TRxADE HEALTH, Inc.

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Trixaid Health's first quarter 2022 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions. The earnings press release accompanying this conference call was issued at the close of the market today. The quarterly report, which includes additional information regarding the company's Results of operations for the quarter ended March 31, 2022, was filed with the SEC earlier today. On our call today is Trixate Health's founder, chairman, and chief executive officer, Surin Adjirapu, and Janet Huffman, its chief financial officer. The replay of this call and webcast will be available for the next 30 days on the company's website under the NASDAQ Meds link. The company's website also includes more supporting industry information. At this time, I'd like to turn the call over to Janet Huffman, the company's Chief Financial Officer. Janet, the floor is yours.

Thank you, Operator, and thank you for joining us today. I'd like to welcome you to our 2022 First Quarter Financial Results Conference Call. Our press release announcing our 2022 First Quarter Financial Results was issued after the close of market today and is posted on our website. We have also furnished such press release to the SEC on Form 8K. Statements made on this call and webcast include forward-looking statements. These statements include, but are not limited to, our outlook for the company and statements that estimate or project future results of operations or the performance of the company. including the potential continued impact of COVID-19 on the company's business and results of operations. These statements speak only as of the date hereof, and the company assumes no obligation, except as required by law, to revise any forward-looking statements that may be made in today's press release, call, or webcast. These statements do not guarantee future performance and are subject to risks, uncertainties, and assumptions. please refer to the press release and the risk factors and documents we file with the Securities and Exchange Commission, including our most recent quarterly report on Form 10-Q and any subsequently filed periodic report or current report on Form 8-K for information on risks, uncertainties, and assumptions that may cause actual results to differ materially from those set forth in such statements. In addition, During today's call and webcast, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of TREXA's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results, at the end of our earnings press release. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of fiscal 2021. During the question and answer portion of today's call, please limit yourself to no more than one question and one follow-up. At this time, I'd like to turn the call over to Saren Ajarapu, the company's Chief Executive Officer. Saren, the floor is yours.

Thank you, Janet. We saw revenue improvement in our first quarter for 2022, and our revenue base continues to return to the core traction pharmaceutical exchange platform and away from the one-time personal protective equipment sales driven by the initial onset of the COVID-19 pandemic. Our nationwide footprint continues to grow as we relentlessly focus on exciting new ways to expand proportional wallet share within our large growing network of registered users, while better enabling them to service their respective customers, the end users, further growing their loyalty to their local retail pharmacy. Before we do a more detailed walkthrough of financial and operational results of the 2022 first quarter, for those of you who are new to the company, I would like to walk you through who we are on how we are digitalizing the retail pharmacy experience to the optimization of drug procurement, the prescription journey, and patient engagement. Prior to the launch of Traxade, obtaining drug codes as an independent pharmacy was an extremely laborious and time inefficient process with no insight or transparency into a fair market price or what others are paying for the same drug. Traditional wholesalers would provide unfavorable payment terms, slow delivery, and create a difficult conundrum for the approximately 19,400 independent pharmacies nationwide. We identified this market inefficiency as well as the incredible potential in these independent pharmacies, which together maintain an estimated approximately $67.1 billion in annual purchasing power and proceeded to launch TraxAid. We design, own, and operate a business-to-business, web-based market platform, bringing together the nation's independent pharmacies with an accredited national pharmaceutical supplier to provide a uniquely efficient and transparent buying and selling process. Our platform lets independent pharmacies know that they are receiving a fair price from competing suppliers on a fair payment terms and often with next-day deliveries. We believe this radical price transparency, economy of scale, and competition among suppliers leads up to a 10% reduction in pharmacies' total annual drug purchase costs with a drug-level savings of up to 90% on certain pharmaceutical products. Our platform saves pharmacists from having to manually compare prices across distributors, saving hundreds of hours of unnecessary labor annually and eliminating negative reimbursement of fulfilling a prescription at a loss. Our revenue model is simple. We'll pay an administrative fee of up to 6% of the buying prices of the generic pharmaceuticals and up to 1% of the brand pharmaceuticals that pass through our pharmaceutical platform, similar to PayPal or Visa-like model. Today, we have seen incredible success in garnering attention from independent pharmacies nationwide, validating our business model. We currently have over 13,400 plus registered members on our platform with approximately 340 new registered members added to the first quarter of 2022 compared to 223 in the first quarter of 2021. Another exciting growth metric on our TrackSafe platform includes a 25% increase in sales volume processed across our platform in the first quarter of 2022 compared to the same quarter in 2021. TaxAid Prime has also experienced exciting growth in the first quarter of 2022. Comparing the first quarter of 2022 to 2021 reflects an increase in the number of orders processed by approximately 300%, and units sold increased over 500%. We expect this growth to continue in 2022 as we expand our customer base to medical facilities and into the veterinary industry. In February 2022, the company announced a new venture with Exchange Health LLC, SOSRX LLC, a pharmaceutical marketplace platform. This new venture, SOSRX, is an exciting addition to the track feed and provides additional availability to short-dated overstock that would otherwise be subjected to destruction. Our SOSRX marketplace brings the manufacturers and wholesalers together, providing an efficient and transparent buying and selling process. The TraxAid and SOSRX marketplaces deliver radical price transparency, economy of scale, competition, and benefit the independent pharmacies and wholesalers while expanding the selling potential for such market participants. We believe that TraxAid and SOSRX platforms provide the opportunity to deliver more affordable prescription costs for consumers. TaxAid anticipates growth in this joint venture in 2022 as more progressive manufacturers are expected to address the public need for enhanced medication accessibility and reliable supply of cost-effective pharmaceuticals. In the cocktail market front, we continue to be proactive and presented at the Maxim Virtual Growth Conference on the panel Technology Improving Healthcare held on March 30th. I'll also be attending LD Micro Invitational, which will be held June 7th through June 9th. We attended these conferences with the goal of enhancing broader investor awareness of our company. Now I'd like to turn the call over to our Chief Financial Officer, Janet Hoffman, to walk through some key financial strengths from the first quarter of 2022. Thank you, Srin.