Biote Corp.

And welcome to the BioT first quarter 2023 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 a touch-tone phone. 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 Simon Czerowiecki, IR representative from Advisory Partners. Please go ahead.

Good morning and thank you for joining us today. Biotech published financial results for the quarter ended March 31st, 2023. This release is available on 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, 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 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 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. We are directed to our first quarter 2023 earnings press release, which is available in the investor relations section of our website at ir.biotech.com. for reconciliation of adjusted EPIDER to the closest comparable gap measure. I'd 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 Kandar, our Chief Financial Officer, who will review our financial results and discuss 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. which will follow our remarks. Building on our accomplishments from last year, BioT achieved financial and strategic progress in the first quarter of 2023. Not only did we achieve solid financial performance, but we launched a major new initiative focused on the large and underserved men's health market. We also continued to make necessary investments to strengthen our infrastructure to support our long-term profitable growth. Before discussing our first quarter results, I'd like to emphasize that we remain dedicated to building long-term shareholder value, not only through the execution of our growth strategy, but also through improvements to our capital structure. As you recall, earlier this year, we completed a secondary offering, increasing the liquidity of our common stock without diluting current shareholders. And yesterday, we launched a warrant exchange offer and a consent solicitation to simplify our capital structure and reduce the potential dilutive impact of the warrants. For additional information about the warrant exchange offer and the consent solicitation, please refer to our registration statement on the form S4 filed with the SEC yesterday, May 9th. And we will continue to pursue other opportunities that enhance our capital structure. Now let's turn to our first quarter performance. First quarter revenue increased approximately 21% from the comparable period last year, driven by growth in procedures and dietary supplement sales. Procedures grew at approximately 14% as consumers continued to seek affordable and effective treatments for a range of age-related conditions. Procedure growth was broad-based, reflecting our geographic reach, and our expanded practitioner network. Dietary supplement sales were strong in the first quarter, benefiting from the introduction of a new direct-to-patient distribution channel. This new sales channel enables patients to purchase BioT branded supplements conveniently from a practitioner's website or from BioT directly. For practitioners, this sales channel provides an additional source of revenue. regardless of whether the patients purchased supplements from their practitioner or from BioT. Our financial performance in the first quarter again demonstrated the advantages of our capital life business model. Gross profit margins improved from the first quarter of 2022, reflecting our successful efforts to generate cost efficiencies. In addition, adjusted EBITDA margins were strong. even as we continue to invest in our people and expand our infrastructure. As consumers continue to take a more proactive role in their healthcare, the acceptance of the BioT method will continue to fuel demands for our protocols. Even today, with more than 6,400 practitioners serving more than 400,000 active patients, we believe we're just beginning to tap into the considerable demand for personalized hormone replacement therapy. To better capitalize on what we expect to be a promising long-term growth opportunity, we recently launched a new initiative specifically centered around men's health. Generally speaking, men are reluctant to seek healthcare treatment. When they do seek care for concerns such as low testosterone, we believe a treatment plan that includes hormone therapy can enhance patient health outcomes. Our conversations with urologists and other practitioners support this view, as millions of men over the age of 45 suffer symptoms of low testosterone, yet often do not seek or receive treatment. To lead our expansion in men's health, we're pleased to have recruited John Denny, a healthcare industry veteran. We believe John's extensive relationships with practitioners in the men's health industry and the urology field will be instrumental in accelerating our long-term growth and the presence in this underserved market. Concurrent with our efforts to promote men's health, BioT recently hosted an advisory panel with world-renowned academic urologists. These independent medical researchers confirmed that they consider pellets as the preferred delivery method for testosterone therapy. Following this panel, we're continuing our dialogue with leading researchers. and providing access to our practitioners' clinical data to help guide future research efforts. While we address the substantial growth opportunity in men's health, we remain committed to advancing the body of science supporting hormones therapy for women. Led by Dr. Ross McQuivie, our Chief Medical Officer, BioT recently commenced a clinical study comparing subcutaneous pellet therapy versus transdermal hormone therapy in symptomatic post-menopausal women. This first-of-its-kind study has generated interest within the medical community. In addition to conducting clinical research, we continue to educate and train providers and make resources available to further build awareness of the benefits of hormone therapy. I am pleased with the progress we're making both within the medical community and the broader public. Thanks to the dedication of the entire BioT team, we are helping to enhance patient health and the quality of life. And we're building long-term value for stakeholders as we differentiate and strengthen the BioT brand. I'll now turn the call over to Summer Kander, our Chief Financial Officer, to review our financial results in detail.