Biote Corp.

Good day, and welcome to the BioT fourth quarter and full year 2025 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. To withdraw your question, please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to Simon Sarowiecki, Investor Relations. Please go ahead.

Thank you for joining us today. This afternoon, Viati published financial results for the fourth quarter and full year end of December 31st, 2025. This news release is available in the Investor Release section of the company's website. Hosting today's call are 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, strategic plans and anticipated benefits, goals, research and development, manufacturing and commercialization activities, its competitive position, regulatory process operations, benefits of its solutions, anticipated impact of macroeconomic conditions on the business, results of operations and financial 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's current expectations as of today. Biotech undertakes no obligation to update them in the future. Therefore, these statements should not be relied upon as represented in 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. The management also refers to the EBITDA and its EBITDA margin, which are non-GAAP financial measures to provide additional information to investors. A reconciliation of the non-GAAP to GAAP measures is provided in an earnings release, with primary differences being stock-based compensation, fair value adjustments to certain liabilities, and other non-operating expenses. Please refer to our fourth quarter 2025 earnings release for a reconciliation of these non-GAAP measures with close comparable GAAP measures. And I'll turn the call over to Brett Christensen.

Thank you, Simon, and thank you all for joining us. I'll provide a summary of our key strategic and operational accomplishments in 2025 and discuss our priorities in 2026. Bob will then review our fourth quarter financial results and provide our 2026 financial outlook. After our comments, we'll open the call for your questions. 2025 was a pivotal and productive year for BioT, marked by important changes to the BioT team, our processes, and our culture. Through our decisive actions, we achieved progress against our strategic plan, and I believe we became a more resilient more disciplined, and more effective organization. These qualities position BioT to drive increased and sustainable growth in the large and underserved market of hormone replacement and therapeutic wellness. As you recall, our top three strategic objectives were one, prioritizing and accelerating new clinic growth, two, maximizing value from existing top-tier clinics, and three, strengthening accountability and discipline throughout the company. I'll begin with our progress on new clinics, which are fundamental to generating consistent revenue and earnings growth over the long term. To accomplish this goal, we rebuilt a significant portion of our commercial team, recruited new leadership and talent who bring fresh energy and high performance mindset to our business. To help ensure their success, we have empowered our sales team with upgraded tools and training and designed a new incentive compensation framework that aligns with our high growth objectives. We also completed the restructuring of our commercial team, both by geographic region and by sales role. This new structure has two key advantages. One, it enables us to provide a higher level of service to our existing accounts. And two, it allows for us to remain laser-focused on driving new clinic growth and optimizing new practitioner success. We ended 2025 with over 90 salespeople, up from approximately 60 at the time of our sales reorganization last May. I'm pleased to report that our new team members are stabilizing clinic attrition and maximizing new clinic starts in the fourth quarter. In addition, from mid-November to present, we have seen an acceleration in the number of practitioners attending our trainings, with all of our training sessions at full capacity. This reflects our recent success in recruiting new practitioners and broadening our training options for them. Because the number of new BioT certified practitioners is typically a leading indicator of procedure growth in the future, we plan to build on this momentum by continuing to invest in our commercial organization in 2026. Our second strategic objective was to maximize value from our top-tier clinics. To accomplish this, we deepened our relationships with existing practitioners, which reinforced our role as an essential partner that is committed to their success. Second, we continue to introduce innovative science-based solutions that promote patient healthspan and vitality and advance the standard of care. And third, to minimize unanticipated clinic attrition, we leverage data analytics to evaluate refined contract and incentive models that strengthen the longer-term value equation of our top practitioners. Turning now to our third strategic objective, we emphasize accountability and discipline in our pursuit of operational excellence. Most importantly, we've strengthened and refined the internal processes and systems that underpin our operating model. These enhancements improved our data analytics and productivity, enabling a more consistent execution. Having strengthened our core capabilities, I am cautiously optimistic we will reaccelerate procedure revenue growth and scale the business with greater efficiency. I'd now like to comment on our strategic plans for 2026. Over the past year, we've laid the groundwork for a more efficient and more disciplined operating model, one that positions us to deliver stronger and more consistent financial performance in the years ahead. In 2026, we will focus on advancing the progress we achieved in 2025. For example, we will be making a sizable and necessary investment in our sales and technology capabilities. Specifically, we intend to expand our sales personnel from over 90 at the end of 2025 to approximately 120. Concurrent with this investment in our commercial team, we will be investing in our leading-edge technology platform in 2026. This investment is designed to facilitate a more efficient and seamless practitioner journey from initial training and certification to driving a successful BioT clinic over the long term. We also anticipate that this investment will enhance long-term practitioner retention while expanding sales of our BioT branded dietary supplements and other healthy aging solutions. I am confident now is the right time to make these investments, which we believe are essential to accelerate growth, expand our market opportunity, and further enhance engagement with existing practitioners. While this step up in expenses will impact our adjusted EBITDA in 2026, We believe these planned investments position our team to reach our long-term strategic operational and financial objectives. I'll now turn the call over to Bob to review our fourth quarter results and provide our financial guidance for 2026.