RVL Pharmaceuticals plc

My name is Shelby and I will be your conference operator. At this time, I'd like to welcome everyone to the RVL Pharmaceuticals fourth quarter and full year 2022 financial results call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer period. At that time, if you have a question, please press star and one on your telephone keypad. As a reminder, this conference call is being recorded today, March 20th, 2023. It is now my pleasure to turn the floor over to Ms. Lisa Wilson, Investor Relations for RVL Pharmaceuticals. Please go ahead.

Thank you, Operator. Welcome to RVL Pharmaceuticals' fourth quarter 2022 financial results and commercial update call. This is Lisa Wilson, Investor Relations for RVL. With me on today's call are RVL's Chief Executive Officer, Brian Markison, Chief Operating Officer, J.D. Schaub, and Interim Chief Financial Officer, Mike DiPietro. This morning, the company issued a press release detailing financial results for the three months ended December 31st, 2022. This press release and a webcast of this call can be accessed through the investor section of the RVL website at rvlpharma.com. Before we get started, I would like to remind everyone that any statements made on today's conference call that express a belief, expectation, projection, forecast, anticipation, or intent regarding future events and the company's future performance may be considered forward-looking statements as defined by the Private Securities Litigation Reform Act. These forward-looking statements are based on information available to RDO's management as of today and involves risks and uncertainties, including those noted in this morning's press release and the company's filings with the Securities and Exchange Commission. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those projected in the forward-looking statements. RVL specifically disclaims any intent or obligation to update these forward-looking statements except as required by law. During this call, we refer to non-GAAP financial measures, such as adjusted EBITDA. For reconciliation of adjusted EBITDA to net income or loss from continuing operations, please see the tables at the end of today's press release. The archived webcast of this call will be available for one year on RVL's website, rvlpharma.com. For the benefit of those who may be listening to the replay or archived webcast, this call was held and recorded on Monday, March 20th, 2023. Since then, RVL may have made announcements related to the topics discussed, so please reference the company's most recent press releases and SEC filings. And with that, I'll turn the call over to RVL's CEO, Brian Markison.

Thank you, Lisa, and thank you, everyone, for joining our call this morning. Last year was a transformational year for RVL Pharmaceuticals. We launched into medical aesthetics and clearly created a new category in ocular aesthetics, a round-up NIC, for the treatment of blepharoptosis or droopy eyelid. We also opened two new commercial channels or customer segments. More specifically, we launched direct-to-practice sales in medical aesthetics and Two quarters later, we entered into two telemedicine partnerships. We also wound down personal selling in eye care, and I am pleased to share that our sales in that channel remain stable with a high percentage of refills supporting underlying demand. In fact, we will still consistently see adding more than 100 new up-need eye care prescribers each week. Clearly at some point in the future, we will revisit the potential in the eye care segment. We have barely scratched the surface with APNIC. And later in this call, JD will give more color around our early growth and will provide a view as to the untapped potential of this brand. But what I'd like to highlight very briefly is that fourth quarter aesthetic sales were comprised approximately of 50% reorder customers, which gives us clear signals into the traction. within our accounts and it's very exciting. UpNIC is uniquely positioned as a first in class cash pay product with no competition. Our model is designed to optimize patient and provider access across multiple channels, eye care, aesthetics, and now telemedicine, which we believe caters to a segment of the population that is reluctant to visit a clinician. As we look ahead, we are heavily focused on two near-term imperatives. First, the rollout of Elevate, our next-generation e-commerce portal, where we will be introducing subscription options across our aesthetics and eye care segments. And secondly, business development. We have been able to attract an outstanding sales and leadership team responsible for growing Upnique, and we believe that it's only natural to leverage our footprint and see if we can bring more into this company. Before I turn the call over to Mike, I will briefly describe a refinement to our revenue methodology that we recently adopted. Since the inception of our direct dispense model, in which we ship to our customers through a third-party logistics company, or 3PL, we have recognized sales upon shipment from the 3PL. As the company has grown in size and scale, we will now refine our methodology to record sales upon receipt to the final customer destination, starting with the fourth quarter of 2022. Therefore, approximately 2.3 million of net product sales that were a part of the previously disclosed 12.1 million will now be booked in Q1 of 2023. The $2.3 million of sales are supported by firm, unconditional orders and have all been received by the end customer. With that, I'd like to now turn the call over to Mike for a further review of our fourth quarter financials.