ImmuCell Corporation

Good morning and welcome to the MU Cell Corporation conference call to discuss unaudited first quarter 2026 financial results. Today, all participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event today is being recorded. I would now like to turn the conference call over to Joe Diaz of Litham Partners. Please proceed.

Thank you, Chris. Good morning and welcome. As the operator indicated, my name is Joe Diaz with Lithium Partners. We are the investor relations consulting firm for Emucell. I thank you for joining us today to discuss the unaudited earnings for the first quarter ended March 31, 2026. Listeners are reminded and cautioned that statements made by management during the course of this call include forward-looking statements, which include any statement that refers to future events or expected future results or predictions about the steps the company plans to take in the future. These statements are not guarantees of performance and are subject to risks and uncertainty that could cause actual results, outcomes, or events to differ materially from those discussed today. Additional information regarding forward-looking statements and the risks and uncertainty that could impact future results, outcomes, or advances available under the cautionary note regarding forward-looking statements, or better known as the safe harbor statement, provided with the press release that the company filed last night, along with the company's other periodic filings with the SEC. Information discussed on today's call speaks only as of today, Friday, May 15, 2026. The company undertakes no obligation to update any information discussed on today's call. Please note that references to certain non-GAAP financial measures may be made during today's call. With that said, let me turn the call over to Oliver Taboukar, President and CEO of IndyCell Corporation for opening remarks.

Oliver. Thanks, Joe, and good morning, everyone. It's my pleasure to welcome you to today's discussion of Immucel's results for the first quarter of 2026. Starting this quarter, our discussion of results will be accompanied by a few key slides that are part of our new investor presentation. You can find that on our investor page, immucel.com forward slash investors. In 2025, the company made significant changes to better position itself for success, including a strategic focus on the calf scourge market and investments in leadership and in manufacturing yield improvement. In the first quarter of 2026, we are starting to see the results of this focus. We achieved our first ever $10 million revenue quarter, which is an exciting milestone for our commercial team and our manufacturing team. And we also achieved 45% gross margins after absorbing legacy retain-related costs that shifted from product development to cost of goods sold and reduced gross margins by approximately 2.4% during the quarter. We also grew net income 34% compared to the first quarter of 2025. In previous calls, we explained the rationale behind our new strategy to focus on first defense, our leading calf scourge preventative product. Since 1991, Immucel has competed successfully in the large growing market for calf scars prevention with a highly differentiated product portfolio that we believe has considerable runway for further expansion domestically and internationally. As we will discuss later in the call, we believe we're gaining share in this market, competing against the world's largest animal health companies. Historically, Immucel's challenges have centered less around market demand and more on manufacturing capacity and product availability. And for a company our size, it makes a lot of sense to focus on our successful on-market product and solve those challenges, and we are well underway to do that. Our results in the first quarter give us confidence in this decision. I will review some of these drivers in more detail and share some of our market observations after Timothy Fiore, our Chief Financial Officer, completes a deeper review of the financials for the first quarter of 2026. I now turn the call over to him. Tim?