Biote Corp (BTMD) 2024 Q3 法說會逐字稿

Welcome to the Biote Third Quarter 2024 Earnings Conference Call.

歡迎參加 Biote 2024 年第三季財報電話會議。

(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 like now to turn the conference over to Szymon Serowiecki from Investor Relations.

我現在想將會議轉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 third quarter ended September 30, 2024.

今天下午，Biote 發布了截至 2024 年 9 月 30 日的第三季財務表現。

This news release is available in 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.

特里·韋伯，首席執行官；財務長鮑勃彼得森 (Bob Peterson) 將主持今天的電話會議。

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 growth opportunities, business outlook, strategies, goals, research and development, manufacturing and commercialization activities, competitive position, regulatory process operations, benefits of the solutions, anticipated impact of macroeconomic conditions on 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中發表聲明，其中包括有關公司財務業績、未來業績成長機會、業務前景、策略、目標、研究和其他內容的前瞻性聲明。開發、製造和商業化活動、競爭地位、監管流程營運、解決方案的優勢、宏觀經濟狀況對業務的預期影響、營運結果、財務狀況和其他事項。

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 representing 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 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。

Reconciliation of the non-GAAP to GAAP measure is provided in our earnings release with the primary differences being stock-based compensation, fair value adjustment to certain liabilities, transaction-related expenses and other nonoperating 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 third quarter 2024 earnings release for reconciliation of adjusted EBITDA to net income, the closest comparable GAAP measure.

請參閱我們的 2024 年第三季財報發布，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 delivered strong financial performance in the third quarter, highlighted by double-digit growth in both revenue and adjusted EBITDA.

Biote 在第三季度實現了強勁的財務業績，其中收入和調整後 EBITDA 均實現兩位數增長。

Revenue was driven by continued growth in procedures and a strong return to growth in our dietary supplement business as we continue to drive improvements in our Amazon channel.

隨著我們繼續推動亞馬遜通路的改進，收入的推動因素是手術的持續成長以及膳食補充劑業務的強勁成長。

We also generated solid improvement in both our gross profit and adjusted EBITDA margins, realizing cost savings from the vertical integration and effective management of our operating expenses.

我們的毛利和調整後的 EBITDA 利潤率也取得了顯著改善，透過垂直整合和有效管理營運費用實現了成本節約。

As a result, our third quarter adjusted EBITDA improved approximately 15% compared to the same quarter last year and adjusted EBITDA margins exceeded 30%.

因此，我們在第三季調整後 EBITDA 比去年同期提高了約 15%，調整後 EBITDA 利潤率超過 30%。

During the quarter, we continued to focus on driving growth from our top-tier accounts who consistently generate the majority of our revenue.

在本季度，我們繼續專注於推動頂級客戶的成長，這些客戶持續創造了我們的大部分收入。

Over the past year, we have strengthened engagement with our top practitioners.

在過去的一年裡，我們加強了與頂尖從業者的接觸。

By expanding our offering and treatment protocols, we can more comprehensively serve the needs of our providers and their patients.

透過擴大我們的產品和治療方案，我們可以更全面地滿足醫療服務提供者及其患者的需求。

Additionally, we have further enhanced our research, training and educational program to meet the growing demand for evidence-based medicine.

此外，我們也進一步加強了我們的研究、培訓和教育計劃，以滿足對實證醫學日益增長的需求。

In doing so, we believe we have further enhanced our position as the leading authority in hormone optimization and therapeutic wellness.

透過這樣做，我們相信我們進一步增強了我們作為荷爾蒙優化和治療健康領域領先權威的地位。

We have also continued to make progress in training and certifying new practitioners.

我們也在新從業者的培訓和認證方面繼續取得進展。

As I noted last quarter, our quick start program creates an efficient workflow for the new practitioners to optimize clinic success.

正如我上季度指出的那樣，我們的快速啟動計劃為新從業者創建了高效的工作流程，以優化診所的成功。

Since launching this program, we have found that clinics that achieve quick start-status generate stronger performance over time.

自從啟動該計劃以來，我們發現，隨著時間的推移，實現快速啟動狀態的診所會產生更強的績效。

As a result, we continue to assist our new practitioners to efficiently build and promote their hormone and therapeutic wellness practices.

因此，我們繼續協助新從業者有效地建立和推廣他們的荷爾蒙和治療健康實踐。

We believe Biote's patient data set and proprietary algorithms are key advantages in the marketplace.

我們相信 Biote 的患者資料集和專有演算法是市場的關鍵優勢。

In the third quarter of 2024, we introduced targeted enhancements to our proprietary Clinical Decision Support software, further strengthening our position in the marketplace.

2024 年第三季度，我們對專有的臨床決策支援軟體進行了有針對性的增強，進一步鞏固了我們在市場中的地位。

The enhancements we introduced reinforce our commitment to patient health and wellness as we advance the Biote method by following the latest evidence-based medical literature.

我們遵循最新的實​​證醫學文獻來推進 Biote 方法，引入的增強功能強化了我們對患者健康的承諾。

Importantly, our Clinical Decision Support software now makes recommendations across an expanded range of our product portfolio, enhancing patient care with highly personalized therapies that can include hormone optimization, therapeutic wellness and dietary supplements.

重要的是，我們的臨床決策支援軟體現在對我們更廣泛的產品組合提出建議，透過高度個人化的療法（包括荷爾蒙優化、健康療法和膳食補充劑）來增強患者護理。

Additionally, our updated software strengthens our practitioners' capabilities to serve a broader range of patients, expanding our long-term market opportunity.

此外，我們更新的軟體增強了我們的從業者為更廣泛的患者提供服務的能力，擴大了我們的長期市場機會。

As we introduce these enhancements in the third quarter of 2024, we experienced a temporary disruption in procedure volume as our practitioners adjusted to the updated software and workflow in their clinics.

當我們在 2024 年第三季推出這些增強功能時，我們的醫生在適應診所更新的軟體和工作流程時，手術量出現了暫時中斷。

To facilitate this transition, we're assisting our practitioners with additional workflow support and training.

為了促進這一轉變，我們正在為從業人員提供額外的工作流程支援和培訓。

Although, we're seeing some residual impact in the fourth quarter of 2024, we have begun to experience a rebound in procedure activity over the last several weeks.

儘管我們在 2024 年第四季看到了一些殘餘影響，但在過去幾周里，我們已經開始經歷手術活動的反彈。

And as we look ahead to next year, we anticipate procedure revenue growth will reaccelerate in 2025.

展望明年，我們預計手術收入成長將在 2025 年重新加速。

We are confident that our enhanced Clinical Decision Support software strengthens our competitive position and supports our growth objectives.

我們相信，我們增強的臨床決策支援軟體可以增強我們的競爭地位並支持我們的成長目標。

Our refined dosing considerations expand patient treatment options while better positioning Biote to attract a broader range of practitioners.

我們精細的劑量考量擴大了患者的治療選擇，同時更好地定位 Biote 以吸引更廣泛的從業者。

Additionally, our advanced software allows for a greater range of data input, empowering practitioners to more precisely tailor care to a broader base of patients.

此外，我們先進的軟體允許更大範圍的數據輸入，使從業者能夠更精確地為更廣泛的患者群體量身定制護理。

Over time, we believe the deeper patient data set provided by our enhanced software will enable us to leverage traditional and AI-driven analytics to identify new growth opportunities in hormone optimization and therapeutic wellness.

隨著時間的推移，我們相信我們的增強軟體提供的更深入的患者數據集將使我們能夠利用傳統和人工智慧驅動的分析來識別激素優化和治療健康方面的新增長機會。

We continue to take a measured approach to expanding our footprint of BioteRx, ensuring that all enrolled clinics maintain consistent access to our personalized therapeutic wellness solutions.

我們繼續採取謹慎的方法來擴大 BioteRx 的足跡，確保所有註冊診所都能持續獲得我們的個人化治療健康解決方案。

As of the third quarter, the total number of BioteRx enrolled clinics throughout our network exceeded 1,100.

截至第三季度，我們網路中註冊 BioteRx 的診所總數超過 1,100 家。

In addition to new product offerings for sexual health, weight loss and preventative wellness, the BioteRx marketplace features a comprehensive portfolio of advanced technical tools, support, training and educational resources.

除了性健康、減重和預防性健康的新產品外，BioteRx 市場還提供全面的先進技術工具、支援、培訓和教育資源組合。

While our BioteRx program currently provides a relatively small direct revenue contribution, the BioteRx formulary is expansive and essential to enhancing our competitive offerings in the marketplace.

雖然我們的 BioteRx 計劃目前提供的直接收入貢獻相對較小，但 BioteRx 處方集範圍廣泛，對於增強我們在市場上的競爭產品至關重要。

I would note that our BioteRx formulary is not dependent on any single category of therapeutic treatments, including GLP-1s.

我要指出的是，我們的 BioteRx 處方集不依賴任何單一類別的治療方法，包括 GLP-1。

In the third quarter, we continued the integration of Asteria Health into our operations.

第三季度，我們繼續將 Asteria Health 整合到我們的營運中。

Consistent with our strategic objectives, the vertical integration of our manufacturing has strengthened our supply chain and has yielded expected cost savings.

與我們的策略目標一致，製造的垂直整合加強了我們的供應鏈，並實現了預期的成本節約。

As we continue to vertically integrate our pellet manufacturing, we are narrowing our current vendor network to better manage our supply chain.

隨著我們繼續垂直整合顆粒製造，我們正在縮小當前的供應商網絡，以便更好地管理我們的供應鏈。

On a longer-term basis, we believe Asteria Health will strengthen our 503(B) manufacturing expertise, enabling us to develop and provide a wider range of high-quality compounded medications.

從長遠來看，我們相信 Asteria Health 將加強我們的 503(B) 製造專業知識，使我們能夠開發和提供更廣泛的高品質複合藥物。

In the near term, we remain focused on expanding Asteria Health licenses to additional states.

短期內，我們仍致力於將 Asteria Health 許可證擴展到更多州。

I will now turn the call over to Bob to discuss our third quarter financial results and provide our outlook for 2024.

我現在將電話轉給鮑勃，討論我們第三季度的財務業績並提供我們對 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 third quarter was $51.4 million, up 12.8% from the prior quarter period.

第三季總營收為 5,140 萬美元，較上一季成長 12.8%。

Procedure revenue growth increased 7.1%, primarily reflecting growth of established top-tier clinics and contribution from new clinics.

手術收入成長7.1%，主要反映了老牌頂級診所的成長和新診所的貢獻。

As Terry noted, we experienced a temporary disruption in procedure volume towards the end of the third quarter as we introduced enhancements to our Clinical Decision Support software.

正如特里指出的那樣，隨著我們對臨床決策支援軟體進行了增強，我們在第三季末經歷了手術量的暫時中斷。

To a lesser extent, Hurricane Helene caused clinic closures in several of our core states, slightly impacting third quarter procedure volumes.

在較小程度上，颶風海倫導致我們幾個核心州的診所關閉，對第三季的手術量略有影響。

We estimate the associated impact of these headwinds as approximately 2.5 percentage points on our year-over-year procedure revenue growth rate in the third quarter.

我們估計這些不利因素對第三季程序收入年增率的影響約為 2.5 個百分點。

Third quarter dietary supplement revenue increased 21.7% year-over-year.

第三季膳食補充劑營收年增21.7%。

Dietary supplement sales benefited from continued transition of a portion of our business as we continue to drive improvements in our Amazon business.

隨著我們繼續推動亞馬遜業務的改進，膳食補充劑的銷售受益於我們部分業務的持續轉型。

Third quarter gross profit margin was 17.5%, a 160 basis point increase from the third quarter of 2023.

第三季毛利率為17.5%，較2023年第三季成長160個基點。

The year-over-year improvement in gross profit margin reflected cost savings from the vertical integration of Asteria Health as well as continued cost management.

毛利率的年比改善反映了 Asteria Health 垂直整合以及持續成本管理帶來的成本節約。

These gains more than offset the impact of revenue mix shift towards dietary supplements.

這些收益足以抵消收入結構轉向膳食補充劑的影響。

Selling, general and administrative costs were $24.0 million compared to $23.8 million in the third quarter of 2023.

銷售、一般和管理成本為 2,400 萬美元，而 2023 年第三季為 2,380 萬美元。

As expected, third quarter SG&A expenses moderated on a sequential basis from the second quarter of 2024, as certain investments were incurred in the first half of the current year.

正如預期的那樣，由於某些投資是在今年上半年發生的，第三季的銷售、管理及行政費用較 2024 年第二季環比放緩。

Driven by strong sales growth and increased gross profit, operating income increased to $12.2 million, up from $7.6 million in the prior year quarter.

在強勁的銷售成長和毛利增加的推動下，營業收入從去年同期的 760 萬美元增至 1,220 萬美元。

Net income was $12.7 million, inclusive of a $7.2 million gain due to a change in the fair value of the earn-out liabilities.

淨利潤為 1,270 萬美元，包括因盈餘負債公允價值變動而產生的 720 萬美元收益。

This compares to net income of $19.6 million in the third quarter of 2023, which includes a $17.5 million gain due to the net change in the fair value of the earn-out liability.

相較之下，2023 年第三季的淨利潤為 1,960 萬美元，其中包括因盈餘負債公允價值淨變動而產生的 1,750 萬美元收益。

Third quarter income was $0.33 per diluted share, an increase of 38% on a year-over-year basis.

第三季稀釋後每股收益為 0.33 美元，年增 38%。

Adjusted EBITDA was $16.2 million with an adjusted EBITDA margin of 31.5%.

調整後 EBITDA 為 1,620 萬美元，調整後 EBITDA 利潤率為 31.5%。

In the comparable quarter of 2023, adjusted EBITDA was $14.0 million with an adjusted EBITDA margin of 30.8%.

2023 年同期，調整後 EBITDA 為 1,400 萬美元，調整後 EBITDA 利潤率為 30.8%。

The increases in adjusted EBITDA and adjusted EBITDA margin reflected improved sales, higher gross profit margin and effective operating cost management.

調整後 EBITDA 和調整後 EBITDA 利潤率的成長反映了銷售額的改善、毛利率的提高以及營運成本管理的有效。

Biote generated strong cash flow from operations in the third quarter and on a year-to-date basis.

Biote 在第三季和年初至今的營運中產生了強勁的現金流。

The nine months year-to-date cash flow from operations totaled $32.9 million compared to $19.9 million for the nine months ended September 30, 2023.

今年迄今 9 個月的營運現金流總額為 3,290 萬美元，而截至 2023 年 9 月 30 日的 9 個月為 1,990 萬美元。

Cash and cash equivalents at the end of the third quarter of 2024 were $38.2 million, up from $26.4 million at the end of the second quarter of 2024.

截至 2024 年第三季末，現金及現金等價物為 3,820 萬美元，高於 2024 年第二季末的 2,640 萬美元。

The sequential increase in cash and cash equivalents from the second quarter of 2024 was primarily due to increased cash flow from operations.

自 2024 年第二季以來，現金和現金等價物較上季增加主要是由於營運現金流增加。

Turning to our financial outlook.

轉向我們的財務前景。

We are adjusting our previously reported 2024 financial guidance as we navigate two temporary headwinds impacting our fourth quarter results.

我們正在調整先前報告的 2024 年財務指引，以應對影響我們第四季業績的兩個臨時阻力。

First, we anticipate some residual impact on fourth quarter procedure revenue as we assist our practitioners with additional workflow support and training on our updated Clinical Decision Support software.

首先，我們預計會對第四季度的程序收入產生一些殘餘影響，因為我們為從業人員提供額外的工作流程支援和更新的臨床決策支援軟體的培訓。

Second, and to a lesser extent, both Hurricane Helene and Milton caused clinic closures in several of our core states, delaying certain procedure revenue into early 2025.

其次，在較小程度上，颶風海倫和米爾頓都導致我們幾個核心州的診所關閉，導致某些手術收入推遲到 2025 年初。

As a result of these factors, we now forecast 2024 revenue of $197 million to $201 million and adjusted EBITDA of $58 million to $61 million.

由於這些因素，我們現在預測 2024 年營收為 1.97 億美元至 2.01 億美元，調整後 EBITDA 為 5,800 萬美元至 6,100 萬美元。

This compares to our previously reported guidance of $200 million to $204 million in revenue and $60 million to $63 million in adjusted EBITDA.

相較之下，我們先前報告的營收指引為 2 億至 2.04 億美元，調整後 EBITDA 為 6,000 萬至 6,300 萬美元。

Our updated 2024 revenue guidance reflects our expectations for continued growth within our top-tier accounts, the continued expansion of our network and a growing contribution from clinics that achieve quick start-status.

我們更新的 2024 年收入指引反映了我們對頂級客戶持續成長、網路持續擴張以及實現快速啟動狀態的診所不斷增長貢獻的期望。

We also anticipate continued year-over-year growth in dietary supplement sales in the fourth quarter of 2024.

我們也預計 2024 年第四季膳食補充劑銷售額將持續年增。

From a cost perspective, we remain focused on driving incremental savings from vertical integration.

從成本角度來看，我們仍然專注於透過垂直整合推動增量節約。

We expect that these cost savings, along with our ongoing cost management efforts, will generate continued strength in both gross profit and adjusted EBITDA margins in the fourth quarter of 2024.

我們預計，這些成本節約以及我們持續的成本管理努力將在 2024 年第四季帶來毛利和調整後 EBITDA 利潤率的持續成長。

I'll now turn the call back to Terry for closing comments.

現在我將把電話轉回特里以徵求結束意見。

Thank you, Bob.

謝謝你，鮑伯。

Over the course of this year, Biote has achieved significant progress against our strategic priorities and has laid the foundation for accelerated growth.

今年以來，Biote 在我們的策略重點方面取得了重大進展，並為加速成長奠定了基礎。

We are confident our updated Clinical Decision Support software represents a true game changer, further differentiating Biote from our competitors while enhancing patient health and supporting our long-term growth objectives.

我們相信，我們更新的臨床決策支援軟體代表了真正的遊戲規則改變者，進一步使 Biote 與我們的競爭對手區分開來，同時改善患者健康並支持我們的長期成長目標。

With the introduction of BioteRx, we have leveraged our leadership in hormone optimization to expand our growth opportunity into that broader category of therapeutic wellness.

隨著 BioteRx 的推出，我們利用我們在荷爾蒙優化方面的領先地位，將我們的成長機會擴展到更廣泛的治療健康領域。

At the same time, we've strengthened our capabilities through the acquisition of Asteria Health.

同時，我們透過收購 Asteria Health 增強了我們的能力。

We have also enhanced our dietary supplement business as we continue to drive improvements in our Amazon business.

隨著我們繼續推動亞馬遜業務的改進，我們也增強了我們的膳食補充劑業務。

Throughout this journey, we have provided our growing network of practitioners with unparalleled leadership in education, training and research to further advance patient health and well-being.

在整個旅程中，我們為不斷增長的從業者網絡提供了教育、培訓和研究方面無與倫比的領導力，以進一步促進患者的健康和福祉。

Biote remains focused on driving profitable growth and building long-term value for all stakeholders as we widen our competitive moat.

在擴大我們的競爭護城河的同時，Biote 仍然專注於推動獲利成長並為所有利益相關者創造長期價值。

Now, I would 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) Jonna Kim, Cowen.

（操作員說明）Jonna Kim，Cowen。

Just first one on BioteRx.

這只是 BioteRx 上的第一個。

Could you help us quantify how big that business is now and where you see that trending over time?

您能否幫助我們量化該業務目前的規模以及您認為隨著時間的推移該業務的發展趨勢？

And also just the profit profile, margin profile of that business would be helpful as well.

而該業務的利潤狀況、利潤狀況也會有所幫助。

And then just a follow-up, would love any color on how the Amazon storefront is progressing versus your expectations and how you think that business will trend next year?

然後，作為一個後續行動，您是否希望了解亞馬遜店面的進展與您的預期有何不同，以及您認為明年的業務趨勢如何？

Thank you, Jonna.

謝謝你，喬娜。

So I'll cover your first question.

那我將回答你的第一個問題。

As we talked about BioteRx, if you remember, it was a next-generation platform or a marketplace that offers all these enhanced tools and products and access for both hormone optimization and therapeutic wellness.

當我們談論 BioteRx 時，如果您還記得的話，它是一個下一代平台或市場，提供所有這些增強的工具和產品以及激素優化和治療健康的途徑。

So what we've done is expanded BioteRx's offering and that has moved and been incorporated in the new Clinical Decision Support software enhancements.

因此，我們所做的就是擴展 BioteRx 的產品，並將其納入新的臨床決策支援軟體增強功能中。

So it really covers an expansive range of products, but it was always done as an addition to this core business we have.

因此，它確實涵蓋了廣泛的產品範圍，但它始終是作為我們核心業務的補充而完成的。

It was an access platform that allowed our providers to find the products that we had recommended in our software platform.

這是一個訪問平台，允許我們的提供者找到我們在軟體平台中推薦的產品。

So it is a, at this point, a small amount of income, but it is a large value in the competitive areas to provide that access all through one platform.

因此，就目前而言，這只是一筆很小的收入，但在競爭領域透過一個平台提供這種存取權限卻具有很大的價值。

And it is basically not -- it's a transfer price.

它基本上不是——這是轉讓價格。

We don't manufacture those products.

我們不生產這些產品。

We simply provide them very effectively through one platform.

我們只是透過一個平台非常有效地提供它們。

So it's a modest contribution from BioteRx in 2024 and even a smaller -- greater though still minor contribution expected in 2025, because it's the transaction fees until we start creating more of those products internally in our 503(B).

因此，BioteRx 在 2024 年的貢獻不大，預計到 2025 年貢獻會較小，但仍較小，因為這是交易費用，直到我們開始在 503(B) 內部創建更多此類產品。

And then I'll have Bob address the Amazon.

然後我會讓鮑伯寄email給亞馬遜。

Sure.

當然。

Jonna, the one thing that I would say is we definitely made the right decision to change our distribution channel model.

喬娜，我要說的一件事是，我們改變分銷管道模式的決定絕對是正確的。

And I can tell you the exciting piece for us is as we start the conversion process and working through competing in the new Amazon market with us in control, it is going according to plan and we do see line of sight into accelerated growth.

我可以告訴你，對我們來說令人興奮的事情是，當我們開始轉換過程並在我們控制的新亞馬遜市場中競爭時，它正在按計劃進行，我們確實看到了加速成長的視線。

So I would just say, as we expect to continue that growth into Q2 or Q4, sorry, and then into 2025, I don't see any major mix shift changes.

所以我只想說，抱歉，我們預計這種成長將持續到第二季​​或第四季度，然後到 2025 年，我沒有看到任何重大的組合轉變變化。

But yes, I think that is probably the biggest area and you'll start to see that real benefit in 2025.

但是，是的，我認為這可能是最大的領域，您將在 2025 年開始看到真正的好處。

Jeff Van Sinderen, B. Riley.

傑夫·範·辛德倫，B.萊利。

Let me say nice work on the P&L leverage and reaccelerating the supplement business.

讓我說一下，在損益槓桿和重新加速補充業務方面做得很好。

Okay.

好的。

I'm not sure what happened there.

我不確定那裡發生了什麼事。

Can you guys hear me?

你們聽得到我說話嗎？

Yes, you may continue.

是的，您可以繼續。

Sorry, sir.

對不起，先生。

Okay.

好的。

So one of the things you mentioned around the decision support software disruption was that it sounds like you're through most of that.

因此，您提到的有關決策支援軟體中斷的事情之一是，聽起來您已經經歷了大部分情況。

And I think you said that you're seeing, I guess, the impact of that abate as we're getting through Q4.

我想你說過，隨著我們進入第四季度，你會看到這種影響減弱。

Can you just -- I mean, I guess, give us a sense of kind of what happened there?

你能否——我的意思是，我猜，讓我們了解那裡發生了什麼？

And now that you're doing the enhanced training and support, how you're getting those clinics that are -- that struggled kind of up to speed on that?

既然您正在加強培訓和支持，那麼您如何讓那些在這方面難以跟上進度的診所呢？

No.

不。

Good question.

好問題。

So when we first talked at the end of Q2, we had forecasted accelerated growth and we were on the path to that accelerated growth.

因此，當我們在第二季末首次討論時，我們預測了加速成長，並且我們正在加速成長的道路上。

We had created these enhancements to the clinical decisions software that were such game changers.

我們對臨床決策軟體進行了這些增強，從而改變了遊戲規則。

We felt the need to get them out in the marketplace and get them to our 7,100 clinics.

我們認為有必要將它們推向市場並進入我們的 7,100 家診所。

So what we saw was a workflow adjustment.

所以我們看到的是工作流程的調整。

So essentially, there were two headwinds in Q3.

因此，從本質上講，第三季度存在兩個阻力。

One was this workflow adjustment with the new CDSS, and we've seen a bounce back in the last couple of weeks.

其中之一是新 CDSS 的工作流程調整，我們在過去幾週看到了反彈。

So 7,100 clinics shifting takes a little time and it's difficult for doctors' offices to change.

所以7100個診所的轉移需要一點時間，醫生辦公室也很難改變。

But we're really seeing that change in the last few weeks where we're getting back to the regular workflow at those clinics.

但在過去幾周里，我們確實看到了這種變化，我們正在恢復這些診所的常規工作流程。

So we've really seen the benefit.

所以我們確實看到了好處。

There's so many compliments on the enhancements here and how it really expands our competitive moat and I can go over that in some detail in a minute.

對於這裡的增強功能以及它如何真正擴展我們的競爭護城河有很多讚美，我可以在一分鐘內詳細討論這一點。

But we also had this ability through this new Clinical Decision Support enhancement to not only add the new products that we were teaching on, they've also added and expanded the number of patients we could treat.

但我們也透過這種新的臨床決策支援增強功能獲得了這種能力，不僅添加了我們正在教學的新產品，還添加並擴大了我們可以治療的患者數量。

We could now treat perimenopause patients very effectively with this decision support software, which no one else has in the industry.

現在，我們可以使用這款決策支援軟體非常有效地治療圍絕經期患者，這是業內沒有其他人擁有的。

And then we expanded that base of providers where we're a very attractive option for them, more to the mainstream providers and academic groups.

然後我們擴大了提供者的基礎，對他們來說，我們是一個非常有吸引力的選擇，對主流提供者和學術團體來說更是如此。

So that was the reasoning for that CDSS, but it did have that workflow adjustment.

這就是 CDSS 的原因，但它確實進行了工作流程調整。

We're seeing that recovering and rebounding.

我們看到這種情況正在恢復和反彈。

We know we'll have a small impact in Q4 as well.

我們知道我們也會在第四季產生很小的影響。

And let me pass it to Bob to talk about the exact impact.

讓我把它轉給鮑伯來談談確切的影響。

Yes.

是的。

Excellent.

出色的。

Thanks, Terry.

謝謝，特里。

Looking at the workflow, we're working to assist those practitioners through training, as you mentioned, as Terry mentioned.

從工作流程來看，我們正在努力透過培訓來幫助這些從業人員，正如您所提到的，正如特里所提到的。

I think the big thing to highlight is the impact that we saw was around 2.5 percentage point increase in growth, which was -- which obviously hurt us.

我認為需要強調的一件大事是我們看到的影響是成長約 2.5 個百分點，這顯然對我們造成了傷害。

But back to your original point, Jeff, when we -- as we begin to see the trends post launch, we are starting to see a bounce back over the past several weeks.

但回到你最初的觀點，傑夫，當我們開始看到發布後的趨勢時，我們開始看到過去幾週的反彈。

But I have to stress that there is still work to be done.

但我必須強調，仍有工作要做。

But let me just be really clear, the patient demand remains solid and practitioner loyalty remains strong.

但讓我明確一點，患者的需求仍然強勁，醫生的忠誠度仍然很高。

And at the end of the day, we would have hit guidance if not for the CDSS, but we are excited about getting this back on track and having procedure and nurture revenue growth in the future.

最終，如果沒有 CDSS，我們可能會達到指引，但我們很高興能夠讓這種情況重回正軌，並製定程序並培育未來的收入成長。

Okay.

好的。

So it sounds like, I mean, the net of that, as I'm thinking about how you've portrayed it is really that maybe a little bit more of a learning curve associated with adoption of that software, but the net result should be very positive.

所以，聽起來，我的意思是，當我考慮你如何描述時，這實際上可能是與採用該軟體相關的學習曲線，但最終結果應該是非常積極。

The net result will be excellent.

最終結果將會非常好。

It really enhances our abilities, it updates these algorithms in a way that's not seen anywhere in the industry and really broadens the appeal.

它確實增強了我們的能力，它以業內前所未見的方式更新了這些演算法，並真正擴大了吸引力。

And I think that kind of gives us that comfort that we would have had this accelerated growth in this Q3 had not that headwind of the workflow as well as the hurricanes.

我認為這讓我們感到安慰，如果沒有工作流程和颶風的逆風，我們將在第三季實現加速成長。

And we would not have changed guidance without that minor interruption.

如果沒有那次小小的干擾，我們就不會改變指導方針。

So Bob, do you want to talk a little bit about '25?

鮑勃，你想談談 '25 嗎？

No, no, no.

不，不，不。

I think with all the things that you mentioned, all the enhancements, the additional recommendations across the expanded range of our product portfolio, the algorithms, I think it sets us up for a solid 2025.

我認為，有了您提到的所有內容、所有增強功能、我們產品組合擴展範圍內的額外建議、演算法，我認為這為我們在 2025 年邁出了堅實的一步。

Yes.

是的。

Okay.

好的。

Great to hear.

很高興聽到。

And then if I could squeeze one more in.

然後如果我能再擠一個進去的話。

I was just curious on the Asteria Health, getting the state licenses there.

我只是對 Asteria Health 感到好奇，在那裡獲得了州許可證。

I know you said you made progress.

我知道你說你進步了。

Just wondering kind of where we are in that process.

只是想知道我們在這個過程中處於什麼位置。

Just I guess, anything else you can tell us about that?

我想，對此您還能告訴我們什麼嗎？

Yes.

是的。

So as you know, the vertical integration is key to us.

如您所知，垂直整合對我們來說至關重要。

We've said that for several quarters.

我們已經說過幾個季度了。

We now are at a point where we're around 30 licenses.

我們現在擁有大約 30 個許可證。

We continue to be on track.

我們繼續走在正軌上。

Probably, the most exciting piece of this is that we have started to -- we're at that point where we've converted approximately 50% of our volume to Asteria.

也許，最令人興奮的部分是我們已經開始 - 我們已經將大約 50% 的體積轉換為 Asteria。

And so that's a big piece of the puzzle.

這就是難題的一大部分。

And also in Q3, we saw about 100 basis points of margin improvement.

同樣在第三季度，我們看到利潤率提高了約 100 個基點。

So just to give you -- put the bow on it, I'm proud of the team.

所以我要向你們致以謝意，我為我們的團隊感到驕傲。

I think we've been able to meet the demand and yes, through expanding the capacity that we have.

我認為我們已經能夠滿足需求，是的，透過擴大我們的產能。

So so far, so good.

到目前為止，一切都很好。

Kaumil Gajrawala, Jefferies.

考米爾·加吉拉瓦拉，傑弗里斯。

I'll take the bait, Terry, on your Ts.

特里，我會上你的Ts的誘餌。

Do you want to share maybe some more specifics on what specifically this new software is going to offer or I guess, is offering, but what you're going to be able to do that you weren't able to do before once it's -- once everybody is sort of accustomed to using it?

你是否想分享一些關於這個新軟體將提供的具體內容，或者我猜，正在提供的內容，但是你將能夠做到以前無法做到的事情——一旦每個人都習慣了使用它？

Yes.

是的。

So what we've done is really taken and where the science has advanced over these years and there's new tests available, lab tests available, a lot of specificity in exact patient, every individual patient.

因此，我們所做的確實是在這些年來科學取得進步的地方進行的，並且有新的測試可用，實驗室測試可用，針對具體患者、每個患者都有很多特異性。

So now what this software does is it treats to that very specific patient.

所以現在這個軟體的作用是針對特定的患者進行治療。

So all the algorithms are now built with the other opportunities.

所以現在所有的演算法都是利用其他機會建構的。

So we now are treating patients from the early 40s all the way to 100.

所以我們現在治療的患者年齡從 40 歲出頭一直到 100 歲。

We had two patients turn 100 this month.

這個月我們有兩位病人迎來了 100 歲生日。

And so this new enhanced software delivers that whole guidance through the decades of somebody's life.

因此，這款新的增強軟體可以在某人一生的幾十年中提供完整的指導。

It also makes recommendations across the whole product portfolio.

它也針對整個產品組合提出建議。

So something that may not be ideal for a patient where we've talked about, we're not just a pellet company.

因此，對於我們所討論的患者來說可能不理想的事情，我們不僅僅是一家顆粒公司。

We've absolutely delivered on that promise.

我們絕對兌現了這項承諾。

We now offer these various education, but we also offer the products.

我們現在提供各種教育，但我們也提供產品。

So this Clinical Decision Support software tells you how to dose and what are your options for that patient sitting in front of you.

因此，這款臨床決策支援軟體會告訴您如何給藥以及您對坐在您面前的患者有哪些選擇。

So it greatly enhances what that practitioner offers to their patient base now.

因此，它極大地增強了醫生現在向患者群提供的服務。

And it really broadens the appeal of the Biote method to more mainstream doctors.

它確實擴大了 Biote 方法對更多主流醫生的吸引力。

So this is not just products, it's expanded patients and also a new base of providers and it creates this competitive moat.

因此，這不僅僅是產品，它還擴大了患者範圍，也建立了新的供應商基礎，並創造了這條競爭護城河。

I couldn't say enough about the fact that these practitioners have never seen this kind of detail and guidance on that very complex patient who's sitting in front of them.

對於坐在他們面前的這位非常複雜的患者來說，這些從業者從未見過這種細節和指導，這一事實我無法說太多。

And we all know as people age, you're way too young to know.

我們都知道，隨著人們年齡的增長，你還太年輕而無法了解。

But as you age, there are so many comorbidities that need to be taken into account when treating hormone optimization in the whole patient for healthy aging.

但隨著年齡的增長，在治療整個患者的荷爾蒙優化以實現健康老化時，需要考慮到許多合併症。

So we have done a very expanded job to deliver an exceptional product.

因此，我們做了非常廣泛的工作來提供卓越的產品。

Okay.

好的。

Great.

偉大的。

And then may I ask a bit about what's going on GLP-1 and your ability to compound and offer it.

然後我可以問一下 GLP-1 的進展以及你們複合和提供它的能力嗎？

Obviously, there's some back and forth with what the FDA is or isn't going to allow over time.

顯然，隨著時間的推移，FDA 允許或不允許的內容存在一些反覆。

So just any update there would be nice.

所以任何更新都會很好。

Yes.

是的。

And I think we're all getting used to it in the market.

我認為我們都已經習慣市場了。

Our providers are getting used to it.

我們的提供者正在習慣它。

We're used to it.

我們已經習慣了。

And I think what our BioteRx platform offers is what's available legally for our providers.

我認為我們的 BioteRx 平台提供的內容是我們的提供者可以合法取得的。

We keep them right in step with regulations.

我們讓它們與法規保持一致。

So we currently are offering the two main products that are on the shortage list.

因此，我們目前提供短缺清單上的兩種主要產品。

So we're offering both the Tirzepatide and the Semaglutide injections.

因此，我們提供替西帕肽和索馬魯肽注射。

And as long as they stay on those shortage list, we'll be able to provide them for all of our providers in the states where it's allowed.

只要它們留在短缺名單上，我們就能夠為允許的州的所有提供者提供它們。

And there'll be additions in the oral, et cetera, but this is going to be not a primary focus for us.

口頭發言等也會有補充，但這不是我們的主要關注點。

It's just one of the offerings of our BioteRx.

這只是我們 BioteRx 的產品之一。

And if we do it for competitive reasons and don't really worry about the comings and goings, we'll provide, obviously, access for prescription when it becomes only prescription.

如果我們這樣做是出於競爭原因並且並不真正擔心來來往往，那麼顯然，當處方成為唯一處方時，我們將提供處方。

So we don't really see it having an impact on our business.

所以我們並沒有真正看到它對我們的業務產生影響。

And then I would just add to that, Kaumil, that this is immaterial to our overall business.

然後我想補充一點，考米爾，這對我們的整體業務來說並不重要。

Les Sulewski, Truist Securities.

Les Sulewski，Truist 證券公司。

So I have three.

所以我有三個。

First on the hurricane impact, is there a number of clinic closures?

首先，關於颶風的影響，是否有一些診所關閉？

And then do you expect all those to reopen and essentially the patients that perhaps had a delay in some of the procedure, do you expect those all to come back?

然後，您是否期望所有這些重新開放，尤其是那些可能在某些程序中延遲的患者，您是否期望他們全部回來？

And then second, on the -- you mentioned some competitive pressure.

其次，你提到了一些競爭壓力。

I guess, when you look at the GLP-1 space, have you lost or have your prescriber network lost any patients to those clinics that specifically, I guess, cater to GLP-1 that you potentially didn't have initially, but now you do offer, you expect that to kind of gain some traction?

我想，當您查看 GLP-1 空間時，您是否失去了或您的處方者網絡失去了任何患者到那些專門針對 GLP-1 的診所，我想，您最初可能沒有，但現在您確實提供，您希望這會獲得一些吸引力嗎？

And then third, have you identified any certain product offerings specifically as to BioteRx?

第三，您是否確定了專門針對 BioteRx 的任何特定產品？

Maybe it's a little early, but are you thinking about any of those offerings that you'd like to bring in-house?

也許現在還為時過早，但您是否正在考慮將這些產品引入內部？

Or perhaps broadly on M&A plans, any particular products that your practitioner base has requested that you would like to, I guess, seamlessly fit to your current offerings?

或者，也許從廣義上講，在併購計劃中，您的從業者群體要求的任何特定產品，我想您希望無縫地適應您當前的產品？

Great questions.

很好的問題。

I'll let Bob start with the first one.

我讓鮑伯從第一個開始。

So on the hurricane impact, I would just say, our -- these procedures don't go away.

因此，關於颶風的影響，我只想說，我們的這些程序不會消失。

These procedures, while we did see closures, we do expect most of these procedures to start to come back over the fourth quarter and early next year.

雖然我們確實看到了這些程序的關閉，但我們確實預計其中大部分程序將在第四季度和明年初開始恢復。

As you know, many of these docs have busy practices and getting into clinics could be of a challenge in these types of situations.

如您所知，這些醫生中的許多人都有繁忙的實踐，在這種情況下進入診所可能是一個挑戰。

But I would just say that we're monitoring this closely.

但我只想說我們正在密切關注此事。

We're starting to see that bounce back, but there's still some work to be done there.

我們開始看到這種反彈，但仍有一些工作要做。

And then Les, repeat your second one.

然後萊斯，重複你的第二個。

Any -- it was regarding the GLP-1 offerings that potentially have other clinics or other prescribers have that you didn't have.

任何 - 與 GLP-1 產品有關，其他診所或其他處方醫生可能有但您沒有。

How competitive is this to you?

這對你來說有多大競爭力？

Do you expect that, I guess, pressure from these patients not coming to the clinics that you currently have in the network?

我想，您是否預期這些患者不會來您目前網路中的診所帶來壓力？

No.

不。

We've done a great job on the clinics where we have the offering of BioteRx in the states we were allowed.

我們在允許我們提供 BioteRx 的診所方面做得非常出色。

We've done well on the GLP-1 offering, and they find it very competitive to work with us.

我們在 GLP-1 產品方面做得很好，他們發現與我們合作非常有競爭力。

So we haven't lost anything at all to a weight loss clinic or something else like that.

所以我們並沒有因為減肥診所或其他類似的機構而失去任何東西。

These providers are integrating it very well into their practices just as our current weight loss clinics are enhancing their hormone optimization as we expand the CDSS.

這些提供者正在將其很好地融入他們的實踐中，就像我們目前的減肥診所在擴大 CDSS 時正在加強他們的荷爾蒙優化一樣。

So we're seeing an overall positive on that access.

因此，我們看到這種訪問總體上是積極的。

The other thing is that we added five more states -- six more states to BioteRx in the last month.

另一件事是，我們在上個月為 BioteRx 增加了 5 個州，即 6 個州。

So those whole states will now have access to those GLP-1 products as well.

因此，整個州現在也可以使用這些 GLP-1 產品。

And so that's an enhancement.

這是一個增強。

So I see us in a very positive as we look into 2025 and continue to offer products that these providers are looking for.

因此，當我們展望 2025 年並繼續提供這些提供者正在尋找的產品時，我對我們的看法非常積極。

And then good question on the innovations because when we look at these innovations, I think the ones that we're most focused on is what do our providers use in their practices on a regular basis.

然後是關於創新的好問題，因為當我們審視這些創新時，我認為我們最關注的是我們的提供者在其實踐中定期使用什麼。

So those innovations would be, we've added these creams and things.

所以這些創新就是，我們添加了這些乳霜之類的東西。

So any type of innovations where we look at what products we can offer into that expanded hormone optimization area.

因此，我們研究可以為擴大的荷爾蒙優化領域提供哪些產品的任何類型的創新。

The other one that everybody is asking for is formulations for how to step people down off of GLP-1s.

每個人都要求的另一項是如何讓人們放棄 GLP-1 的配方。

So as we look at those patients and how they use testosterone to gain their lean muscle mass, what are the products we can bring.

因此，當我們觀察這些患者以及他們如何使用睪固酮來獲得瘦肌肉質量時，我們可以帶來哪些產品。

So we're innovating in that special area where we've got the sweet spot of owning that aging patient for both the hormone optimization, therapeutic wellness, and that includes stepping them down effectively from GLP-1.

因此，我們正在這個特殊領域進行創新，我們在該領域擁有最佳優勢，可以讓老年患者實現荷爾蒙優化、治療健康，包括有效地減少他們對 GLP-1 的依賴。

So I plan to see some interesting innovations on the products that we recommend in 2025.

所以我計劃在 2025 年看到我們推薦的產品有一些有趣的創新。

Great color.

顏色很棒。

Maybe I can squeeze one in, if you don't mind.

如果你不介意的話，也許我可以塞一根進去。

On the EBITDA margin front, is 3Q kind of a good proxy moving forward?

在 EBITDA 利潤率方面，第三季是一個很好的指標嗎？

Or is there additional room for improvement there as your vertical integration efforts take hold?

或者，隨著您的垂直整合工作的發展，還有其他改進的空間嗎？

Have you answered that, Bob?

鮑勃，你回答了嗎？

Yes.

是的。

So here's what I would say.

這就是我要說的。

It's a little bit contingent upon the licenses that we get and the additional states and volumes that we take over.

這在一定程度上取決於我們獲得的許可證以及我們接管的其他州和數量。

But we are excited about the opportunity to expand margins further in 2025.

但我們對 2025 年有機會進一步擴大利潤率感到興奮。

George Kelly, ROTH Capital Partners.

喬治凱利，羅仕資本合夥人。

So most have been asked and answered.

所以大多數都被問過並得到了答案。

Maybe just a couple of follow-ups to some of the prior questions.

也許只是對之前的一些問題的一些後續行動。

First, on Asteria.

首先是Asteria。

Bob, you just mentioned it sounds like maybe there's a little bit of uncertainty on the state licensing, like where you could end this year with respect to state licensing and percent of volume.

鮑勃，你剛才提到，聽起來國家許可可能存在一些不確定性，例如今年在國家許可和數量百分比方面可能會結束。

Do you -- I mean, is it something that could sort of go into next year?

我的意思是，這是否可以在明年進行？

What are you sort of anticipating around those two issues?

您對這兩個問題有何期待？

Yes.

是的。

So here's what I would say.

這就是我要說的。

I would just say that we've obtained the licenses of approximately 30 states.

我只想說我們已經獲得了大約 30 個州的許可證。

We're on track, I would say, to continue to obtain licenses and throughout the remainder of the year.

我想說，我們預計在今年剩餘時間內繼續獲得許可證。

And I think the biggest piece that I would tell you is we continue to progress well on obtaining new licenses.

我認為我要告訴你們的最重要的一點是我們在獲得新許可證方面繼續取得良好進展。

So I think that is -- and it's right in line with where we thought we would be.

所以我認為這與我們的預期是一致的。

So our goal is to participate in those 50 states long term.

所以我們的目標是長期參與這 50 個州的活動。

And -- but I think we are on track and we are in the process of converting.

而且——但我認為我們已經步入正軌，並且正在轉變。

So I don't see a lot of risk in the second half as far as expansion.

因此，我認為下半年的擴張不會有太大風險。

And I think we've really made excellent progress, George, on those licenses.

喬治，我認為我們在這些許可證方面確實取得了巨大進展。

And I think you've just got some outliers like California that can visit late, right?

我認為你剛剛遇到了一些異常值，例如加利福尼亞州，可能會晚到，對吧？

We just have to wait for them to visit.

我們只需要等待他們的到來。

And so, I think we've made great progress on the larger states and really being able to provide an accelerated integration and are excited about it, but you can wait on California for a while.

因此，我認為我們在較大的州方面取得了巨大進展，並且確實能夠提供加速一體化，對此感到興奮，但您可以在加利福尼亞州等待一段時間。

Yes.

是的。

I think the states we've obtained really overlay our core states quite well and some of our larger expansion states.

我認為我們獲得的狀態確實很好地覆蓋了我們的核心狀態和一些較大的擴展狀態。

So -- and we're able to meet the demand at this point.

所以——我們現在能夠滿足需求。

So this is -- yes.

所以這是——是的。

Hopefully, that answers your question.

希望這能回答你的問題。

Yes.

是的。

Yes, it does.

是的，確實如此。

And then second question, in the press release and a few times here in the conference call, you've commented that you're still expecting procedure revenue growth to accelerate.

第二個問題，在新聞稿和電話會議中，您多次表示您仍預期手術收入成長將加速。

And I think you said that it sets you up for a solid 2025 once the software issue is resolved.

我想你說過，一旦軟體問題得到解決，這將為你在 2025 年的美好生活做好準備。

I was curious if you could be more specific at all, just high level, like is double-digit growth something that you think is achievable?

我很好奇你能否更具體一點，只是高水平，例如你認為可以實現兩位數的成長嗎？

What gives you confidence that it's going to reaccelerate?

是什麼讓您有信心它會重新加速？

Just any more commentary around the 2025 outlook would be helpful.

只要對 2025 年前景有更多評論就會有所幫助。

I think I can comment from a qualitative and then pass it to Bob because before that launch of the CDSS and those two hurricanes, the enhanced CDSS before that, we were seeing that accelerated growth that we had committed to.

我想我可以進行定性評論，然後將其傳遞給鮑勃，因為在推出 CDSS 和那兩次颶風之前，以及在此之前增強的 CDSS，我們看到了我們所承諾的加速增長。

So we were very comfortable with that Q3 and Q4.

所以我們對第三季和第四季非常滿意。

What happened was those two headwinds and we've got a good handle on the headwinds.

發生的就是這兩個逆風​​，我們很好地應對了逆風。

But as you remember, George, a lot of our clinics, it's two to three months before you can work a new patient in.

但喬治，你還記得嗎，我們的許多診所都需要兩到三個月的時間來接待新病人。

So that has to work through the system and that's why we're talking about that comfort level in 2025.

因此，這必須透過系統發揮作用，這就是我們談論 2025 年舒適度的原因。

We're really seeing that recovery with the CDSS.

我們確實看到了 CDSS 的復甦。

This whole patient demand is there.

整個病人的需求就在那裡。

This is an excellent market to be in.

這是一個極好的市場。

Our new clinics, our top-tier clinics are really doing well, and the CDSS expands a whole new market.

我們的新診所、我們的頂級診所確實做得很好，CDSS 拓展了一個全新的市場。

So I think that's where we're so comfortable with that accelerated growth in '25 and know that we'll be coming out of this in the end of the fourth quarter of '24.

所以我認為這就是我們對 25 年的加速成長感到非常滿意的地方，並且知道我們將在 24 年第四季末擺脫這種情況。

Yes, George, the only thing I would add to that is I kind of look at it as almost that three-step process.

是的，喬治，我唯一要補充的是，我將其視為幾乎三步驟過程。

One, we've got to work with our practitioners to that smooth transition.

第一，我們必須與我們的從業者合作，以實現平穩過渡。

Number two, as Terry said, logically, we believe these customers haven't gone away and the demand -- the patient demand is there, the practitioner loyalty is there.

第二，正如特里所說，從邏輯上講，我們相信這些客戶並沒有消失，而且需求——患者的需求就在那裡，醫生的忠誠度就在那裡。

And I would just stress that leading up to this point where we were turning on the CDSS, we were performing quite well.

我想強調的是，在我們打開 CDSS 之前，我們的表現相當不錯。

And we need to ensure that we remain focused on our four key drivers of growth, which is growing our top-tier clinics, accelerating the revenue ramp from those newer clinics, including quick starts, expanding our geographic expansion and then continuing to leverage our Nutra brands.

我們需要確保我們繼續專注於我們的四個關鍵成長驅動力，即發展我們的頂級診所、加速這些新診所的收入成長，包括快速啟動、擴大我們的地理擴張，然後繼續利用我們的 Nutra品牌。

And I think if we can do all of that, it sets us up very well for 2025.

我認為，如果我們能夠做到所有這些，那麼我們就能為 2025 年做好準備。

And I think, George, what we really want to do in changing and looking at that guidance for the whole year was to make sure we were totally transparent with what we anticipated and then what happened with the CDSS and those hurricanes.

我認為，喬治，我們真正想做的是改變和審視全年的指導，以確保我們對我們的預期以及 CDSS 和颶風發生的情況完全透明。

And I think that's what's most important to us is to have you feel comfortable with the trust of this management that we're on top of this and are keeping you well informed.

我認為對我們來說最重要的是讓您對管理層的信任感到放心，我們掌控這一切，並讓您隨時了解情況。

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, everybody for joining us today.

謝謝大家今天加入我們。

We really appreciate your interest in Biote and we look forward to updating you on the progress on the next conference call.

我們非常感謝您對 Biote 的興趣，我們期待在下次電話會議上向您通報最新進展。

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 disconnect.

您現在可以斷開連線。