone telephone as a reminder. This call is being recorded by Baxter and is copyrighted material it cannot be recorded or rebroadcast stood without Baxter's permission. If you have any objections, please disconnect at this time. I would now like to turn the call over to miss Claire traxman vice president investor relations at Baxter International mistreatment. You may begin.
Name is Catherine.
Good morning, and Welcome to our fourth quarter of 2019 earnings conference call joining me today are Joel Baxter's chairman and chief executive officer and Chief Financial Officer on the call this morning. We will be discussing factors fourth-quarter and full-year 2019 Financial results as well as girls comparisons to restated historical Financial results as Jobs closing today is comprehensive 10-K filing. We will also provide our financial outlook for the first quarter of 2020 a supplemental presentation to complement this morning sis. Can we access on our website this presentation including related non-gaap reconciliations can be accessed on Bachelors external website in the investor Section 8 events and news.
With that, let me start our prepared remarks by reminding everyone that this presentation including comments regarding our financial Outlook new product development business development and Regulatory matters contains forward-looking statements that involve risks and uncertainties. And of course our actual results could differ materially from our current expectations, please refer to Jake really in our SEC filings for more details concerning factors that could cause actual results to differ materially in addition on today's call non-gaap Financial measures will be used to hack understand Baxter's ongoing business performance a Reconciliation of the non-gaap financial measures being discussed today to the carnival US gaap Financial measures is included in our earnings release in available on our website. I'm a call this morning. We will be discussing operational sales growth which for historical periods adjust for the impact of Foreign Exchange and generic competition for South
Last night in the US operational sales growth guidance for 2020 adjust for the impact of Foreign Exchange and the acquisition of seprafilm which closed on February 14th of this year now. I'd like to turn the call over to jail. Good morning and thank you for joining us before J. And I review financials for the fourth quarter and full-year 2019. I want to update you on our internal investigation regarding non-operating income related to Foreign Exchange gains and losses. As you know, the competition in the board have taken this matter very seriously. We moved to a drastic quickly and comprehensively with the help of independent experienced advisors and forensic accounting. We also communicated proactively to the SEC and have maintained open dialogue with the commission throughout
As indicated in the press release our internal investigation is now complete as it relates to the financial statement impacts this morning. We filed our 2019 form 10-K, which included audit restated financial statements for for year 2018 and 2017. We also filed our form 10-q for the month ended it September 30th 2019 with these findings. We are now current with our SEC reporting obligations J will discuss in full detail the changes. We have made to strengthen and enhance our overall control environment before I shift to a discussion of financial results for the fourth quarter 2019. I feel it's important to make some comments on the rapidly evolving situation with covet nineteen the Corona virus outbreak continues to challenge communities relief off.
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Systems and businesses around the world at Baxter we have been active on the front line since its emergence taking proactive measures to protect employees wage patients in health care providers affected by the pandemic in meeting Global Supply of our Essential Medical Products on the supply front page of our manufacturing operations are currently running at planned levels in our supply chain team is assessing and mitigating possible disruptions around the globe. We are both actively managing our inventory levels stock levels in warehouses Transportation options in the availability of raw materials and component parts given a global nature of the epidemic. We have seen some constraints on a limited number of components and apis especially those sourced from China in Italy wage.
Time our team has been able to mitigate those disruptions by deploying assistant inventory providing additional support to our suppliers to help them returned to Production Office alternate shipping methods to expedite delivery and working with additional suppliers. We needed our own efforts over the last few years to spend in and expand or maybe the supply network further support our position. We will continue to work closely with our regional and Global supplier networks to address this ever-evolving situation and our goal remains to help ensure all of our customers have access to the products. They need to the best of our ability to do that and I'll like to acknowledge the extraordinary actions of our 50,000 Baxter colleagues around the world have been taken to serve patients inclinations and help ensure access to our life saver off.