Biote Corp.

Good day and welcome to the BioT Second Quarter 2025 Earnings Conference Call. Today, all participants will be in a listen-only mode. Should you need assistance during today's call, 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 that today's event is being recorded. I would now like to turn the conference over to Simon Sarovetsky, Investor Relations. Please go ahead.

Thank you for joining us today. This afternoon, Biotech published financial results for the second quarter in the June 30, 2025. This news release is available in the Investor Relations section of the company's website. Hosting today's call are Bert Christensen, Chief Executive Officer, Bob Peterson, Chief Financial Officer, and Mark Beer, Executive Chairman. Before we get started, I'd like to remind everyone that manager-owning statements are in this call. That includes 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, competitive position, regulatory process operations, benefits of its solutions, anticipated impact of macroeconomic conditions on its business, rules of operations, management conditions, and other matters that do not relate to historical facts. 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 statements. These statements are subject to risks, uncertainties, and assumptions that are based on management current expectations as of today, but ought to undertake some obligations 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 their 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 a district EBITDA and a district EBITDA margin, which are non-GAAP financial measures to provide additional information for investors. A reconciliation of the non-gap-to-gap measures is provided in earnings release, with primary differences being stock-based compensation, fair value adjustments to standard liabilities, transaction-related expenses, and other non-operating expenses. Please refer to our second quarter 2025 earnings release for reconciliation of these non-gap measures to the closest comparable gap measure. I'll now turn the call over to Brett.

Thank you, Simon, and thank you all for joining us. I'll provide an update on our business and our reorganization initiatives. Then I'll turn the call over to Bob for a review of our second quarter financials and our 2025 financial outlook. After our comments, we'll open the call for your questions. In the second quarter, our procedure revenue was softer than we anticipated. Bob will discuss the reasons for the shortfall and our financials in more detail while I detail our strategic initiatives. The second quarter was pivotal for BioT as we implemented a strategic organizational restructuring designed to drive increase in sustainable growth. Launched in May, this comprehensive reorganization encompassed difficult but necessary changes to our people, our processes, and our culture. In making these adjustments, we have moved forward swiftly with the strategic clarity to build a more fundamentally sound business that can scale efficiently to capture significantly more of our addressable market opportunity. As a reminder, we aim to realize three key strategic objectives. One, accelerate new provider wins. Two, strengthen relationships with our existing practitioners. And three, generate improved financial performance through greater accountability, consistency, and discipline. Over the last few months, we have achieved solid initial progress against our goals. While progress will not be linear and will take time, I have been pleased to see renewed energy and enthusiasm across our organization, and our team is unified and committed in pursuit of our strategic objectives. As we implement both organizational and cultural changes, our initial efforts have centered on two key categories. One, commercial priorities that drive revenue growth, and two, foundation priorities that enhance our core capabilities and enable corporate process improvements. To start, I will review some of our key initiatives on the commercial side. First, we brought in new leadership. These strategic additions include Joey Lopes, our Senior VP of Strategy and Commercial Operations. I previously worked with Joey at Insulet, and I'm excited about the expertise and capabilities he brings to BioT. Joey is spearheading our efforts to reaccelerate procedure growth, improve commercial productivity, and instill a high-performance culture in our commercial team. In addition to new leadership, we continue to recruit external sales talent who collectively bring fresh energy and a proven track record of success to BioT. We continue to rebuild and enhance our sales team following headcount adjustments related to our reorganization. We remain focused on capturing the large and under-penetrated addressable market opportunity in hormone replacement therapy and therapeutic wellness. We have also updated our sales compensation structure, rewarding initiative and achievement by aligning incentives with our sales growth strategy. Our revamped sales compensation program is highly focused on new clinic additions as well as new clinic revenue generated from our successful quick start program. Because progress in these key metrics strongly correlates with long-term procedure revenue growth, these remain among our top strategic priorities. In conjunction with our new sales compensation framework, we have made fundamental improvements to continue how we recruit and train our commercial team. For example, we expanded the depth of our sales training program and implemented targeted commercial sales strategies that align with our shift to a performance-based culture. We believe these enhancements will ensure that our commercial team is equipped with the essential knowledge, skills, and support to optimize their success. Moving now to our foundational priorities. we have undertaken a top to bottom review of our core functions and internal processes. In thoroughly reviewing our operations and making necessary adjustments, we seek to enhance our internal efficiency, deepen our connection to both our patients and practitioners, and establish greater consistency and discipline throughout the company. We have several initiatives currently underway, and I'm confident that these actions will ultimately strengthen our operations, enabling BioT to achieve a higher level of performance. Before I turn the call over to Bob, I will close my remarks by saying that while I am pleased with the initial progress we have achieved in such a short timeframe, we still have work to do. Across the organization, we are rapidly implementing many necessary changes and improvements that I believe are critical to our long-term success. While these changes have been disruptive to our business, specifically with respect to procedure-related sales, I strongly believe we are on the right path to drive long-term growth and build sustained value for our shareholders. I'll now turn the call over to Bob.