ImmunoPrecise Antibodies Ltd.

Good morning, ladies and gentlemen. Thanks for joining us today for IPA's earnings call, covering the third quarter of fiscal year 2024. I am Mandeep, and I have the privilege of hosting this call. Before we commence, I would like to draw your attention to the fact that our discussion today may include forward-looking statements. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from what we express or imply. We strongly encourage you to review our filings with the Securities and Exchange Commission for a comprehensive discussion of these risks and uncertainties. IPA remains committed to complying with legal requirements and will update forward-looking statements only as mandated by law. During today's conference call and the accompanying presentation slides, we will employ non-GAAP financial measures to assist investors and analysts in comprehending, IPA's business performance. Adjusted EBITDA in particular allows the meaningful comparison analysis of trends in our business over different periods. For a detailed explanation and reconciliation of these non-GAAP measures to GAAP measures, please refer to the management discussion and analysis section of our filings on EDGAR and CEDAR. Now with Without further ado, I would like to pass the floor to IPA CEO, Dr. Jennifer Bath, who will provide an overview of our quarterly results.

Thank you, Mandeep, and good morning, everyone, and thank you for joining us for our third quarter earnings call for the fiscal year 2024. In this quarter, we've yet again proven our capability to flourish amidst a challenging macroeconomic environment. highlighting the relevance and effectiveness of our strategy, along with our adaptability. Our strategic foresight and comprehensive suite of end-to-end antibody services that we offer have been instrumental in securing this consistent growth. A significant portion of our R&D efforts this quarter has been directed towards supporting BioStrand, our artificial intelligence subsidiary, reflecting our belief in its transformative potential for drug discovery. By strategically focusing our investments and maintaining prudent cost management, we affirm our commitment to innovation, operational excellence, and the strategic development of our company to meet the evolving needs of our industry and our clients. The past quarter was a landmark period where we not only continued our trajectory towards revenue growth, but also achieved notable improvements in our profit margins. This progress underscores our journey toward profitability with a clear focus on sustainable and profitable growth. Strategic investments in our BioStrand platform and an increase in our manufacturing footprint in Europe have been pivotal in securing a larger market share for catering to the increasing demand for our services. This strategic alignment ensures that we are well positioned to lead in the drug discovery and development space. propelled by BioStrand's innovative AI-driven software capabilities. Reflecting on our financial and operational strategies, we're proud to report a quarter of robust performance with a total revenue of $6.2 million, marking a 20% year-over-year increase. We are extremely proud to announce that this achievement marks our fourth quarter of back-to-back record-breaking quarterly revenues at immunoprecise antibodies. This success is a testament to our strategic focus on sales, customer engagement, and operational efficiency. Our BioStrand initiative has contributed to this success with early revenue from repeat business with large pharma companies, underscoring the compelling value proposition for our offerings. Our execution strategy, underscored by strong customer relationships and effective marketing, has not only facilitated growth, but also provided a feedback loop from our customers, enhancing our R&D focus on BioStrand and furthering our competitive edge. Our operational achievements are highlighted by the strategic implementation and integration of the BioStrand technology into our workflows, leading to significant scientific and commercialization advancements. The seamless integration and strategic expansion of our facilities, such as the Utrecht and Victoria sites, along with notable growth in our Oost, the Netherlands facility, reflect our commitment to meeting client demands and driving revenue growth. The operational success is particularly notable in our BESOL program, contributing significantly to our discovery projects and revenue, showcasing the strategic and synergistic build of our company. Our scientific endeavors this quarter have been focused on expanding our VHH lead generation offerings, and optimizing our in silico technologies, including the launch of Lens AI's epitope binning tool. These advancements not only reinforce our position at the forefront of VHH discovery, but also align our strategic vision of building safer, more efficacious drugs faster and with less risk. Our public speaking commitments at key technology industry conferences, such as HIMSS and Precision Medicine World Conference in Silicon Valley, demonstrates our commitment to innovation and our role as industry leaders, in part thanks to BioStrand's entry into the market with validated in silico solutions. As we continue to invest strategically in BioStrand, aiming for a leading position in the industry with our upcoming software rollouts, we are mindful of our spending while ensuring these investments drive significant value and future revenues. Biostrand has developed a foundation AI model by integrating multiple large language models with its HIFT technology. This model is designed to analyze complex biological data, particularly proteins, by identifying unique patterns in biological sequences, which improves the precision of the predictions and drug discovery and disease research. This approach allows for the creation of advanced products with reduced research and development costs compared to traditional AI solutions. Biostrand's strategy involves balancing the growth of the CR revenue with the further development and integration of computational technologies, contributing to advancements in the biopharmaceutical sector by accelerating the process of drug discovery and the development of personalized medicine solutions. We are enhancing R&D efficiency through advanced data science. The foundation model's prowess in transforming complex biological data sets into actionable insights with minimal computational expense is rooted in a suite of advanced data science methodologies. These methodologies are designed to optimize data processing and analysis, significantly reducing the reliance on extensive data generation and labor intensive manual analysis. As we balance our steady CRO revenue growth with continued build-out and integration of in silico technologies, the advantage of the HIFs allow us to be capital efficient while creating a hub of biotherapeutic intelligence. Now, I'll hand it over to our CFO, Kristin Taylor, who will delve into the financial specifics of this quarter in greater detail, highlighting our strategic investments in BioStrand, our operational efficiencies, and our unwavering commitment to delivering on our customers' needs, a strategy that has not only driven our revenue growth, but has also strategically built our company for sustained success in the drug discovery and development industry.

Thank you, Jennifer.