TRxADE HEALTH, Inc.

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to TRAXAID Health's Quarter 1, 2023 Earnings Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. The earnings press release accompanying this conference call was issued at the close of the market today. The company's quarterly report, which includes additional information regarding the company's results of operations for the three months ended March 31st, 2023, was filed with the SEC earlier today. On our call today is TrackState Health's founder, chairman, and chief executive officer, Surin Ajarapu, and Prashant Patel, its interim 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 Prashant Patel, the company's interim chief financial officer. Prashant, the floor is yours.

Thank you, operator, and thank you for joining us today. I'd like to welcome you to our Q1 2023 financial results conference call. Our press release announcing our Q1 2023 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 will include forward-looking statements. These statements include, but are not limited to, our outlook for the company and statements that estimate our project's future results of operations or the performance of the company, including the potential continued impact of COVID-19, increased interest rates and inflation of 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 review any forward-looking statements that may be made in today's press release, call, or webcast. These statements are not a guarantee future performance and are subject to risks, uncertainties, and assumptions. Information on risks, uncertainties, and assumptions that may cause actual results to differ materially from forward-looking statements, please refer to the press release risk factors and documents we file with the Securities and Exchange Commission. These documents include but are not limited to our most recent annual report on Form 10-K, and subsequently filed periodic report or current report on Form 8-K. In addition, during today's call and webcast, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Brexit performance. These non-GAAP measures should be considered in addition to and not as 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 2022. 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 Surendra Jharappu, the company's chief executive officer. Surendra, the floor is yours.

Thank you, Prashant. We continue to see improvement in 2023 for our core TracSeed pharmaceutical exchange platform. Our nationwide footprint continues to grow, and we remain committed to the focus of exciting new ways to support our large, growing network of registered users. With the development of technology and products for our local pharmacies, we are dedicated to supporting these pharmacies with new innovative products that better enable them to service their customers and strengthen loyalty to their local retail pharmacy. Before we do a more detailed walkthrough of financial and operational results for the first quarter of 2023, for those of you who are new to the company, I'd like to walk you through who we are, how we are digitalizing the retail pharmacy experience through the optimization of drug procurement and prescription journey and patient engagement. Prior to the launch of TraxAid, 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 approximately 19,400 independent pharmacies nationwide. We identified this market in efficiency 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 TrackSafe. We design, own, and operate a business-to-business web-based market platform, bringing together the nation's independent pharmacies with accredited national pharmaceutical suppliers to provide a uniquely efficient and transparent buying and selling process. Our platform lets independent pharmacies know that they're receiving a fair price from competing suppliers and a fair payment terms often with next day delivery. We believe this radical price transparency, economy of scale, and competition among suppliers leads to up to a 10% reduction in a pharmacy's total annual drug purchasing cost with a drug level savings of up to 90% on certain pharmaceutical products. Our platform saves pharmacies from having to manually compare prices across distributors, saving hundreds of hours of unnecessary labor annually and eliminating negative reimbursement or fulfilling a prescription at a loss. Our revenue model is simple. We operate in an administrative field of up to 6% of the buying price on generic pharmaceuticals and up to 1% on brand pharmaceuticals. a pass-through or pharmaceutical marketplace similar to a PayPal or Visa-like model. To date, we have seen incredible success in garnering attention from independent pharmacies nationwide, validating our business model. We currently have over 14,500 plus registered members on our platform with approximately 1,100 new registered members added in the first quarter of 2023 compared to the first quarter of 2022. Another exciting growth metric on TrackState platform includes a 7% increase in the volume of sales processed across our platform for the same comparable quarters. On January 20th, 2023, we entered into agreements to sell 100% of the outstanding membership interest in our subsidiary companies, community specialty pharmacy, and Alliance Pharma Solutions. The company will receive $245,000 in consideration for both the companies that agreed to enter into a master services agreement, which it is currently supporting. We expect the transactions to complete closing by June 30th, 2023. The full details on information regarding the transaction can be found on our form 8K filed with the Securities and Exchange Commission on January 23, 2023. The sale of these subsidiary companies is part of our plan to focus on our core business-to-business revenue model. I would like to now turn the call over to our Interim Chief Financial Officer, Prashant Patel, to walk through more key financial highlights from our first quarter of 2023. Thank you, Surendra.