Opko Health, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the Opco Health Fourth Quarter 2020 Financial Results Conference Call. At this time, all participant lines are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you need to press star 1 on your telephone. Please be advised that today's conference is being recorded, and if you require any further assistance, please press star 0. I would now like to hand the conference to your speaker today, Yvonne Briggs at LHA Investor Relations. Please go ahead, ma'am.

Thank you, Operator, and good afternoon. This is Yvonne Briggs with LHA. Thank you all for joining today's call to discuss Opco Health's financial results for the fourth quarter of 2020. I'd like to remind you that any statements made during this call by management other than statements of historical fact will be considered forward-looking and as such will be subject to risks and uncertainties that can materially affect the company's expected results. Those forward-looking statements include, without limitation, the various risks described in the company's SEC filings, including the annual report on Form 10-K for the year ended December 31, 2020, and in subsequently filed SEC reports. Importantly, this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, February 18th, 2021. Except as required by law, OPCO undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. Before we begin, let me review the format for today's call. Dr. Philip Frost, Chairman and Chief Executive Officer, will open the call. Then Steven Rubin, OPCO's Executive Vice President, will provide a business update and pipeline review, and then Dr. John Cohen will discuss bioreference laboratories. After that, Adam Mogul, OPCO's CFO, will review the company's fourth quarter financial results, and then we'll open the call to questions. Now I'd like to turn the call over to Dr. Frost.

Good afternoon, and thank you for joining the call today. Today we're reporting record revenues earnings, and cash from operations for the fourth quarter and full year 2020. Although every aspect of OpcoHealth was touched by COVID-19 during 2020, I'm particularly proud of our hardworking teams at BioReference Laboratories as they rose to the challenge of scaling up COVID-19 testing services at an unprecedented pace in a fast-moving and highly uncertain environment. We've made significant investments in human resources, adopted innovative new testing models with our retail partners, invested in state-of-the-art technologies, and reconfigured our laboratories to expand our testing capacity and deliver timely results. The ability to ramp up capacity while maintaining accurate results and rapid turnaround times reflects the talent and dedication of BRL's management team and employees. We had record COVID-19 PCR testing volume during the fourth quarter, although our base business, which has substantially recovered during the summer and fall, stalled towards the end of the fourth quarter due to the surge in COVID-19 cases across the country. We believe BRL's base business will largely return to historical levels and beyond as the vaccination rollout continues and fewer new cases are reported. We've seen a significant interest in the capability of bioreference to compete on the national stage by the number and diversity of industries that now seek us to deliver highly complex COVID-19 solutions. And while demand for COVID-19 testing is likely to decline, We believe it will continue into 2022 and beyond. We're encouraged by the new administration's focus on increasing testing availability across the country and their approach to controlling the pandemic by expanding the availability of testing supplies and enhancing laboratory testing capacity. Despite the pandemic, our pharmaceutical business has made great strides. A highlight earlier this year was the joint announcement with our partner Pfizer that the FDA accepted for filing the biologics license application for somatrogen, our long-acting human growth hormone. In addition, an NDA was submitted in Japan for somatrogen, and we're expecting Pfizer to soon make a regulatory submission in Europe. In the U.S., demand for reality continues to be impacted by the pandemic-related restrictions. and remains below pre-COVID levels. Overseas, our partner V4 Fresenius continues to receive marketing approvals in Europe and is planning a commercial launch later this year. During last year's fourth quarter, we began a phase two trial with Rialdi in COVID-19 patients. Our decision to undertake this trial follows numerous independent studies that indicate an inverse correlation between blood vitamin D levels and COVID-19 risk and severity. This trial is ongoing. We look forward to updating you on results when they become available. I want to thank all Opco employees who have worked tirelessly over the past year. I am proud of what we achieved in 2020, and I'm optimistic about what we can accomplish in 2021. I'll now turn the call over to Steve Rubin to further discuss our business. Steve?