Good day and thank you for standing by. Welcome to the ReShape Lifesciences First Quarter 2022 Earnings Webcast. I would now like to hand the conference over to Michael Miller of Rx Communications. Please go ahead, sir.

Good morning, and thank you for joining the ReShape Lifesciences first quarter 2022 earnings webcast. I'm pleased to be joined by Bart Bandy, President and Chief Executive Officer of ReShape Lifesciences Inc., who will provide an overview of the company's activity during the first quarter and milestones to-date. Tom Stankovich, Chief Financial Officer of ReShape, will then review the financial results for the quarter and then turn the call back over to Bart to finish. As a reminder, this conference call, as well as ReShape Lifesciences' SEC filings and website, including the Investor Information section of the website, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those discussed due to known and unknown risks, uncertainties, and other factors. These and additional risks and uncertainties are described more fully in the company's filings with the Securities and Exchange Commission, including those factors identified as risk factors in the company’s most recent Annual Report on Form 10-K. As an additional reminder, ReShape’s stock is listed on NASDAQ trading under the ticker symbol RSLS. I will now turn the call over to Bart Bandy, President and CEO of ReShape Lifesciences. Bart?

Thanks Michael. Good morning everyone, and thank you for joining us today. As most of you are aware with the emergence of the fast-spreading COVID-19 Omicron variant in late 2021, which resulted in a marked rise in global cases, elective procedures across the board had literally ground to a halt nationwide. This in-turn affected revenues across the spectrum of medical technology companies, primarily those with product centered on elective procedures. In line with this undisputable fact, ReShape’s first quarter revenues were impacted by the closing of a significant number of bariatric centers during that time. That said, as these restrictions on elective procedures were subsequently lifted late in the first quarter, we began to see a solid uptick in sales. We were particularly encouraged by the revenue generation we saw in March, which eclipsed our sales in January and February combined. Importantly, this part of revenue trend has extended into the second quarter and we expect sales to continue to grow throughout the year, [indiscernible] by our multi-platform direct-to-consumer advertising campaign. As a reminder, this DTC campaign utilizes strategically placed national television, print, digital media, and public relations in order to market our Lap-Band program with available after care supported through ReShape Care, our reimbursable virtual health coaching platform that can also support weight loss objectives for people who are not surgery candidates. Our goal is to create and build consumer engagement leading to increased patient demand for our insurance reimbursed, next generation Lap-Band program and suite, a physician led weight loss support solutions, which also leads to a rise in bariatric surgeon engagement. The results of this campaign have been overwhelmingly positive thus far and recognizing that the four to six month mandatory weight period imposed by insurers creates a lag between early engagement and actual procedures. We are…

Thanks Bart. And once again thank you all for joining our webcast this morning. Our revenue totaled 2.4 million for the three months ended March 31, 2022, which represents a contraction of 24.2% or 800,000 for the same period in 2021. As Bart explained, the primary reason for this decline is due to the COVID-19 Omicron variant, which caused a significant number of bariatric centers to close from December 2021 through February 2022. During March 2022, we did experience a significant increase in revenue, compared to January and February 2022 as the Omicron variant began to subside. We expect our revenue will continue to increase through the remainder of 2022 as we have witnessed a significant growth in web traffic and doctor consultations attributable to our direct-to-consumer marketing campaign that we launched during the fourth quarter of 2021. We reported gross profit of 1.2 million, compared to 2.3 million for the three-months ended March 31, 2021, a decrease of 1.1 million. Gross profit as a percentage of total revenue for the three months ended March 31, 2022 was 50%, compared to 71% for the same period in 2021. The decrease in gross profit margin is primarily due to the reduction in revenue for the quarter, combined with other department expenses, which are more fixed in nature such as: payroll related expenses, consulting fees, depreciation along with increased freight costs. Sales and marketing expenses for the three months ended March 31, 2022 increased by 3.5 million to 4.7 million, compared to 1.2 million for the same period in 2021. The increase is primarily due to an increase in advertising and marketing costs of 3 million, after having launched the direct-to-consumer marketing campaign during the fourth quarter of 2021 and expanding this campaign during the first quarter of 2022. There were also…

I hope we have been successful in relaying how excited we are about the future of the Lap-Band program. The results we saw in just the month of March, April, and to date in May, are testament to the value that this program and the company can bring to the weight loss market. We believe wholeheartedly that the proven benefits offered by the FDA approved minimally invasive safe and effective Lap-Band and suite of weight loss solutions will continue to attract interest as our DTC and other visibility campaigns expand and achieve more market penetration and thus improved revenue for ReShape as we help the millions of patients seeking physician led weight loss solutions and an improved quality of life. Thank you to our board members, executive leadership team, employees, customers, vendors, existing and new shareholders for your continued support of ReShape as we progress on our mission to become the premier physician led weight loss company. We look forward to reporting our results over the coming quarters.

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