Biote Corp.

Good day and welcome to the Biot fourth quarter 2024 earnings conference call. All participants will be in a 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. And to withdraw your question, please press star and then two. Please note that this event is being recorded. I would now like to turn the conference over to Simon Sarovietke at Investor Relations. Please go ahead.

Thank you for joining us today. This afternoon, Biotech published financial results for the fourth quarter and fiscal year on December 31st, 2024. This news release is available in the Investor Relations section of the company's website. Hosting today's call are Mark Beer, Executive Chairman, Brett Christensen, Chief Executive Officer, and Bob Peterson, Chief Financial Officer. 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, region development, manufacturing and commercialization activities, its competitive position, regulatory process operations, benefits of its solutions, the anticipated impact of macroeconomic interest on its business, rules of operations, financial conditions, and other matters that do not relate to historical facts. These statements are not guaranteed 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 statements. These statements are subject to risks and uncertainties and assumptions that are based on management's current expectations as of today. BioT undertakes an obligation to update them in the future. Therefore, these statements should not be relied upon, except under 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 also refers to adjusted EBITDA. and just EBITDA margin, which are non-GAAP financial measures to provide additional information to investors. Reconciliation of the non-GAAP to GAAP measures are provided in earnings release, with the primary differences being stock-based compensation, fair value-adjustment center liabilities, transaction-related expenses, and other non-operating expenses. Please refer to our fourth quarter and fiscal year 2024 earnings release for reconciliation of just EBITDA to net income, the closest comparable GAAP measure. I'll now turn the call over to Mark Beer.

Thank you, Simon, and thank you all for joining us. With me today are Bob Peterson, our Chief Financial Officer, and Brett Christensen, our newly appointed Chief Executive Officer. After Bob reviews our performance for the fourth quarter and provides our financial outlook for 2025, Brett will discuss his areas of focus for BioT. On behalf of the Board of Directors and the entire BioT team, I would like to start today's call by welcoming Brett to BioT. Consistent with our succession planning strategy, the board undertook a methodical and comprehensive search early in 2024 for our next CEO. We're delighted to have Brett lead BioT as the company embarks on its next chapter of growth. Brett's distinguished background includes more than 20 years of leadership experience in women's healthcare. and across the broader healthcare sector. Throughout his career, Brett has commercialized many healthcare offerings and treatments to the level of industry standard of care, demonstrating an outstanding ability to launch innovative solutions, capture market share, and profitably scale businesses. The Board has every confidence in Brett's ability to elevate our performance, execute our strategy, and drive long-term value for our stakeholders. Over the course of the past year, BioT has focused on strengthening our competitive moat with a number of new and enhanced proprietary offerings. Through the execution of key growth initiatives and strategic acquisitions, we have laid the groundwork to achieve accelerated growth and drive commercial success in the large and underserved market for hormone optimization and therapeutic wellness. Our acquisition of Asteria Health in 2024 marked an important inflection point in BioT's evolution. Not only do we strengthen control over our supply chain and product quality, but we also began vertically integrating our internal manufacturing, which is generating cost efficiencies and enhancing our gross profit margin. We also gained expertise in the manufacturing of 503B compounded products, enabling us to provide a range of high-quality compounded health and wellness alternatives in the future. Over the past year, we have scaled up our internal manufacturing capacity to meet our customer needs. We have sufficient internal capacity to produce our monthly pellet needs. As we gain additional state licenses, we aim to further increase our share of internally manufactured pellets. Shortly after we announced the acquisition of Asteria Health, we implemented the phase launch of our proprietary BioTRx wellness platform. We believe BioTRx represents a key competitive differentiator for BioT, providing BioT certified practitioners with a seamless platform for product ordering and inventory management, along with technical support, training, and educational resources. In September 2024, BioT introduced significant improvements to our proprietary clinical decision support software, reinforcing our commitment to advancing patient health and wellness and creating a further moat that clearly separates us from our competition. These updates follow the latest evidence-based medical literature and feature proprietary dosing algorithms that are unique in the marketplace. With these new algorithms, BioT certified practitioners are elevating patient care with highly individualized therapies, including hormone optimization, therapeutic wellness, and dietary supplements. With our enhanced clinical decision support software, we have aimed to refocus the conversation surrounding hormone and wellness therapies. By doing so, we believe we are expanding our long-term growth opportunity in two important ways. First, we're broadening our appeal to practitioners who may be less familiar with hormone optimization and the clinical evidence supporting its efficacy. And second, we are expanding our existing practitioner's treatment alternatives, helping them serve a more diverse range of patients and attain improved healthcare outcomes. Our updated software is unique to the industry and we believe provides us with a key competitive advantage. In summary, we believe BioT has entered 2025 with a position of strength, underpinned by the key strategic assets that have expanded and enhanced our capabilities. With these foundational elements in place, coupled with Brett's experience and leadership, I am confident that BioT is in an even better position to promote patient health and wellness, widen our competitive moat, and continue to generate profitable growth. I will now turn the call over to Bob for a review of our fourth quarter financial results, as well as our outlook for 2025. Bob?