InfuSystems Holdings, Inc.

Good day and welcome to the Infuse System Holdings, Inc. first quarter 2023 financial results conference call. Today, all participants will be in a listen-only mode. Should you need assistance during today's call, please signal for 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 telephone keypad. If you would like to withdraw your question, please press star then two. Please note that today's event is being recorded. At this time, I would like to turn the conference over to Joe Dorme, Managing Partner. Please go ahead.

Good morning and thanks for joining us today to review MPU Systems financial results for the first quarter of 2023 and in March 31st, 2023. With us today on the call are Rich DiIorio, Chief Executive Officer, Barry Steele, Chief Financial Officer, and Carrie LaChance, 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 MQ 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 Exchange Commission, including the annual report on Form 10-K for the year ended December 31st, 2022. 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 to Rich Diorio, Chief Executive Officer of INFUSYSTEM. Rich?

Thank you, Joe. Good morning, everyone, and welcome to INFUSYSTEM's first quarter 2023 earnings call. Thank you all for joining us today. We issued our first quarter earnings press release earlier this morning, and the message I want to convey today is that we're off to a strong start in 2023. We achieved another milestone with record quarterly revenue surpassing $30 million, a first in the company's history. We see strong demand for our services, led by our core oncology and our biomedical service business with GE Healthcare. As discussed in our last call, we entered the year with a strategic focus to execute against current opportunities. Most particularly, our business with GE in biomed and Sonara in wound care, driving organic growth while seeking continuous improvement in our operational efficiencies. Our focus is paying dividends and we are executing. The negative pressure pump orders we had expected last December started to ship in the first quarter. We recognized approximately $500,000 in revenue from leases through the end of March and have materially more in the pipeline than we expect to realize over the coming quarters. Pain management continues to be strong, with the top line at 28% up 28% from the prior year quarter. I want to emphasize that our pain business is and will continue to be an important contributor to our business. But today I want to highlight the strong performance of our biomedical services during the first quarter, particularly the onboarding of new facilities and devices under the Master Service Agreement with GE Healthcare. Our progress with GE has been especially strong, and I am pleased to report that we are running ahead of our plan for the year. In order to do so, and as Barry will further explain, we accelerated our plans to add biomed servicing capacity and the related one-time expenses by hiring, onboarding, and training additional technicians. We believe the execution on the GE agreement is important to INFUSYSTEM today and that it will drive long-term value creation. Before handing the call over to Barry for his financial summary of the first quarter, I wanted to touch on a couple more key points. In addition to starting to ship a material number of negative pressure devices manufactured by our partner, Cork, last week we announced our new distribution agreement with Genedyne to be our second negative pressure equipment supplier. This looks to be another strong partnership with Genedyne making available its entire portfolio of devices and wound care products. This addresses an important initiative that will help to mitigate supply chain issues and provide our customers with multiple options. As I hope everyone is well aware, Negative pressure is now only part of our wound care strategy. And as Kerry will discuss in a few minutes, another positive development is that we recently received the accreditation necessary to sell in a bill for advanced wound care products under our SI wound care joint venture with Sonera. Finally, oncology, it is off to a great start in 2023. We are seeing market share gains, higher patient volumes, higher collection rates, and improved pricing. And with that, I'd like to have our CFO, Barry Steele, walk us through a more detailed discussion of our first quarter financial results.