Biote Corp.

Good day, and welcome to the BioT second quarter 2024 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 two. Please note this event is being recorded. I would now like to turn the conference over to Simon Saravetsky, Investor Relations. Please go ahead.

Thank you for joining us today. This afternoon, Biotech published financial results for the second quarter on June 30, 2024. This news release is available in the Investor Relations section of the company's website. Terry Weber, Chief Executive Officer, and Bob Peterson, Chief Financial Officer, will host today's call. Before we get started, I would 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, vision development, manufacturing and commercialization activities, regulatory process operations, the effect 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 the company's control. Actual results 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. The policy undertakes an obligation to update them in the future. Therefore, these statements should not be relied upon to represent 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. The measure 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 in earnings release, with the primary differences being stock-based compensation, fair value assistance to certain liabilities, transaction-related expenses, and other non-operating expenses. Please refer to our second quarter 2024 earnings release for reconciliation of adjusted EBITDA to net income, the closest comparable gap measure. I will now turn the call over to Terry Weber.

Thank you, Simon, and thank you all for joining us. On the call with me today is Bob Peterson, our Chief Financial Officer, who will review our financial results and discuss our outlook for 2024. Mark Beer, our Executive Chairman, is also on today's call to help answer your questions during the Q&A session following our prepared remarks. Y&P generated solid financial performance in the second quarter, highlighted by a sequential increase in procedure revenue growth. This improvement reflected our strategic focus on driving growth from our top tier accounts, expanding our practitioner network and optimizing new clinic success through our Quick Start program. In the first half of 2024, we added approximately 30% more new clinics on a year-over-year basis, with significant growth in new clinics achieving quick starts. We have found that the early success generated by clinics that achieve quick start status translates into stronger clinic performance over time. As a result, we continue to work closely with our new providers to optimize the launch of their hormone and therapeutic wellness practices. We also achieved solid gross profit and adjusted EBITDA, even as we selectively increased our investments in key marketing and sales initiatives to enhance our long-term growth opportunities. These investments included our annual provider conference, where we strengthened engagement with our top practitioners, We spent two and a half days with over 500 practitioners teaching advanced concepts and therapeutic wellness. Even with these strategic investments, we remain on track to achieve our 2024 financial guidance. The phase launch of BioTRx across our network continues to progress well, with approximately 600 clinics now enrolled. We believe our BioTRx platform represents a unique and differentiated approach to care in the hormone and therapeutic wellness market. In addition to an expanded range of products and treatments, BioTRx supports practitioners with a comprehensive portfolio of advanced technical tools, support, training, and educational resources, which we believe separates us from our competitors. Over the next several weeks, we will introduce several major enhancements to the BioT method, expanding our science-based approach to care. With these enhancements, we're confident that BioT will enable practitioners to deliver an even higher level of holistic, personalized medicine for their patients. First, we'll expand our wellness lab panels to utilize the latest technology, liquid chromatography and mass spectrometry, for blood sample analysis. These additional lab panels broaden our testing capabilities while providing greater testing sensitivity and accuracy. These advantages will enable practitioners to provide more precise dosing that addresses a wider range of treatments and delivers better health outcomes for patients. To further enhance clinical decision making, we will update our proprietary software with new functionality. to deliver even more individualized precision patient care. For example, our updated clinical decision support software features enhanced algorithms for ongoing patient management, continuously adapting to a patient's evolving health needs. We are also broadening our BioTRx offerings across key therapeutic categories. We will introduce new offerings in the areas of body composition, sexual wellness, non-pellet hormone optimization, and thyroid and autoimmune conditions. These new products complement our existing therapies, elevating our value proposition and enabling more comprehensive patient care. Finally, we will further bolster our support for practitioners with enhanced tools and procedures, including a neutral car for pellet delivery and new techniques for pellet insertion. As always, BioT will continue to provide an unmatched level of education and training, covering a broad spectrum of hormone and therapeutic wellness. The integration of Asteria Health into our operations continues to progress smoothly. We've been pleased with the positive feedback we're hearing from our practitioners who value the capabilities that Asteria Health adds to our business. As we continue the integration process, We remain focused on expanding Astera Health's licenses to additional states, as well as driving long-term manufacturing cost efficiencies. During the second quarter, we were pleased to conclude outstanding litigation with two large shareholders. These agreements eliminate the time and expense associated with litigation and build long-term shareholder value through significant share repurchases. Bob will provide more information in his remarks. In summary, BioT continues to make solid progress in advancing our strategic objectives, and we remain on track to deliver our 2024 financial guidance. I'll now turn the call over to Bob to discuss our second quarter financial results and provide our outlook for 2024.