Earnings call transcript Q4 2022

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Operator

Good day. And welcome to the Bioventus Incorporated Fourth Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask to ask questions. [Operator Instructions] Please note this event is being recorded.

to conference like Crawford. to now would turn over the Dave I go Please ahead.

Dave Crawford

good thanks Bioventus everyone, It's Betsy, morning, Thanks, and and earnings call. to you quarter my welcome for to fourth the XXXX conference pleasure us. joining

financial progress Reali, to settlement With and Senior CartiHeal agreement position. Ken begin related Mark CFO. enhance an with the CEO; his me to and are remarks President of update Singleton, streams morning will this our our Ken work Vice on and our

review then will provide fourth on detail he and Next, the HA commentary our the quarter our to franchise. on quarter recent offer headwinds results. Mark will further

We A the presentation will available Q&A. our on with Investors is the finish for section today's website, call call of bioventus.com.

the everyone the as Risk forward-looking expectations and may from SEC results SEC remarks cause company's December including uncertainties commission remind most year including XX, Before inherent to that and our statements the could materially risks are current the we and contain begin, of Form on well XX-Q management risks actual upcoming differ company's based involve other today and our made XX-K would filings with -- XXXX, Form the ended that recent XA and the that as Factors described the our indicated, Item filings I company uncertainties those and in for XX-K the with SEC. to

forward speak looking You are which any date place cautioned statements, upon to as reliance of not only undue the made.

events certain comparable of the on laws. will from press of Principles bioventus.com. non-GAAP forward-looking with future available or that financial whether U.S. generally presented in required and in include commitment measures This update Relations of the accordance to measures to Important accordance not calculated do measures as information, or statements except the adjusted securities those with voluntarily references Generally reconciliations no GAAP. also applicable refer as GAAP so our financial result and release or a measures. may earnings time-to-time, or the Accounting about to calculated at are call We the otherwise, most it undertakes and these Investor financial company non-GAAP to website by disclosures Although as are revise new definitions Accepted in portion

turn over And call now, Ken. I'll the to

Ken Reali

Thanks, Dave. interest your thank Bioventus. everyone, morning, Good and you continued for in

actions financial Let me our the financial recent begin well for streams enhance our the an CartiHeal, work obligations to with efforts position. across on update as multiple as address to

of the deferred of all payments. end the the the we eliminate us purchase exchange, agreement million In million $XXX fund shareholders. to an to to evaluate the $XX and February, to At a sales $XXX obligations and XX-day agreement to obligations to of also obligations claims with CartiHeal’s or purchase the release entire pay announced milestone retain future shareholders CartiHeal million. from with with business. sufficiently CartiHeal The we agreed options provided window Along deferred

our to As in favorable obligations we agreement, pursue were opportunistic announcing we basis deferred only release funding the terms believed stakeholders. to this in on would which stated our an be

In past met that with secure our criteria the multiple evaluated together and retaining Over our Leadership investment we for of to terms were pathways. the month, the partner unable banking Directors our Board business. end,

capital. on existing shareholders move we to disciplined raise our disappointed and to financially are we declined dilute While necessary to from CartiHeal, remained the

to with the action fund Over took obligation, past our balance several we and enhance earnings months, the in sheet. effort CartiHeal the conjunction to improve

reduce restructuring our First, costs. to business

managing remaining spending. aggressively Second, investment diligently and prioritizing

And divestiture with the of covenant Third, to partners banking non-core fourth, agreement our to provide evaluating working amend debt assets. our relief.

our streamlined actions while impacting simplify our ensuring to designed processes, and restructuring company-wide revenue a announced we materially December, avoided In organization growth.

in the quarter, completed annual to generating million $X $XX we first anticipate million forward. restructuring and the we savings During going

Meanwhile, year. a stimulation our few building this submission generation investment business. incremental dollars in year-over-year for We LXXX anticipate million in drivers of With growth annual device peripheral Access clearance. Scalpel and Elite, next we TalisMann, the the for we of and as plan for our our key realized prioritized SonaStar products like Bone a near-term XXX(k) XXXX, majority launch nerve

of offset these help spending and in other investments, have curtailed To we marketing, development G&A. organization research by reducing parts our and

agreement to engaged proceeds divestiture us an used in assets will Next, any repay and not explore related we to what transaction remain attractive we debt. we to our remove divestitures and The believe The vary size to counterparties and net around CartiHeal continue be and to allows divesting obligations with we potential would value. non-core be negotiations are transactions. fail receive where the into enter potential to multiple, disciplined to actively the in

with Lastly, we relief an this additional will to on quarter covenant lenders reached agreement flexibility the our our compliance recently through provide with amendment. additional first debt covenant details you of for fourth and XXXX of Mark quarter XXXX. provide for the

along our inability secure financing our CartiHeal, drivers our multiple enhanced actions business obligations CartiHeal in the disappointed are to recent the related financial position. have we we While significantly suitable with has eliminating to current growth possesses for and taken

Now to turn quarter me our let fourth results.

year million the down same revenue quarter, ago. $XXX fourth X%, compared For to of was a the

with businesses one our we below gross on and Optum, franchise. margin private HA continued rebate claims as top performance and fell our United volume HA and price and for experienced impacted Our pressure from revenue earnings our placed pressure across our profitability. our decreased line across lower overall selling along payer, growth the expectations quarter Unanticipated

found billed system through their rebate claims $X million, us me claims Optum's represent of that previously they of address the in revealed their that quarter, in had United Let these underbilled their internal recently fourth first claims United unexpected unbilled had notified audit rebate not they process us. which Optum to us. approximately which

future Optum to continue the the to to claims United effort these of and volatility. on rebate We reporting validity assess an claims with work of in avoid

given rates that third any expect rebates to the lower on in see to would the we our substantially rebate similar a quarter on and have forward, the which renegotiated dynamic are began lower pricing Going results, based. impact

volume be of increase $X Durolane payers, the our private we the quarters be and claims magnitude and changing $X to was a information their and change. our in the have contracts, million the with has understand two this to In to to to of valid. review lag can their determined significant arrears, four worked trends. and reviewing consequently our continue receiving payer to of in due percentage increase data discussions private we be payers of The in which team to our invoices, million to with expectations, private this related Gelsyn in is the business by numerous impacted visibility through largely contracted above impacting invoices As

or both Durolane price, previously lower is ASP, expected. As a our result, than and now average for Gelsyn selling

these the back with Due to quarter paid, that lower successful of year to and of progresses, removed our ASP the claims lessen year. XXXX. reduction rebate calculated, replaced will includes reduce we extent rebate the mechanics due with throughout the continue how are expect renegotiations look rebate team’s and payers The that higher a last ASP significantly our to claims is rebates payments is four from larger should as which quarterly the forecasted calculation

to significant was quarter, third in three the therapy. our Gelsyn, volume injection impact most the to Similar

higher or expectations and a $X of more the million by to further Gelsyn accounts. increasing $X Given non-contracted competitive ASP. million above shifted price-sensitive our on results in our being dynamics, our in portion contracted This volumes business, pressure revenue

to volume. As to enable will we non-contracted regain market share we expect us in the related into decline progress XXXX, our ASP

reporting While will anticipate revenue stabilizing we XXXX, continued that on by to of lead Gelsyn pricing believe pressure of the year. we end mechanics Gelsyn ASP the through the

Meanwhile, Gelsyn. differentiated revenue for single-injection impacted HA therapy less Durolane, our than clinically was

price continue to volume digits see revenue While we the declined growth. Overall, single for double-digit Durolane experienced high we double-digit quarter. loss,

continued erosion for shift As positioning, growth, Gelsyn, as subside But we clinical and XXXX. anticipate given pressure to competitive with to injection through growth pricing continued anticipate and offset should lead differentiation overall strong the we price we progress XXXX single volume to Durolane. market which therapy, our

share lower believe with price Across portfolio, drive growth, increase growth. combined selling will volume in from our we HA an market

However, and to by in do improvement an price. growth. of impact revenue lower an driven overall ‘XX due We a HA to begin we the to and see ‘XX expect in low-double-digits, reduction by and price revenue HA high-single growth turnaround expect volume QX QX of to selling stabilization

year. where Surgical continue substitute solution following introduction deliver to rapidly organic Flowable, turning our rapidly we its Solutions, grow double-digit OsteoAMP bone last to allograft Now -- drive to growth. continues strong graft injectable to

combined we invasive quarter, Access fusion, launched we spine. now fully the the in and in a fastest-growing minimally complete OsteoAMP with portfolio offer BoneScalpel area During spinal Flowable,

forma grow Additionally, in double-digits our a ultrasonics the to basis. pro U.S. continues on

market smaller growth a mid-single-digits, by for organic forecast Within in penetration we as rates Finally, and will double-digit our growth into therapies, XXXX, market contracted and we continue, strong decline growth because overall revenue that Exogen. a organic move restorative provide market backdrop continued growth. driven our share

revenue of start re-engage Exogen building XXXX. sequentially and our at continue the physicians we mid-single-digits However, to as with momentum we force see sales grew realignment after

we move for supply Rehabilitation, our the earnings received grew approval impact challenges. disruptions should MDR domestic Advanced our we revenue prior from Within approval quarter, on resolved growth we these chain Removing strong EU and challenges XXXX. enable Exiting despite headwinds Rehabilitation and the as call. chain double-digit portfolio Advanced anticipated the regulatory discussed supply our into

our entire stability for overall Restorative drive portfolio. Exogen this for expect We with Therapies combined growth will mid-single-digit growth,

our organic regulatory a bone headwinds for the basis, EU growth International XX%. acquisition reported XX% our growth Constant portfolio. portfolio. impacted in Advanced on negatively was Rehabilitation Durolane our strong currency Finally, by driven Misonix segment substitutes Growth grew MDR-related due and and our to graft was

as As our broader XXXX, above-market realize for segment our of growth the we anticipate we we into benefits move portfolio. International

sales of three, and and completing we in we savings operational improve reducing confidence. the execution, with across our attention EBITDA come accelerate on rebuild financial improved delivering the These the inwards internal accounts plan, and inventory sheet annual working decreased investor growth capital through and Misonix to processes, exploring margin outcomes profile, integration and two, cash on half through: balance our on business; operating margins; efficiencies challenges prioritization plan our our focus operating XXXX, and flow. reflecting and upon additional drive shifting Finally, to our as where drive resolve and of our regain are performance improving will one, we achieve receivable second our our

strong still tailwinds. with retains Bioventus market a challenges, recent diversified Despite business

fruition growth by devices, as Advanced stimulation few multiple have be growth infrastructure. coming Rehabilitation. to and leveraging our these us recent peripheral accelerate portfolio, leading medical to years through commercial of our our should drivers next Each We enable solutions such ultrasonic acquisitions, surgical scale the nerve and over and obtained

deliver in to across profile. profile our remain expense our we overall our improve from cost confident margin the and ability to bolster acquisitions synergies And business our further

your regain we to Finally, in to our over look results confidence the course quarters, the commitments. improve, next several our deliver and as our of on ability we execute

Now I'll turn the call over Mark. to

Mark Singleton

Thank morning, and you, everyone. good Ken,

$XXX Let percentage the sales organic our saw compared decline me with results. constant X% a of the to prior begin point revenue, our to currency down XX quarter to compared a along of We with fourth a lower, was increase related million, prior basis, year. review a On acquisition a Misonix. X%, year. Revenue in were point X-percentage of

Ken our the unanticipated to as for impacted compared we HA EBITDA prior declined decline of margin Across pressure generated pricing faced to as Pain loss of share earnings franchise volume gross our per and and $XX in claims diluted adjusted as Treatments, Gelsyn, earlier. a related adjusted we million sales and $X.XX. year described earnings rebate Lower XX%,

a We In point our of The and related we contribution points Misonix one double-digit percentage Ultrasonics three Solutions, portfolio. month portfolios. growth, to fourth growth XX%. for momentum quarters XX Graft maintain representing XX consecutive grew as both organic Bone of included Substitutes across Surgical ultrasonics percentage quarter we saw

EU delivered X% delayed growth. chain as our revenue. portfolio the Inorganic Restorative Rehabilitation growth certification XX headwinds, supply declined percentage impacted acquired points. growth percentage of and along X Advanced wound totaled to MDR Finally, Therapies a anticipated year related with points Organic receipt ago,

primary two income was XXX statement, the adjusted compared Moving gross XX%, points and to of was year driven down prior factors. basis by margin the

the revenue rebate increased going the which private through unanticipated Ken we payers our earlier. in impacted were claims, discussed ASP, First, HA decline overall percentage and of by the

revenue Second, acquired from of mix we combined had recently given with the revenue Exogen. higher an unfavorable lower businesses from impact product

and general million prior spending to more operating development. than expenses selling $X year research offset adjusted compared total and as expenses reductions higher, in Overall, the investments and administrative in on were

the Now financial Lower $XX Adjusted the decline. turning in expense. compared $XX million metrics. of in million a line operating compared Adjusted moment $XX $XX ago, to $XX million drove million, to income our year to gross as prior prior bottom majority higher discussed interest totaled million to the totaled margin, due a profit ago year. the decreased income million, and loss the $X year. from lower gross Adjusted of net to EBITDA

results. brief of a a XX Bioness XXXX. to recap increased the acquisitions percentage sales for Organic Now XX% of increase, million, of $XXX compared Net and points while our increased growth. contributed Misonix full-year to sales X%,

For the year year adjusted XX%, EBITDA gross a ago. totaled Adjusted was year, margin million. XX% to the for $XX compared

I reflects gross our acquisition along adjusted the year lower XXXX of in average previously. HA Our margin impact mentioned selling the our Misonix franchise, of with price the which a in second-half

rates. for to higher gross totaled $XX to $XX expense operating increased year Adjusted The interest discussed is the and interest million primarily and earlier due compared income decrease XXXX. million, from higher in debt lower margin

quarter cash on outstanding. million balance sheet to million with the and turning Now hand $XX of $XXX ended flow debt statement. cash We of the and

at Our Operating as an flow for the million inflow we of cash remained saw the quarter. fourth end represented in revolving of credit the undrawn working an the capital. $X improvement facility quarter

provide mentioned, headroom Ken of fourth with termination coverage extending and and quarter interest partners leverage XXXX our agreement our first the covenants to we additional of and the As of engaged quarter have beginning XXXX. CartiHeal through upon the amended debt and banking

will debt. The spread level on plus of amendment basis quarter existing by SOFR to for term basis second their Our covenants the will XXXX. we the Thus, XXX pay loan points. of increase our revert points XXX our back

XXXX project based We received financial our compliance of QX financial our covenants and on plan. relief through against

However, will qualification to risk. our based the a business carry concern going on continue

be which to we not and the ability process relief remain with in the We after expiry of of execute will are compliant for factors qualitative impact covenants the addressing. that the and our effectively, may

decided timing of HA around delay impact to XXXX upcoming establishing the firmly from business, to due of our divestitures can amount these until any the have potential sales and quantified. related and Finally, to the rebates guidance our be uncertainty we earnings

However, end quarter. the first Pain as Restorative growth color low-single-digits, to for provide we We and revenue the on see as offset year quarter, the across Therapies by prior in some strong expectations Treatments. Surgical we like Solutions would a of is our growth compared to decline

expect to we Additionally, adjusted year. to flat slightly above the EBITDA be prior

Operator, revenue open forecasting are we and the improving on and for enhancing closing, expanse In management focused processes. line our liquidity questions. our please

Operator

The comes Craig-Hallum. Please the first today with from begin ahead. Alex question-and-answer now will We Nowak session. [Operator go Instructions] question

Alex Nowak

at morning, bit quarters, here. business? ASPs, Great. a on Ken, today go wanted to Okay. Good I -- it go go we impacting having we're the everyone. we do you how and an to to When little impacting question here several change last did not seeing look claims of rebate that volume, expecting from lowering How a did back ultimately the the from impact Therapy Pain the again. have a greatly CMS reflecting

So there? you I the and did what back, missed mean team just when you look

Ken Reali

think going business don't if factors I HA mind did was don't ship what contracted largely we visibility patient. looking to our is or we HA quarters that Keeping the there, two have a contracted syringe when we to not an anticipate through to a we percent know And back. that out, four business. look non-contracted two Alex. for patient We question, on Great of when in this, going Yes. at it's

second-half business unanticipated saw we the beyond was that of in in forward an move and that we in what the as the modeled our rise trends contracted So business. XXXX, had beyond we was

on rebate on that at the because but This anticipated, not this of to the the that higher paid. with then when higher and rebates only on were which compound change cost because weighs acquisition business percent significant you ASP wholesale a calculation not impact, payments, that obviously factor your alone obviously of contracted weighs a from look becomes ASP had quarter part

in price the the price slope financial ability forward, modify on lower the we And lower obviously, into the relative we or basis, Alex, get price be the and XX% do those renegotiated stabilize have second-half anticipated. XXXX, world. at price here. increase But end business broad business, that will rebates rebates. difference Going a paying But the biggest contracted the to ASP of And of that lights and paying not the we not fundamentally issue, as of a seeing and the was tunnel go really amount big we'll on the that increase lower have feel is decline XXXX. was the a off into rebates. having our transparency reduce we'll the approximately the are to The that and solidify the as

Alex Nowak

continue to start change in call quarter, to it want went start into after a headwinds things Because now start see the that last XX-month but I to when was the around it's, And into XXXX. abate, was place to the expected you when during improve. CMS it,

So changed like growth. XXXX to When improvement? growth, sort we're what things stronger quarter, back of this a from last quarter a now there talking get to to

Ken Reali

the first-half Yes. it's impact WACC keep quarter first the mind, this back. of four in rebates continue a ASP look And to all, through Well, our year. of

a So estimate to longer due actually fall impact of back, rebates extent and to process we four that a have it's now, the the WACC off. because what becomes the of quarter we business contracted look the

and what's to and first getting start have. will rise of business Durolane we quarter Alex, those that out go XXXX. Gelsyn But really, percent shifting cause fourth will price is driving with we through quarter lessened this as prices the that contracted of our to as So end of the of actually stability year and that just that, be ’XX, we and

Alex Nowak

how want sit a no there completely of There two then of off is to spin-offs? part you part be are the as second table. extensions confirm, to kind we unwilling then that out should And with? What And that sale? part today? What are are it. I is part a with? question for just is the What further thinking Got CartiHeal Okay. you to just about here. willing of

Ken Reali

Yes. table. I with off that the is would yes, CartiHeal, say

to to exhausted the We there, forthcoming. worked hard all made sense try find and financial possibilities really weren't have those that team but solutions

moving from are we CartiHeal. So on

focused Regarding XXXX. of go in as right on we in significantly is. great headwind business the multiple when our work a that. specialties here to business in business provide divestitures it lot have But the many a and Bioventus still now, and and building way on to on on more a us got thriving not that at we're for through if Obviously, recede occurs. going come. based will room it with all which years aspects market We'll divestitures, HA, tailwinds business that solid comment favor we're we continued a really growth, of our We across of give runway lot a orthopedics for updates

Alex Nowak

Okay, understood. update. Appreciate the

Ken Reali

Thanks, Alex.

Operator

with Marcus question Please next from Robbie The JPMorgan. ahead. go comes

Unidentified Analyst

Hi, through I for this question, Robbie. further challenges. is [Allen] a quite clearly, out guess, working (ph) to year, I few a looking you're this XXXX, had still on just say,

bit the You a were business. to looking stabilize quite of

and driving to So XXXX of the line when your be going generation million continue million hopefully and a well forward. $XX we your slate, top cost think in as savings revenue should annual savings what beyond to kind in how $X look about Bioventus ability capability at we as should cleaner much

Ken Reali

levers we which to business, a which ability starts few growth to in spinal penetrate evolve next-generation Bone with and and we lot year, and Substitutes, continue fusions. portfolio, then the our with our the Solutions Flowable comments launch market minimally as the this to make and Obviously, And let Yes, both a tumor continues can Mark Surgical well. is in invasive of in Access product. BoneScalpel SonaStar continue ablation expanding Ultrasonics see Allen, a OsteoAMP to in I I'll growth comment, Graft drive Elite, is both

is portfolio Rehabilitation, acquisition stimulation, device. years to Advanced Pain we of peripheral XXXX also double-digit our expect Treatments under portfolio, came launch the growth. acquisition nerve in in next-generation That peripheral couple with TalisMann, we where the nerve expect stimulation our Bioness ago. continued Across that And through a

growth the of those near-term are some drivers. So

want the As consolidate as processes we businesses we business, largely opportunities capital, that expenses, to receivable, we far working improve we've our our call. continue opportunities many accounts improve we to mentioned But see improve ourselves, on as to comment across Mark the might as acquired, further. see the to

Mark Singleton

Ken's Yes. with No, agree I comments.

job think perspective I in mirror the ourselves over a looking reductions first, and well continue improving headwinds from as needed we to at cost so that last of and think to we're best XXXX. look we've some months structure we few from done And efficiencies perspective. our fight really HA a that the have and making us positions the going an good those at is we the of do that go through to where

I some in us flow, be organization and his strategic the figure and to in businesses. at, really mean as allows divestitures through important we our but we business that our how Ken XXXX we're out cash focused remarks, that the said simplify to looking of brings brings focus on within and in need inward also efficiencies more in it

continue we'll processes, cost structure, an important can to do so how reduce improve and our continue And out we simplify our costs find look then part success. our necessary where at and is of which that and to

Operator

ahead. comes next Canaccord. from question with Please Rose The go Kyle

Caitlin Cronin

Caitlin Hi, for this on Kyle. is

noted your thought rest slower-than-expected you recovery Exogen's of you on on Exogen, the XXXX. last call that remain just So for would

And updated So giving what are really now? Thanks. expectations you recovery Exogen? in your in confidence what's

Ken Reali

product, that's has expect growth is particular, I and question, that has And reorganize improvement to we a our pandemic. signs of business that Exogen. rapport mentioned, shows in to we that the shift caused in it market which single-digit We The a some sales developed in don't this think to our growth stability. Exogen driver, now for And in that slowest early is back new -- in sales matured has just come stability. And low changes, overall. Thanks continued nicely be from driving and XXXX expect post forward was we Yes. but We based QX relationship what this, saw the going did from to we and QX Exogen Exogen growth Caitlin. think, Exogen of the expect recover. I nice drive a as our on force in business relationships force then sequential

grower our as year low this So is go for a business. into our hopes really we single-digit

Caitlin Cronin

I quarter little Great. how you last bit a a you're you Thanks. talked that? claims, forward. just about rebate about trying you're prevent And know on how talk the these to bit going maybe little more doing Thanks. unanticipated Can

Mark Singleton

we just one, We -- much our would less less just emphasize of I to lot and amount yes, we unknown material business. Yes. what -- be rebates continue talked future about will the is the to a in

So that's a positive, number one.

around second is with area partners thing each encourage getting. invoices we're we to and that the that increase and payers to and across deeper the of to working with our we're work to sure understand the different analysis of and them with the make this receive those integrity The invoices scrutiny continuing of further this anticipating additional invoices invest in that, analytics that

really confidence it's all forward. combination of to think our I So those going improve a of

Caitlin Cronin

Got you. Thank it.

Operator

Instructions] The with Ranieri [Operator Please go Drew from next ahead. Stanley. Morgan question comes

Unidentified Analyst

the to the for Thanks taking questions. either on the thinking we Treatments Hi, or seasonality this pricing on anything (ph) I was give there's for us headwind with year Should historical Pain margins. there? cadence the revenue is you if of similar Drew. given [Anna] And on exception could for wondering XXXX, about be through

Mark Singleton

have different big had. expect a to historically wouldn't troughs. don't be kind year lot lot Yes. or throughout spikes than we've different that don't of is we We This phasing, expect revenue the a any I'd say Mark.

Unidentified Analyst

‘XX maybe for forward? helpful. for And any as color thanks. margin, low right gross should into Great, we moving Or gross maybe be on XX rate the thinking the then be going parts about margin would run

Mark Singleton

to going not out guidance, fourth significantly of but the providing comment I'm get into a that expect different than not coming it we've we're quarter. what seen to since Well, Yes. on be wouldn't

Unidentified Analyst

Great. Thank you.

Operator

question-and-answer I Ken the over conference to any concludes CEO, to This turn for our closing back remarks. session. Reali like would

Ken Reali

interest Well, Bioventus. thanks, your for everyone, in continued

and in focused have differentiated and our importantly, as through are we that value Most team the creation. growing business, revenue a to dedicated on move challenges employees our our in We products confident earnings stakeholder participate While remain innovative opportunities patients. we markets in growth near-term are XXXX. large and mission of we provide

In and Thank to create regain you and margin the we our on our very much. to value. your commitments deliver improve to in look we execute profile begin to confidence as quarters, coming stakeholder ability our growth

Operator

The for today's conference presentation. Thank attending now you concluded. has

You may now disconnect.

Bioventus (BVS) 31 Mar 232022 Q4 Earnings call transcript