Scientific Industries Inc

Good day and welcome to the Scientific Industries Report's first quarter fiscal year 2024 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. To ask a question, you may press star then one on a touch tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Joe Dorme. Please go ahead.

Thanks, Nick. Good morning, and thank you for joining us today to review Scientific Industries' financial results for the first quarter of 2024, ended March 31, 2024. With us today on the call are Helena Santos, Chief Executive Officer, 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, 2023. 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 except as required by law. Now I'd like to turn the call over to Helena Santos, CEO of Scientific Industries. Helena?

Thank you, Joe, and thank you for joining us today. So, we entered 2024 having successfully raised the financing and doing our last closing in early January. which this enabled us to complete the development and launch of our new SBI DOT multi-parameter sensor platform, which John will talk a little bit more about. We're happy to say that we have begun to ship. This was subsequent to quarter end in April. And just to look ahead or look back, when John and I set about on this strategy to revitalize scientific industries, and put it on a path for growth, we recognize that both the Torbell business and the SBI business were important for that growth. So let me just take a moment to talk about the workstation, which is part of the Torbell. This third piece of hardware completes our line of automated pill counters, which provides to our customers automated pill countings. targeting 88,000 pharmacies across the U.S. What does this do? This puts us in a position where we are well on our way to have more new products and growth businesses in addition to our existing cash generating Genie line of products. And regarding our SBI products, I have to say that there is nothing more exciting for a new product than having orders in-house to ship when your new product becomes shippable. The fact that customers were willing to place their order and wait for it to be available to ship is a testament to our product. At the same time, we continue to market and sell our Aquila legacy products. Specifically, I'm talking about the CGQ and our liquid injection system. And as a result, our sales grew by over 40% from the same period last year. Again, related to our legacy products because we only started shipping our new SBI products subsequent to quarter end. We spent quite a bit of time and effort during Q1 on right-sizing our organization and putting in place operational efficiency measures with the goal of better aligning our expenditures and our people with requirements in the vision. So the result is that we right-sized the organization's headcount. That resulted in having what I believe is a world-class team. While most of the right-sizing steps taken were at the bioprocessing business segment, certain initiatives were also implemented across corporate activities and benchtop lab equipment operations to maximize our cash preservation while we build the rest of our company. This all began with our company's management and key employees volunteering for reduction in their cash comp with the view of investing in theirs and the company's future, which started in April. During the quarter, our company also gained a new board member, Mr. Michael Blackman. Michael brings a tremendous amount of experience and expertise to our company, and we also thank Marcus Frampton for his five years of excellent service to our company. He continues to be a great believer in our vision and a supporter of our company, even if he is not on the board of directors. And lastly, before I turn it over to John Moore, I wanted to report that we continued our work on the Vivid Workstation launch, which is making its debut at a trade show this week. The Vivid products, as most of you know, are primarily sold by our distributor, RX Systems. They're starting their trade show season right now, which continues into the fall, and so we expect the Vivid product line to resume its aggressive growth plan late into the year. And so I thank you and now turn it over to Mr. John Moore.