Societal CDMO, Inc. (NASDAQ:SCTL) Q2 2022 Earnings Conference Call August 10, 2022 4:30 PM ET

Company Participants

Stephanie Diaz – Investor Relations

David Enloe – President and Chief Executive Officer

Ryan Lake – Chief Financial Officer

Conference Call Participants

Matthew Hewitt – Craig-Hallum

Christine Rain – William Blair

Operator

Hello, thank you for standing by. And welcome to the Societal CDMO Second Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Stephanie Diaz with company’s Investor Relations Group. Please go ahead.

Stephanie Diaz

Thank you. Hello and thank you for joining us. On today’s call, we have David Enloe, President and CEO; and Ryan Lake, Chief Financial Officer. Today, we will be providing an overview of Societal’s contract development and manufacturing business, including updates on corporate activities and financial results for the quarter and six months ended June 30, 2022. After our prepared remarks, we will welcome your questions.

Before we begin, I’d like to caution that comments made during this conference call today, August 10, 2022, will contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, concerning the current beliefs of the company, which involve a number of assumptions, risks, and uncertainties. Actual results could differ from these statements and the company undertakes no obligation to revise or update any statement made today. I encourage you to review all of the company’s filings with the Securities and Exchange Commission concerning these and other matters.

Our earnings press release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations on our corporate website at Societalcdmo.com.

With that, I will turn the call over to David Enloe, Societal’s President and CEO.

David Enloe

Thank you, Stephanie, and thank you to everyone who has dialed in, and to those who are participating today via webcast. The second quarter of 2022 was highly productive during the three month period, the company signed numerous new project agreements initiated our first revenue generating project using the automated fill/finish and lyophilization line and launched our novel 20/80 Second Source Technical Transfer service model.

Also immediately after quarter end, we executed a favorable amendment of our contract with Lannett, which we expect to yield improved economics for one of our key Verapamil product offerings. These achievements have strengthened the company’s financial position, expanded our capabilities to best serve our existing customers and attract new customers and introduced a new and innovative program designed to build security and flexibility into our client’s development programs.