Biote Corp.

Welcome to the buyout fourth quarter and full year 2022 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 two. Please note this event is being recorded. I would now like to turn the conference over to Simon Zerowitzky, Investor Relations. Please go ahead.

Good morning and thank you for joining us today. Yesterday, Biotique published financial results for the quarter and full fiscal year ended December 31st, 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'd 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 of 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. IoT undertakes no obligation to update them in the future. Therefore, these statements should not be relied upon as they're presenting 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 released. We will also refer to adjusted EBITDA, which is a non-GAAP financial measure to provide additional information to investors. Reconciliation of the non-GAAP to GAAP measure is provided with a 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 Terri Weber.

Thank you, Simon, and thank you all for joining us. On the call with me today is Summer Kander, our Chief Financial Officer, who will review our financial results and provide our outlook for 2023. Mark Beer, our Executive Chairman, and Dr. Ross McQuivie, our Chief Medical Officer, are also on today's call to answer your questions during the Q&A session following these remarks. I would like to begin by welcoming everyone, including those investors who participated in the secondary offering of BioT Common Stock, completed in early January. This transaction marked an important step in our effort to increase the liquidity of our common stock and broaden our institutional ownership. We are excited to have our new investors join us on our journey, and we look forward to building relationships with all of you going forward. Since BioT began trading as a public company last May, we've accomplished a great deal in a short amount of time. We've expanded our sales team and broadened our geographic reach. We have made strategic investments in our capabilities to drive sustainable, profitable growth. And we've delivered strong financial performance, reflecting the dedication of the entire BioT team. Our fourth quarter results concluded a great year, as we generated record sales and adjusted EBITDA in the fourth quarter and for the full 2022 year. In the fourth quarter, sales and adjusted EBITDA increased 18.5% and 40% year-over-year, respectively. Our strong growth and adjusted EBITDA reflected improved profitability on higher sales, demonstrating the attractive economics of our capital-light and annuity-light business model. For the full 2022 fiscal year, sales grew more than 18%, while adjusted EBITDA grew nearly 25%. We achieved this growth despite hurricane-related weather closures in Florida and Puerto Rico that impacted our third quarter and, to a lesser extent, our fourth quarter. We closed 2022 in solid financial position, with over $79 million in cash on our balance sheet, which will help support our future growth initiatives. As we execute on our strategy, We will continue to make investments in the business. In 2023, we're investing the necessary infrastructure to support our larger and more geographically diverse sales team. This investment strategy includes an increase in senior sales managers who are essential to facilitating our continued geographic expansion. And even with our planned investments, we expect to achieve an adjusted EBITDA margin in 2023 of 28% to 30%, which is consistent with our historical performance. As we continue to build our organization and expand geographically, we remain focused on our overriding mission, to be the preeminent voice leading the discussion on the health benefits of hormone therapy. Consistent with our strong market position, we believe that BioT is the foremost provider of hormone replacement education, resources, and supports in the United States today. Over the past decade, we've trained thousands of medical practitioners in the BioT method. Additionally, we've continued to advance the science of hormone replacement therapy through formal clinical research and publications. Dr. Ross McQuivey, who joined BioT last year as chief medical officer, spearheads our clinical research program. and has been instrumental in strengthening our efforts to educate the medical community on the science of supporting hormone optimization. Hormone therapy is also gaining visibility among the broader public. In early February 2023, the New York Times Magazine published an in-depth report on menopause and the benefit of hormone therapy, calling it, quote, the single best option, unquote, that is available for women experiencing menopausal symptoms. The article noted that medical schools often do not provide menopause education. Because so many menopausal women go untreated, we are dedicated to providing educational leadership in hormone replacement therapy. I would like to emphasize the considerable size of our total available market opportunity. As many as 200 million Americans experience symptoms of hormonal imbalances. Consumers are taking a more proactive role with respect to their health, and they are seeking affordable and effective treatments to feel their best. At the same time, medical practitioners see the value in the BioT platform to build their practices while improving the health of their patients. The BioT network today has grown to encompass more than 6,400 BioT-trained and certified medical practitioners. And yet, even at our current size, we've tapped only a small portion, about 2.5% of our total practitioner opportunity. BioT's competitive moat remains one of our key advantages. We believe our brand equity continues to strengthen as we expand our practitioner network to reach more patients. I'm proud of our efforts and of the value we are building by broadening the public awareness of hormone optimization. And now I'd like to turn the call over to Summer Kandler, our Chief Financial Officer, to review our financial results.