Scientific Industries Inc

Good day and welcome to the Scientific Industries first quarter 2023 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Joe Dorme from Lithum Partners. Please go ahead.

Thanks, Jason. Good morning and thank you for joining us today to review the financial results of Scientific Industries for the first quarter of 2023, ended March 31st, 2023. With us today on the call are Helena Santos, Chief Executive Officer, Daniel Grunes, CEO of Scientific Bioprocessing, and John Moore, Chairman. After the conclusion of today's prepared remarks, we'll open the call for questions. Before we begin with prepared remarks, I would like to remind everyone certain statements made by the management team of scientific industries during this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Except for the statements of historical fact, this conference call may contain forward-looking statements that involve risks and uncertainties, some of which are detailed under risk factors and documents filed by the company with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended December 31, 2022. Forward-looking statements speak only as of the date the statements were made. The company can give no assurance that such forward-looking statements will prove to be correct. Scientific Industry does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. Now I'd like to turn the call over to Helena Santos, CEO of Scientific Industries. Helena?

Thank you, Joe, and thank you and welcome to Scientific Industry's Q1 conference call. Today's comments will be brief since our year-end earnings call was just about a month ago. So in the last call, we shared the price we paid for SBI, or Scientific Bioprocessing, Inc., and our Torvald division, and the quick paybacks we realized from those investments. We also shared how we have reinvested those funds, mostly in Scientific Bioprocessing, and to a lesser extent in the Torvald Vivid Automated Pill Counters, This to create further growth and shareholder value. The benchtop laboratory business is a combination of the Genie product line as well as the Torbell scale and Vivid automated pill counting products. While most life science tool businesses that benefited from helping battle the COVID epidemic, such as scientific industries, they are suffering today but our benchtop business reported an 8% increase in sales, and this is because of the 50% increase in the Torbell product revenue. I'm also excited that we have launched the first paid subscription service for Vivid, this in our 70-year history. We are anticipating a very high level of our installed and grown customer base to sign up for the subscription, which we expect... between 350 in the first year all the way up to 2,500 in five years. And just to remind you, every Vivid pill counter is sold with a fully paid up one year license so customers can experience the benefits of automation. We will add new paid subscribers on a rolling 12 month basis from the time of a customer purchase. Then there's U.S. federal track and trace regulations on prescription drugs, and this is supposed to come into effect this November of 2023, and we expect it could substantially accelerate the adoption of vivid systems and pill counters. So when we were seeking to transform scientific industries from a small, profitable, but slow-growing business into a much larger, much faster growing business that could more richly reward our shareholders, we didn't have to look much farther for inspiration than the Sartorius AMBER system and the revolutionary sensors we licensed over the years to them. We have in good authority that AMBER, which is a miniaturized Parallelized bioreactor system is the most profitable product sold by Sartorius, and this is a $23 billion market capitalization company. There have been over $1 billion in Ember systems sold to date. One company, Gengo Bioworks, has 196 systems at an average sales price of $1 million. That is remarkable investment for a startup, We have committed ourselves to expanding on our original technology and improving the form factor to widely expand the applications. The creative genius of the four Aquila Biolab founders have exceeded our expectations in this regard. And so I would now like to turn the call over to Daniel Grunus, the CEO of Scientific Bioprocessing and its predecessor, Akela Biolabs, so he can speak further about what we're doing at bioprocessing and all the excitement. Daniel?