Theratechnologies Inc.

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Thera Technologies first quarter fiscal year 2023 earnings call. We would like to remind everyone that all figures on this call are quoted in US dollars. At this time, All participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session with analysts. Instructions will be provided at that time for you to queue up for questions. Following the analyst Q&A session, investors wishing to submit a question may do so by clicking the Ask a Question link on the webcast platform. If anyone has any difficulties hearing the conference, please press the star key followed by zero for operator assistance at any time. I would like to remind everyone that this conference call is being recorded today, Wednesday, April 12, 2023, at 8 a.m. Eastern Time. I will now turn the call over to Ms. Alif McDonald, Head of Investor Relations. Ms. McDonald, please go ahead.

Thank you, Andrew. And good morning, everyone. On the call today will be our President and Chief Executive Officer, Mr. Paul Levesque, and Chief Financial Officer, Mr. Philippe Dubuc, as well as our Global Commercial Officer, Mr. John Lasier. During our Q&A session, we will be joined by Dr. Christiane Marcellet, our Chief Medical Officer. Before we begin, I'd like to remind everyone that our remarks today contain forward-looking statements regarding our current and future plans, expectations, and intentions with respect to future events. Forward-looking statements are based on assumptions and there are risks that results obtained by Thera Technologies may differ materially from those statements. As such, the company cannot guarantee that any forward-looking statement will materialize and you are cautioned not to place undue reliance on them. We refer current and potential investors to the forward-looking information and risk factor sections of our management's discussion and analysis issued this morning and available on CDAR at www.cdar.com and on EDGAR at sec.gov. Forward-looking statements represent their technology's expectations as of April 11, 2023. Additionally, today, we are using the term Adjusted EBITDA, which is in accordance with International Financial Reporting Standards, abbreviated as IFRS, or U.S. Generally Accepted Accounting Principles, abbreviated as USGAP. Adjusted EBITDA excludes the effects of items that primarily reflect the impact of long-term investment and financing decisions rather than the results of day-to-day operations. Thera Technologies believes that this measure can be a useful indicator of its operational performance and financial condition from one period to another. The company uses this non-IFRS measure to make financial, strategic, and operating decisions. With that, I would now like to turn the conference over to our President and CEO, Paul Levesque. Paul?

Thank you, Elif, and good morning, everyone. I'm excited to report results for the first time since we have announced our new journey towards profitability. I'm expecting this journey to be rewarding for all shareholders seeing value creation at the end of the line. This said, I'm also expecting that the journey will come with quarter-to-quarter challenges as I've worked long enough in the industry to know that quarterly results may be impacted by external factors such as growth to net, inventory fluctuation, and difficult-to-anticipate returns that may all affect quarterly performance. And as a matter of fact, many of these factors have played out in the first quarter of 2023. With sales growth of 7% over first quarter of last year, we've had headwinds and one-time events that have played out against us this quarter. Philippe will provide additional color later in his section. However, and this is what counts, the underlying demand for a business is still very strong with both Egrifta and Trogarzo recording new enrollment growth of 26% and 22% respectively versus first quarter of last year. This is the reason why we are reaffirming 2023 full-year guidance of between $90 and $95 million. We maintain that all is in place for us to produce positive adjusted EBITDA towards the end of the fiscal year. Along the way, not only do we intend to deploy resources to increase top-line sales, we will also monitor and cut expenses to drive that positive result. To be even more transparent on customer-facing activity, I've asked at this time John Leisure, our global commercial officer, to provide additional colors and details on performance metrics. John will come in a bit later. But before that, let's discuss our pathway to resuming clinical development of our oncology program. I also want to remind everyone that pseudocetaxel zendusortide, which is the assigned generic compound name for Th1902, has been adopted. Moving forward, whatever we mentioned, pseudocetaxel xanthosortide, it is in reference to Th1902. Following the voluntary pause, we formed a scientific advisory committee, or SAC, to help determine the best developmental path forward for Th1902.