Biote Corp.

And welcome to the BioT third 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 your touch tone phone. And if needed, you may withdraw your question, pressing star then two. Please note this event is being recorded. And now I would like to turn the conference over to Simon Sierwiecki for investor relations. Please go ahead.

Good morning. Thank you for joining us today. Last evening, Prati published financial results for the quarter ended September 30th, 2023. This release is available in the investor relations section of the company's website. Terry Weber, Chief Executive Officer and Summer Kamdak, Chief Financial Officer, will host this morning's call. Before we get started, I'd like to remind everyone that management will make statements during this call that include forward-looking statements regarding, among other things, the company's financial results, future performance and growth opportunities, 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. These statements are not guarantees of future performance. They are subject to a variety of risks and uncertainties, some of which are beyond the company's control. Actual results could differ materially from expectations reflected in any forward-looking statement. These statements are subject to risks, uncertainties, and assumptions that are based on managing the current expectations as of today. Biotech 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's website and the Investor Relations section of our website, as well as risks and other important factors discussed in the earnings release. Management will also refer to adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures, to provide additional information to investors. Reconciliation of the non-GAAP to GAAP measure is provided in our earnings release with the primary differences being stock-based compensation, fair value adjustments to certain liabilities, transaction-related expenses, and other non-operating expenses. Please see our third quarter 2020 earnings press release, which is available in the investor relations section of our website at ir.biotech.com. for reconciliation of the adjusted EBITDA and adjusted EBITDA margin to their most directly comparable GAAP financial measures. I will now 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 Kamder, our Chief Financial Officer, who will review our financial results and discuss our outlook for 2023. Mark Beer, our Executive Chairman, and Dr. Ross McQuivey, our Chief Medical Officer, are also on today's call to help answer your questions during the Q&A session following our remarks. IOT continued to generate profitable growth in the third quarter as we made further progress building our hormone optimization practice. We also advanced our efforts to create an evidence-based therapeutic wellness platform. Adjusted EBITDA grew at a double-digit rate, and adjusted EBITDA margins remained strong. From a strategic standpoint, we achieved significant progress in our commercial evaluation of complementary hormone and therapeutic wellness products delivered by a robust technology platform. I'm pleased with the positive response we've received from our top providers to our enhanced offerings, reinforcing our conviction in the long-term growth opportunity for BioT to become a single-source provider of hormone and therapeutic wellness solutions. We also continue to strengthen our presence in men's health by engaging with key opinion leaders, educating practitioners, and extending our outreach and marketing efforts. Third quarter revenue increased approximately 9% year over year, with growth in both dietary supplements and procedures. Dietary supplements revenue increased approximately 5%, which represented what we consider to be a more typical rate of growth, given the absence of a promotional event this quarter. Procedure revenue increased approximately 7% as the increase in the number of procedures was partially offset by a decrease in average selling prices, primarily from volume discounting to our top practitioners and, to a lesser extent, competitive dynamics in the market. We also continued to see heightened interest in the GLP-1 weight loss products, that have diverted patient attention from hormone therapies and temporarily limited our practitioners' capacity to provide our pellet treatments. While we maintained a high level of profitability in the quarter, I am not satisfied with the pace of our procedure revenue growth, which was below our typical historical rate. We are committed to improving our procedure revenue and remain focused on generating profitable growth. I'm as confident as ever in our strategy and in our ability to capitalize on the growth opportunity within the hormone optimization and preventive wellness market. Our recently completed optimization of sales territories is showing early signs of success, specifically in terms of the number of newly trained providers and the speed that we onboard those new practitioners and clinics. We are also seeing improved rates of procedure growth from those new clinics within the first 12 months. As a reminder, the majority of our revenue is generated by our legacy accounts. As I discussed on our last call, we're strategically transitioning our sales and marketing efforts to encompass the broader category of therapeutic wellness. In doing so, we are monetizing and expanding our existing hormone practice while adding complementary wellness therapies that address the patient's unique needs in weight loss, sexual health, and preventive wellness. With an expanded suite of hormone and wellness solutions under a single platform, we believe BioT can enhance patient health while elevating our value proposition to our growing network of practitioners. Over the last several months, we've trialed a proprietary technology platform that provides an expanded scope of wellness offerings to approximately 30 BioT certified healthcare practitioners across 17 high-performing sales territories in 11 different states. We will continue to expand our commercial test in the fourth quarter of 2023. The response from both patients and practitioners to our wellness offerings in our commercial trial has been exceptionally positive. Patients indicated that they value our broader product offerings and the convenience of treatment from a single provider. Given this favorable feedback, we have accelerated our efforts to secure consistent access to an expanded range of wellness therapeutics. As a result, we anticipate the nationwide launch of our new wellness offerings and technology platform to occur in the first quarter of 2024. We believe our strategic transition to broader therapeutic wellness will enhance our leadership position in the hormone optimization market. As I noted earlier, we continue to focus on capturing a greater share of the significant growth opportunity in men's health. Our research indicates that on the whole, men, regardless of age, are taking a more active role in their health by increasingly seeking treatments for symptoms. To further expand our presence in men's health, we are engaging with key opinion leaders whose advocacy strengthens support for hormone optimization in men. Additionally, we are working in close partnership with certain BioT providers to expand their treatment programs for men. As a part of these efforts, we have launched new marketing programs, led educational seminars and facilitated the sharing of best practices among BioT providers. Although we have only recently commenced our Men's Health Initiative, I'm pleased with the progress we've achieved so far and with our current growth trajectory in this important market. I will now turn the call over to Summer to discuss our financial results.