Biote Corp (BTMD) 2025 Q1 法說會逐字稿

Hello, and welcome to the Biote first-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Szymon Serowiecki. Please go ahead.

您好，歡迎參加 Biote 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給 Szymon Serowiecki。請繼續。

Thank you for joining us today. This afternoon, Biote published financial results for the first quarter ended March 31, 2025. This news release is available on the Investor Relations section of the company's website. Hosting today's call are Brett Christensen, Chief Executive Officer; Bob Peterson, Chief Financial Officer; and Marc Beer, Executive Chairman.

感謝您今天加入我們。今天下午，Biote公佈了截至2025年3月31日第一季的財務表現。新聞稿可在本公司網站的投資者關係部分查閱。主持今天電話會議的是執行長 Brett Christensen；鮑勃彼得森（Bob Peterson），財務長；以及執行主席馬克比爾 (Marc Beer)。

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, recent development, manufacturing and commercialization activities, competitive position, regulatory process operations, benefits of its solutions, anticipated impact of macroeconomic conditions on its business, results of operations, financial conditions and other matters that do not relate to historical facts.

在我們開始之前，我想提醒大家，管理層將在本次電話會議中發表聲明，其中包括前瞻性聲明，涉及公司財務業績、未來業績增長機會、業務前景、戰略、目標、近期開發、製造和商業化活動、競爭地位、監管流程操作、其解決方案的優勢、宏觀經濟條件對其業務的預期影響、經營成果、財務狀況以及與歷史事實無關的其他事項。

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.

這些聲明並不能保證未來的表現。它們面臨各種風險和不確定性，其中一些超出了公司的控制範圍。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. Biote undertakes no obligation to update them in the future. Therefore, these statements should not be relied upon as representing the company's views as of any subsequent date.

這些聲明受到基於管理層當前預期的風險、不確定性和假設的影響。Biote 不承擔將來更新這些內容的義務。因此，這些聲明不應被視為代表公司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 other important factors discussed in the earnings release. Management will also refer to adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures to provide additional information to investors.

有關可能影響我們實際結果的風險和其他重要因素的討論，請參閱美國證券交易委員會 (SEC) 網站上的 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其他重要因素。管理層還將參考調整後的 EBITDA 和調整後的 EBITDA 利潤率，這些都是非 GAAP 財務指標，以便向投資者提供更多資訊。

A reconciliation of the non-GAAP to GAAP measures is provided in our earnings release, with the primary differences being stock-based compensation, fair value adjustments to certain liabilities, transaction-related expenses, and other non-operating expenses. Please refer to our first quarter 2025 earnings release for a reconciliation of these non-GAAP measures to close comparable GAAP measures.

我們的收益報告中提供了非 GAAP 與 GAAP 指標的對賬，主要差異在於股票薪酬、某些負債的公允價值調整、交易相關費用和其他非營業費用。請參閱我們的 2025 年第一季財報，以了解這些非 GAAP 指標與可比較 GAAP 指標之間的對帳情況。

I'll now turn the call over to Bret.

我現在將電話轉給布雷特。

Thank you, Szymon, and thank you all for joining us. I'll begin by providing an update on our business and the key initiatives we announced today. And then I'll turn the call over to Bob for a review of our first quarter financials and our 2025 financial outlook. After our comments, we'll open the call for questions. In the first quarter, we generated strong financial performance with strength in our dietary supplements business more than offsetting the expected softness in procedure revenue.

謝謝你，Szymon，也謝謝大家加入我們。我將首先介紹我們的業務最新情況以及我們今天宣布的主要舉措。然後，我會將電話轉給鮑勃，讓他回顧我們的第一季財務狀況和 2025 年財務展望。在我們發表評論之後，我們將開始提問。在第一季度，我們取得了強勁的財務業績，膳食補充劑業務的強勁表現足以抵消預期的治療收入疲軟。

We experienced continued improvement in our gross profit margin, which increased 300 basis points to 74.3% due to the vertical integration of our 503(b)-manufacturing facility. Total revenue increased 4.7% and adjusted EBITDA decreased 3.4% compared to the same period in 2024, keeping us on track with our 2025 financial forecast for revenue and adjusted EBITDA.

我們的毛利率持續改善，由於 503(b) 製造工廠的垂直整合，毛​​利率增加了 300 個基點，達到 74.3%。與 2024 年同期相比，總營收成長 4.7%，調整後 EBITDA 下降 3.4%，這讓我們與 2025 年營收和調整後 EBITDA 的財務預測保持一致。

As we expected, procedure revenue was impacted by reduced commercial effectiveness in part due to the residual effect of the transition to our enhanced clinical decision support software, as well as ongoing competitive pressures. A slowdown in new clinic additions, as well as a minor decrease in procedure volumes and select reductions in average selling prices, also contributed to the decline in procedure revenue.

正如我們預期的那樣，手術收入受到商業效益下降的影響，部分原因是向增強型臨床決策支援軟體過渡的殘餘影響以及持續的競爭壓力。新診所增加的放緩、手術量的小幅下降以及平均售價的選擇性降低也導致了手術收入的下降。

On last quarter's earnings call, I identified three areas of emphasis for 2025, which I believe are fundamental to commercial execution at a high level. The priorities were: one, accelerate new providers; two, maximize value from top-tier clinics; and three, improve commercial accountability and discipline.

在上個季度的收益電話會議上，我確定了 2025 年的三個重點領域，我認為這對於高水準的商業執行至關重要。優先事項是：一、加速新供應商的建設；二、最大化頂級診所的價值；三是加強商業責任和紀律建設。

Consistent with these comments, today, we announced a strategic organizational restructuring designed to drive sustainable, profitable growth and create long-term value for our stockholders. This restructuring builds on the foundational progress we achieved over the past year, supporting our expanded capabilities within the hormone optimization and therapeutic wellness space.

與這些評論一致，今天，我們宣布了一項策略組織重組，旨在推動可持續的獲利成長並為我們的股東創造長期價值。此次重組建立在我們過去一年的基礎性進展之上，支持我們在荷爾蒙優化和治療健康領域擴大能力。

We believe that the decisive actions we are taking will enable us to scale our business more effectively and deliver a high level of financial performance. We are focused on three major objectives. First, we intend to accelerate new provider wins to further expand our nationwide network. Second, we intend to strengthen relationships with our existing top-tier providers.

我們相信，我們正在採取的果斷行動將使我們能夠更有效地擴大業務規模並實現高水準的財務表現。我們專注於三個主要目標。首先，我們打算加快贏得新供應商的步伐，以進一步擴大我們的全國網路。其次，我們打算加強與現有頂級供應商的關係。

And third, we intend to improve our financial performance by strengthening accountability and improving consistency and discipline throughout the commercial organization. Among the key steps we are implementing is the realignment of our commercial team with the goal of increasing productivity and driving new clinic growth.

第三，我們打算透過加強問責制、提高整個商業組織的一致性和紀律性來提高我們的財務表現。我們正在實施的關鍵步驟之一是重新調整我們的商業團隊，目標是提高生產力並推動新診所的成長。

As part of this realignment, we are working to transition certain commercial support functions to active field sales positions, effectively increasing our field sales team by approximately 25%. We expect that our expanded and strengthened sales force will enable us to recruit new clinics at an accelerated rate and provide the dedicated support our new providers require as they build their medical practices.

作為此次調整的一部分，我們正在努力將某些商業支援職能轉變為活躍的現場銷售職位，從而有效地將我們的現場銷售團隊增加約 25%。我們期望，擴大和加強銷售團隊將使我們能夠以更快的速度招募新診所，並為新供應商建立醫療實踐時提供所需的專門支援。

Additionally, we are streamlining sales leadership to ensure better communication and efficiency to drive more consistent performance across the entire commercial team. We are also updating our sales compensation structure to align incentives with our sales goals.

此外，我們正在精簡銷售領導層，以確保更好的溝通和效率，從而推動整個商業團隊的表現更加一致。我們也正在更新我們的銷售薪酬結構，以使激勵措施與我們的銷售目標保持一致。

As we direct our sales efforts to driving new clinic growth, we also recognize the importance of retaining and maximizing the value from our existing top-tier providers. Over the past year, Biote has significantly expanded our capabilities and product offerings, encompassing hormone optimization, therapeutic wellness, and dietary supplements.

當我們將銷售努力轉向推動新診所的成長時，我們也認識到保留和最大化現有頂級供應商的價值的重要性。在過去的一年裡，Biote 大大擴展了我們的能力和產品供應，涵蓋荷爾蒙優化、治療健康和膳食補充劑。

At the same time, we have expanded our education, training, and technical resources, further differentiating Biote in the marketplace. By strengthening engagement with our top-tier providers, we believe we will be better positioned to reinforce our role as a trusted partner, offering a science-based approach to patient care and ongoing practice-building support.

同時，我們擴大了教育、培訓和技術資源，進一步使 Biote 在市場上脫穎而出。透過加強與頂級供應商的合作，我們相信我們將能夠更好地鞏固我們作為值得信賴的合作夥伴的角色，為患者提供基於科學的護理方法和持續的實踐建設支持。

As I noted last quarter, we are implementing these initiatives quickly but recognize it will take time to show results. I strongly believe these actions will strengthen our commercial organization through increased productivity and deeper customer engagement and improve financial performance.

正如我上個季度所指出的，我們正在迅速實施這些舉措，但認識到要看到成果需要時間。我堅信這些行動將透過提高生產力和更深入的客戶參與來加強我們的商業組織並提高財務表現。

As we move forward with our plans, I would like to reiterate my confidence in our exceptional team and our shared commitment to execute on our strategic priorities. While we expect 2025 will be a transition year from a financial standpoint, I believe the actions we announced today are essential to accelerating our growth and enabling us to realize our full potential. I look forward to updating you on our continued progress in the quarters ahead. I will now turn the call over to Bob.

隨著我們計劃的推進，我想重申我對我們優秀團隊的信心以及我們對執行策略重點的共同承諾。雖然我們預計 2025 年從財務角度來看將是一個過渡年，但我相信我們今天宣布的行動對於加速我們的成長和使我們能夠充分發揮潛力至關重要。我期待在未來幾季向您通報我們持續取得的進展。我現在將電話轉給鮑伯。

Thank you, Bret, and good afternoon, everyone. Unless otherwise noted, all quarterly financial comparisons in my prepared remarks are made against the first quarter of 2024. First quarter revenue increased 4.7% to $49.0 million. Procedure revenue decreased 3.6% to $36.0 million, primarily reflecting reduced commercial effectiveness and a slowdown in new clinic additions.

謝謝你，布雷特，大家下午好。除非另有說明，我準備好的評論中的所有季度財務比較都是針對 2024 年第一季進行的。第一季營收成長 4.7%，達到 4,900 萬美元。手術收入下降 3.6% 至 3,600 萬美元，主要反映商業效益下降和新診所增加放緩。

As Bret noted, we are redirecting our commercial efforts to drive new clinic growth now that all of our existing clinics are utilizing our enhanced clinical decision support software. Dietary supplement revenue increased 25.5% to $9.3 million, primarily driven by the growth of our e-commerce channel. We continue to expect solid growth this year from our dietary supplements business.

正如布雷特所指出的，由於我們現有的所有診所都在使用我們增強的臨床決策支援軟體，我們正在重新調整商業努力方向以推動新診所的發展。膳食補充劑收入成長 25.5% 至 930 萬美元，主要得益於我們電子商務管道的成長。我們繼續預計今年我們的膳食補充劑業務將實現穩健成長。

Gross profit margin was 74.3%, a 300 basis points increase. The improvement reflected cost savings from the continued vertical integration of our 503(b)-manufacturing facility as well as effective cost management. While we expect to maintain strong gross profit margins, this metric has historically fluctuated quarter-to-quarter depending on our product mix and other factors.

毛利率為74.3%，增加300個基點。這項改進反映了我們 503(b) 製造工廠持續垂直整合以及有效的成本管理所帶來的成本節約。雖然我們預計會保持強勁的毛利率，但這項指標歷來會根據我們的產品組合和其他因素而逐季度波動。

Selling, general, and administrative expenses increased 16.4% to $26.7 million, reflecting an increased level of investment in sales and marketing focused on driving new customer growth and professional services. Notably, SG&A expenses decreased approximately 19.2% compared to the elevated level reported in the fourth quarter of 2024 due to the absence of certain employee-related investments and legal expenses.

銷售、一般及行政開支增加 16.4% 至 2,670 萬美元，反映銷售和行銷方面的投資增加，重點是推動新客戶成長和專業服務。值得注意的是，由於不存在某些與員工相關的投資和法律費用，銷售、一般和行政費用 (SG&A) 較 2024 年第四季報告的高水準下降了約 19.2%。

Net income was $15.8 million, inclusive of a $10.7 million gain due to a change in the fair value of the earn-out liabilities. Diluted earnings per share attributable to Biote Corp. stockholders was $0.37 per share. This compares to a net loss in the first quarter of 2024 of $5.7 million, inclusive of a $12.1 million loss due to the change in the fair value of the earn-out liabilities and diluted loss per share attributable to Biote Corp. stockholders of $0.12 per share.

淨收入為 1,580 萬美元，其中包括因獲利負債公允價值變動而產生的 1,070 萬美元收益。歸屬於 Biote Corp. 股東的每股稀釋收益為 0.37 美元。相較之下，2024 年第一季的淨虧損為 570 萬美元，其中包括因獲利負債公允價值變動造成的 1,210 萬美元損失以及歸屬於 Biote Corp. 股東的每股 0.12 美元稀釋虧損。

Adjusted EBITDA decreased 3.4% to $13.8 million with an adjusted EBITDA margin of 28.1%. The decreases in adjusted EBITDA and adjusted EBITDA margin primarily reflected increased sales and marketing expense to drive growth, partially offset by improved gross profit. First quarter cash flow from operations was $6.5 million.

調整後 EBITDA 下降 3.4% 至 1,380 萬美元，調整後 EBITDA 利潤率為 28.1%。調整後的 EBITDA 和調整後的 EBITDA 利潤率的下降主要反映了為推動成長而增加的銷售和行銷費用，但被毛利的提高部分抵消。第一季經營活動現金流為 650 萬美元。

As of March 31, 2025, cash and cash equivalents were $41.7 million compared to $39.3 million as of December 31, 2024. Now turning to our financial outlook for 2025. We maintain our previously stated guidance of revenue of $202 million to $208 million and adjusted EBITDA of $59 million to $64 million.

截至 2025 年 3 月 31 日，現金及現金等價物為 4,170 萬美元，而截至 2024 年 12 月 31 日為 3,930 萬美元。現在來談談我們對 2025 年的財務展望。我們維持先前提出的營收預期 2.02 億美元至 2.08 億美元，調整後 EBITDA 5,900 萬美元至 6,400 萬美元。

For the second quarter of 2025, we expect revenue and adjusted EBITDA to be similar to slightly higher than that of the second quarter of 2024. Also, the company expects to incur a one-time charge of approximately $0.6 million to $0.8 million in the second quarter of 2025 due to the restructuring.

對於 2025 年第二季度，我們預計營收和調整後的 EBITDA 將與 2024 年第二季度持平或略高。此外，該公司預計，由於重組，2025 年第二季將產生約 60 萬至 80 萬美元的一次性費用。

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

現在我將把電話轉回給布雷特，請他發表最後評論。

Thanks, Robert Peterson. Before we open the call for questions, I would like to say a few words. Our financial performance over the past few years has been inconsistent, falling short of our expectations and those of our investors. While I've only recently joined the company as CEO, I have been here long enough to recognize our shortcomings as an organization and what specific actions are required to drive outstanding commercial execution and financial performance.

謝謝，羅伯特彼得森。在我們開始提問之前，我想說幾句話。過去幾年我們的財務表現並不穩定，沒有達到我們和投資者的預期。雖然我最近才加入公司擔任首席執行官，但我已經在這裡工作了很長時間，足以認識到我們作為一個組織的不足之處，以及需要採取哪些具體行動來推動出色的商業執行和財務業績。

The restructuring plan we announced today represents a significant step forward with BIO-key. While it will take time to achieve our goals, and we may experience some speed bumps along the way, I am confident that we are on the right path with the right people and with the right processes to achieve long-term success and build shareholder value. Operator, let's now open the call for questions.

我們今天宣布的重組計劃代表著 BIO-key 向前邁出了重要一步。雖然實現我們的目標需要時間，而且我們可能在過程中遇到一些障礙，但我相信，我們正走在正確的道路上，擁有合適的人才，採用正確的流程，可以獲得長期成功並創造股東價值。接線員，現在讓我們開始提問。

(Operator instructions)

（操作員指示）

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Hey guys, good evening. Can we maybe talk a little bit more about the supplements business and if there was anything maybe onetime in it? It's obviously quite a result. I just want to make sure, are we looking at something as a new run rate based on the changes that you've made? Or was there just something, maybe more temporary in there that we should be aware of?

大家好，晚上好。我們是否可以再多談談補充劑業務以及其中是否有任何一次性的事情？顯然，這是一個相當不錯的結果。我只是想確認一下，我們是否根據您所做的更改來考慮新的運行率？或者其中是否存在一些我們應該注意的、可能更暫時的事情？

No, no, no. Look, I think the biggest piece of the supplements business that we saw solid performance in was our e-commerce business. I would say it performed a little bit better than expected. And I think we have a solid runway in this space, and we're comfortable where we are right now in the business that we're in.

不，不，不。你看，我認為我們在補充劑業務中表現最穩健的部分是我們的電子商務業務。我想說它的表現比預期好一點。我認為我們在這個領域擁有堅實的基礎，並且我們對目前所從事的業務狀況感到滿意。

So with additional procedure growth, we could see some benefit in the space, but no one-time items in this space, really just solid performance in the e-commerce space.

因此，隨著額外程序的成長，我們可以看到該領域的一些好處，但該領域沒有一次性項目，實際上只是電子商務領域的穩健表現。

Okay great. And then let me just try to understand the procedures, number of procedures, and what happened there. You also, in your prepared remarks, mentioned competition a little bit. So there are some things that you guys are doing, obviously, as part of the process of optimizing the business. But is there anything changing in the marketplace itself that we should be aware of?

好的，太好了。然後讓我試著了解程式、程式的數量以及那裡發生的事情。您還在準備好的發言中稍微提到了競爭。因此，顯然，你們正在做一些事情，作為優化業務流程的一部分。但是市場本身是否發生了一些我們應該注意的變化？

Hi Kaumil, this is Bret. Nothing significant has changed in the marketplace at all. We highlighted the headwinds to our procedure business. And I would say it's really volume-related. And in that, we didn't mention competition. The competition is not new for us. That's an ongoing headwind.

你好，Kaumil，我是 Bret。市場上根本沒有任何重大變化。我們強調了我們的程序業務面臨的阻力。我想說的是，這確實與數量有關。在其中，我們沒有提到競爭。對我們來說，這場比賽並不新鮮。這是一個持續的逆風。

And like every other company, we're going to have competition. We've also highlighted in the past that our attrition has been relatively stable at around 5%, which is a great number and pretty predictable. This past quarter, we expected softness in procedure volume, and we highlighted that last call, mainly due to our launch of our clinical decision support software at the end of last year.

和其他公司一樣，我們也面臨競爭。我們過去也強調過，我們的員工流動率相對穩定在 5% 左右，這是一個很大的數字，而且相當可預測。上個季度，我們預計手術量會有所疲軟，並且我們強調了最後一次通話，這主要是因為我們在去年年底推出了臨床決策支援軟體。

That did a couple of things. One, it slowed down meaningfully new starts. It distracted our field organization, and new practice starts had a dip at the end of last year. In the annuity models, you know that will follow us this year. We highlighted that last call.

這起到了一些作用。一是它顯著減緩了新計畫的啟動。這分散了我們現場組織的注意力，導致去年年底新業務的啟動數量下降。在年金模型中，您知道今年將會跟隨我們。我們強調了最後的呼籲。

And certainly, we expected the contribution from new clinics this quarter to be lighter than usual. So that was probably the biggest component. Second component was really just a slight decline in volume from our base business that we believe is associated with the launch of that CDSS as well.

當然，我們預計本季新診所的貢獻將比平常小。所以這可能是最大的組成部分。第二個因素其實是我們基礎業務的銷售量略有下降，我們認為這也與 CDSS 的推出有關。

Okay, got it. And are we fully deployed with that, and now it's sort of a matter of time? Or are we still in process of the rollout?

好的，明白了。我們是否已經完全部署了它，現在只是時間問題了？或者我們仍處於推出的過程中？

No, we are fully deployed with CDSS. All of our users are using the new version. The feedback is excellent, especially from new clinics. Remember, this is going to be really key to us advancing in the future and making what we do more mainstream to the average physician. It's critical to get the dose right, and the new CDSS helps them do just that.

不，我們已經全面部署了 CDSS。我們所有的用戶都在使用新版本。回饋非常好，尤其是來自新診所的回饋。請記住，這對於我們未來的進步以及使我們所做的事情對普通醫生來說更加主流至關重要。正確劑量至關重要，而新的 CDSS 可以幫助他們做到這一點。

So it's going to give them comfort to do pellets and to do testosterone in their clinics. So it's a valuable foundation. We have no regrets of launching it. We just saw the headwind for the disruption from last year.

因此，在診所中使用藥丸和睪固酮會讓他們感到舒適。所以這是一個寶貴的基礎。我們並不後悔推出它。我們剛剛看到了去年混亂所帶來的逆風。

Got it. Okay.

知道了。好的。

Leszek Sulewski, Truist.

Leszek Sulewski，Truist。

Yes, good evening. I have three essentially. I'll start off with the first one on, I think we've heard about the realigning of the sales force over the past few quarters. What is different about today's realignment announcement? Is this a, I guess, at sales, back office, leadership roles, or more broadly across the organization? And then I have two follow-ups.

是的，晚上好。我基本上有三個。我先從第一個問題開始，我想我們已經聽說過過去幾季銷售團隊的重組。今天的調整公告有何不同？我猜，這是銷售、後台、領導角色，還是更廣大的整個組織？然後我還有兩個後續問題。

Yes. Leszek, this is Brett. We didn't do any realignment last quarter. So the realignment that we announced today is new, and it's the only one that we've done, frankly. So what we did was focused around growth. It was not a cost-cutting effort for us. We're not in cost-cutting mode. We're in growth mode. But what I highlighted in the last call and what you probably heard me say is we needed to change a lot of things in the organization to get us more focused and more aligned to growth.

是的。Leszek，這是 Brett。上個季度我們沒有做任何調整。因此，我們今天宣布的調整是新的，坦白說，這是我們所做的唯一調整。因此，我們所做的一切都圍繞著成長。對我們來說，這並不是一項削減成本的舉措。我們並未處於削減成本的模式。我們正處於成長模式。但我在上次電話會議中強調的以及你們可能聽到我說的是，我們需要在組織中改變很多事情，以使我們更加專注並與成長保持一致。

And one of those things was the alignment of our commercial organization. So we needed different territory alignments. We need different comp plans. We need everything focused on growing the business and a little less on maintaining the business.

其中之一就是我們商業組織的協調。所以我們需要不同的領土佈局。我們需要不同的補償計劃。我們需要把一切都集中在發展業務上，而不是維持業務。

So if you noticed in our release, one of the things that we highlighted was we effectively grew the sales team this week by about 25% as we transition nearly 20 people in the field from support roles to sales roles. And so that's going to be really important for us to have everybody focused on growing the business, and that was the alignment change that we announced this week.

因此，如果您注意到我們的發布，我們強調的一件事是，本週我們的銷售團隊實際上增長了約 25％，因為我們將近 20 名現場人員從支援角色轉變為銷售角色。因此，讓每個人都專注於業務成長對我們來說非常重要，這就是我們本周宣布的調整。

Okay, I guess on that front, the individuals, was the redundancies in the more on the support roles or not sales included? Or is it also sales included? And I guess maybe perhaps overall, maybe use a baseball terminology, if you could. Can you help us kind of reconcile where inning you are in? And I guess, CDSS implementation, the new sales reorg, although that seems to be new, and as well as vertical integration, maybe kind of line item by item, if you could.

好的，我想就這方面而言，個人裁員更多的是支援角色還是不包含銷售角色？或也包括銷售額？我想，如果可以的話，也許總體來說，可以使用棒球術語。您能幫助我們了解一下您目前處於什麼情況嗎？我想，CDSS 的實施，新的銷售重組，雖然這似乎是新的，以及垂直整合，也許可以逐項列出，如果可以的話。

Sure. I'll let Bob take the last part of that. But as far as CDSS goes, we're in late innings, if not, the game is over for CDSS. So we are fully integrated with CDSS. And so while we're still the only reason we're talking about it, Leszek is that in this annuity model, as you know, new starts follow us for a year.

當然。我會讓鮑伯負責最後一部分。但就 CDSS 而言，我們已經進入了後期階段，如果不是這樣，那麼 CDSS 的比賽就結束了。因此我們與 CDSS 完全整合。因此，雖然我們仍然是談論這個問題的唯一原因，但萊謝克認為，在這種年金模式中，正如你所知，新的開始將跟隨我們一年。

So you need whatever we're doing this quarter, the contribution we get from new starts is a function of all the new clinic starts that we added over the last year and frankly, the quality of those starts and how they started. And so CDSS just meant a decline in new starts and probably new starts that got off to a slower start than normal because, again, they were distracted and our field was distracted with CDSS.

因此，無論我們本季做什麼，我們從新開業診所獲得的貢獻都取決於我們去年新增的所有診所的開業情況，坦白說，也取決於這些診所的品質以及開業方式。因此，CDSS 只是意味著新開工數量的下降，而且新開工可能比正常情況下起步更慢，因為他們和我們的領域都受到了 CDSS 的干擾。

But today, we are fully implemented with CDSS, and there is no more work being done as far as rollout, system change, training, any of that. We're fully aligned and implemented with CDSS. Bob, do you want to talk on integration?

但今天，我們已經全面實施了 CDSS，在推廣、系統變更、培訓等方面不再需要做任何工作。我們完全符合並實作了 CDSS。鮑勃，你想談談整合嗎？

On the vertical integration front, I'd say we're probably in around the fourth inning to use your baseball analogy. Look, we have not expanded too much further than we had on the last call, and a goal to not disrupt our clinics.

在垂直整合方面，我想說我們可能正處於第四局左右，用你的棒球比喻來說。你看，我們並沒有比上次擴大太多，我們的目標是不擾亂我們的診所。

That's a mantra that we have since the CDSS, and we are in the process now of expanding and getting prepared for conversion, but I'd say we're probably in the fourth inning. You're seeing some of the benefits that are now on the margin front, but that's kind of where we -- I would say we are on Asteria.

這是我們自 CDSS 以來一直秉持的口頭禪，現在我們正在擴展並為轉換做準備，但我想說我們可能處於第四局。您現在看到了利潤方面的一些好處，但這就是我們——我想說我們在 Asteria 所處的位置。

Great, that is helpful. Perhaps on the supplement side, maybe, a, kind of talk to your exposure to tariffs potentially from API sourcing. And then second, you've called out the e-commerce business being a little bit stronger than you expect. Any sort of more color on that?

太好了，很有幫助。也許在補充方面，也許可以談談您可能從 API 採購中受到關稅的影響。其次，您指出電子商務業務比您預期的要強勁一些。對此還有更多解釋嗎？

Thank you.

謝謝。

Yes. So on tariffs, look, at this point, we don't see an impact to our business on the tariff front. In our core pellet business, we're largely sourced domestically. And where we have had exposure to overseas providers, we've increased our inventory coverage to lock in price. So I don't see any significant direct exposure in the current year.

是的。因此，就關稅而言，目前我們還沒有看到關稅對我們的業務產生影響。在我們的核心顆粒業務中，我們主要從國內採購。當我們接觸到海外供應商時，我們增加了庫存覆蓋率以鎖定價格。因此我認為今年不會有任何重大的直接風險。

And as far as the Nutri business, we've talked about it a little bit over time. Our e-commerce business has -- since we've taken over, we are seeing solid growth in that space. And I think what I could highlight here is that a good amount of that growth is centered around that one piece of the business. So solid performance to date, and yes, a continuation of what we started in August of last year.

至於 Nutri 業務，我們已經討論過一些了。自從我們接手電子商務業務以來，我們看到該領域正在穩步成長。我想在這裡要強調的是，很大一部分成長都集中在該業務部分。到目前為止，我們的表現非常穩健，是的，這是我們去年 8 月開始的努力的延續。

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

Thank you for taking my question. Could you just elaborate a little bit on the decline in the volume from the base business and whether you think that will continue to improve as we move throughout the year? And when can we start to see some improvements from the realignment that you talked about today?

感謝您回答我的問題。您能否詳細說明一下基礎業務量下降的情況，以及您是否認為這種情況是否會隨著全年的發展而持續改善？我們什麼時候才能開始看到您今天談到的調整帶來的一些改善？

Thank you very much.

非常感謝。

Thanks, Jungwon. I'll try to give as much color as I can on our procedure revenue. So you heard me mention earlier to Camille's question, it was mainly volume-related. So I'll hit that again real quick. Two real components there. The contribution from new starts, which has been lower, and I'm sure everybody is clear on that as we've talked about it a lot.

謝謝，Jungwon。我將盡力詳細介紹我們的程序收入。所以你聽到我之前提到卡米爾的問題，它主要與音量有關。因此我會很快再談一遍。那裡有兩個真實的組件。新開工的貢獻一直較低，我相信每個人都清楚這一點，因為我們已經討論過很多次了。

And so most of what we did today in the restructure, the realignment, and the new start of what we're doing at Biote is really aimed at growing new starts. The other components, though, we get a lot of volume from our base business. And while attrition has been fairly stable, there might have been a slight uptick in attrition this past quarter that we believe is temporary. And we do believe that attrition will stabilize and be a constant around 5%.

因此，我們今天在 Biote 進行的重組、調整和重新開始的大部分工作實際上都是為了培育新的起點。不過，其他組件的銷售量很大程度上來自於我們的基礎業務。儘管員工流動率一直相當穩定，但上個季度員工流動率可能略有上升，我們認為這只是暫時的。我們確實相信員工流動率將會穩定下來並維持在 5% 左右。

The other -- there was also a small contribution to selective ASP declines, which were concessions due to CDSS in the field. And so those are the components, of course, always the components of an annuity model is volume, the contribution you get from new starts, and any changes to ASP. What we've been really good at is keeping ASP and attrition relatively constant. And that's why you'll hear us talk over and over again about the effort to increase new starts in the field.

另一個因素是選擇性 ASP 下降也有小幅貢獻，這是由於現場 CDSS 做出的讓步。當然，這些就是年金模型的組成部分，即數量、從新開始獲得的貢獻以及 ASP 的任何變化。我們真正擅長的是保持 ASP 和損耗相對穩定。這就是為什麼你會聽到我們一遍又一遍地談論努力增加該領域的新起點。

Got it. And any softness you're seeing from the consumer side from any macro headwinds at this point?

知道了。目前，您是否看到消費者方面因宏觀不利因素而出現任何疲軟跡象？

So, we don't typically see too much softness as far as price sensitivity, if that's what you're referring to. It's really hard to gauge. I mentioned that there was a slight decline in volume in our existing business, but we do believe that is related to the launch of CDSS last year. Nothing, even anecdotally, that I could comment on as far as macro effects and pricing sensitivity.

因此，如果您指的是價格敏感度，我們通常不會看到太大的疲軟。這確實很難衡量。我提到我們現有的業務量略有下降，但我們確實認為這與去年推出 CDSS 有關。就宏觀效應和定價敏感度而言，我無法發表評論，即使是軼事也是如此。

Got it. Thank you very much.

知道了。非常感謝。

Jeff Van Sinderen, B. Riley.

傑夫範辛德倫、B.萊利。

Great, hi everyone, Brett, I wonder, given that you've been there for a quarter or so, can you speak a little bit more about what you've learned on a granular level to the degree that you feel comfortable doing that? And kind of what the specific inefficiencies are that you've uncovered outside of the CDSS.

太好了，大家好，布雷特，我想知道，考慮到你已經在那裡待了大約一個季度，你能否更詳細地談談你在細節層面上學到的東西，以便你感到舒服地做到這一點？您在 CDSS 之外發現了哪些具體的低效率問題。

And I guess also what steps you might take to turn around the new clinic additions? What other steps you might take to get those ramps back up again and get procedure growth up?

我想，您還想採取什麼措施來扭轉新診所的局面？您還可以採取哪些其他措施來恢復這些成長動能並加快程式成長？

Sure, Jeff. I'll start with the first one, just sort of what I've learned. I guess how I would describe that is I've really gained just clarity on some of what I highlighted in the call from Q4. And in Q4, I highlighted the amazing opportunity that brought me to Biote, the massive TAM, the really underpenetrated marketplace as far as physicians that are both utilizing testosterone therapy, but also the nutraceuticals that we offer, and just the need for better execution as an organization to capture more of that TAM.

當然，傑夫。我將從第一個開始，這只是我所學到的東西。我想我應該這樣描述：我確實對我在第四季度電話會議中強調的一些內容有了更清晰的認識。在第四季度，我強調了帶我加入 Biote 的絕佳機會，即巨大的 TAM，對於使用睾酮療法以及我們提供的營養保健品的醫生來說，這是一個真正尚未滲透的市場，而作為一個組織，我們只需要更好地執行就能獲得更多的 TAM。

And so I would say what's changed since that call is I've just gained more clarity in exactly what we need to do to get there. The restructure that we announced today that took place this week is step one. It's not the answer. It's step 1 to the answer of a real culture shift in the organization where the entire company is focused on growth. We are a company -- and this sort of gets to the second part of your question here.

所以我想說，自從那通通話以來，情況發生了變化，我更加清楚我們到底需要做什麼才能實現目標。我們今天宣布的、本週進行的重組是第一步。這不是答案。這是組織真正文化轉變的第一步，整個公司都專注於成長。我們是一家公司——這涉及到你問題的第二部分。

We were a company that had a fantastic start. And when you start from zero, you grow territories to the point where it's tough to grow them. And this is where structure and comp plans and those types of things come into play, where you've got to split territories. You got to make sure you've got incentives that don't penalize sales reps for getting their territory split.

我們是一家有著美好開端的公司。當你從零開始時，你的領土就會不斷擴大，直到很難再擴大。這就是結構和補償計劃以及諸如此類的事情發揮作用的地方，你必須劃分領土。你必須確保你提供的激勵措施不會因為銷售代表的地域劃分而對他們進行懲罰。

You need a comp plan that is really focused on growth and less on maintaining the base. And then, of course, you need the right messaging to communicate the value proposition that we're offering to our customers, which isn't just products.

您需要一個真正注重成長而不是維持基礎的薪酬計劃。然後，當然，您需要正確的資訊來傳達我們向客戶提供的價值主張，而不僅僅是產品。

It is the training, the education, the systems, everything we do to help clinicians practice build. We're the only ones in the marketplace doing this. Others are going around and competing on price. So I've got a lot of clarity into, one, the value that Biote offers, and I think it's fantastic, and I couldn't be more optimistic about the long-term prospects here. But two, just what we need to do in the short term this year, as we highlighted this year, is a transition year for us.

我們所做的培訓、教育、系統等一切都是為了幫助臨床醫生實踐。我們是市場上唯一這樣做的公司。其他人則四處競爭價格。因此，我對 Biote 提供的價值有了非常清晰的認識，我認為它非常棒，而且我對它的長期前景非常樂觀。但其次，正如我們今年所強調的那樣，我們今年短期內需要做的就是，這是我們的過渡年。

So we're making a lot of changes here. Some of them are disruptive. All of them will be good for the long term. And what we're just trying to assess now is when we'll start to see the results of those changes. But I know what a strong commercial organization looks like and those elements, and we're slowly putting those places -- those things into place. But the restructure this week was paramount and the start of what we're doing.

所以我們在這裡做出了很多改變。其中一些是具有破壞性的。從長遠來看，所有這些都是有好處的。我們現在想評估的是何時才能開始看到這些變化的結果。但我知道一個強大的商業組織是什麼樣的，以及那些要素，我們正在慢慢地把這些地方——這些東西放到位。但本週的重組至關重要，也是我們所做工作的開始。

Okay, good to hear. And then not to beat a dead horse of the business, but I guess I'm just trying to reconcile a little bit here, very strong in the quarter. It doesn't sound like any one-time items. But I think your guidance is baking in kind of a sequentially slower growth there. Can you remind us of the year-over-year comparisons, maybe that's the major thing? Just trying to understand why that business would slow down sequentially as far as the growth.

好的，很高興聽到這個消息。然後，我不想再重複老生常談了，但我想我只是想在這裡稍微調和一下，本季表現非常強勁。這聽起來不像是一次性物品。但我認為您的指導已經考慮到了那裡的增長速度會逐漸放緩。您能否提醒我們一下同比情況，也許這是最重要的事？只是想了解為什麼該業務的成長速度會逐漸放緩。

No, I think what we've said in the past is that we would have a 5% to 10% growth from a guide perspective. And what we're seeing now is we are in the -- as we were just mentioning on a prior question, we're in the earlier phases of this with our e-commerce platform. And as we get through the remainder of the year, we will start lapping solid performance in the e-commerce space. which would potentially drive us lower. But yes, the performance that we saw in Q1 was solid in that space.

不，我認為我們過去所說的是從指導角度來看我們將實現 5% 到 10% 的成長。我們現在看到的是——正如我們剛才在前面的問題中提到的，我們的電子商務平台正處於早期階段。隨著今年剩餘時間的到來，我們將開始在電子商務領域取得穩健的表現。這可能會讓我們的股價下跌。但是的，我們在第一季看到的表現在該領域是穩健的。

Okay, So just to clarify there, the comparisons get tougher and is it Q3 and Q4? I just wasn't sure of the timing.

好的，那麼只是為了澄清一下，比較變得更加困難，是 Q3 和 Q4 嗎？我只是不確定時間。

In the second half of the year, we started onboarding Amazon.

下半年，我們開始加入亞馬遜。

Okay, fair enough, thanks for taking my questions.

好的，足夠了，感謝您回答我的問題。

Of course.

當然。

George Kelly, ROTH Capital Partners.

凱利凱利（George Kelly），羅仕證券資本合夥公司（ROTH Capital Partners）。

Hey everybody, thanks for taking my questions. Just a couple for you. First, on Asteria, I was curious if you plan over the course of 2025 to grow penetration? And where might you sort of end the year? And I guess, secondarily, have there been issues with ramping production there?

大家好，感謝你們回答我的問題。僅供您參考。首先，關於 Asteria，我很好奇您是否計劃在 2025 年期間提高滲透率？您會在哪裡結束這一年呢？其次，我想，那裡是否有提高產量的問題？

No. And in fact, our inventory levels are at solid points. So we have not had any issues from an Asteria perspective. I can tell you our focus right now has been on a smooth transition and the focus on not disrupting the clinic. We do have a plan to expand further in the remaining months of the year, and we have that baked into our guide. So we will continue to expand in this arena throughout the remainder of the year just in a tempered fashion.

不。事實上，我們的庫存水準處於穩定水準。因此從 Asteria 的角度來看，我們沒有遇到任何問題。我可以告訴你，我們現在的重點是平穩過渡，並且不干擾診所。我們確實有在今年剩餘月份進一步擴張的計劃，並且已經將其納入我們的指南中。因此，我們將在今年剩餘時間內繼續以穩健的方式擴大這一領域的業務。

Okay, understood. And then second question on your 2025 guide for procedure revenue growth. I think it's plus 2% to 4%. Just curious what gives you confidence in that guide? It's been a pretty steady deceleration for, I don't know, 1.5 years, two years now, and including in the first quarter with it being negative.

好的，明白了。第二個問題是關於 2025 年程序收入成長指南。我認為是增加 2% 到 4%。只是好奇是什麼讓您對該指南充滿信心？我不知道，它已經持續減速了一年半，還是兩年了，包括第一季的負成長。

So I'm just wondering what -- is it -- can you help sort of give us confidence that you see that reversing? And perhaps what have you seen so far in Q2 and April?

所以我只是想知道——是什麼——您能否幫助我們相信您看到了這種逆轉？那麼到目前為止，您在第二季和四月看到了什麼？

So let me give you an overview, and Bret, feel free to add. So as Bret said, we've taken decisive action, and we're changing a lot on the commercial team. We know what we need to do to drive new penetration, new customer penetrations, new -- monitoring and filling our clinic pipeline, and maximizing the value from our top-tier providers. And we have line of sight into the actions that are needed.

那麼讓我給你一個概述，布雷特，請隨意添加。正如布雷特所說，我們已經採取了果斷行動，並且對商業團隊進行了很大的調整。我們知道需要做什麼來推動新的滲透、新的客戶滲透、新的監控和填充我們的診所管道，並最大限度地提高我們頂級供應商的價值。我們已經了解需要採取的行動。

So let's just -- we'll level set there. As shared, we expect a slower start in the first half of the year as we shared as we start to reinvigorate that new customer volume in this annuity model. We know that this is going to be a bit of a transition year in the space, and we believe that we will begin to see the benefits of this restructure in the latter half of the year as we begin to drive the culture of accountability and growth.

因此，我們就--我們將在那裡進行水平設定。正如我們分享的那樣，我們預計今年上半年的開局會比較慢，因為我們開始在這種年金模式下重振新客戶量。我們知道今年將是該領域的一個過渡年，我們相信，隨著我們開始推動問責和成長文化，我們將在下半年開始看到這種重組的好處。

Look, to your question, to be pretty direct, is there a potential risk around the 2% to 4% procedure revenue growth? The answer is yes. And we recognize that certain actions have to go to plan to achieve that 2% to 4% procedure revenue growth. But that said, we are confident overall in the overall guide for the year on revenue and EBITDA. And maybe, Bret, if you wanted to add anything to the key facets that we want to achieve.

看起來，對於您的問題，直接地說，2％到4％的程序收入增長是否存在潛在風險？答案是肯定的。我們認識到，必須採取某些行動才能實現 2% 至 4% 的程序收入成長。但話雖如此，我們對今年的收入和 EBITDA 整體指導充滿信心。布雷特，也許您想為我們想要實現的關鍵方面添加一些內容。

Yes, George, you heard me talk quite a bit about what we're doing to change each of those components in the annuity model, volume, ASP, attrition. And we're confident in each of those. What's really difficult to predict at this moment is just how quickly we'll see results from all the changes that we're making. We're going to learn a lot over the next quarter, maybe not in the form of results that we'll report.

是的，喬治，你聽我談論了很多關於我們正在採取哪些措施來改變年金模型、數量、ASP、損耗等各個組成部分。我們對此都充滿信心。目前真正難以預測的是，我們多久才能看到我們所做的所有改變的成果。我們將在下個季度學到很多東西，但可能不會以報告結果的形式出現。

However, we're going to -- there's a lot of early indicators into what we're doing here, including training volumes, training classes, new starts coming on board. Those things we'll see before we'll report revenue on an increase in procedure growth. So we're confident in the changes we're making, and it's difficult to project when you'll start to see revenue change materially from the changes. But as Bob said, we're comfortable in the top line overall, and there will be pressure on the 2% to 4%, but we definitely see line of sight to get there.

然而，我們將會—有許多早期指標顯示我們正在做的事情，包括培訓量、培訓課程、新員工的加入。在我們報告程式成長帶來的收入成長之前，我們會看到這些情況。因此，我們對正在進行的變革充滿信心，而且很難預測何時會開始看到這些變革為收入帶來實質的變化。但正如鮑伯所說，我們對整體營收狀況感到滿意，雖然 2% 到 4% 的營收會面臨壓力，但我們肯定看到了實現這一目標的前景。

Okay, thank you.

好的，謝謝。

Thank you. This concludes our question-and-answer session. I would now like to turn the call back over to Bret Christensen for closing remarks.

謝謝。我們的問答環節到此結束。現在我想將電話轉回給布雷特·克里斯滕森，請他做最後發言。

Thank you, everyone, for joining us today. We appreciate your interest in Biote and look forward to speaking with you on our next conference call.

感謝大家今天加入我們。我們感謝您對 Biote 的關注，並期待在下次電話會議上與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。