Greetings, and welcome to the Xtant Medical Second Quarter 2019 Financial Results Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to David Carey of Lazar Partners. Please, go ahead.

Thank you, operator, and welcome to Xtant Medical's second quarter 2019 financial results call. Joining me today for the conference call is Greg Jensen, Vice President, Finance and Chief Financial Officer. Today's call is being webcast and will be posted on the company's website for playback. 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, intend, and other words with 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 the company's annual report on Form 10-K filed with the SEC on April 1, 2019. Actual results may differ materially. The company's financial results, press release, and today's discussion include certain non-GAAP financial measures. Please refer to the non-GAAP to GAAP reconciliations which appears in the tables of our press release and are otherwise available on our website. Note that our Form 8-K filed with our financial release press release provides the detailed narrative that describes our use of such measures. For the benefit of those of you who may be listening to the replay, this call was held and recorded on Thursday, August 8, at approximately 9:00 A.M. Eastern Daylight Time. The company declines any obligations to update it's forward-looking statements except as required by applicable law. Now I'd like to turn the call over to Greg Jensen.

Thank you, David, and good morning to everyone listening. I will begin by providing a general corporate update, followed by a review of our financial results for the second quarter and the first half of 2019. While our second quarter revenue was soft, we have made significant progress towards streamlining and increasing the efficiency of our manufacturing operations and improving the organization of our sales channel. This is evidenced by the improvements in the second quarter in operating expenses, net loss, cash flow, and adjusted EBITDA compared with the second quarter of 2018. These improvements allowed us to be cash flow neutral for the second quarter despite the lower than expected revenues. We have already taken several measures designed to stabilize and increase our revenue trajectory and we will continue to implement additional initiatives to support this critical goal during the second half of 2019 and into 2020. These initiatives include a major reorganization of our commercial sales organization, beginning with the hiring of Kevin Brandt as our Chief Commercial Officer in July of last year, and the hiring of additional sales personnel through the first half of this year. In addition, we have had good success with the recruitment of new distributors during the first six months of 2019 which is proof that we are gaining traction with our new sales channel initiatives. Further, to improve top line sales we are in the process of creating and expanding new marketing programs designed to educate our customers about the value of our products and support our sales personnel. Our initiatives also include a commitment to developing new products that are designed to give our customers a cost-effective approach in meeting their clinical needs improving patient outcomes. Accordingly, we expect to see an increase in our research and development spend in…

And that concludes today's call. Thank you for joining. All parties may disconnect. End of Q&A: