InfuSystems Holdings, Inc.

Good day and welcome to the MFU Systems Holdings Incorporated reports first quarter and full year 2022 financial results conference call. All participants will be in a listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touch tone phone. And to withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Mr. Joe Dorme. Please go ahead, sir.

Good morning and thanks for joining us today to review IMFU System Holdings financial results for the fourth quarter and full year 2022, ended December 31st, 2022. With us today on the call are Rich DiIorio, Chief Executive Officer, Gary Steele, Chief Financial Officer, and Carrie LeChance, President and Chief Operating Officer. After the conclusion of today's prepared remarks, we will open the call for questions. Before we begin with prepared remarks, I would like to remind everyone, certain statements made by the management team of MPU Systems during this conference call constitute forward-looking statements within the meaning of the Private Securities 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, 2021. 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?

Thank you, Joe. Good morning, everyone, and welcome to InfuSystem's fourth quarter and year-end 2022 earnings call. Thank you all for joining us today. Our press release announcing results for the fourth quarter and for our fiscal year 2022 was distributed earlier this morning. As you can see from the summary financials in the release, we underperformed against our expectations for the end of the year. This was the result of a few material deals that did not develop as expected at year end. It should be noted, however, that in the fourth quarter we did deliver 8.7% top line growth versus the prior year. Our core oncology, pump sales, and rental businesses remained very sound, and we delivered another year of strong operating cash flows. Our core business remains strong, but we did struggle in 2022 to advance certain growth initiatives. Case in point is our negative pressure wound therapy business. We had expected to close on some material new pump placements during the fourth quarter. In December, we had the orders, but found ourselves unable to ship devices and book the revenue when our manufacturer could not get us the devices before the end of the year. This time, the supplier problem was not with Cardinal, but instead the new supplier that we had selected to replace Cardinal. Our new partner identified a circuit board problem related to one of its components. The faulty circuit board made the equipment unreliable and unsafe for patients, and this made it impossible for the manufacturer to release the devices. In response to the supply chain problem, we have expedited our efforts to identify and onboard multiple reliable negative pressure device suppliers. In the meantime, I can report that the supply chain issue did not hurt us with respect to the affected customer. The circuit board problem is being resolved, and we have begun making the planned deliveries in the first quarter of 2023. At this point, I would like to turn the call over to our CFO, Barry Steele, who will discuss in more detail our fourth quarter and fiscal 2022 financial results.