−Removed: The following description of risk factors includes any material changes to, and supersedes the description of, risk factors associated with our business previously disclosed in Part I, Item 1A of the 2019 Form 10-K, under the heading “Risk Factors.” Set forth below is a certain risk factor that we currently believe could materially and adversely affect our business, financial condition, results of operations and cash flows.
−Removed: This risk factor is in addition to those mentioned in other parts of this report and are not all of the risks that we face.
−Removed: We could also be affected by risks that we currently are not aware of or that we currently do not consider material to our business.
−Removed: We are subject to risks related to public health crises such as the global pandemic associated with the 2019 novel coronavirus (COVID-19).
−Removed: As a global healthcare solutions company, we are impacted by public health crises such as the global pandemic associated with COVID-19.
−Removed: The outbreak has significantly increased uncertainty and unpredictability of global economic conditions and the demand for and supply of raw materials and finished goods required for our operations.
−Removed: In addition, public and private sector policies and initiatives to reduce the transmission of COVID-19, such as the imposition of travel restrictions
−Removed: and the adoption of remote working, have impacted our operations.
−Removed: In these challenging and dynamic circumstances, we are working to protect our employees and the public, maintain business continuity and sustain our operations, including ensuring the safety and protection of the people who work in our production and distribution centers across the world, many of whom support the manufacturing and delivery of products that are critical in response to the global pandemic.
−Removed: We may restrict the operations of our production and distribution centers if we deem it necessary or if recommended or mandated by governmental authorities which would have an adverse impact on us.
−Removed: There is a risk that revenues will decrease ultimately resulting in less cash flow, we may see longer duration in receivables collection, and the need to expedite payments to important suppliers may grow.
−Removed: COVID-19 may impact our supply chains relative to global demand for our facial protection and protective apparel products.
−Removed: COVID-19 may also affect the ability of suppliers and vendors to provide products and services to us.
−Removed: Some of these factors could increase the demand for our products, while others could decrease demand or make it more difficult for us to serve customers.
−Removed: Furthermore, COVID-19 has impacted and may further impact the broader economies of affected countries, including negatively impacting economic growth, the proper functioning of financial and capital markets, foreign currency exchange rates, and interest rates.
−Removed: For example, in recent weeks, the continued spread of COVID-19 has led to disruption and volatility in the global capital markets, which increases the cost of capital and adversely impacts access to capital.
−Removed: Due to the speed with which the situation is developing and the uncertainty of its duration and the timing of recovery, we are not able at this time to predict the extent to which the COVID-19 pandemic may have a material effect on our financial or operational results, but the following adverse risks exist:
−Removed: Actions by the United States government or other foreign government could affect our business.
−Removed: These actions include purchasing products that we make or sell, imposing new product standards or allowing the use of alternative products, instituting regulatory requirements to purchase only locally manufactured products, exercising control over manufacturing or distribution operations, taking trade actions including the imposition or removal of tariffs or import / export controls, subsidizing the supply of products, or other actions;
−Removed: Quarantine decisions by public or private entities may influence our ability to operate or our ability to ship or receive products.
−Removed: For example, if shipping companies cease or reduce land or sea freight channels, raw material and finished good deliveries may be slowed or stopped;
−Removed: Our customers may change their payment patterns or lose their ability to pay invoices, which could have a material adverse impact on our cash flow;
−Removed: Our suppliers may increase pricing or impose new purchasing requirements, such as minimum purchase quantities or pay-in-advance payment terms, which could have a material adverse impact on our cash flow;
−Removed: Raw materials or finished goods that we require for our operations may not be available, or pricing for such items may increase beyond the willingness of our customers to pay;
−Removed: New competitors may enter our market, including both small and large scale suppliers;
−Removed: COVID-19 illness among our workers in manufacturing or distribution operations could impact our operations or compel the closure of one or more facilities for an unknown period of time.
−Removed: Labor relations in our facilities related to COVID-19 could also negatively impact our operations;
−Removed: We may invest in additional manufacturing capacity for which demand slows in the future, which could have a material adverse impact on our cash flow;
−Removed: Technology infrastructure failures could materially inhibit our operations that currently include a substantial portion of remote work.
−Removed: For example, voice or data line failures resulting from natural, manmade or cyber-attack could impair our ability to operate.
−Removed: We have incurred additional costs to ensure we meet the needs of our customers, including increasing our workforce in order to produce or distribute certain essential products for our customers, providing personal protective equipment to our workforce, incremental shipping and transportation costs, incremental technology costs, and additional cleaning costs throughout our facilities.
−Removed: We expect to continue to incur additional costs, which may be significant as we continue to implement operational changes in response to this pandemic.
−Removed: Further, our management is focused on mitigating COVID-19, which has required and will continue to require, a large investment of time and resources across our enterprise and will delay other value added services and strategic initiatives.
−Removed: Additionally, currently some of our teammates are working remotely.
−Removed: An extended period of remote work arrangements could strain our business continuity plans, introduce operational risk, including but not limited to cybersecurity risks, and impair our ability to manage our business.
−Removed: If we do not respond appropriately to the pandemic, or if customers do not perceive our response to be adequate for the United States or our international markets, we could suffer damage to our reputation and our brands, which could adversely affect our business.
−Removed: The impact of COVID-19 may also exacerbate other risks discussed in Item 1A.
−Removed: Risk Factors in our Annual Report on Form 10-K, any of which could have a material effect on us.
−Removed: This situation is changing rapidly and additional impacts may arise that we are not aware of currently.
−Removed: Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
−Removed: Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
−Removed: Certification of Chief Executive Officer pursuant to 18 U.S.C.
−Removed: Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
−Removed: Certification of Chief Financial Officer pursuant to 18 U.S.C.
−Removed: Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
−Removed: XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
−Removed: XBRL Taxonomy Extension Schema Document
−Removed: XBRL Taxonomy Extension Calculation Linkbase Document
−Removed: XBRL Taxonomy Definition Linkbase Document
−Removed: XBRL Taxonomy Extension Label Linkbase Document
−Removed: XBRL Taxonomy Extension Presentation Linkbase Document
−Removed: Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
−Removed: * Certain exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K.
−Removed: The Company hereby undertakes to furnish copies of such omitted materials supplementally upon request by the SEC.
−Removed: ** Management contract or compensatory plan or arrangement
−Removed: Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
−Removed: Owens & Minor, Inc.
−Removed: /s/ Edward A.
−Removed: President & Chief Executive Officer
−Removed: /s/ Andrew G.
−Removed: Executive Vice President & Chief Financial Officer
+Added: Certain risk factors that we believe could affect our business and prospects are described in our Annual Report on Form 10-K for the year ended December 31, 2019 and our Form 10-Q for the three months ended March 31, 2020.
+Added: Through June 30, 2020, there have been no material changes in the risk factors described in such Annual Report and First Quarter 2020 Form 10-Q.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.