Cumberland Pharmaceuticals Inc.

Thank you for joining the Cumberland Pharmaceuticals Third Quarter 2020 Financial Report and Company Update. Please note that this conference call is being recorded at the company's request and will be archived on Cumberland's website for one week from today's date. Now, I would like to introduce Erin Cole, who handles corporate relations at Cumberland. Erin, please go ahead.

Good afternoon, everyone. Earlier today, we issued a press release containing the company's financial results for the third quarter and is September 30, 2020. You can find a copy of that release on our website at www.cumberlandpharma.com. Please note that today's discussion may include forward-looking statements as defined in the Private Securities Reform Act of 1995. And because any such statements reflect the company's current views and expectations concerning future events, they may involve risks and uncertainties. Additionally, There are many factors that could affect the company's future results, including, but not limited to, natural disasters, public health epidemics, economic downturns, and other events beyond our control. Those issues are described under the caption, Risk Factors, in our Form 10-K, and any additional updates filed with the SEC. And also, any forward-looking statements made during today's call are qualified by those risk factors. And despite our best efforts, actual results could differ materially from our expectations, and the information shared on the call today should be considered current as of today only. Please remember that the company does not assume any responsibility to update any forward-looking statements, whether as a result of new information or due to future developments. During the call today, we will be referring to several of our marketed brands, and full prescribing and safety information for each brand can be found on the individual product website and the links to those product sites can be found on our corporate site at CumberlandPharma.com. Also today we'll provide some non-GAAP financial measures with respect to our performance and explanation and reconciliation to GAAP measures can be found in our earnings release and its financial tables. With us on today's call are Ajay Kazimi, Cumberland's Chief Executive Officer, Marty Cornell, our chief commercial officer, and Michael Bonner, our chief financial officer. We'll start today with an overview of our progress during the third quarter, and we'll follow with a discussion of our commercial activities. And then we'll review our financial results and finish with the closing remarks before opening the call to any questions. I will now turn the call over to A.J. Kazimi, Cumberland's chief executive officer, to begin our corporate update and discussion of the company's performance.

Good afternoon, everyone, and thank you for joining us. I'd like to start by saying I hope you and your families are safe and well. As we move to the close of 2020, we certainly recognize it's been a particularly difficult year with the pandemic impacting all our daily lives. And our thoughts continue to go out to those who have suffered, especially those with life-threatening or health conditions, as well as those who have lost their jobs or their businesses as a result of the pandemic. and I'd like to provide a special thanks to our team for their steadfast efforts during these difficult times. I'm pleased to report that our facilities continue to remain open, including our headquarter offices and our CET laboratories. While the pandemic has impacted hospital admissions and physician office visits, we are very fortunate that our business has remained steady. Our portfolio of FDA-approved brands delivered combined revenues of $9.3 million during the third quarter, a 33% increase over the prior year period. As we previously stated, our performance should be evaluated on an annual basis, and we were also pleased to see an overall 8% increase in year-to-date revenues through September when compared to 2019. Furthermore, We delivered $4.5 million in cash flow from operating activities year to date, more than double the prior year period. Adjusted earnings for the third quarter were $0.2 million, or two cents a share, also a significant increase over last year. Our balance sheet at the end of September included $96 million in total assets with over $26 million in cash. Total liabilities were approximately $48 million, resulting in 48 million of total shareholders' equity as well. During the quarter, our Vibativ product was used to help hospitalized COVID patients who go on to develop bacterial infections in their lungs. Vibativ's a potent antibiotic designed for difficult-to-treat infections, and it's FDA-approved to treat hospital-acquired and ventilator-associated bacterial pneumonia That can result from COVID, flu, or other infections. It's been very rewarding to learn of cases from around the country where Vibativ has been successfully used to cure pneumonia in those type of patients. Meanwhile, we're finalizing plans for the launch of our newly FDA-approved ReadyTREX product line. Given the pandemic's continued impact on physician access, We've decided to implement a soft launch this month and we'll follow with a full commercial launch of the brand next spring. Additionally, we do have a modest expansion underway for both our field and our hospital sales forces as we prepare for launching this new product line. Furthermore, we announced two favorable study publications during the third quarter for Caldolor, our ibuprofen injection which added to the growing library of literature supporting the brand. On the clinical front, enrollment in our studies significantly slowed during the pandemic due to the decrease in patient admissions to medical centers across the country. However, we have started to see an improvement as some centers have begun to reopen and a return of patients eligible for our trials at those sites. We're fortunate to have a robust clinical pipeline of promising candidates designed to treat poorly met medical needs. And as we've previously noted, success in any of those programs could have a significant impact on our company and help us further build and diversify our business. So with that overview, I'd like to now ask Marty Cornell, Cumberland's Chief Commercial Officer, to share his update on our marketing and our sales activities. Marty?