Greetings, and welcome to the Xtant Medical Second Quarter 2017 Results Conference Call. At this all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. It is would now just turn the conference over to John Gandolfo, Chief Financial Officer. Thank you, please go ahead.

Good morning, and thank you for joining us today for the Xtant Medical second quarter 2017 results conference earnings call. Joining me today will be Carl O'Connell, Chief Executive Officer for Xtent. Yesterday afternoon, Xtant issued a press release announcing second quarter 2017 financial results. Today's call is being webcast and will be posted on the company's website for playback. We expect the duration of the call to be approximately 30 minutes. During the course of this call, management may make certain forward-looking statements regarding future events and the company's expected future performance. These forward-looking statements reflect Xtant's current perspective on existing trends and information and can be identified by such words as expect, plan, will, may, anticipate, believe, should, intends and other words of similar meaning. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the Risk Factors section of our most recent annual report on Form 10-K. In addition, any unaudited or pro forma financial information is preliminary and does not purport to project the future financial position or operating results of the company. Actual results may differ materially. For the benefit of those of you who may be listening to the replay, this call was held and recorded on Thursday, August 10, 2017, at approximately 10 a.m. Eastern Time. Since then, the company may have made additional announcements related to the topics discussed herein. Please reference the company's most recent press releases and current filings with the SEC. The company declines any obligation to update these forward-looking statements, except as required by applicable law. With that, I would like to turn the call over to Carl.

Thank you, John. I’ll begin by highlighting some of the company's achievement this quarter and provide updates regarding our focus on achieving operating excellence in 2017. John will provide additional detail regarding our quarterly results. For legal advisement, we are not able to field questions following today's call as we remain in negotiations with the senior debt lender to restructure the company's debts and although we remain hopeful that these negotiations will be successful, there are no assurances, they will be successful. In addition, as previously announced the July 15, 2017 interest payment due under the company's various convertible promissory notes were deffered by the holders of such notes until August 15, 2017. The company is currently negotiating amendments to the indenture dated July 31, 2015 and to the additional convertible promissory notes held by ROS Acquisition Offshore LP and Orbimed Royalty Opportunities II LP to extend the date for the payment of such interest. No assurance can be given that the company will be successful in obtaining appropriate amendments by August 15, 2017 or at all. Or that if the company becomes in default on to the convertible promising notes on August, 15 2017 that the holders thereof will waive such a default in subsequent amendments. We appreciate your ongoing support during the quite period. With that I'd like to jump in to the review of the second quarter success and our momentum into the second half of 2017. In May, we announced the delay to our debt financing by over met of 16 million with proceeds used to pay-off on outstanding balance of $9 million under the account receivable credit facility with Silicon Valley Bank and the remaining to support restructuring initiatives and we use for general working capital purposes. In conjunction with the financing commitments we entered…

Thank you, Carl. Slide Number 8 outlines selected profit and loss statement information for the company for the three months and six months ended June 30, 2017, compared to the same information for the comparable period of the prior year. Consolidated total revenues for the three months ended June 30, 2017, was approximately $21.4 million compared to $21.5 million of revenue for the same period of 2016. For the six months ended June 30, 2017 revenue was approximately $43.5 million, a 2.5% increase compared to $42.4 million reported for the first six months of 2016. Consolidated gross profit for the second quarter of 2017 was $13.5 million or 63.2% of revenue and this compares to gross profit of $14.7 million or 68.5% of revenues for the second quarter of 2016. As Carl previously mentioned the gross margin contraction is primarily the result of the decrease in fixation revenues and a corresponding lower gross margin on fixation products. In addition, the company incurred a charge of approximately $304,000 for our excessive wear and tear on fixation instrument and the $159,000 for biologics inventory which was about to expire. For the six months ended June 30, 2017 gross profit was $29.1 million or 66.8% of revenue compared to $28.8 million or 67.9% of revenues in the prior year. The slight decrease in gross margin was attributable to the lower fixation revenue and lower fixation gross margin, the previously mentioned charges for fixation instruments and biologics inventory which was offset by an increase in biologics processing supplies which were capitalized in the inventory. The company reported a second quarter 2017 loss from operations of $4.7 million compared to a lowest from operations of $2.1 million in the second quarter of 2016. The increase operating loss was result of the previously noted lower gross…

Thank you, John. My leadership team and I are optimistic for the remainder of 2017 and beyond. We're energized and committed to making the necessary changes in every aspect of the business to transform the company. We continue to focus on restructuring on those specific activities related to operational excellence creating more efficiencies ultimately establishing the right profitable and performance structure allowing us to prepare for growth for 2018. We believe we are creating value for our shareholders by driving leading edge regenerative technologies in the spine industry while creating an increasingly profitable and sustainable revenue growth model. We would like to thank our shareholders and our stakeholders for your continued support and look forward to providing you with an update on our restructuring efforts since discussions was Orbimed are finalized. Thank you.

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time, and thank you for your participation.