KORU Medical Systems, Inc.

Greetings. Welcome to the Coru Medical Systems Force Corridor 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Greg Chovacek. Mr. Chovacek, you may begin.

Thank you, Alex, and good afternoon, everyone. Earlier today, KORU Medical Systems released financial results for the first quarter of 2021. A copy of the press release is available on the company's website. During this call, we will make certain forward-looking statements regarding our business plans and other matters. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to many risks and uncertainties, including those mentioned in the associated press release and our most recent filings with the SEC. We assume no obligation to update any forward-looking statements. I encourage listeners to have our press release in front of you, which includes our financial results as well as commentary on the quarter. During the quarter, management will discuss certain non-GAAP financial measures in our press release and in our filings with the SEC, each of which are posted on our website. You will find additional disclosure regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures in our press release and those filings. For the benefit of those listening to the replay, this call was held and recorded on Wednesday, May 12, 2021, at approximately 4.30 p.m. Eastern Time. Since then, the company may have made additional comments related to topics discussed. And please reference the company's most recent press releases and filings with the SEC. Joining us on the call today is Linda Tharby, President and CEO of Kourou Medical Systems, and Karen Fisher, Kourou's Chief Financial Officer. We are excited to have Linda joining us from a successful 25-year career at Becton Dickinson with a great breadth and depth of experience in global business leadership roles. Linda, please go ahead.

Thanks, Greg. Good afternoon, everyone, and thanks for joining us today. During today's call, I would like to share my thoughts in three key areas. First, I would like to share my excitement in joining Coro Medical at this time in its evolution. I will then go over a few highlights from our first quarter and my early thoughts on the opportunity ahead. I will then turn it over to Karen to discuss the quarterly financials in more depth before ending with a few closing remarks. When I was approached with the opportunity to lead Coru Medical, it was a great fit for several reasons. It's a company with a strong purpose, with a leading market position, and a growing space. It's a company that has the ambition and the opportunity to be a global leader. And it's a company where I could grow and develop the team. Over the past four weeks, I've had the opportunity to talk with and work alongside our dedicated employees and have met with many of our customers. During these discussions, my initial thoughts about the company were confirmed. Coru Medical improves the daily quality of lives for patients with the Coru Freedom integrated infusion system, has the potential to increase our leadership in a growing global home infusion market, and has a tremendous emerging opportunity in the pharmaceutical drug delivery space. I'm excited to join this team, merging my skills and capabilities gained over the last 25 years. Those most relevant to CORU are the decades spent building and leading strong performing and diverse global teams, the development and commercialization of multiple product and service innovations, and delivering drug delivery device solutions to patients in the home working in partnership with pharmaceutical companies. I look forward to working with the team here at Coru and defining and executing on our current strategic plan as we evolve it to drive even more meaningful value for our customers and shareholders. Turning to our results for the first quarter, our revenues were affected by one-time prior year purchases, as well as the current year COVID-19 impact on new patient starts. 2020 was a complex year for our business as the pandemic affected ordering patterns from our customers in the U.S. and abroad, as well as our initiatives and novel therapies. I'm encouraged by several key fundamentals from the quarter. We are very excited by the sequential revenue growth from Q4 2020 to Q1 2021, which together with a review of our inventory levels at our distributors reaffirms that there is no excess inventory in the channel. Additionally, our end-user sales data, which measures sales to the specialty pharma channel, confirms strong sequential quarterly growth in our new pump placements as a measure of new patient starts. Further, although we can't necessarily rely on this to be indicative of the full quarter, April net sales exceeded the monthly sales of each of the prior six months. Looking ahead, a few comments on our critical areas of focus over the next several quarters. First, in the U.S. market, we will continue to advance our efforts to have newly diagnosed IG patients start their therapy with the Coru Freedom system. We will review the larger U.S. market opportunity to convert the 75% plus patients who receive IV IG therapy in a hospital and clinic setting to SubQ, working in partnership with our pharmaceutical customers. In Europe, we will accelerate our focus on growing our distribution and reimbursement. And finally, a significant opportunity for Coru Medical as a market leader in delivering millions of safe SubQ large volume home infusions annually is to expand our focus on indications with new drug therapies. As a foundation for these plans, we will review our portfolio and build out the team necessary to take Coru Medical to the next level. We look forward to sharing our progress. I will now turn the call over to Karen, who will take you through our first quarter results.