InfuSystems Holdings, Inc.

Good day, and welcome to the INFEWS system preliminary fourth quarter and full year 2021 financial results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star, then zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please also note this event is being recorded. I would now like to turn the conference over to Joe Dorme, Managing Partner. Please go ahead.

Thanks, Tom. Good morning, and thank you all for joining us today to review the preliminary financial results of InfuSystem Holdings, Inc. for the fourth quarter in year-end 2021, ended December 31, 2021. With us today on the call are Rich DiIorio, Chief Executive Officer, Barry Steele, Chief Financial Officer, and Carrie LeCance, President and Chief Operating Officer. After the conclusion of today's prepared remarks, we will open the call for questions. If anyone participating on today's call does not have a full-text copy of the press release, you can retrieve it from the company's website at www.infosystem.com or numerous other financial websites. Before we begin with prepared remarks, I'd like to remind everyone Certain statements made by the management team of InfuSystem during this conference call constitute forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1995. Except for the statements of historical fact, this conference call may contain forward-looking statements that involve risks and uncertainties, some of which are detailed under risk factors and documents filed by the company with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended December 31st, Forward-looking statements speak only as of the date the statements were made. The company can give no assurance that such forward-looking statements will prove to be correct. InfuSystem does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. Now I'd like to turn the call over to Rich DiIorio, Chief Executive Officer of InfuSystem. Rich?

Thanks, Joe. Good morning, everyone, and welcome to our preliminary fourth quarter and year-end 2021 earnings call. Thank you all for taking the time to join us today, and I hope you and your families are staying safe. This morning, we will review our preliminary financial results for the fourth quarter and year-end of 2021, provide an update on developments in our business, and talk about our priorities and outlook for 2022 and beyond. To start, the team delivered a record year in 2021 with a revenue of $102.4 million. we expected for the year we remain very confident in the continued strong growth potential of the business we are transforming the company for long-term success in facilitating the clinic to home last mile solution and biomedical services for hospitals in north america as i will discuss shortly some major initiatives that were expected to contribute to our fourth quarter have slipped into 2022. this was largely but not entirely due to the impact of steeply rising covet cases starting in november While most of America largely avoided a repeat of the 2020 shutdowns, the healthcare sector was impacted by Omicron in a way similar to that seen with earlier waves of the virus. Before continuing further, I would like to take a moment to thank the members of the Infosystem team, who once again showed their professionalism and dedication to our patients and providers that we serve. What we do is important, and I am proud to be a part of it. So we know going into the fourth quarter that we had to get a lot done to deliver against our guidance. We started the quarter confident as we had some very good momentum going into year end. There was the exclusive agreement with a leading West Coast healthcare provider for our pain management solution, and we expected to close some larger deals for negative pressure wound care equipment before year end. On top of this, it was normal to see the number of elective surgeries rise at the end of the year due to people taking advantage of the annual cycle with their healthcare insurance deductibles. Instead of the expected increase in activity during the fourth quarter, our business experienced a rapid deceleration as Omicron cases exploded. Although not to the extent seen when COVID first appeared in early 2020, the healthcare community took actions they thought necessary to focus on the potential emergency. This included reducing access to facilities, curbing elective surgeries, and deferring contract signings and the onboarding of new products and services. We felt the impact of these effects in almost every product and therapy across both platforms. In oncology, new patient starts dropped off after Thanksgiving. Pain procedures did not scale at the end of the year, and wound care contracts we thought would be signed in December slipped into 2022. These unforeseen headwinds negatively affected our ability to gain the expected business traction, causing us to fall short of the expected combined year-end run rate for pain and wound care. As you can see from reading the management discussion section of this morning's press release, despite the year-end slowdown, our revenue did still come in materially above last year's levels, Our fourth quarter revenue was actually up 7.3% versus the prior year. Our business is perfectly sound. We just experienced a temporary break in our growth momentum, which much of this due is due to the unexpected impact of Omicron in the fourth quarter. As I'll discuss shortly after Barry's finished with his discussion, we see our revenue momentum coming back strongly in 22 and into 23. Infosystem is very well positioned in the marketplace as a solutions provider, and we continue to see many attractive opportunities. Our business grew by approximately 20% in 2019 and again in 2020, and we see the business returning to 20% growth in 2022, and we are very well positioned to make that happen. We feel like we're a runner at the starting line, ready and eager for the signal to sound so we can get going and execute on our plan and the opportunities in front of us. Now I'd like to turn it over to our CFO, Barry Steele, who will provide a review of our preliminary financial results.