Cumberland Pharmaceuticals Inc.

Thank you for joining Cumberland Pharmaceuticals' first quarter 2021 financial report and company update. This 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 Gull, who is responsible for corporate relations at Cumberland. Erin, please go ahead.

Good afternoon, everyone. Today, we issued a press release containing the company's financial results and corporate update for the first quarter ended March 31, 2021. That release with related financial tables is available on our website at CumberlandPharma.com. Please note that today's discussion may include forward-looking statements as defined in the Private Securities Reform Act of 1995. 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 we file with the SEC. And any forward-looking statements made during today's call are qualified by those risk factors. Also, despite our best efforts, actual results could differ materially from our expectations, and the information shared on this call should be considered current as of today only. Please remember that the company does not assume responsibility to update any forward-looking statements, whether as a result of new information or due to future developments. During today's call, we'll 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 sites can be found via our corporate site at CumberlandPharma.com. Also today we'll provide some non-GAAP financial measures with respect to our performance. An explanation and reconciliation to GAAP measures can be found on the financial tables in our earnings release that was issued earlier today. So with us on today's call are A.J. Kazemi, 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 first quarter, and we'll follow with a discussion of our commercial activities. We'll then review our financial results and then finish with closing remarks before we open the call to any questions. I will now turn the call over to Ajay Kazemi, Cumberland's Chief Executive Officer, to begin the discussion of our corporate update and company performance.

Well, good afternoon, everyone, and thank you for joining us. As Erin noted, today we'll provide an overall company update along with a review of our first quarter financial results. While the novel coronavirus continues to affect our lives over a year after its arrival in the U.S., however, we remain hopeful. With a growing number of Americans fully vaccinated, new cases of the virus in decline, it's good to see an overall reopening of our country, which is now underway. Throughout the pandemic, Cumberland encountered the most challenging operating environment we've ever faced as a company. Our business and our clinical staff were affected as fewer patients sought elective surgeries and our access to medical facilities was substantially limited. As a result, we adjusted our market strategies, we tooled our sales communications, and we reinvented the way in which we operate our business. While our brands were negatively impacted at times, we're fortunate to have a diversified product portfolio, which provided overall revenue growth of 9% for the full year 2020. And as you've previously seen, our products generate strong performances at different times during the year, which is why we always suggest that you evaluate our progress on an annual basis, as our quarterly progressions could vary. During the first quarter of 2021, I'm pleased to report a strong financial performance, despite the continued influence of the pandemic. Total revenues were $10.5 million, a 26.5% increase over the prior year period. This favorable performance was led by growth in our Vibative and Vaprazole brands. Adjusted earnings for the period were $1.1 million, or 7 cents a share, a significant improvement compared to a loss of 3 cents a share during the same period last year. And cash flow from operating activities was $1.8 million for the quarter, double the prior year period amount. Additionally, we ended the first quarter with over $93 million in total assets, $46 million in total liabilities, and 47 million in shareholders' equity. Meanwhile, we have been closely monitoring our supply chain, including the facilities that provide the raw materials, along with those that manufacture our products. And we've been overseeing the resulting finished goods shipped to us and then on to the warehouses that support our country's hospital and retail pharmacies. While enrollment of new patients was limited during much of 2020, Many of our clinical sites have recently reopened and resumed screening of patients for a potential admission into our clinical studies. And as a reminder, we're sponsoring phase two clinical programs that evaluate our iFitraBand product candidate in patients with cardiomyopathy associated with Duchenne muscular dystrophy, systemic sclerosis or scleroderma, a debilitating autoimmune disease, and aspirin-exacerbated respiratory disease, a severe form of asthma. Our plan is to await results from all of these studies before deciding on the best development path for the registration of ifitroban, our first new chemical entity. So with that overview, I'd now like to turn to Marty Cornell. Marty is Cumberland's chief commercial officer, and he's also our newly appointed president of the Cumberland Pharma Sales Corp. Marty, can you please share your update on our marketing and sales activities?