Hill-Rom Holdings' CEO Presents At Goldman Sachs 33rd Annual Global Healthcare Conference (Transcript)

Hill-Rom Holdings, Inc. (HRC)

Goldman Sachs 33rd Annual Global Healthcare Conference

June 06, 2012, 14:20 p.m. ET

Executives

John Greisch - President and CEO

Mark Guinan - CFO

Andy Rieth - VP, IR

Analyst

David Roman - Goldman Sachs

Presentation

David Roman - Goldman Sachs

Good morning everyone. We go ahead and get started with the next presentation. I’m very pleased to welcome management team from Hill-Rom. We have John Greisch and Mark Guinan; CEO and CFO, respectively, here this morning and as always like to keep it as interactive as possible. Andy Rieth is hiding in the audience. So, any of you guys who want to tap him for a question he is sitting right over here in front.

But John maybe we can sort of start off by giving us an update on how the business has progressed and if you put out the LRP just over a year May of 2011 you presented a long range plan and since that, I think business dynamics have not exactly played out. I think as most might have expected. Just frame pretty impressed. What’s changed in the macro environment over the past year and what have been through the surprises to the upside and the downside relative to what you laid out last May?

John Greisch

Yes, I think the rigorous change since then is probably Europe which I think is [two-fold]. Everybody in the med device world the uncertainty in the impact of austerity measures and spending on healthcare in Europe is certainly different than I think what we had anticipated going back 18 months when we began pulling the LRP together. I think as we came into this year, our expectations for Europe included decline in revenues in the low single-digit range which is what we have experienced and that certainly wasn’t part of our long range planning for Europe. So, in that timeframe I think Europe certainly would be at the top in the list of what’s changed.

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