UpHealth, Inc.

and welcome to Upheld's second quarter 2023 earnings conference call. At this time, all participants are in the listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Shannon Devine, Investor Relations. Thank you, Ms. Devine. You may begin.

Thank you, operator. During today's call, management will be making forward-looking statements. Please refer to the company's SEC filings, including the company's annual report on Form 10-K and quarterly report on Form 10-Q, to be filed for a summary of the forward-looking statements, the risks, uncertainties, and other factors that could cause actual results to differ materially from those forward-looking statements. Up Health cautions investors not to place undue reliance on any forward-looking statements. The company does not undertake and specifically disclaims any obligation to update or revise the statements to reflect new circumstances or unanticipated events that occur, except as required by law. Throughout today's call, we'll refer to pro forma revenues, pro forma gross margins, and adjusted EBITDA. These metrics are not determined in accordance with GAAP and therefore are susceptible to varying calculations. Definitions, calculations, and reconciliations for financial statements of these non-GAAP measures can be found in the table included in our press release. We believe these non-GAAP measures of Uphill's financial results provide useful information regarding certain financial and business trends and the results of our operations. And now, I will turn the call over to Sam Becke, Uphill's Chief Executive Officer. Sam?

Thank you, Shannon. Good afternoon, everyone. I appreciate your joining us today. I am very happy to report strong second quarter performance, which builds upon the results that we shared with you in May. We continue to execute on our plans to recalibrate our business, and our second quarter results demonstrate that our narrow focus and our commitment to delivering consistent, steady results is taking the company in a positive direction. While maintaining our keen focus on the bottom line in the second quarter, we pivot our business to growth and continuing to execute on our strategies. Our team has performed well, and as a result, we are increasing our previously stated outlook for the full year 2023, which I'll let Martin address in more detail. As we dive deeper into our results, it is important to remember that Uphouse is not the same company it was a year ago, as a result of various actions that we have taken to concentrate our efforts on the higher growth, higher margin segments of our business. we have taken a comprehensive inventory of our data and our opportunities and continuing to serve our customers and enhance our business using new AI and data and analytics-based solutions. In virtual care infrastructure, the focus of the team is on the U.S. telehealth market and growing our offerings in the 2,900 healthcare facilities that we serve nationwide. In our services business, we are focused on driving growth in our TPC healthcare facilities by improving occupancy rates and driving geographic expansion. As reported last quarter, we streamlined our strategy and solidified our balance sheet by divesting Innovations Group Incorporated and winding down our Missouri-based behavioral health business. Finally, we continue to focus on integrated care management and expanding our professional services revenue in our existing customer base while pursuing new license agreements. We believe these three businesses provide the best opportunity for us to grow. These businesses compete in areas with substantial addressable markets. Our technology solutions and our technology-enabled services address significant customer problems, and our solutions have been validated by the market. We continue to refine our value proposition, and we believe that strong, fundamental execution and delighting our customers is the key to achieving our mission of enabling high-quality, affordable, and accessible healthcare for everyone. This quarter's financial results fully show the impacts of the deconsolidation of global, the divestment of IGI, and the wind-down of the behavioral health business. Each of these actions is a significant milestone toward right-sizing our business and streamlining our core business segments. I'd like to spend a few minutes sharing some of our business highlights this quarter. Within our virtual care segment, our U.S. telehealth business signed contracts with 27 new clients will generate incremental revenues over the next 12 months. Additionally, we had minute utilization of 15.6 million minutes, representing growth of 47% in the second quarter over the same period last year, resulting in the business delivering $16.8 million a month. Our services segment revenues of 15.5 million were impacted by the strategic sale of IGI, coupled with the decision to wind down the behavioral health business, in the first and second quarters of 2022. We continue to see strong revenue of $11.1 million in our present services business, with 15% utilization growth over the same period last year. In our integrated care management segment, we refined our go-to-market strategy and have seen an increase in our professional services, grabbing revenues of $5.5 million this quarter. We remain optimistic about the outlook for this segment for the remainder of the year. Importantly, we are happy to report that all three segments were EBITDA positive on an adjusted basis this past quarter. Our up-to-date innovation lab launched in the first quarter is well underway, and we are in the process of developing use cases with our strategic clients to validate our hypotheses with the market. A key activity in our pivot to growth has been increasing the size, velocity, and quality of opportunities in our pipeline. We made significant progress on this in the second quarter. Total pipeline increased by 6% over the first quarter of 2020. The velocity of opportunities moving through the pipeline increased as we closed out 20% of the total opportunities in the pipeline during the quarter. We made investments in additional sales and business development roles in the second quarter to improve our sales and bidding processes and to amplify our ability to add significant pipeline for us to pursue. These resources are shifting from focusing on a smaller group of health systems to an expanded group of larger health system opportunities to build upon our success in the provider market. We continue to focus on expenses and aligning our cost structure to our revenue. Through the first six months of 2023, we reduced, as a percentage of revenue, total sales and marketing, R&D, and general and administrative expenses from 44% in the first half of 2022 41% in the first half of 2023. Turning specifically to our second quarter results. At a high level, our second quarter was notable. Revenues in the second quarter of 2023 were $37.8 million compared to $43.7 million in the second quarter last year. Again, it is important to keep in mind that the second quarter 2023 results do not include a full quarter's worth of performance from IGI or the behavioral health business, and that we were on down or any revenues in bulk. Gross margins continue to expand to 53% from 48% in the second quarter of 2022 as a result of improvements across the business and favorable payer banks. Adjusted EBITDA for the second quarter of 2023 improved by 1.3 million to 5.3 million compared to adjusted EBITDA for the second quarter of 2022 of $4 million. Year-to-date, early indicators are very positive, and we are pleased with the results thus far and plan to continue executing on our commitments, revenue that is growing appropriately, with a clear focus on converting earnings to positive free cash flow. Most importantly, our efforts have enabled us to focus on executing our plans of delivering solutions for our customers that combine technology and services to improve access to care, creating a world in which everyone, everywhere, can enjoy the best health. Before I turn the call over to Mark, I want to thank our shareholders and all of our constituents for continuing the journey with us. While much has been accomplished to date, and halfway through 2023, we are pleased with our improvements and fundamental execution, there remains work to be done. We have the right team in place to deliver on our strategic vision, and I can confidently say I'm excited about what lies ahead of us. I'll now turn the call over to Martin to discuss our financial results in detail before we open up the call for questions. Martin?