Biostem Technologies New

Hello and welcome to the BioSTEM Technologies third quarter 2025 earnings 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 session, and if you would like to ask a question during this time, please press star 1 on your telephone keypad. I would now like to turn the conference over to Tripp Taylor, Investor Relations. You may begin.

Good afternoon, everyone, and thank you for joining our conference call to discuss BioSTEM's third quarter 2025 financial results and corporate highlights. Leading the call today will be Jason Mataszewski, the company's chairman and chief executive officer, and Brandon Poe, the company's chief financial officer. Before we begin, I'd like to remind everyone that our remarks may contain forward-looking statements based on management's current expectations. These involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated. These risks are described in our filings with the OTC markets. Your caution not to place undue reliance on forward-looking statements which speak only as of the date made. The company undertakes no obligation to update them unless required by law. Today's financial results are unaudited and results may change pending the completion of our financial statement independent audit, including an audit of our restated financial statements which were released earlier today. Finally, this call also includes references to non-GAAP financial measures. A reconciliation to comparable GAAP measures and related information can be found in our earnings press release posted on the investor relations section of BioSTEM's website. With that, I'd now like to turn the call over to Jason Matyszewski.

Good afternoon, everyone, and thank you for joining us to discuss BioSTEM Technologies' third quarter results. This has been a busy and productive quarter for the company, and we're eager to share an update on the meaningful progress we've made across the business. I'd also like to welcome our CFO, Brandon Poe, who we introduced last quarter and will walk through our restated historical financials and Q3 financial results in a few minutes. This quarter, once again, demonstrated the resilience of our business model, our disciplined operations, and the strength of our team as we continued to execute through the headwinds of an evolving reimbursement landscape. While reported revenue was down modestly from Q2 under the current ASP Plus 6 reimbursement dynamics, we sold 40% more product on a volume basis. This highlights the strength of the underlying demand for our clinically validated advanced wound care products and BioSem's ability to grow market share even in a difficult pricing environment. BioSTEM remains well-positioned to lead through this transition and to emerge even stronger. We've now delivered seven consecutive quarters of positive adjusted EBITDA, maintained industry-leading gross margins, and continue to reinforce the financial, operational, and clinical foundation that will support our long-term growth strategy. The recent restatement of our historical financials will now be subject to audit in accordance with the U.S. GAAP as we prepare for our planned NASDAQ uplisting. Post-restatement and pre-uplisting, BioSTEM is emerging as one of the few profitable small-cap medical technology companies with differentiated IP and a proven clinical foundation. The setup into 2026 is asymmetrically positive. At the same time, we've taken important steps to position the company for continued market share gains, including advancing our bioretained clinical program, preparing to drive adoption as CMS payment reform takes effect in 2026, expanding patient access through new payers and sites of care, such as Medicaid and the VA, and continuing to evaluate strategic acquisitions that diversify our product portfolio and commercial reach. Before we do a deeper dive into our business updates, I want to address our restated financial statements, and then Brandon will provide more color. At first glance, our restated financials look substantially different than what we have provided in prior quarters. However, the only change that has been made is regarding the geography of our bona fide service fees paid to distribution partner Venture Medical. The net result on the income statement is a reduction in top-line revenue and an equivalent reduction in sales and marketing expense, which results in no change to EBITDA or net income. The resilience of our business model is clear as our gross margins and efficient cost structure enable continued profitability and demonstrate the potential to generate substantial cash flow as we scale the business. Restating the financials is an important milestone representing progress on the path to our uplisting. Now, I'll turn the call over to our CFO, Brandon Poe, to walk through the restated financials and our third quarter results in detail.