Biote Corp (BTMD) 2024 Q2 法說會逐字稿

Good day, and welcome to the Biote second quarter 2024 earnings conference call.

美好的一天，歡迎參加 Biote 2024 年第二季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Szymon Serowiecki, Investor Relations.

我現在想將會議交給投資者關係部門的 Szymon Serowiecki。

Please go ahead.

請繼續。

Thank you for joining us today.

感謝您今天加入我們。

This afternoon, Biote published financial results for the second quarter ended June 30, 2024.

今天下午，Biote 發布了截至 2024 年 6 月 30 日的第二季財務表現。

This news release is available on the Investor Relations section of the company's website.

本新聞稿可在本公司網站的投資者關係部分取得。

Terry Weber, Chief Executive Officer and Bob Peterson, Chief Financial Officer, will host today's call.

執行長特里韋伯和財務長鮑勃彼得森將主持今天的電話會議。

Before we get started, I'd like to remind everyone that management will make statements on 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, business development, manufacturing and commercialization activities, regulatory process operations, the impact of macroeconomic conditions of the business, results of operations, financial conditions and other matters.

在我們開始之前，我想提醒大家，管理層將在這次電話會議上發表聲明，其中包括有關公司財務業績、未來業績和成長機會、業務前景、策略、目標、業務發展、製造和商業化活動、監管流程營運、業務宏觀經濟狀況的影響、營運結果、財務狀況及其他事項。

These statements are not guarantees of future performance.

這些陳述並不是對未來業績的保證。

They are subject to a variety of risks and uncertainties, some of which are beyond the company's control.

他們面臨各種風險和不確定因素，其中一些風險和不確定因素超出了公司的控制範圍。

Actual results could differ materially from expectations reflected in any forward-looking statements.

實際結果可能與任何前瞻性陳述中反映的預期有重大差異。

These statements are subject to risks, uncertainties and assumptions that are based on management's current expectations as of today.

這些陳述受到基於管理層截至目前的預期的風險、不確定性和假設的影響。

Biote undertakes no obligation to update them in the future.

Biote 不承擔將來更新它們的義務。

Therefore, these statements should not be relied upon as representative of the company's views as of any subsequent date.

因此，這些陳述不應被視為代表公司在任何後續日期的觀點。

For a 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.

有關可能影響我們實際績效的風險和其他重要因素的討論，請參閱 SEC 網站上提供的 SEC 文件和我們網站的投資者關係部分，以及收益報告中討論的風險和其他重要因素。

Management will also refer to adjusted EBITDA, which is a non-GAAP financial measure to provide additional information to investors.

管理層還將參考調整後的 EBITDA，這是一項非 GAAP 財務指標，旨在為投資者提供更多資訊。

A 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 of certain liabilities, transaction-related expenses and other non-operating expenses.

我們的收益報告中提供了非公認會計原則與公認會計原則衡量標準的調節，主要差異是基於股票的薪酬、某些負債的公允價值調整、交易相關費用和其他非營運費用。

Please refer to our second quarter 2024 earnings release for a reconciliation of adjusted EBITDA to net income, the closest comparable GAAP measure.

請參閱我們的 2024 年第二季財報發布，以了解調整後 EBITDA 與淨利（最接近的可比較 GAAP 指標）的對帳情況。

I'll now turn the call over to Terry Weber.

我現在將把電話轉給特里·韋伯。

Thank you, Szymon, and thank you all for joining us.

謝謝你，Szymon，也謝謝大家加入我們。

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.

今天與我通話的是我們的財務長鮑勃彼得森 (Bob Peterson)，他將審查我們的財務表現並討論我們對 2024 年的展望。

Marc Beer, our Executive Chairman is also on today's call to help answer your questions during the Q&A session following our prepared remarks.

我們的執行主席馬克比爾 (Marc Beer) 也參加了今天的電話會議，在我們準備好的發言之後的問答環節中幫助回答您的問題。

Biote generated solid financial performance in the second quarter, highlighted by a sequential increase in procedure revenue growth.

Biote 在第二季度取得了穩健的財務業績，其中程式收入成長的環比成長凸顯了這一點。

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.

這項改進反映了我們的策略重點是透過我們的快速啟動計劃推動頂級客戶的成長、擴大我們的執業者網絡以及優化新診所的成功。

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.

2024年上半年，我們新增診所年增約30%，實現快速啟動的新診所成長顯著。

We have found that the early success generated by clinics that achieve quick-start status translates into stronger clinic performance over time.

我們發現，實現快速啟動狀態的診所所取得的早期成功隨著時間的推移會轉化為更強的診所績效。

As a result, we continue to work closely with our new providers to optimize the launch of their hormone and therapeutic wellness practices.

因此，我們繼續與新的供應商密切合作，優化他們的荷爾蒙和治療健康實踐的推出。

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.

即使我們有選擇地增加對關鍵行銷和銷售計劃的投資以增強我們的長期成長機會，我們也實現了穩定的毛利和調整後的EBITDA。加強了與頂級從業者的接觸。

We spent two and a half days with over 500 practitioners teaching advanced concepts and therapeutic wellness.

我們花了兩天半的時間與 500 多名從業者一起教授先進的概念和治療健康。

Even with these strategic investments, we remain on-track to achieve our 2024 financial guidance.

即使進行了這些策略投資，我們仍有望實現 2024 年財務指引。

The phased launch of BioteRx across our network continues to progress well with approximately 600 clinics now enrolled.

BioteRx 在我們網路中的分階段推出繼續進展順利，目前已有約 600 家診所註冊。

We believe our BioteRx platform represents a unique and differentiated approach to care in the hormone and therapeutic wellness market.

我們相信我們的 BioteRx 平台代表了荷爾蒙和治療健康市場中獨特且差異化的護理方法。

In addition to an expanded range of products and treatments, BioteRx supports practitioners with a comprehensive portfolio of advanced technical tools, support, training, and educational resources, which we believe separates us from our competitors.

除了擴大產品和治療範圍之外，BioteRx 還為從業者提供全面的先進技術工具、支援、培訓和教育資源組合，我們相信這使我們有別於競爭對手。

Over the next several weeks, we will introduce several major enhancements to the Biote method, expanding our science-based approach to care.

在接下來的幾週內，我們將推出 Biote 方法的幾項重大改進，擴展我們基於科學的護理方法。

With these enhancements, we're confident that Biote will enable practitioners to deliver an even higher level of holistic, personalized medicine for their patients.

透過這些增強功能，我們相信 Biote 將使醫生能夠為患者提供更高水準的整體、個人化醫療。

First, we'll expand our wellness lab panels to utilize the latest technology, liquid chromatography, and mass spectrometry for blood sample analysis.

首先，我們將擴展我們的健康實驗室小組，利用最新的技術、液相層析法和質譜法進行血液樣本分析。

These additional lab panels broaden our testing capabilities while providing greater testing sensitivity and accuracy.

這些額外的實驗室面板擴大了我們的測試能力，同時提供更高的測試靈敏度和準確性。

These advantages will enable practitioners to provide more precise dosing that addresses a wider range of treatments and delivers better health outcomes for patients.

這些優勢將使醫生能夠提供更精確的劑量，解決更廣泛的治療問題，並為患者帶來更好的健康結果。

To further enhance clinical decision making, we will update our proprietary software with new functionality to deliver even more individualized precision patient care.

為了進一步增強臨床決策，我們將更新我們的專有軟體，添加新功能，以提供更個人化的精準病患照護。

For example, our updated clinical decision support software features enhanced algorithms for ongoing patient management, continuously adapting to a patient's evolving health needs.

例如，我們更新的臨床決策支援軟體具有增強的演算法，可用於持續的患者管理，並不斷適應患者不斷變化的健康需求。

We are also broadening our BioteRx offerings across key therapeutic categories.

我們也擴大了 BioteRx 在關鍵治療類別中的產品範圍。

We will introduce new offerings in the areas of body composition, sexual wellness, non-pellet hormone optimization, and thyroid and autoimmune conditions.

我們將在身體組成、性健康、非顆粒激素優化以及甲狀腺和自體免疫疾病領域推出新產品。

These new products complement our existing therapies, elevating our value proposition and enabling more comprehensive patient care.

這些新產品補充了我們現有的療法，提升了我們的價值主張並實現更全面的病患照護。

Finally, we will further bolster our support for practitioners with enhanced tools and procedures, including a new trocar for pellet delivery and new techniques for pellet insertion.

最後，我們將透過增強的工具和程序進一步加強對從業者的支持，包括用於顆粒輸送的新套管針和用於顆粒插入的新技術。

As always, Biote will continue to provide an unmatched level of education and training, covering a broad spectrum of hormone and therapeutic wellness.

一如既往，Biote 將繼續提供無與倫比的教育和培訓水平，涵蓋廣泛的荷爾蒙和治療健康。

The integration of Asteria Health into our operations continues to progress smoothly.

Asteria Health 與我們營運的整合持續順利進行。

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.

我們對從從業者那裡聽到的正面回饋感到非常滿意，他們非常看重 Asteria Health 為我們業務帶來的能力。

As we continue the integration process, we remain focused on expanding Asteria Health's licenses to additional states as well as driving long-term manufacturing cost efficiencies.

隨著整合進程的繼續，我們仍然專注於將 Asteria Health 的許可證擴展到更多州，並提高長期製造成本效率。

During the second quarter, we were pleased to conclude outstanding litigation with two large shareholders.

在第二季度，我們很高興與兩位大股東結束了未決訴訟。

These agreements eliminate the time and expense associated with litigation and build long-term shareholder value through significant share repurchases.

這些協議消除了與訴訟相關的時間和費用，並透過大量股票回購建立長期股東價值。

Bob will provide more information in his remarks.

鮑勃將在他的演講中提供更多資訊。

In summary, Biote continues to make solid progress in advancing our strategic objectives and we remain on-track to deliver our 2024 financial guidance.

總之，Biote 在推進我們的策略目標方面繼續取得紮實進展，我們仍有望實現 2024 年財務指導。

I'll now turn the call over to Bob to discuss our second quarter financial results and provide our outlook for 2024.

我現在將電話轉給 Bob，討論我們第二季的財務表現並提供 2024 年的展望。

Thank you, Terry, and good afternoon, everyone.

謝謝特里，大家下午好。

Total revenue in the second quarter was $49.2 million, essentially flat year-over-year, and consistent with our expectations.

第二季總營收為 4,920 萬美元，年比基本持平，符合我們的預期。

Procedure revenue growth increased 7.8%, increasing sequentially from the 6.6% growth reported in the first quarter of 2024.

程序收入增長 7.8%，較 2024 年第一季報告的 6.6% 增長有所增長。

Second quarter procedure revenue growth was broad-based across our network and primarily driven by growth in our top tier clinics.

第二季手術收入成長在我們的整個網路中廣泛存在，主要是由我們的頂級診所的成長所推動的。

Our performance also benefited from approximately 30% growth in new clinics over the past 12 months.

我們的業績也受惠於過去 12 個月新診所成長約 30%。

As Terry mentioned previously, many of these newly added clinics have successfully implemented our quick-start program that accelerates new procedure revenue streams.

正如特里之前提到的，許多新增加的診所已經成功實施了我們的快速啟動計劃，加速了新手術的收入流。

As expected, second quarter dietary supplement revenue decreased 32.2% year-over-year, as we continued the transition of our e-commerce business and lapped a significant seasonal promotion in last year's second quarter.

如預期，第二季膳食補充劑營收年減 32.2%，因為我們繼續電子商務業務轉型，並經歷了去年第二季的重大季節性促銷。

Consistent with our timeline, we began managing distribution of several key products previously delivered from our former distributor at the end of the second quarter.

根據我們的時間表，我們開始管理先前從第二季末從我們的前經銷商交付的幾種關鍵產品的分銷。

While we continue to work down inventory of certain nutraceuticals from our prior distributor, we expect overall nutraceutical revenue to resume year-over-year growth in the second half of this year.

雖然我們繼續減少先前經銷商的某些營養保健品的庫存，但我們預計整體營養保健品收入將在今年下半年恢復同比增長。

Second quarter gross profit margin was 68.9%, 100-basis point increase from the second quarter of 2023.

第二季毛利率為68.9%，較2023年第二季成長100個基點。

Gross profit of $33.9 million in the second quarter of 2024 included a $1.2 million step-up in inventory value related to the acquisition of Asteria Health.

2024 年第二季的毛利為 3,390 萬美元，其中包括與收購 Asteria Health 相關的 120 萬美元庫存價值增加。

Excluding this inventory revaluation, second quarter 2024 gross profit margin would have been 70.9%.

如果不計入庫存重估，2024 年第二季的毛利率將為 70.9%。

The year-over-year improvement in gross profit margin reflected product mix and effective cost management.

毛利率的同比改善反映了產品組合和有效的成本管理。

As expected, we anticipate consolidated gross profit margin will revert to historical levels, as nutraceutical sales resumed year-over-year growth in the second half.

如預期，隨著下半年營養保健品銷售額恢復年增，我們預計綜合毛利率將恢復至歷史水準。

Consistent with our expectations, selling, general and administrative costs were $27.6 million, compared to $25.8 million in the second quarter of 2023.

與我們的預期一致，銷售、一般和管理成本為 2,760 萬美元，而 2023 年第二季為 2,580 萬美元。

Operating expenses increased from the prior year primarily due to planned strategic investments in sales and marketing, including our annual provider event.

營運費用較上年增加，主要是由於計劃對銷售和行銷進行策略性投資，包括我們的年度供應商活動。

As a result, second quarter operating income was $6.2 million, compared to $7.7 million in the prior year quarter.

結果，第二季營業收入為 620 萬美元，而去年同期為 770 萬美元。

Net loss in the second quarter was $10.5 million inclusive of a $13.9 million loss due to a change in the fair value of the earn out liability.

第二季淨虧損為 1,050 萬美元，其中包括因盈餘負債公允價值變動而造成的 1,390 萬美元虧損。

This compares to a net loss of $13.1 million in the second quarter of 2023 which included a $6.4 million loss due to the net change in fair value of the earn out liability and an $11.8 million loss due to the net change in fair value of the warrant liability.

相較之下，2023 年第二季的淨虧損為 1,310 萬美元，其中包括因盈餘負債公允價值淨變動造成的 640 萬美元損失，以及因認股權證公允價值淨變動造成的 1,180 萬美元損失責任。

During the second quarter, we selectively increased our investments in sales and marketing to strengthen engagement with our top providers, expand our therapeutic wellness offerings, and further our geographic expansion.

在第二季度，我們有選擇地增加了對銷售和行銷的投資，以加強與頂級供應商的合作，擴大我們的治療健康產品，並進一步擴大我們的地理擴張。

Largely due to these investments, second quarter adjusted EBITDA decreased 12.4% from the prior year to $12.7 million with an adjusted EBITDA margin of 25.9%.

主要得益於這些投資，第二季調整後 EBITDA 較上年同期下降 12.4%，至 1,270 萬美元，調整後 EBITDA 利潤率為 25.9%。

This compares to adjusted EBITDA of $14.5 million with an adjusted EBITDA margin of 29.5% in the prior year period.

相較之下，上年同期調整後 EBITDA 為 1,450 萬美元，調整後 EBITDA 利潤率為 29.5%。

While we continue to make investments aligned with our growth strategy, we anticipate our overall operating expenses will moderate in the second half of this year as compared to the first half.

雖然我們繼續根據成長策略進行投資，但我們預計今年下半年的整體營運支出將較上半年放緩。

Second quarter operating cash flow was approximately $17.3 million.

第二季營運現金流約 1,730 萬美元。

As Terry noted and as previously announced, Biote concluded litigation with two large shareholders during the second quarter.

正如特里所指出的和先前宣布的，Biote 在第二季結束了與兩位大股東的訴訟。

These settlements include significant share repurchases and the release and cancellation of earn-out shares for no additional consideration.

這些和解協議包括大量股票回購以及釋放和取消獲利股票，無需額外考慮。

Under the terms of these settlements, Biote repurchased the first tranche of shares from Dr. Gary Donovitz for $32.2 million in April.

根據這些和解協議的條款，Biote 在 4 月以 3,220 萬美元的價格從 Gary Donovitz 博士手中回購了第一批股票。

Subsequently, in June, Biote repurchased the first tranche of shares from Marci Donovitz for $30 million.

隨後，6 月，Biote 以 3,000 萬美元從 Marci Donovitz 手中回購了第一批股票。

After the repurchase of the first tranches, Biote has agreed to repurchase the remaining 14.4 million shares over the next three years.

回購第一批股份後​​，Biote 同意在未來三年內回購剩餘的 1,440 萬股股票。

Largely because of these share repurchases, cash and cash equivalents at the end of the second quarter of 2024 were $26.4 million, down from $78.8 million at the end of the first quarter of 2024.

主要由於這些股票回購，截至 2024 年第二季末的現金和現金等價物為 2,640 萬美元，低於 2024 年第一季末的 7,880 萬美元。

Moving forward, we will continue to prudently manage our operating cash flow to assist funding settlement-related share repurchases while maintaining our capital allocation discipline.

展望未來，我們將繼續審慎管理我們的營運現金流，以協助為與結算相關的股票回購提供資金，同時維持我們的資本配置紀律。

Turning to our financial outlook for fiscal 2024, we reiterate our previously reported guidance with revenue of $200 million to $204 million and adjusted EBITDA of $60 million to $63 million.

談到 2024 財年的財務前景，我們重申先前報告的指導，收入為 2 億美元至 2.04 億美元，調整後 EBITDA 為 6,000 萬美元至 6,300 萬美元。

At a high level, our 2024 sales guidance reflects our expectations for improving procedure revenue growth in the second half and a return to year-over-year growth in nutraceutical sales.

在較高層面上，我們的 2024 年銷售指引反映了我們對下半年手術收入成長改善以及營養保健品銷售恢復年增率的預期。

On the expense side, we anticipate moderation in the second half operating expenses as compared to the first half.

在費用方面，我們預計下半年營運費用將較上半年放緩。

Strengthening procedure revenue growth in the second half of 2024 relative to the first half is expected to be driven by three factors, one, improving performance from our top-tier clinics, two, the continued expansion of our existing practitioner network, and three, a growing contribution from new clinics, including continued growth in clinics implementing Quick Starts.

預計 2024 年下半年相對於上半年的手術收入成長將由三個因素推動，一是我們頂級診所的業績改善，二是我們現有醫生網絡的持續擴張，三是新診所的貢獻不斷增加，包括實施快速啟動的診所的持續成長。

Now, I'll turn the call back to Terry for her closing comments.

現在，我將把電話轉回給特里，聽取她的結束語。

Thank you, Bob.

謝謝你，鮑伯。

Biote generated solid financial performance in the second quarter, and we are on track to achieve our financial and strategic objectives for the year.

Biote 在第二季度取得了穩健的財務業績，我們有望實現今年的財務和策略目標。

We continue to progressively roll out BioteRx across our network with plans to add new capabilities to better serve both patients and practitioners.

我們繼續在我們的網路中逐步推出 BioteRx，並計劃添加新功能，以更好地為患者和從業者服務。

We also continue to integrate Asteria Health, which improves our manufacturing efficiency and offers new opportunities for growth over time.

我們也繼續整合 Asteria Health，這提高了我們的製造效率，並隨著時間的推移提供了新的成長機會。

Finally, we have enhanced long-term shareholder value by concluding outstanding litigation and committing to significant share repurchases on favorable terms.

最後，我們透過結束未決訴訟並承諾以優惠條件回購大量股票，提高了長期股東價值。

We remain focused on driving profitable growth as we strive to become the leading single-source provider of evidence-based therapeutic wellness solutions.

我們仍然專注於推動獲利成長，並努力成為循證治療健康解決方案的領先單一來源提供者。

And now, I'd like to open the call for questions.

現在，我想開始提問。

Operator, please begin the question-and-answer session.

接線生，請開始問答環節。

(Operator Instructions)

（操作員說明）

Les Sulewski, Truist Securities.

Les Sulewski，Truist 證券公司。

Hi. good evening, guys.

你好。晚上好，夥計們。

Thank you for taking my questions.

感謝您回答我的問題。

So Terry, I didn't hear much commentary around your weight loss program and your strategy.

特里，我沒有聽到太多關於你的減肥計劃和策略的評論。

Can you just perhaps maybe highlight, now that we've heard some of the branded GLP-1s coming off of the shortage list, essentially how does that impact your compounded GLP-1 strategy?

您能否強調一下，既然我們已經聽說一些品牌 GLP-1 已退出短缺清單，那麼這對您的複合 GLP-1 策略有何影響？

And how do you conform with regulations if either the FDA puts a ban in place or I guess there's limitations from presentations will be no longer available on the drug shortage list?

如果 FDA 實施禁令，或者我猜藥品短缺清單上將不再提供簡報的限制，您如何遵守法規？

And I have a follow-up.

我有一個後續行動。

Les, that is a mouthful.

萊斯，那是一口。

So I’ll break it into the pieces.

所以我會把它分解成碎片。

So let me give you a context and a framework for our BioteRx and our use to the GLP1.

因此，讓我為您介紹 BioteRx 的背景和框架以及我們對 GLP1 的使用。

So we have launched this therapeutic wellness, the BioteRx, it has a full complement of therapeutic wellness products, which includes the GLP1s and it includes both in the Tirzepatide and the Semaglutide that are both being produced because of the bi-compounders, because of the shortage list.

因此，我們推出了這種治療性健康產品 BioteRx，它擁有全套治療性健康產品，其中包括 GLP1，並且包括 Tirzepatide 和 Semaglutide，這兩種藥物都是透過雙化合物生產的，因為短缺清單。

So for us, it's a piece of a formula with a lot of the products that allow that one stop shop at Biote.

因此，對我們來說，它是一個配方，其中包含許多產品，可以在 Biote 進行一站式購物。

So we have a platform that allows those providers to order the product easily, delivered on very short SLAs, it is part of a performance piece on therapeutic wellness and it's a just a couple of the products.

因此，我們有一個平台，允許這些提供者輕鬆訂購產品，並以非常短的 SLA 交付，它是治療健康性能部分的一部分，而且只是其中的幾個產品。

So we are not concerned about this, the platform is working well.

所以我們不關心這個，平台運作良好。

There is a lot ofadoption.

有很多採用。

So it's proceeding very well and we can talk a little bit about what's happened even this week on those two products.

所以進展非常順利，我們甚至可以稍微討論一下這兩款產品本週發生的情況。

So right now, if you look at the shortage and why compounders can manufacture, it's the shortage list and the FDA considers the following criteria before removing a drug from the shortage list.

因此，現在，如果您查看短缺情況以及複合商可以生產的原因，您會發現這是短缺清單，FDA 在將某種藥物從短缺清單中刪除之前會考慮以下標準。

First, whether the manufacturer is able to meet the total national historical demand and you can report on the amount of that national demand even within the last year on both of the formulations.

首先，製造商是否能夠滿足國家歷史總需求，您可以報告國家需求量，甚至在過去一年內對這兩種配方的需求。

The second part is whether the manufacturer can verify that he has built enough safety stock for the drugs.

第二部分是製造商是否可以驗證他已經為藥品建立了足夠的安全庫存。

You also have other considerations as to other prescribers or patients have the availability of the drug or there is still that type of the shortage.

您還需要考慮其他處方者或患者是否可以獲得該藥物或仍然存在這種類型的短缺。

So it's quite a long process and the only person that determines whether it goes off shortage is the FDA.

所以這是一個相當漫長的過程，唯一決定它是否短缺的人是 FDA。

And if our audience has listened and probably has into the earnings recordings of from both Eli Lilly and Novo Nordisk that produce the two branded products of the Tirzepatide and the Semaglutide, both companies address the fact that they had difficulty meeting demand and that these certain dosages of their drugs come in and out of supply.

如果我們的聽眾已經聽過並且可能已經了解了禮來公司和諾和諾德公司生產Tirzepatide 和Semaglutide 這兩個品牌產品的收益錄音，那麼這兩家公司都解決了這樣一個事實：他們難以滿足需求，並且這些特定劑量他們的藥物進進出出。

Lilly announced that there will intermittent supply disruptions for drugs such as Zepbound and Mounjaro while supply and demand are better in their balance they quoted, they expect increases in demand may result in periodic supply tightness at different dosage levels.

禮來公司宣布，Zepbound 和 Mounjaro 等藥物將出現間歇性供應中斷，儘管他們引用的供需平衡較好，但他們預計需求的增加可能會導致不同劑量水平的周期性供應緊張。

So when we look at this, it looks as if certainly for Novo Nordisk, they now will continue restricting supply of their starter doses in the US market to ensure patients who start the treatment can continue this treatment.

因此，當我們看到這一點時，諾和諾德似乎肯定會繼續限制其在美國市場的起始劑量的供應，以確保開始治療的患者能夠繼續這種治療。

So in our estimation, these drugs will remain on shortage for a period of time.

所以我們預計，這些藥品在一段時間內仍將處於短缺狀態。

There is many options.

有很多選擇。

New drugs are being developed in the GLP1 space as we speak.

正如我們所說，GLP1 領域正在開發新藥。

So compounders will be allowed to do the ones that are on shortage.

因此，複合生產商將被允許生產短缺的產品。

And for us, we are not concerned about it in our model.

對我們來說，我們的模型並不關心它。

We just want to make sure that our doctors get easy access to it and a consistent supply.

我們只是想確保我們的醫生能夠輕鬆獲得它並持續供應。

So our platform offers that and I hope I have given you some insights into why that is not a big concern for us.

因此，我們的平台提供了這一點，我希望我已經為您提供了一些見解，讓您了解為什麼這對我們來說不是一個大問題。

I also remind you that we get paid a tech platform fee for accessing our platform which offers the other formulations as well in therapeutic wellness.

我還提醒您，我們透過造訪我們的平台獲得技術平台費，該平台提供其他配方以及治療健康。

So this is just part of our long-term therapeutic wellness focus

所以這只是我們長期治療健康重點的一部分

Excellent color, I mean, very helpful.

我的意思是，色彩極佳，非常有幫助。

Perhaps just to maybe build on that in some sense and on the Asteria facility, you know, you've mentioned before you are looking to add a production line on the compounded GLP1.

也許只是在某種意義上建立在 Asteria 設施的基礎上，您知道，您之前已經提到過，您希望在複合 GLP1 上添加一條生產線。

Is that still in the works?

那還在進行中嗎？

When can we kind of expect that to be operational?

我們什麼時候可以預期它可以投入使用？

And then I guess my last question is what percentage of your physicians are in the medical spa setting and then I guess how many operate at a virtual setting.

然後我想我的最後一個問題是你們的醫生中有多少比例在醫療水療環境中，然後我猜有多少人在虛擬環境中進行操作。

Thank you.

謝謝。

Good question.

好問題。

Three questions there.

那裡有三個問題。

So number one, on Asteria, we are looking to expanding our space at Asteria and after we are making sure that we can meet all the production need in our integration, we are very focused on manufacturing the other GLP1 products.

因此，第一，在 Asteria 上，我們希望擴大 Asteria 的空間，在確保能夠滿足整合中的所有生產需求後，我們非常專注於製造其他 GLP1 產品。

So I would be looking to 2025 for that manufacture and that impact.

因此，我期待 2025 年的製造和影響。

Your second question, want to repeat that real quick?

你的第二個問題，想快速重複一次嗎？

Percentage of physicians in the medical spa setting and in virtual?

醫療水療環境和虛擬醫生的百分比？

Now, the medical spa setting.

現在，醫療水療設定。

Our practitioners in the medical spa setting have all supervising practitioners.

我們的醫療水療中心的從業人員都有監督從業人員。

They are usually an arm of an OB GYN or internist who has a wellness practice next to their traditional practice.

他們通常是婦產科醫生或內科醫生的助手，在傳統診所旁邊也有健康診所。

So it's a way that that's structured that really allows us to have very good supervising practitioners and I would certainly say less than 10% and on the virtual end, we have very few that have -- they have a virtual component of their practice but they are all practitioners with clinics.

因此，這種結構方式確實讓我們能夠擁有非常優秀的監督從業者，我肯定會說不到10%，在虛擬端，我們很少有這樣的人——他們的實踐中有虛擬的組成部分，但他們都是有診所的從業人員。

So we don't at this point service just any completely virtual group.

因此，我們目前不只為任何完全虛擬的團體提供服務。

Great, thank you.

太好了，謝謝。

Jonna Kim, TD Cowen.

喬納森·金，TD·考恩。

Hi, thank you for taking my questions.

你好，謝謝你回答我的問題。

Just curious about the marketing and investments that you've made this quarter.

只是對您本季所做的行銷和投資感到好奇。

It looks like a step up there.

看起來像是台階。

Should we expect a similar level of marketing and investment for the remainder of the year?

我們是否應該期待今年剩餘時間類似水準的行銷和投資？

And just a follow-up to that, how are you measuring your success of spend?

接下來，您如何衡量您的支出是否成功？

And just going forward, how should we think about your investment plan?

展望未來，我們該如何考慮您的投資計畫？

Thank you so much.

太感謝了。

So what Biote looks to do, Jonna, is to really engage long-term with these practitioners, so they keep decades of an involvement with us.

因此，喬娜，Biote 想要做的是真正與這些從業者進行長期接觸，以便他們與我們保持數十年的接觸。

So what we invested in this year is that enhancement to our clinical decision support software.

因此，我們今年的投資是增強我們的臨床決策支援軟體。

So you'll not only have that clinical decision support software doing an excellent job of hormone optimization, it includes now therapeutic wellness products from our BioteRx.

因此，您不僅可以使用在荷爾蒙優化方面表現出色的臨床決策支援軟體，還可以使用我們 BioteRx 的治療保健產品。

So that's an investment in growing engagement with those providers.

因此，這是對增加與這些提供者的互動的投資。

Now, this is new science and its innovation.

現在，這是新科學及其創新。

And so that large meeting that we had that had so many of our providers, our key large providers, we spent two and a half days educating them offsite on these new therapeutic wellness products and where the science is going.

因此，我們舉行的大型會議有很多供應商，我們的主要大型供應商，我們花了兩天半的時間在場外向他們介紹這些新的治療健康產品以及科學的發展方向。

So that was a large investment in Q2, but all of these should do a very solid ROI on both the enhancement to the tier one clinics and our largest providers as well as taking us into that next generation where we very much are differentiated from competition.

因此，這是第二季度的一項巨額投資，但所有這些都應該在增強一級診所和我們最大的提供者以及將我們帶入下一代方面產生非常可靠的投資回報率，使我們在競爭中脫穎而出。

And Jonna, just to add a little bit to that, as we look at our OPEX, typically it's higher in Q2.

Jonna，補充一點，當我們查看我們的營運支出時，通常第二季會更高。

And as Terry mentioned, several of the expenses to really support sales, marketing, and other customer related expenditures were planned in Q2, as Terry mentioned.

正如特里所提到的，正如特里所提到的，第二季度計劃了一些真正支持銷售、行銷和其他客戶相關支出的費用。

And I would just tell you when we think about the investments that we're looking to continue to deploy, I mean, whether it's practitioner engagement, modernization of our data systems and data analytics, I would tell you all of those are really supporting what Terry is saying to review that ROI of the spends that we deploy.

我只是想告訴你，當我們考慮我們希望繼續部署的投資時，我的意思是，無論是從業者的參與、我們的數據系統和數據分析的現代化，我會告訴你所有這些都真正支持什麼特裡說要審查我們部署的支出的投資報酬率。

And just one follow-up is, have you seen any notable changes or anything to call out quarter-to-date trends versus second quarter?

唯一的一個後續問題是，與第二季度相比，您是否看到任何顯著變化或任何可以指出本季迄今趨勢的內容？

And just what gives you confidence in the second half inflection embedded in your guidance?

是什麼讓您對下半年的指引充滿信心？

Thank you.

謝謝。

Yes, so right now.

是的，現在就是這樣。

I think when we look at Q2 revenue, the improved growth from a sequential perspective on procedure revenue.

我認為，當我們觀察第二季的收入時，從連續的角度來看，程序收入的成長有所改善。

It was consistent with our year-to-date guidance.

這與我們今年迄今的指導一致。

We were expecting that uptick.

我們期待這種上升。

We don't give quarterly guidance, so we continue to anticipate second half performance will strengthen versus the first half.

我們不提供季度指導，因此我們繼續預計下半年的業績將比上半年有所增強。

But we're focused really on our key trends, which as we mentioned during the call, growth in our top tier accounts, new customer growth, and specifically with improving the quick starts and nutra growth in the second half, which should show positive momentum.

但我們真正關注的是我們的主要趨勢，正如我們在電話會議中提到的那樣，我們的頂級客戶的成長、新客戶的成長，特別是下半年快速啟動和努特拉成長的改善，這應該會顯示出正面的勢頭。

And the next question comes from Jeff Van Sinderen with B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Jeff Van Sinderen。

Hello, this is Richard Magnusen in for Jeff Van Sinderen.

大家好，我是理查德·馬格努森，替補傑夫·範·辛德倫。

Thank you for taking our call.

感謝您接聽我們的電話。

First off, you did mention quickly the state licenses.

首先，您確實很快提到了州許可證。

Now just wondering if you could provide more color on where you are exactly with obtaining all the various state licenses?

現在只是想知道您是否可以提供更多資訊來說明您在獲得所有各種州許可證方面的具體情況？

Yeah, so we've made pretty good progress as it relates -- as you can, as you look at the entirety of Asteria, we keep on applying for new licenses.

是的，所以我們已經取得了相當好的進展——正如你所看到的，當你看到整個 Asteria 時，我們繼續申請新的許可證。

It's constantly in flux.

它不斷變化。

And I would just say we're obtaining those licenses as planned and we continue to work with our teams to diligently progress forward in that area.

我只想說，我們正在按計劃獲得這些許可證，並且我們將繼續與我們的團隊合作，在該領域努力取得進展。

So I would say we're approaching about the halfway mark of the licenses that we are looking to obtain with a whole handful coming over the next quarter, quarter and a half.

因此，我想說，我們正在接近我們希望獲得的許可證的一半，在下一個季度、一個季度半內將獲得大量許可證。

Okay.

好的。

And then my next question is, previously you talked about how the doctors, they were a little bit maybe stubborn to migrate towards your new platform from what they were used to.

然後我的下一個問題是，之前您談到了醫生如何從他們習慣的平台遷移到您的新平台，他們可能有點固執。

Some of it was because they had more inventory from previous sources.

部分原因是他們從以前的來源獲得了更多庫存。

And so, my question is have they depleted that as far as you know or a lot of it?

所以，我的問題是，據你所知，他們是否已經耗盡了這些，或者說已經耗盡了很多？

And the other aspect was that they were reluctant to move away from the legacy sources and were testing Biote as a source with smaller orders until they felt comfortable with Biote, has this situation meaningfully improved or what can you tell us about that?

另一方面是，他們不願意放棄傳統來源，並正在以較小的訂單測試Biote 作為來源，直到他們對Biote 感到滿意為止，這種情況是否得到了有意義的改善，或者您能告訴我們什麼嗎？

Yes, it's meaningfully improved.

是的，它得到了有意義的改進。

We've been adding new doctors because new state licenses are coming in for our, our BioteRX, so we've been adding practitioners, they've been increasing their orders, they're seeing the consistency of the delivery time and the quality of the product.

我們一直在增加新的醫生，因為我們的 BioteRX 即將獲得新的州許可證，所以我們一直在增加從業人員，他們一直在增加訂單，他們看到了交付時間和品質的一致性產品。

So all that's going very well and what I'm excited about is these new clinics that we've got are becoming dependent on us, in the beginning, for all of their BioteRX products.

因此，一切進展順利，令我興奮的是，我們擁有的這些新診所從一開始就開始依賴我們提供所有 BioteRX 產品。

So I like that because it's a better mix.

所以我喜歡這樣，因為這是一個更好的組合。

It's not just GLP-1s, they're not just shopping GLP-1s, but they're learning the business, and depending on us for their supply, and used to using our platforms.

這不僅僅是 GLP-1，他們不僅僅是購買 GLP-1，而且他們正在學習業務，依賴我們的供應，並習慣使用我們的平台。

So the strategy is working very well.

所以這個策略非常有效。

George Kelly, ROTH Capital.

喬治凱利，羅斯資本。

Hey, everyone, thanks for taking my questions.

嘿，大家好，謝謝你回答我的問題。

Just a couple for you.

只給你一對。

First on Asteria, curious how much of your production is running through there and what is your expectation for year-end?

首先是 Asteria，想知道您的生產量有多少是透過那裡進行的，您對年底的期望是什麼？

Yeah, so the way that I would look at this George and when we have talked a little bit about the state licenses, we are at a point now where from a production perspective, we built the capabilities to meet the needs in the short-term and then probably in the medium-term by building additional machinery, installing additional machinery and I think we are at a point now where we scaled up well and we're building the inventory and producing enough really to make sure that we have enough inventory to meet our future demand.

是的，所以我看待這個喬治的方式，當我們談論了一些關於國家許可證的問題時，我們現在正處於這樣一個時刻：從生產的角度來看，我們建立了滿足短期需求的能力然後可能在中期透過建造額外的機械，安裝額外的機械，我認為我們現在正處於擴大規模的階段，我們正在建立庫存並生產足夠的產品，以確保我們有足夠的庫存來滿足我們未來的需求。

So I guess the next part of that question is so are you anticipating a meaningful step up in gross margin in the back half just based on that production point for Asteria?

所以我想這個問題的下一部分是，您是否預計僅基於 Asteria 的生產點，後半段的毛利率就會出現有意義的提升？

So the way that we are looking at this, I mean, as you look at the three different facets, so there -- we should take a little bit of a step back and I'll touch on the gross margin piece.

所以我們看待這個問題的方式，我的意思是，當你看到三個不同的面向時，我們應該退一步，我將談論毛利率部分。

So as you can imagine, when you onboard a function like Asteria into Biote, you need to be really focused on doing each facet quite well.

因此，正如您可以想像的那樣，當您將 Asteria 這樣的功能加入 Biote 時，您需要真正專注於做好每個方面。

One, as we just already mentioned, was the state licenses.

正如我們剛才已經提到的，其中之一是國家許可證。

Number two is really trying to phase in and work towards the conversion of these additional states that we get access to and what we are finding is that we are working quite well with our commercial teams and very strategically to work through this process to ensure a smooth transition and we're succeeding in this process.

第二是真正嘗試分階段進行並努力實現我們可以訪問的這些額外狀態的轉換，我們發現我們正在與我們的商業團隊合作得很好，並且非常戰略性地完成這一過程，以確保順利進行過渡，我們在這個過程中取得了成功。

So I think that's good.

所以我認為這很好。

We already also touched on the last piece which is building that inventory.

我們也已經談到了建立庫存的最後一部分。

So clearly, Asteria is an important piece and a strategic part of our overall capabilities within Biote.

顯然，Asteria 是 Biote 整體能力的重要組成部分和策略部分。

As we transition, we'll begin to operationalize and operationally transition pellets into the different clinics.

隨著我們的轉型，我們將開始實施並將顆粒轉移到不同的診所。

As procedures start to occur and these pellets are implanted, this will be more of -- as we start to progress through, this will enable a more phased approach through the second half of the year and the financial impact on gross margin has been factored into our 2024 adjusted EBITDA guidance range.

隨著程序開始進行並且這些顆粒被植入，這將更多 - 當我們開始取得進展時，這將在今年下半年採取更加分階段的方法，並且對毛利率的財務影響已被考慮在內我們的2024 年調整後EBITDA 指導範圍。

Okay.

好的。

And then two other quick ones.

然後還有另外兩個快速的。

In your prepared remarks, you mentioned that you expect SG&A to moderate in the back half versus what you just reported in the first half.

在您準備好的演講中，您提到您預計下半年的銷售及管理費用將比您剛剛報告的上半年有所放緩。

Can you be more specific?

能說得更具體一點嗎？

Does that mean that you expect absolute SG&A dollars to decline in the back half versus the first half or what does that mean?

這是否意味著您預計下半年的絕對銷售管理費用將比上半年下降，或者這意味著什麼？

Now, so here's the way we look at it.

現在，這就是我們看待它的方式。

So we expect our core expenses to really remain flat.

因此，我們預計我們的核心支出將保持不變。

We don't see any material shifts in the business, but we are going to continue to spend additional funds on revenue-generating activities.

我們沒有看到業務發生任何重大變化，但我們將繼續在創收活動上投入額外資金。

We don't have any big expenses like the Sun and Sea event that Terry mentioned that we had in Q2, but we're going to continue to spend on new customer trainings, Amazon, demand-generating activities and development of new and existing customer growth.

我們沒有像特里提到的第二季度的陽光和海洋活動那樣的大額支出，但我們將繼續在新客戶培訓、亞馬遜、需求產生活動以及新客戶和現有客戶的開發上投入資金生長。

So the moderation is really baked also into that guidance.

因此，適度也確實融入該指導中。

Did that answer your question?

這回答了你的問題嗎？

Yes, I think so.

是的，我想是的。

I am just trying to…sort of trying to lean into your EBITDA guidance and it implies fairly significant step up in EBITDA margin in the back half.

我只是想…有點嘗試參考你們的 EBITDA 指導，這意味著後半段 EBITDA 利潤率將顯著提高。

And so, I'm just trying to figure out like what is -- is that a gross margin thing or a SG&A thing?

所以，我只是想弄清楚，這是毛利率還是銷售管理費用？

I don't know if there's a way to sort of get to that.

我不知道是否有辦法做到這一點。

If not, that's okay

如果沒有也沒關係

No, I would just tell you right now, we do expect that moderation and I would just say as we look at gross margin in the second half, I would say we are kind of…well, we're going to be guiding towards the high end of our historical range, so, in that upper 60s range.

不，我現在就告訴你，我們確實預計會出現放緩，我只想說，當我們看到下半年的毛利率時，我會說我們有點......好吧，我們將引導我們歷史範圍的高端，因此，在60 年代的範圍內。

So that can give you kind of a little bit of a guide to where we're going on that front.

因此，這可以為您提供一些關於我們在這方面的進展的指導。

Okay, understood.

好的，明白了。

Thank you.

謝謝。

Kaumil Gajrawala, Jefferies.

考米爾·加吉拉瓦拉，傑弗里斯。

Hey, guys, good evening.

嘿，夥計們，晚上好。

A couple, I guess, follow-ups from some of your answers to other questions.

我想，這是您對其他問題的一些回答的後續行動。

On the state licensing, can you maybe just give an update or an idea of maybe how many states are left and if any particularly large states are ones where you recently became licensed?

關於州許可，您能否提供最新資訊或了解還剩下多少州，以及是否有任何特別大的州是您最近獲得許可的州？

Well, I would tell you that the…just overall, the state licenses that we have been approved in match up fairly well to our existing footprint and I would just say that we are continuing -- I think I can say with -- we've applied for nearly all states and they're in varying phases of the approval process.

好吧，我想告訴你……總的來說，我們已經批准的州許可證與我們現有的足跡相當匹配，我只想說我們正在繼續——我想我可以說——我們已經向幾乎所有州提出了申請，並且它們處於審批過程的不同階段。

Okay, got it.

好的，明白了。

And on marketing as a follow-up, a little bit to the last question is, was the step up in marketing simply the big event and we're just looking at more of a run rate over the rest of the year or is there an actual sort of in addition to the event, or a few things that were incremental that stepped up the investment dollars?

關於行銷作為後續行動，最後一個問題是，行銷的進步是否只是一個大事件，我們只是專注於今年剩餘時間的運行率，或者是否存在除了該活動之外，還有哪些實際的內容，或者是一些增加投資的增量內容？

Yes, I would just say that the Sun, Sea event is a pretty material event and I would say that that is probably one of the largest drivers.

是的，我只想說「陽光、海洋」事件是一個相當重要的事件，我想說這可能是最大的驅動因素之一。

I would say that there is a combination as I mentioned as we look at optimizing our sales force, engaging with our practitioners, improving our data system.

我想說的是，正如我所提到的，當我們考慮優化我們的銷售團隊、與我們的從業者合作、改進我們的數據系統時，有一個組合。

There are other smaller items along the way, but you've really hit the big one.

一路上還有其他較小的項目，但您確實遇到了大項目。

Yes, Kaumil, I think one of the things is that investing in the people.

是的，考米爾，我認為其中之一就是投資於人。

We are going to therapeutic wellness and taking all of our providers to a much more evidence-based science as we look into therapeutic wellness.

當我們研究治療健康時，我們將轉向治療健康，並讓我們所有的提供者接受更基於證據的科學。

So we invested in our educators.

所以我們投資我們的教育工作者。

Those are our practitioners who teach for us and we invested in their ability to teach and revamping the training program.

這些是為我們教學的從業者，我們投資於他們的教學能力和改進培訓計劃。

So I really want to invite you and people in the audience that you know, this is the new training in the fall, for this therapeutic wellness is a significant step up and we invested in the instructors, the materials and the whole education process to really make it a very strong interactive experience for our new providers and those that are coming back for additional training.

因此，我真的想邀請您和您認識的觀眾，這是秋季的新培訓，因為這種治療性健康是一個重要的進步，我們在講師、材料和整個教育過程上進行了投資，以真正實現這一目標。

Got it, sounds like a good time.

明白了，聽起來是個好時機。

Will look out for an invite.

會留意邀請。

Thanks guys. we'll talk soon.

謝謝你們。我們很快就會談。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Terry Weber for any closing remarks.

我想將會議轉回給特里·韋伯（Terry Weber）發表閉幕詞。

Thank you, everyone, for joining us today.

謝謝大家今天加入我們。

We appreciate the interest in Biote, and we really look forward to updating you on our track progress in therapeutic wellness on our next conference call.

我們感謝您對 Biote 的興趣，我們非常期待在下次電話會議上向您介紹我們在治療健康方面的最新進展。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now correct.

你現在可以更正了。