Nephros, Inc.

Good afternoon, everyone, and welcome to the NEFROS Incorporated first quarter 2023 financial results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one on your touchtone telephones. To withdraw your question, you may press star and two. Please also note that today's event is being recorded. At this time, I'd like to turn the floor over to Kieran Smith, Investor Relations. Please go ahead.

Good afternoon, everyone. This is Kieran Smith with PCG Advisory. Thank you all for participating in NEFROS' first quarter 2023 conference call. Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements regarding the operations and future results of NEFROS. I encourage you to review Nefros' filings with the Securities and Exchange Commission, including without limitation the company's forms 8A and 10Q, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Factors that may affect the company's future results include, but are not limited to, Nefros' ability to successfully, timely, and cost-effectively market and sell its products and services offerings, the rate of adoption of its products and services by hospitals and other healthcare providers, the success of its commercialization efforts, and the effect of existing and new regulatory requirements on NEPHRO's business and other economic and competitive factors. The content of this conference call contains time-sensitive information that is accurate only as of the date of the live call, today, May 10th, 2023. The company undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call, except as required by law. I would now like to turn the call over to NEPHRO's President and Chief Executive Officer, Andy Astor. Andy, please go ahead.

Thank you, Karen, and good afternoon, everyone, and welcome to the call. I am pleased to report and comment on our first quarter 2023 results. which reflects significant improvements in our operating performance. I am particularly pleased to report that net revenue for the quarter was $3.7 million, a 71% increase over last year. Some of the growth was the result of an unusually large emergency response order. However, even without that order, revenue would have been $3.1 million, a 40% increase over last year. A second highlight is that we achieved positive cash flow this quarter, several months earlier than our target of mid-year 2023. While future net cash flows may fluctuate somewhat, our first quarter results confirm our belief that we are well on the path to financial self-sustainability coupled with higher revenue growth rates and profitability in the near future thereafter. As I have commented in prior calls, NEFROS took multiple actions over the past year in the pursuit of these results, including broad headcount and other expense reductions, the disposition of our pathogen detection systems business segment, and the recent cessation of operations by our subsidiary specialty renal products. We also implemented two price increases during 2022, doubled the size of our sales team, and relaunched our commercial filtration business. With Nefros now in a stronger position, the timing is excellent for us to put in place a succession plan and for me to retire in the coming months. As we announced on Monday, Robert Banks has joined us and tomorrow will assume the title of president and CEO. I will remain with the company as an advisor and interim CFO until we recruit and train a permanent CFO. And I'm very pleased now to invite Robert to say a few words to you after which I will return with a financial summary. Robert, please go ahead.