Good day, ladies and gentlemen, and welcome to the IsoRay Third Quarter Fiscal 2019 Call. All lines have been placed in a listen-only mode and the floor will be open for your questions and comments following the presentation. [Operator Instructions]. At this time, it’s my pleasure to turn the floor over to Mr. Mark Levin. Sir, the floor is yours.

Thank you, operator. Good afternoon and thank you for joining us today for the IsoRay fiscal third quarter 2019 earnings call for the quarter ended March 31, 2019. Before we get started, I will take a few minutes to read the forward-looking statements. Certain statements in this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this conference call, words such as will, believe, expect, anticipate, encourage, and similar expressions as they relate to the company or its management as well as assumptions made by and information currently available to the company’s management identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and beliefs about future events. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances and the company undertakes no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether resulting from such changes, new information, subsequent events or otherwise. Additional information concerning forward-looking statements is contained under the heading of Safe Harbor statement and Risk Factors listed from time-to-time in the company's filings with the Securities and Exchange Commission. Statements made on today's call are as of today, May 9, 2019. We will begin today's call with Lori Woods, IsoRay's Chief Executive Officer. And then Jonathan Hunt, IsoRay's Chief Financial Officer, who will discuss the fiscal third quarter financial results. Following their prepared remarks, we will take questions from our analysts and institutional investors. I will now turn the call over to Lori Woods.

Thank you, Mark. Good afternoon, and thank you for joining us today for IsoRay’s fiscal third quarter 2019 earnings conference call for the quarter ended March 31, 2019. I will begin our call with some highlights from the third quarter’s financial results and then I will give some updates on the recently launched products as well as other developments and ongoing strategic initiatives. I will then turn the call over to IsoRay’s Chief Financial Officer, Jonathan Hunt, who will provide a more detailed review of the fiscal third quarter 2019 financial results. We are pleased to report another quarter of record revenue, gross margin and gross profit. This fiscal third quarter of 2019 marks our eighth consecutive quarter of double-digit revenue growth with sales growing 22% over the year-ago quarter. Once again, the key driver of growth this quarter was IsoRay’s core prostate brachytherapy revenue which increased 30% versus the fiscal third quarter of 2018. We continue to see our sales and marketing strategies drive increased adoption, awareness and utilization of our proprietary isotope Cesium-131 in the treatment of patients battling prostate cancer. This quarter’s growth is encouraging as the results speak to our strategic initiative and the focus we have on growing our leadership position within the prostate brachytherapy market. These efforts such as complementary product introductions and improved marketing and media are driving awareness to both clinicians and patients. We are seeing the payoff in the resulting opportunities to develop new customers as well as further expand our relationship with existing customers. We also believe that the research growth trajectory of our prostate business is resulting from physicians, payers and patients increasingly considering the overall brachytherapy treatment advantages, driven in part by our consistent messaging and focused market outreach. It is our sense that building awareness of Cesium-131’s…

Thank you, Lori. I am going to discuss some of the financial information that was contained in our press release for the fiscal third quarter ended March 31, 2019 that we released a short while ago. We anticipate that our Form 10-Q will be filed with the SEC on or around May 14. Revenue for the third quarter ended March 31, 2019 grew 22% to a record $1.92 million versus $1.57 million for the same period last year. Third quarter revenue was comprised of 88% for prostate brachytherapy with the balance or 12% of revenue attributed to other brachytherapy, the majority of which is sales to treat brain cancer, including the initial sales of GammaTile Therapy to GT Medical Technologies, which Lori spoke of earlier. Gross profit as a percentage of revenues for the third quarter ended March 31, 2019 increased to a record 45.7% compared to 38.7% for the quarter ended March 31, 2018 and 40.2% in the fiscal second quarter of 2019. The gross margin increase was primarily driven by higher sales, continued operating efficiencies as well as increased isotope unit cost primarily resulting from the adjustment to our isotope supply chain we made at the end of calendar year 2018. Record third quarter gross profit dollars of $879,000 increased 44% when compared to the same period last year. Total operating expenses consisting of sales and marketing, general and administrative and research and development were $2.04 million in the quarter versus $1.95 million in fiscal third quarter 2018. Total R&D expense decreased 37% versus the comparable prior year quarter to $299,000. Collaborative research expenses related to GammaTile Therapy totaled $156,000 in the fiscal third quarter of 2018 which preceded the July 2018 FDA 510(k) approval of GammaTile Therapy and those expenses declined to $0 this quarter. This accounted…

Thank you, Jonathan. That concludes our prepared remarks. The operator will now take questions from our analysts and institutional investors.

Thank you. The floor is now open for your questions. [Operator Instructions]. We’ll take our first question from Ed Woo with Ascendant Capital.

Yes. I saw that you guys recently extended your contract with GT Medical. Has there been any big change in terms?

Hi, Ed. Good afternoon. Yes, we amended our agreement with GT Medical Technologies on April 26. And the reason we did that was because we have now transferred – we’ve now done the design transfer and handed off all of the work to GT Medical Technologies. And post handing off the design transfer, we are helping GammaTile do some process improvement work. And so we’ve changed the agreement so that it will allow for that and allow for us to do some consulting work with them that we bill on a time and materials basis based on market-based rates.

Great. Well, thanks for answering my question and I wish you good luck.

Thanks so much, Ed.

At this time, there appears to be no further questions. I’d like to turn the call back over to Ms. Woods for any closing comments.

Thank you all for joining us today. We understand that there’s multiple companies reporting this afternoon and that there are number of scheduling conflicts. We look forward to talking to you on our fourth quarter earnings conference call in September. Thanks again.

This does conclude today’s teleconference. We appreciate your participation. You may disconnect at this time and have a great day.