Biote Corp.

Excuse me, this is a conference operator. We're allowing a few others to be answered and join in. The call will begin shortly. Thank you. Thank you. Thank you. welcome to the biot third quarter earnings conference call all participants will be in listen-only mode should you need assistance please signal a conference specialist by pressing the star key followed by zero after today's presentation there will be an opportunity to ask questions to ask a question you may press star then one on your telephone keypad To withdraw your question, please press star then 2. Please note this event is being recorded. I would now like to turn the conference over to Victoria Nakhla, Investor Relations. Please go ahead.

Good morning and thank you for joining us today. Yesterday, BioT published financial results for the quarter ended September 30, 2022. This release is available in the Investor Relations section of the company's website. Terry Weber, Chief Executive Officer, and Samar Kamdar, 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 that include 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 and uncertainties and assumptions that are based on management's current expectations as of today, and BIOTY 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 discussion of risks and other important factors that could affect our actual results, please refer to our SEC filings available on the SEC website and our investor relations website, as well as risks and other important factors discussed in the 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-GAAP to GAAP 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 would now like to turn the call over to Terry Weber.

Thank you, Victoria. And thank you all for joining us. On the call today, I will discuss our recent achievements and share our outlook for the remainder of 2022. Summer Kamdar, our Chief Financial Officer, will review our financial results. Dr. Ross McQuivey, our Chief Medical Officer, and Mark Beer, our Chairman, are also on today's calls to answer your questions during the Q&A session that will immediately follow these remarks. Since we last spoke in August, BioT has achieved important progress, both operationally and financially, as we continue to execute on our long-term growth strategy. To start, we have strengthened our talent and leadership capabilities with two key additions to our executive management team. Summer Kamdar, our new chief financial officer, joined BioT in August and has hit the ground running, building out our finance team, and providing leadership that we believe will help drive our financial success. Dr. McQuivie, our chief medical officer, joined us in June and has been impactful over the last several months, leading the expansion of our clinical research program and increasing awareness of the BioT method within the medical community. I'm thrilled to be working alongside these two talented members of the BioT team. Now turning to our third quarter results. BioT generated 18% revenue growth as compared to the third quarter of 2021. This was primarily driven by balanced growth in both procedures and dietary supplement revenue. We were able to achieve strong top-line performance in spite of weeks of hurricane-related clinic closures in both Florida and Puerto Rico, two of our key markets. Adjusted EBITDA grew 19% year over year, even as we continued to invest in expanding our sales force and incurred new public company-related expenses. We are committed to managing our business with a disciplined focus on generating positive cash flow through profitable growth. While our operating performance has remained strong, third quarter cash flow was impacted by certain non-recurring items that Summer will detail shortly. Our third quarter revenue and adjusted EBITDA growth reflected our continued progress in expanding our clinic and practitioner network. We have broadened our reach by expanding our sales team, which continues to open up new geographic markets and lay the groundwork for future growth. Patient interest in pursuing hormone optimization treatments contributed to the increased demand for our therapies. Despite the challenging economic environment, consumers place a high value on their personal health and they continue to seek effective and affordable treatments that really help them feel their best. Our data-driven digital marketing strategies enable us to effectively identify and connect with these consumers in a cost-effective and efficient manner. offering new patient leads to practitioners to grow their clinical practices. We believe our strong franchise-like model remains a unique competitive advantage that's foundational to our long-term success. The BioT certified provider network is currently 11 times larger than our nearest competitor. We believe this underscores the strength of the BioT brand and our ability to scale our proprietary business model into new markets. Today, we have well over 5,000 BioT certified providers across a variety of medical specialties, which includes OBGYN, internal medicine, family practice, and urology. And even with this extensive network, we have only reached approximately 2% of the total addressable provider market. As a result, we believe we have considerable untapped growth potential as we further expand the BioT method to thousands of providers operating in our targeted specialties. To capitalize on this growth opportunity, we are actively building our sales team as planned, placing particular emphasis on the West Coast, Midwest, and Mid-Atlantic regions. where we've identified significant unmet patient demand for our therapies. We continue to draw on the proven strength of our internal sales referral program to efficiently recruit experienced sales personnel. The sales team is supported by our robust internal infrastructure, which enables us to scale our business in a consistent and predictable manner. We remain focused on broadening our practitioner network to all 50 states. Our consistent geographic expansion is well supported by the capital-efficient nature of our BioT business model. Now I'll turn the call over to Summer Kandar, Chief Financial Officer, to review our financial results.