Scientific Industries Inc

Good day and welcome to the Scientific Industries Report's fourth quarter and fiscal year 2024 financial results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. Please note that this event is being recorded. I would now like to turn the conference over to Joe Diaz with some partners. Please go ahead.

Thank you. Good morning and thank all of you for joining us today. to review scientific industry's financial results for the fiscal year 2024, ended December 31, 2024. With us today on the call are Helena Santos, Chief Executive Officer, Daniel Donaghy, CEO of SBI, and John Moore, Chairman. After the conclusion of today's prepared remarks, we will open, pardon me, before we begin, This call, I would like to remind all that except for the statements of historical fact, this conference may contain forward-looking statements that involve risks and uncertainties, some of which are detailed under risk factors in 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, 2024. 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 Industries 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 thanks to our loyal shareholders for their continued support during this pivotal time for our company. Fiscal 2024 was a transformative year for us in several ways. First, we welcome two valuable board members, Mr. John Nichols. He's the former CEO of NASDAQ listed Codexis, a synthetic biology company. And later, we welcomed Mr. Michael Blackmon. He's former president of a pharma process control provider named ACC Inc. Both John and Michael's expertise are valuable as we position our company for significant growth. Second, we streamlined our organization and improved operational efficiency. By doing that, we reduced operating expenses by nearly $3 million. and we kept cash used in operations by $2.5 million. Third, we launched the final hardware component of our vivid pharmacy automation product line, the workstation. This state-of-the-art pill counter integrates high precision counting with powerful PT capabilities, helping pharmacies improve workflow and system integration. Fourth, As Daniel Dynady will discuss shortly, right after me, SBI, or our bioprocessing segment, made significant strides in product development and commercialization, launching our DOTS, MPS, and the DO pills on time, and we entered fiscal 2025 with a strong pipeline of opportunities. So let me give a brief summary of our financial results for calendar year 24. Starting with benchtop laboratory equipment segments. Despite challenges in the lab equipment industry related to the stocking from the COVID inventory, build out, and other economic factors, as we all know, our Genie product line sales were only 3.6% lower than the prior year. Then regarding our Torval and our Vivid pill counter, We are optimistic about the future of our Torvald business, particularly after overcoming industry cash flow challenges related to PBM rule changes in the independent pharmacy market. Sales were down in the first half of 2024, but improved in the latter half. The recent launch of the Vivid Workstation is a potential game-changer. offering not only superior pill counting, but also pharmacy management functions in one space-saving unit. It's ideal for the growing telepharmacy market, the remote pharmacy operations market, and fulfilling state-imposed verification requirements. I'm happy to say that we've sold our first six workstations through our exclusive U.S. distribution partner, RX Systems. who is replacing the industry first mover ICONS product with our own vivid pill counters. Rx plans to replace the aging fleet about 13,000 ICON units and to upsell to the targeted nearly 20,000 independent pharmacies currently using outdated manual or mechanical counting methods And this isn't even touching upon the bigger chains of about another 45,000 pharmacies. We are very encouraged by the market reaction to the workstation at our first few pharmacy trade shows of the year. And then, regarding our bioprocessing segment, Daniel will provide an overview of our high-growth bioprocessing operations right after me, which we are very excited about. As I look ahead for fiscal 2025, I believe we are poised for an exciting year. Our Torval business expanding with multiple workstation units in place, and we are preparing for the launch of a machine learning model by the end of fiscal 2025, positioning us at the forefront of automated pill counting. And our bioprocessing segment has strong momentum. especially with our shift towards the large mammalian cell culture market, which Daniel is going to speak about. We will continue to be good stewards of our company's finances and make good investments to position us as a world-class bioprocessing company in years to come. And with that, I'm going to turn it over to Mr. Donadie to discuss our exciting bioprocessing business segment. Daniel? Daniel?