Surgalign Holdings, Inc.

Welcome to the Sugarline Holdings first quarter 2021 results conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, John Singer. Please go ahead.

Thank you, operator. Good afternoon, and thank you for joining the Surge Line Holdings, Inc.' 's first quarter conference call. Joining me today on the call is Terry Rich, our president and chief executive officer. Before we start, let me make the following disclosure. The earnings and other matters we will be discussing on this conference call will involve statements that are forward-looking. These statements are based on our management's current expectations. They are subject to various risks and uncertainties associated with our lines of business and with the economic environment in general. Our actual results may vary from our statements concerning our expectations about future events that are made during this call. We make no guarantees as to the accuracy of these statements. Accordingly, we urge you to consider all information about the company and not to place undue reliance on these forward-looking statements. During the call, we will also present certain financial information on a non-GAAP basis. Management believes that non-GAAP financial measures taken in conjunction with U.S. GAAP financial measures provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of our core operating results. Management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans to benchmark our performance externally against competitors and for certain compensation decisions. Reconciliations between U.S. GAAP and non-GAAP results are presented in the tables accompanying our earnings release, which can be found in the investor relations section of our website. Now, I will turn the call over to Terri.

On today's call, I'll begin by providing an overview of our first quarter performance, then turn the call over to John to provide a financial overview, after which I'll provide an update on the progress we have made thus far in 2021 before opening the line for questions. Total revenue for the first quarter was $23.3 million, down from $27.1 million during the first quarter of 2020. primarily driven by the negative impact of COVID-19 on elective procedures both in the U.S. and internationally. While our primary focus is the development of Holo and achieving key milestones during 2021, we continue to successfully deliver innovation within our product portfolio. During the first quarter, we launched a number of new products, including Fortalink in Europe and an expansion of Cofix in the United States. In addition, we recently acquired the assets of a fully capable medical device machine shop in San Diego, which will enable us to support the acceleration of our innovation agenda by providing our research and development team with state-of-the-art prototyping and manufacturing capabilities. The benefit of this investment was on display last week as we hosted a surgeon design meeting and turned out prototype implants for cadaveric testing in record time. This allowed us to quickly integrate the feedback into our next version of the design. This capability allows us to decrease the time to market and also allows for custom instruments to meet individual surgeon needs. Turning to Holo, we remain on track with the ongoing development of the platform and are very excited to announce that we have filed our initial 510 submission to the FDA for the Holo Surgical Intelligent Guidance System. With a clearance expected in the second half of 2021, We remain focused on incremental milestones leading up to the first U.S. cases being performed with the platform by the end of the year. With that, now I turn the call over to John for a financial review.