Pressure BioSciences (PBIO) 22 Nov 222022 Q3 Earnings call transcript

Company Profile

Participants

Richard Schumacher	executive
John Hollister	executive
Jeffrey Peterson	executive

Call transcript

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Operator

Good afternoon, ladies and gentlemen. Welcome to the Pressure BioSciences Q3 2022 Investor Call and Business Update. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Richard Schumacher, CEO. Sir, the floor is yours.

Richard Schumacher

Thank you, John. joining this for day. everybody, thanks, us gorgeous on And appreciate before much. Day days we it -- X Thanksgiving, very And I up would we a try little like take can. to invite and to we'll everybody then open the it all for and bit, questions questions to listen

week, hope, to We're Thanksgiving and to our to best we're it know try places short. has to it short going everyone going we to keep because keep it's and go, we do

I need to read. do before is forward-looking you I What have I'd statement to begin And on? like a Hollister, John

John Hollister

I am.

Richard Schumacher

in John front -- John, front you do of I me. because you read in have not that it's have it? you of

John Hollister

remarks I of Reform statements constitute Act forward-looking meaning Securities can The within Litigation do XXXX. following may of that. the the Private

other any known company unknown or results, may or statements which uncertainties results, from and the achievements achievements or statements. the by of Forward-looking different future risks, cause materially factors, such actual forward-looking performance implied performance expressed be and to involve

Such is Commission. to based. time statement filings reflect and updates release revisions in any Securities from statements with which forward-looking our any the factors in the such Exchange time to any publicly those conditions any change among or expressly or undertaking change events, company's disclaim or obligation to or include, to in expectations any We detailed others, any circumstances on

Richard Schumacher

John. you, Thank

John Hollister

You're welcome.

Richard Schumacher

Chairman. who John who of who me who just our today Sales before, Peterson, and joined Hollister, from, you Marketing; from you Jeff joining who So are before, guys our and X heard is us heard is Head have

. John, welcome, So welcome, Jeff. and

Jeffrey Peterson

you. to Great join

Richard Schumacher

then is to operational at quarter. of third about some fourth of some the talk do third quarter. the and to Then the goals look and going we're going talk results going and to the of quarter business the quarter about of third we're accomplishments financial we're briefly What

third for We John and and were expected not It's disappointed. quarter. Jeff very the what I

went that during the we third press quarter. As out, release the happened X in mentioned things

of all, they're come first number but we came that Most fourth they included them did of so coming in. October the our in of First in, quarter. and during a orders part of felt were in

So catch the third not quarter. we them in did

and on before, the we starting Shear about technology. at second XX% focus we've pretty would a this beginning talked started year on say, company call happened, big of is took where this to that thing the that of I the much, And the we pivot Ultra

technology, on bring company, And additional with the that working focus, part sales of not pressure were in cycling in trying to the particular. historical we into

made new suffered so a times This primarily but Ultra Bio. be And focusing This Pressure this bit, a company. is we've technology. Shear it that on that's company a going on to a the is its efforts is point -- multiple new

is can and it. small ramp even be most The would opportunities revenue have of the we big It extremely companies or is number that tremendous. love a technology have, quick and think to companies I

in So vast our we need Ultra efforts Shear of put to majority the technology.

quarter we in make launch we the to downturn into reasons the of come in could of Shear the after John focus September and the had in others that had we in product and QX. are sales sure have Ultra as in QX, marketing numbers a Ken after of the orders and for large the we that several in So and XX, end because particular

aren't has numbers, are seen revenue begin press not in from down, we've the to Agrichem with, release. seen. to time going the mentioned The of a was But many open to substantially down everybody the for Instrument were $XXX,XXX, there sales although as fourth there $XXX,XXX XX%. it sales in down lot down certainly this. XX%, sales were We quarter, XX%, but And sales as our up questions. I'm spend revenue was you've on will

shares The the been we've had per share number up operating previous was and awarded of loss from slightly over the the a down because loss have was year over that and quarter. about same, quarter the

-- We happen we because the not were going that this expected this but this happy. think change We're the could we to we is for happen. going that prepared So we're with and blessed We're company, to to think change world. we're technology gifted. it's

had a into of focus we're lot technology. the the because And happy progress that, Shear. we end, very on And Shear we've of Ultra in with Ultra other put

going little that takes he's and So John it sales add because guy it to a turn in in BaroFold, marketing, over some Shear. and just John, day smiling bit line day guy charge time the his little he chasing who to of of the you is sales every what on to but say, and I'm cycling bit I briefly to he's thinks historical is a every Ultra the pressure spending also when on about he's of

I said? just So John, want what to to add do you anything

John Hollister

Sure.

why me, clear so excited technology of grinding because has I base a Shear we're is Ultra think this example the been for business about along.

of get then We a the an not sale. going out And and those pushed have few for each -- and X the that because into the on and effect purchasing is slow can cycle didn't many budgets work great or happen to of the quarter units we're the quarter. it it grants a or when negative in on slow hard have were time it them push quarter, have to next can just effect

now. experiencing we're And right that

people accelerate this equation, little hand, as the but us about which other a quarter and also year. the built the more is this of demand we in talk other On up, of race and into us help are for new out feeling bit, this clearly a is we'll will bit quarter, side learn and super exciting fourth it pent-up Shear Ultra about the

to with turn think I'll So right it over that, I back Rick.

Richard Schumacher

right. John. Thanks, All

up on up We burner. say them XXX we still BaroFold, given the anyone not XXX questions have there, not has I close out If customers put we'll on customers not the there. at PCT. again, open have on all. So up middle for We've out on to given questions. we --

of of but new not effort spending to spending right we field. all BaroFold, in And We are of efforts taken but a instruments business find not We've PCT. all that have to bit little now at try tremendous. in in care we're the many

believe the batch. first we ship we that said happy are batch, night announce But again, out technology we how very we me, working forward. day Ultra would that incredible and as start this And first first we we've made in to in the the contract QX, manage Shear to figuring called go

approval control batch is expect and quality being it and and it year, to got the XX, ship wait we'll but will early we to then XX. done control We've to for internal And shipped XX hopefully, X we'll be that over on to #X. X, next from days, be be the on then XX quality external batch next

about that. excited very we're So

operational just they're I'm some highlights I on up And to going Q&A because going and important. touch then comments. we're to it think for open

if with skin an recognized greatest world. on in quarter, didn't as the webinar Denese. on so X the that's the happen top care a after was MD conference it happened of the XX, the quite October country, a PhD. not call Adrienne One highlights She's And in She's Dr. the when experts of quarter. I

better. on on there what deal was together. any asked, we years billion a the she a QVC And webinar tell and products, for improve we're we're good to said, with can is is but -- XX even Bio, going been my to some and they're $X.X already product and product going make good, to of I -- sold wants you of She's she were Pressure product, and she

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afterwards talking was years, has really to to there thing -- that XX product now asked wanted got she a she she people able has if that doesn't there's she always not and was and hair until that the that and #X absolutely has wanted calling out over me she was been the regrowth. said have But make anything

my formula, website. put through ability technology coming Shear said thinks effective with webinar the come available again, X And and the what Ultra skin, what ability X is X and Pressure and said she's our together would XX. she I the regrowth Bio plus -- hair a making -- a and And with through be from their she she that molecules with equal is get think the to very up to

working on excited very she's the about So it. We're already development.

then out season. and year. have And terrific before hoping time She thought well things the it this had that's And she at or by time formula release are we press a in XX, out me the is take shown months. to growth a effective an from put she on because that enough wouldn't now might October the and hair it XX have she thinks told that holiday available next months QVC during XX be going to holiday mentioned

exciting was us. that for So

to of peas the They're take launch data were inexpensive is Ultra are drinks out because and by almost proteins the in State. these of quarter, They our very that product plant-based they're out We that the fourth presented about talked getting the talked grow. was lot exciting people CBD plants, using They for it grow protein anywhere. We taking. a of of happen about going first to Shear but peas and happening. are use Ohio that's able to

meeting, And our the from But very to of indicating out. at important up of good State, very partner difficult to out a good that in data presented getting peas. amounts protein now, they consortium in protein peas it's get successful been were Ohio

the go. which indicated products. number are have up, the us. raring Jeff our that we're to they in to is our had come being with things as Once are have It work faster, call, is that efficiently to set reduce in there people we're developed all And that and to make better quarter. John go. will now of set on and thrilled who's movement into our a So We've talking people a talking is I to have we've instrument always making cost of interested more and all, been raring out that up in lot just and tolling

first with We started the contract.

and working hard several cannabis. largest were not the helping meeting did -- if in. Jeff, largest, you to a fulfill. the out in have are world the start -- with on briefly, very more at just job of team more we bring X us And We to bang-up John to his very large us, the

minute a or to you our on the for walked know there on let can went the your give people thoughts about X And investors about We CBD. phone to meeting. around, us our ability you CBD

Jeffrey Peterson

I'll X with I going be community exciting lower so title San beverage in in provided the glad to. cannabis terms how attend on within on. industry spirits John beverage has actually and sort and the were the like of products with given earlier cannabis format conferences, such in familiar motion what the focusing the dose in take members the and conferences of to team modifying opportunity and consumers wine, quite of and in gone their and being other mood before that a to Chicago, of on astonishing Francisco cannabis space beer, had X

that was the months. to exciting over see it very last So few

part, Cannabis coming Vegas last X XX of Business perhaps a of days, hours and there was Las maybe And is to nearly exhibition week mention people the the in pivotal cover constant of Conference floor and the over simply then walking you sense XX% to to the speak booth. of conference it, about people my give to not on to this flow

tremendous the that was interest story productive that it share an were circulated anticipatory and in we just as going of left, incredibly we're what off general. doing right a the And the now And and light nanoemulsion has bulbs enough conference. story is able of to really there's something amount were

Richard Schumacher

it open up want John, questions. something, to do for add we'll you then

John Hollister

to. I Yes, love would

for touched like Jeff of where which The have it we exciting months, and reentered us couple very were love X So world those was the sell, last COVID of actually customers the who again. back felt on of to you get we very, home post see of to meetings meetings. potential

cannabis-focused. SupplySide more also drinks cannabis It's was referring not meeting MJBiz. Jeff the expo to nutraceutical, health West, recently, and label addition that in and cannabis again, also In cosmeceutical attended a to Most York, is, was white drinks New food which we which oriented related.

value with the nanoemulsion. X of the achieving proposition But uniform there, Two, is that dissatisfaction found the very awareness is level out of a existing processes message which high is was of for nanoemulsions definitely great.

they're getting could meeting other the that Shear -- in what launching created That products we're products. nanoemulse those expectations into are instance they're doing And a just the Ultra lots that met with expectations clearer technology not which we're complaints to increasingly going been we are process, are products these we that stability, the these and separating expectations Shear that after not and is current technology. -- way different offerings, deliver for is products be being our Ultra nanoemulsions or them beverages a has expectations of exceed there And for infused were to are processes. but to going by and the marketplace superior different be confident processed through about

more came and be to excited. us produce samples they want and couldn't us want the daunting customers It's produce number us to of immediately that I to immediately. So

it with I'll turn Ric. So to back that, over

Richard Schumacher

to that, and up to our I'm we'll Q&A. . the for with And open going John, it turn floor host,

Operator

[Operator Instructions] Emerging The Paul Growth. with Arce question from is coming first

Unknown Analyst

Ric, company. your Paul. of this I'm long-term follower stakeholder and is a

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you out those that about regular of some You've been Can program also feedback program. to sample mentioned variety you that from sending and samples? of getting talk you've kind that the a samples bring parties,

Richard Schumacher

Sure.

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another I up, you Is do sums everything follow-ups? there appreciate or any Paul, that. question have So --

Unknown Analyst

for like may send I what Thanks you I information. the e-mail. you No. an said.

Richard Schumacher

it. being stakeholder. a for Thanks Beautiful. Appreciate

Operator

is Jensen, The next investor. coming question from Rory private

Unknown Analyst

can hear Guys, me? you

Richard Schumacher

great, Rory. you Hear

Unknown Analyst

Excellent.

all So Ric and here. I John, Jeff got

about and at going the, So because what July June you year? in the for I'm want to the of difference X I event that or golly it's first the is state between this had you XXXX. And scheduled have talk -- and of the to now Ohio December say,

Richard Schumacher

I'll in and they to because issues difference needed, June take the that things postponed had the because couldn't everything no at other to first. they X There's the that worthwhile. university it make it room get be of

And was it postponed. so

you up. glad that bring I'm So

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tremendous be working So they're with. group a to

is it big Rory. So the event,

Unknown Analyst

Okay.

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you future, sales the have are going the ever in outright So just units? to of

Richard Schumacher

to Director our over going John I'm let take turn to this this. and Sales of Marketing and

John Hollister

Thank the question you for important. because it's

As we've at other the looking do cosmetics I -- different well gotten beverages, as learn -- processing gotten nutraceutical it's food is the which as is ultimately your community that we'd to whether health cannabis, segments. to what in about of -- just and we It you and the selling marketplace, that our originally multiple memory lease marketplace market the these more right and were we've to as and as a channels, units. machines are closer well part we as itself, clear machine vitamins it's as for like and it's say

contract more with customers, as and aligned which working leases, as of volume. kinds nutraceutical include We'll could probably that's pharmaceutical or including development contract directly different manufacturers manufacturers be but customers, for tolls with with large for CMOs well

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the going will rolled helps. with capacity that but so to out that as So be it manufacturing. capacity it's a can of be as very well systematically Hope we combination, ourselves up keep the

Unknown Analyst

of West X X in done the of the West production holding, Jeff's I the opened I out first? that's know yet? Yes. going in And -- any neck Have tolling Coast one. Massachusetts easy have The woods, just that is was quick we

Jeffrey Peterson

instrument have product which filling to the scale R&D well. getting now systems, very as capacities, we received that qualified facility of not that. small-scale X is suitable work, This using Jeff. demonstrations qualified the small for development do and production The Yes, benchtop is suitable but work, is is just laminar flow for formulation we'll and getting be

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Unknown Analyst

it's forward guys appreciate it. I excellent And I it to it and I'm glad think technology, you going I hard. and at look are

Richard Schumacher

different add a might I Yes. of color points. on couple

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Operator

is question next coming from Private The Kirk Triber, Investor.

Unknown Analyst

question, off me machine to much a Rory's you're how the site of be the breakdown give of make -- revenues product. impression an of your was that producing $XXX,XXX as each breakdown the piggyback from Can produced you I going we have next from idea To or under as year? will well

Richard Schumacher

site here site and in from California? You're the talking in Boston about this

Unknown Analyst

Yes, I am.

Richard Schumacher

Yes.

in out next running, of in out So get instrument, quarter full hopefully the production as California and first year. said, plan Jeff the to a larger a is instrument

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So we're slow. starting out

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Unknown Analyst

to UST your other there like answer of incredible. And constraints? great thing. can it Are little potential looks any a be That's me. FDA the secondarily, One growth

money raise? take to does capital it However, with that. do we doing How are

Richard Schumacher

talking I've you a or handle the been when you lot want it, John to Jeff, part? FDA do

John Hollister

happy I'm Yes, to.

So pathway, I more I'm we We're are of in focused the the a required very absolutely produce years the safe familiar my which products production, doing all areas. that and product. of spent to XX life under producing regulated on FDA than SOPs FDA are

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clients are with of products that now we that's cosmeceuticals. Most but big the right very that, either do or we a nutraceuticals any the in bridged haven't opportunity. And yet we're market anticipate are working pharmaceutical,

our the gearing layer that's marketplace. ourselves But obviously, third direction. we are in that of so And probably

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Unknown Analyst

Yes. about And capital? how

John Hollister

leave That Ric. I'll one, to

Richard Schumacher

bootstrap Thank -- we you, continue to John. company. the We've

don't out a would everybody We have we and -- continue be Otherwise, know to it raise it. big filed there. about would

So take does it capital.

they ideas So any we're phone, and at can under call anybody looking getting NDA. want NDA call to we the any talk me, have that sign they it. me, on ways they or an If if if capital capital, different about can of an is

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going make we or exciting, able we're bigger to with both. it work. pardon I'm other, my we're or way It's excited French. now, it make and capital to so can the or the we were But faster already. to find We going we work work more have an amazing capital make X have, it right opportunity if

more So things excited, me tell I'm any under again, call but about lot just be that the a can think, at here. There's excited we're about more talking you NDA. time anybody would get I we you, pretty can

John Hollister

going from taken, which position them tolling, months But a starting just placing to the the strategic out is that. initially. by revenue outlay producing the path X a model where healthy the rapidly, people I if margins where burden or us selling this grow in and into us that to other that now, is add of more very it XX in that around. months capital concentrated And generates we're then on of and layer additional and under more very and put is XX ultimately are manufacturing can packaging manner us, position we've we units And will and might be and of materials materials actually responsible cost, are the do path for to very a selling that reduces help

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time taking benefits to of dependable are certain start the Our run. is runs expect putting way we beracyclers we the very it really make to of everywhere one before devices. that machines That's our

other the of that's So process. part the

Unknown Analyst

too you with just any are venture greedy? firms Have they capital talked or

Jeffrey Peterson

to Ric? ahead, did want you Sorry, go

Richard Schumacher

if Jeff, comment. to going you're ahead, go No,

Jeffrey Peterson

been not the general, to audience a as both equity fortunate capital company announce this. a we large very target In over for group We've has diverse been venture debt supported have time. of and investors progress that have on continue and to through

do we'll that with with to, exploring they us. could capital delighted have to alluded interest Ric As to be their talk what folks in

and think some The from the overlooked very not potential multinational dimension other likelihood be this likely significant emerge strategic will of fit is a relationship that I players. key that should the with

number and kicking University. consortium a to significant in in earlier, the Ric even global and December. already, to question major contact formal prior with kickoff very Ohio the of had evaluating names That the responding alluded off a to been As already beverage in in have collaboration has State we're food companies, that coming

enormous Denese around in the heard cannabis. you've fast gives beyond because billion although partnering over arena million cosmeceuticals have customer Agrochem, history And area market of at this is In a and Dr. existing she customer such cannabis, year for quite discussion convenient sort CBD bit rate kind food the going technology, with cosmeeutical products first in are has spear platform $X.X the a a pharmaceuticals, it penetration us base. in nutraceuticals, with where existing opportunities tip the entry is out of active we hot the bev, really of sales our in a revenue of a of a opportunity $XX for

products and nutraceuticals the of have ago, Bio coming nutraceutical couple of multinational we to have remarkable in steps having Pressure dollar working next a literally that discussions demonstrated the to weeks President But and others of the very do, can out class multibillion arena in already product. a examples to about visit what led material global has on a

exciting it scale and but about want than them now on we to say to in as players the Bio bring gives don't our to I potentially is support an sense dimension. opportunities more are with a lock additional it acceleration and investments the to partner of you Pressure that, old that focus strategic starting little of

Richard Schumacher

much you -- to Jeff, there. I of today, is big than haven't conference signed we the is That's would add that. to why call. even say, me. -- last we me, where a Ric. to big exciting a are investors would deal I've at company number a It further call is this were with and or had something I company along a

amazing and seeing the has the is The start testing more It people a we're technology. we're credibility. it to month developed now. have It's samples just and -- until credibility start bottom it going that an And have there out from people could credibility now. company just the didn't got every line results the acknowledged from

that And world. I to have we're because We be in have published academics say it best we now. that best hesitation, now. the we any the excited publishing. we in know the we'll class have know in the We in as that without have them class right world

come. And stay that to we may not that for know way also years

I is and ago, So to and by a said was got showed one-off. hours is -- company telling said, all weeks now hour CEO I This and the spent happening spent and we've But not us X come X ahead. time. multibillion-dollar up of keep got right, you, I'm Jeff's a it This the may an with pushing awesome.

of about showed came directly see by heard to some guess, wasn't walking directions were They see us past forward because and we threshold. movement to had of had the the in up in see these us. go UST. came they aisle. people expect It we nabbed past we We that to to as to that So get to they booth because and threshold I'm we've -- going because XX% them all gotten

X months or to very a point X I want more X now So different than we were thing. add we've hit ago. that's even

team. conference the think mentioned been been part the His it's There's in to call. of talking You're press mentioned has is but don't another that member Westlake. name of team on I the releases, John

I John absolutely have the knows of in told cannabis is Westlake you that years. John X knows blown I've but John, or everybody. he XX about And Guess people. field to was a team. been our of very lot everybody, part John what, hear has you, I important for away, a everybody, been amazed. tell

and or you looked John over they new for that or are that that up Hollister everybody me I almost or you Jeff, that or got me, more was in came to John on in his the booth time knew own related X,XXX who John, phone. he John told he's than He people and said Ken their -- He phone much were. a told this me, cannabis.

distributors to So that label be and sub from and over He's is John going to getting X of is be night. that contracts. he's us going keep pent-up also to demand white He's going bringing day country, material going the resource a amazing. is to got our be and and all going sub-people a in he's

hundred because were that weekends knew -- have going next people look him. shifts that. of have I'm double the to he year several in or We're it he over and just things at people I to not believe like and that kidding, must brought been knew

of team. great a he's the So member

lives he's toes working very on be yesterday. was Mass, us him he He's going to with He's He be keep and going toes. here to He's our to -- we're keep and tomorrow. us. here to going the in on effective to going

So a great it's match.

John. So I kudos out just want to to give

welcome. You're

Speaking with are any there host, more John, John, the questions?

Operator

in questions we Yes, of have a couple queue.

Edico The coming Partners. Terry first Beecher from with

Unknown Analyst

that sliced I at on, hey, told months $X.XX, to since and my told to incredible I I a orders ago tell able were about thing months the was UST. them, ago, ago, bread. hang $X.XX I I in. were was are we and going my don't be mean the clients X to Debbie -- focus hey, at greatest at on It coming $X.XX, XX months and clients potential. told this but was X Downer, we

just down do XX%. you keep investors I a are my question at do listen what answer. a I -- loss revenues Do what we buy how $X.XX, to Now respond tell of an I'll more? The own And guys about would hear ton you their shares love I'd or this? to do for stock's take tax and we we myself,

Richard Schumacher

say buy you think I Well, we to should buying but more, allowed not more. certainly should at look you are

period. under We're blackout in more. buying a -- we're consider should You

buying? have And a why could, but people say, I line we're so can't. you wish bottom I in blackout some is... period, The So sure I asked we are

Unknown Analyst

Investors.

Richard Schumacher

there market. there's that to a I #X, And little on a the a that for profitable. -- pivot it's #X, bit a pivot. business be to We made a but a on and that, is focusing people is it time long going control stopped terrific, take hiccup don't tell I we've of

that we mean something said release ramp profits believe or you end before public. today's is and before year. we'll next till we a of pivoted in next because because the have quickly business of I that the -- about end revenue the doesn't and in be made We end press of to a And last or stick. we year think it to a up wait can next profitable year by this hockey bring extremely that And a process

I've -- didn't I here. never X in have really I we hockey but sticks, think believed

from started we for came world back we people and have can't there think best-in-class I it, there of sell we we it it that in we what looking anywhere, just a started and we to because X make to and it. the have are meeting have are the and it's here they hundreds and because find

the as ship in And X, soon have week in because going X we shipped to we week next that it starting or you'll we're release. QC see already the or next as it said get we've

going not not so years. X I in started, And weeks And whether going X to Berry. it's process take It's started. -- can't X take it The my tell you months, but has opinion, it's or it's started. to

we're So to believe to the here, have we the bit on hang and technology, just for John believe into because and through of all investors everybody going this. a all Jeff, put come are personal in in our I more, and money team we're us little you none ask rich

this. into put to money borrowed We

that I hope February, just January, X next could next the I add? I believe conference I because the can't Jeff, the March, for in wait happen technology. can't do what you this I for we how So wait can't John, to over about next much want speaks call. and wait know months.

John Hollister

proof. that than you the observation the a for talk. time lot were what that more your prospects a opportunity today, clients it's UST proof and was exciting lot discussion, having $X.XX. it At talk more than I'll a the UST telling make And buying was you about were

up more delivering of kind the discussed that and teed quantities We're of examples now producing and quickly already. first follow it of to you heard results with production

the a and situation release, it's timing alluded resources put far then you round in a the timing results decision we reallocate press we some but think salt bit more may when made frankly to to some a more an that little you strategic that's as make in third progradation disappointing that -- annoyance. the issues I know So have looks attractive that we today quarter get so looks see some when

and discussion we're But today, our will future the and the press in in and achieved year. release, what in have tremendous be clear our we we're minds, next about where and driving focused the is bright that's as confidence indicated

Richard Schumacher

is So Terry, on that said already said an just investor, what to take heard record away target they're is quarter. from listening, what as Jeff than the has The was thinking I I talk to company just as more company have now. substance all-time an

of of out on as a quarter. of quarter come of we to things last if quarter harbinger more we've was first last because going and come, already the much it than half all So as did gone ain't the all we've to this in done twice limb said already

is to have quarter. So investors go know from is only this record -- with going I'd And to Ultra on to Shear. a the the company is target $XXX,XXX should coming that

that from I and they company thing people has to get Pressure material for about going there a these that good substance just crazy go X. stocks QVC down, say, it's that because time, would driven X what's I a really gets it. should that when talking happen can is when contracts going additional say is look me buy and X our it's and is on down, behind now to we've this product start all it -- my Why and to away Bio. selling look Denese I time demand So in a to very life. time Dr. when pent-up at been the good run a

have. any the So those would thoughts are I John, more?

Operator

from have We Tom coming private Ellison, investor.

Unknown Analyst

size of completed your emulsion first tolling? you tolling a typical mentioned that a us contract give can You you contract CBD ballpark of

Richard Schumacher

hello, continued way, and It's you a we've pilot, by made California, appreciate your -- and Thanksgiving happy in to the Tom support. this out and clear,

that. know You

commercial run And the anything. run and done manufacturing we've please the contract. it's commercial this or that the manufacturing is on first We machine, signed first in the remember, in CBD

we we'd customer tiers. decided it X and And do in so the

order. roughly vial, XXX be would tier first The

be tier the third The second XX,XXX would vials. vials would year X,XXX and be

we second one, first the the to expect XXX And so X,XXX. completed just and do

should And because turn this out. John to the over speaks every Hollister to John inside I customer customer day, knows the

just to you John, said? like would anything So to that add I

John Hollister

And rational of you're it spot No, is on. this launch. part

we products. all over All the good tease that of of large going commercialized us, as us is to just way have this new to to shipping kinds us are Ultimately, totes, processes our us to are shipping. be and which a team bottling, careers, have refer and of commercialized business different for what and products is packaging our volume out

containers, bottles But active very runs, you et integrated labeling, way, we're all actually packaging, if process. in initial cetera, in these the sprayers, helping vertically through the source will, and

us for steps. to that in helpful it's so smaller do And

at So looking we're this. really

step. focused a very gentleman, is as First and as in helping veteran country a then the alpha our with with that beta. people. some helping SAFR the things an the to they're X third committed will that dealing fun these or commercial completed the we've is and veterans of And Montana on George the next us This just the really one be is is because Medical really for them of X Ackerson,

X do with get market customer. him we'll third the with and over we're process we next excited be second. spaces about on X And We layer add the but X with to the And customers not customer same in will same a thing. of and this work different that or second the doing forgotten through start to so this it another then months, course a process, we're be a should that

all has just product or of to these this as customers build other. on separate third those a And each other. each a each the potential just these So one of adding to add mix,

revenue They very, will what and with a a our see different halfway investors think, year, change I perspective, in different to coming be perspective the company that's, we revenue want And I are company. earlier, into this that for. looking of very quickly. our by definitely next will from very categories. are they in said multiple large multiple through products as doing So volume And

Jeffrey Peterson

comments we're testing, that tweaking the feedback focusing the cycle scaling in small roll support what with sure a product. batches, be make that this initial out as observation the and batch the make small will pilot will to other client help approach it early benefits testimonial that we that well pilot on just any market downstream batch approach add the to are capturing we market capturing in product a to on with of input typically I'll is information as the as particular, John's

tweak If on they'd with that do worked the flavor isn't the them that field. before the as profile or whatever like. in well XX,XXX you've client has out of got us, We'll satisfying as a

a we on success of think So success approach smart step-wise that credibility steps. will the build it's levels and

Unknown Analyst

When on any Tier reach do you customers? X

Richard Schumacher

Tier something Good Tier question. is X takes This X months I that. something and was X is takes not together where where Tier X or just X about X maximum, and believe. we This Tier another to months X months. X take answer

months. months. or X X X or X midyear, not -- expect we So

talking we're first quarter. So about

We that will ship expect we quarter, will for and -- Medical first the be large I the happen we manufacturing Safer it and as run billing in make it.

a let's get was and the not be run lot December, of next why we teach them then because and done middle do year. they're get is run. this to say, pilots, No. so first the So it is out This they're large November, out second important us January, this going to run going to in

million this large we the that first $XXX,XXX given the is course, from run coming this, so. indication or be about worth we've think little run which the of contract and at it, to we've that, believe us, could And big $X looked of

group XX,XXX your in say can they SKUs talking out But or than about not X then be a think to more John is -- and going conservative same and year. X to they vials or just and X that's products we're or we're we're faster interested having going X you satisfy mentioned. for to what sell This more make going

we're us end before we'll long Like back be They're crazy. the of the like looking year. at

million $X contract. So longer that a no is

more You bigger a they a different and you that SKUs. add they -- come a much contract. different back if than can often make of number once If can

run So year. that's for large X next manufacturing for X contract

are think than the I wrong, for be might And year. customer. And chances we next run and might SKU be more that each X that's X it

I'm that? So I way, was carefully. way might wrong we what sorry, Might right think wrong be yes. the be in

Unknown Analyst

take long figured X, in to satisfy. Tier that X. will company X Tier How station how long your that out Have you would tolling

Richard Schumacher

said, very at look X just amount a product for conservative. X, I of as again, Well, Tier we Being as it year. X-year

Unknown Analyst

What it is the month? X processing X takes time? week, you, What

Jeffrey Peterson

It's very quick.

that we've our little here large-scale On put equipment, potentially on I can the West so equipment R&D State a have the on. But that's mentioned small equipment facility the out than that. like into liters for produce at on large-scale minute the the Ohio demos scale X suitable scale Coast of faster and we

a is So vial level in our satisfy ability on at to XX,XXX requirements hours. so measured and

Unknown Analyst

about in has people peer happen? reviewed soon study other you been as on the it's up Okay. That's lot on written that about where a are good. asking knowing It's our message question to One publishing the when been probably the that will of bioavailability.

Richard Schumacher

going Well, there's of rumors a around. lot

will wait to published. and published -- not can't them had point, tell journals. the to They're it's what some be get And We At I them asked them we've when we We results I it peer-reviewed can't our academics asked look publish in done. you, for have you material, done. published. published And to I would at but we've . can tell they are, like have yet. studies

Unknown Analyst

have you any next ballpark any or Do Okay. quarter this quarter. estimate

Richard Schumacher

because least I wake I'm want we gets am they hoping number whatever. every send Monday have I I hoping and up additional scientist, sent week or that to some week, in sometimes of a that X papers and changes, it at journal. you in a publication some data the see understand it that's morning, published back peer-reviewed I a

peer-reviewed things said weeks it's I have that when not X national these that study I at good And that near up future material having can you like scientist X a great. optimistic colleague time. in a will wake week your published. for world-renowned prime be happen. or There's the is saying a ready all journal But least publishing is Sometimes of that or that there's different am nothing in the

with we're more we're more And experts. anticipating that. studies So to do going

And today, in are it am I'm best-in-class world. aware best-in-class that lightly, the the not I saying we of

Unknown Analyst

a get a say to perfect. this too that doing like great you Tier to I'm team's You job. I'd X X, gradually Tier got X, because

on the is to your You right? line. issues, don't reputation want This

Jeffrey Peterson

we acknowledged time getting on the globe and academics of to are X of on an as Right. the focused cannabis adding academic handful that leader selected the to this table. a and Exactly publication as in fast top they perform around study

could soon, So see we'll certainly our hands -- as it and coming Ric see something as we're of first this not year. to but our expect I out we to breath something control. said, the out that optimistic whether hold it's within in we quarter,

Richard Schumacher

this have on when that. releasing appreciate certainly, It's this well, done. a on call, the you're are love I especially you Thanks. fun people people job probably things your X going -- product, all when many and end and he you're and

when company, glad exciting will have you're the the I'm from something pivot. the extremely company. down we made It's whatever think this you will take to release your world. arrows We'll And the about that take not to third if change change we of our quarter.

first -- be X shipping going help our forget, flow having will And cash is which of fourth don't product. lot our please It's which we're -- great. a we're to a quarter, and

all lands they're So question, the would now I somebody waited, all Terry's in to I sight. these because positives up give these but don't you and to say, think positives, back ship pose "Yes,

Okay, gentlemen. John? Anything else,

Operator

further queue. no in questions have We

Richard Schumacher

it X a be and longest, most of call Q&A. This short to is might be but were it going of our

all take we know, you as -- we so And questions.

us to it happy comes, for date Thanks a the disappointing the you with bring and news we lot I'll more you, exciting to giving So say we along tell up end you and Thanksgiving to to everybody. a news all thanks, news. told exciting chance just that think

stick know in a lot of hope for months, Please us more I short us. asking years. years. period but not to not We are with that stick with for you And time. we're A stuck with of you us

do able so That's what you're the paid working it. very than to it. you hard that's we're hope desire, to get something and higher of we If out for stock goal, you our

thanks and to to and after it. So forward joining to happy and the we'll Thanksgiving for looking quarter talk everybody, us on Thanksgiving fourth you week,

Operator

gentlemen. This ladies you, today's Thank conclude and conference does call.

disconnect and you You phone your time, your have may lines at for this participation. a wonderful day. Thank

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