Biote Corp.

Good morning, ladies and gentlemen, and welcome to the Bioti second quarter 2022 financial results and business update. At this time, all participants have been placed on a listen only mode and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Mr. Mike Kavanagh, Managing Director of Investor Relations. Mike, over to you.

Good morning and thank you for joining us today. Yesterday, BioT released financial results for the quarter-ended June 30th, 2022. The release is currently available on the investor section of the company's website. Terry Weber, Chief Executive Officer, and Rob Gibbons, Chief Financial Officer, will host this morning's call. Before we get started, I would like to remind everyone that management will be making statements during this call and forward-looking statements regarding the company's financial results, business outlook, strategies, goals, research and development, manufacturing and commercialization activities, regulatory process operations, the impact of macroeconomic conditions on its business, results of operations, and financial conditions and other matters. These statements are not guarantees of future performance. They are subject to a variety of risks and uncertainties, some of which are beyond our control. Our actual results could differ materially from expectations reflected in any forward-looking statements. These statements are subject to risks, uncertainties, and assumptions that are based on management's current expectations as of today, and BioT undertakes no obligation to update them in the future. Therefore, these statements should not be relied upon as representing the company's views as of any subsequent date. For a discussion of risks and other important factors that could affect our actual results, please refer to our SEC filings available on the SEC's website and our investor relations website, as well as the risks and other important factors discussed in today's earnings release. We will also refer to adjusted EBITDA, which is a non-GAAP financial measure to provide additional information to investors. A reconciliation of the non-gap-to-gap measure is provided with our press release, with the primary differences being stock-based compensation, fair value adjustments to certain liabilities, transaction-related expenses, and other non-operating expenses. I'd now like to turn the call over to Terry Weber.

Thank you, Mike, and thank you all for joining us on the call today. I'm excited to be speaking to all of you during our first earnings call as a public company. On the call today, I will give an overview of our recent achievements and share our outlook on the remainder of 2022 before turning the call over to Rob Gibbons, our Chief Financial Officer, who will review our financial results. We will then open the call up to questions. And please note, we're also joined today by our Chief Medical Officer, Dr. Ross McQueavy, who will be on the call to answer questions. As many of you know, the second quarter was transformational for BioT. We began our journey as a public company on May 27th. BioT decided to pursue the path to becoming a public company specifically to enable us to fund our expansion plans over the coming months and years. As a leader in the hormone optimization space, we expect that robust strategic expansion will further strengthen our already significant competitive moat. Moving to a high-level review of our results, I'm pleased to report that we experienced accelerating top-line growth in the second quarter with revenues increasing 19% over the same period in 2021 to $41.4 million, and we had a net income of $49.7 million a 409% increase year over year, primarily driven by several transactional related items. We also generated accelerated adjusted EBITDA growth with the adjusted EBITDA increasing 21% year over year compared to our first quarter adjusted EBITDA growth of 19%. These results are in line with our previously disclosed full year 2022 guidance. and we believe are reflective of our growth initiatives beginning to gain traction. We continue to generate positive net income and adjusted EBITDA as a company. These results demonstrated continued strong performance, and I'm reiterating our revenue guidance of $160 to $166 million and increasing our adjusted EBITDA guidance to $47 million to $51 million. Our revenue growth in the quarter was driven by steady and predictable growth on both practitioner procedures and nutraceutical sales. Importantly during the quarter, our patients' behaviors did not appear to be affected by adverse macroeconomic factors, such as high inflation, that have been prominent in the first half of 2022. We've seen steady participation and growth despite market conditions, and we believe that this is a significant validation of not only the value BioT offers to our patients who want to feel their best, but also to the affordability of a program that can often be life-changing. Coming out of the second quarter, our best-in-class franchise-building business model is in a very strong position. We have the largest provider base in the hormone optimization space with BioT-certified providers spread across a variety of medical specialties, However, at about 2% of the total provider market, we are just scratching the surface of the pool of potential practitioners. Our robust provider base is a springboard for expansion, and the high volume of procedures performed, over 2.5 million to date, facilitates continuous refinements to our program. A key competitive advantage is our end-to-end platform. accompanied by our training and the support that offers a complete hormone optimization business from day one, resulting in approximately a 90% retention rate across our provider base. This underscores the value of BioT to both the patients and to the providers. Our multi-year domestic expansion plan is our primary strategic focus. We plan to strengthen our leadership position by expanding our sales force to further drive our growth and bring our unique offering to even more providers and patients in the coming years. Our field sales team is supported by excellent internal infrastructure and marketing. Furthering the expansion of our executive team, we made three key appointments in this quarter. In June, Dr. Ross McQueavy was appointed our chief medical officer. In this role, Ross will continue to lead clinical research and publications with the goal of bringing the BioT method into mainstream medicine. Also in June, David Koch was appointed vice president of national accounts. David has close relationships with some of the biggest and most successful primary care and women's health accounts. The third edition was the appointment in May of Jay Buechler as our head of nutraceuticals. Jade will oversee our important dietary supplement offers, including further product development in those. To close my remarks, I want to thank the shareholders who recently committed to BioT. We look forward to reporting more progress on our next earnings call. And with that, I'd like to turn the call over to Rob Gibbons, our Chief Financial Officer, to review the financial results.