Biote Corp (BTMD) 2025 Q2 法說會逐字稿

Good day and welcome to the Biote second-quarter 2025 earnings conference call. (Operator Instructions) Please note that today's event is being recorded.

大家好，歡迎參加 Biote 2025 年第二季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

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

現在我想將會議交給投資者關係部門的 Szymon Serowiecki。請繼續。

Thank you for joining us today. This afternoon, Biote published financial results for the second quarter end of June 30, 2025. This news release is available in the Investor Relations section of the company's website. Hosting today's call are Bret 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6月30日的第二季財務表現。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有執行長 Bret Christensen、財務長 Bob Peterson 和執行主席 Marc Beer。

Before we get started, I'd like to remind everyone that management will make statements during this call and 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 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. These statements are not guarantees to future performance. They're subject to a variety of risks and uncertainties, some of which are beyond the company's control.

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、成長機會、業務前景、戰略、目標、研發、製造商業化活動、競爭地位、監管流程運營、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。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，其中一些是公司無法控制的。

Actual results could differ materially from expectations reflected in any forward-looking statements. These statements are subject to risks, uncertainties, and assumptions that are based on management current expectations as of today. 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.

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。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 their actual results, please refer to our SEC filings available on the SEC's website and the Investor Relations section of our website, as well as risks other important factors discussed in earnings release.

有關可能影響其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) 網站和我們網站的投資者關係部分提供的美國證券交易委員會文件，以及收益報告中討論的風險和其他重要因素。

Management will also refer to the adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures to provide additional information to foreign investors. A reconciliation of the non-GAAP to GAAP measures is provided in the earnings release, with primary differences being stock-based compensation, fair value adjustments to certain liabilities, transaction-related expenses, and other non-operating expenses. Please refer to our second-quarter 2025 earnings release for reconciliation of these non-GAAP measures to the closest comparable GAAP measure.

管理層還將參考調整後的 EBITDA 和調整後的 EBITDA 利潤率，這些非 GAAP 財務指標，以便向外國投資者提供更多資訊。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 年第二季財報，以了解這些非 GAAP 指標與最接近的可比較 GAAP 指標的對帳。

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 provide an update on our business and our reorganization initiatives, then I'll turn the call over to Bob for a review of our second-quarter financials and our 2025 financial outlook. After our comments, we'll open the call for your questions.

謝謝你，Szymon，也謝謝大家加入我們。我將提供有關我們的業務和重組計劃的最新情況，然後將電話轉給鮑勃，讓他審查我們的第二季度財務狀況和 2025 年財務展望。在我們發表評論之後，我們將開始回答您的問題。

In the second quarter, our procedure revenue was softer than we anticipated. Bob will discuss the reasons for the shortfall and our financials in more detail while I detail our strategic initiatives. The second quarter was pivotal for Biote as we implemented a strategic organizational restructuring designed to drive increase and sustainable growth.

在第二季度，我們的程式收入低於我們的預期。鮑伯將更詳細地討論資金短缺的原因和我們的財務狀況，而我則詳細介紹我們的策略舉措。第二季度對 Biote 來說至關重要，因為我們實施了旨在推動成長和永續成長的策略組織重組。

Launched in May, this comprehensive reorganization encompassed difficult but necessary changes to our people, our processes, and our culture. In making these adjustments, we have moved forward swiftly with the strategic clarity to build a more fundamentally sound business that can scale efficiently to capture significantly more of our addressable market opportunity.

此次全面重組於五月啟動，對我們的員工、流程和文化進行了艱難但必要的變革。在進行這些調整的過程中，我們憑藉著清晰的策略迅速向前邁進，建立了更穩健的業務，可以有效擴展，從而抓住更多可尋址的市場機會。

As a reminder, we aim to realize three key strategic objectives: one, accelerate new provider wins; two, strengthen relationships with our existing practitioners; and three, generate improved financial performance through greater accountability, consistency, and discipline.

提醒一下，我們旨在實現三個關鍵策略目標：一、加速贏得新供應商；二、加強與現有從業人員的關係；三、透過加強問責制、一致性和紀律性來提高財務績效。

Over the last few months, we have achieved solid initial progress against our goals. While progress will not be linear and will take time, I have been pleased to see renewed energy and enthusiasm across our organization, and our team is unified and committed in pursuit of our strategic objectives.

在過去的幾個月裡，我們在實現目標方面取得了堅實的初步進展。雖然進展不會是直線性的並且需要時間，但我很高興看到整個組織煥發了新的活力和熱情，我們的團隊團結一致，致力於追求我們的策略目標。

As we implement both organizational and cultural changes, our initial efforts have centered on two key categories. One, commercial priorities that drive revenue growth; and two, foundation priorities that enhance our core capabilities and enable corporate process improvements.

當我們實施組織和文化變革時，我們最初的努力集中在兩個關鍵類別上。一是推動收入成長的商業優先事項；二是增強我們的核心能力和促進企業流程改善的基礎優先事項。

To start, I will review some of our key initiatives on the commercial side. First, we brought in new leadership. These strategic additions include Joey Lopes, our Senior VP of Strategy and Commercial Operations. I previously worked with Joey at Insulet, and I'm excited about the expertise and capabilities he brings to Biote. Joey is spearheading our efforts to reaccelerate procedural growth, improve commercial productivity, and instill a high-performance culture in our commercial team.

首先，我將回顧我們在商業方面的一些關鍵措施。首先，我們引入了新的領導階層。這些策略新增人員包括我們的策略和商業營運資深副總裁 Joey Lopes。我之前曾與 Joey 在 Insulet 共事，我很高興他能為 Biote 帶來專業知識和能力。Joey 正帶領我們努力加速程序成長、提高商業生產力並在我們的商業團隊中灌輸高績效文化。

In addition to new leadership, we continue to recruit external sales talent who collectively bring fresh energy and a proven track record of success to Biote. We continue to rebuild and enhance our sales team following headcount adjustments related to our reorganization. We remain focused on capturing a large and underpenetrated addressable market opportunity in hormone replacement therapy and therapeutic wellness.

除了新的領導階層，我們也持續招募外部銷售人才，他們將為 Biote 帶來新的活力和成功的業績記錄。在進行與重組相關的人員調整之後，我們將繼續重建和加強我們的銷售團隊。我們將繼續專注於抓住荷爾蒙替代療法和治療保健領域中巨大且尚未完全滲透的潛在市場機會。

We have also updated our sales compensation structure, rewarding initiative and achievement by aligning incentives with our sales growth strategy. A revamped sales compensation program is highly focused on new clinic additions as well as new clinic revenue generated from our successful QuickStart program. Because progress in these key metrics strongly correlates with long-term procedure revenue growth, these remain among our top strategic priorities.

我們還更新了銷售薪酬結構，透過將激勵措施與銷售成長策略結合來獎勵主動性和成就。改進後的銷售補償計劃高度關注新診所的增加以及我們成功的 QuickStart 計劃產生的新診所收入。由於這些關鍵指標的進展與長期程序收入成長密切相關，因此它們仍然是我們的首要策略重點。

In conjunction with our new sales compensation framework, we have made fundamental improvements to continue how we recruit and train our commercial team. For example, we expanded the depth of our sales training program and implemented targeted commercial sales strategies that align with our shift to a performance-based culture. We believe these enhancements will ensure that our commercial team is equipped with the essential knowledge, skills, and support to optimize their success.

結合我們新的銷售薪酬框架，我們對商業團隊的招募和培訓方式進行了根本性的改進。例如，我們擴大了銷售培訓計劃的深度，並實施了有針對性的商業銷售策略，以配合我們向基於績效的文化的轉變。我們相信，這些增強將確保我們的商業團隊具備必要的知識、技能和支持，以最大限度地取得成功。

Moving now to our foundational priorities, we have undertaken a top to bottom review of our core functions and internal processes. In thoroughly reviewing our operations and making necessary adjustments, we seek to enhance our internal efficiency, deepen our connection to both our patients and practitioners, and establish greater consistency and discipline throughout the company. We have several initiatives currently underway, and I am confident that these actions will ultimately strengthen our operations, enabling Biote to achieve a higher level of performance.

現在轉到我們的基礎優先事項，我們對我們的核心功能和內部流程進行了自上而下的審查。透過徹底審查我們的營運並做出必要的調整，我們力求提高內部效率，加深與患者和從業人員的聯繫，並在整個公司範圍內建立更大的一致性和紀律性。我們目前正在實施多項舉措，我相信這些行動最終將加強我們的運營，使 Biote 實現更高的績效水準。

Before I turn the call over to Bob, I will close my remarks by saying that while I am pleased with the initial progress we have achieved in such a short time frame, we still have work to do. Across the organization, we are rapidly implementing many necessary changes and improvements that I believe are critical to our long-term success. While these changes have been disruptive to our business, specifically with respect to procedure-related sales, I strongly believe we are on the right path to drive long-term growth and build sustained value for our shareholders.

在將電話轉給鮑勃之前，我想最後說一句，雖然我對我們在如此短的時間內取得的初步進展感到滿意，但我們仍有工作要做。在整個組織中，我們正在迅速實施許多必要的變革和改進，我認為這對我們的長期成功至關重要。雖然這些變化對我們的業務造成了乾擾，特別是與程序相關的銷售，但我堅信我們正走在推動長期成長和為股東創造持續價值的正確道路上。

I'll now turn the call over to Bob.

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 second thquarter of 2024.

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 年第二季度進行的。

Second-quarter revenue was approximately flat at $48.9 million, reflecting an 8.4% decrease in procedure revenue that was partially offset by more than 30% sales growth in dietary supplements. Similar to the first quarter of 2025, procedure revenue was impacted by a combination of factors, including a slower growth rate of new clinic additions, higher-than-normal attrition of established clinics, and lower procedure volume in the second quarter of 2025. As Bret noted, the organizational changes we implemented in the quarter contributed to this performance, as did the lingering effects of the clinical decision support software disruption.

第二季營收大致持平於 4,890 萬美元，其中手術收入下降 8.4%，但膳食補充劑銷售額成長 30% 以上，部分抵消了下降。與 2025 年第一季類似，手術收入受到多種因素的影響，包括新診所增幅放緩、現有診所的流失率高於正常水平以及 2025 年第二季度手術量下降。正如布雷特所指出的，我們在本季實施的組織變革促成了這一業績，臨床決策支援軟體中斷的持續影響也起到了同樣的作用。

Dietary supplement revenue increased 30.4% to $10.7 million, primarily driven by the growth of our e-commerce channel. We continue to expect solid growth this year from our dietary supplements business.

膳食補充劑收入成長 30.4% 至 1,070 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 71.6%, a 280-basis-point increase. The improvement primarily reflected cost savings from the continued vertical integration of our 50B manufacturing facility.

毛利率為71.6%，增加280個基點。這項改善主要反映了我們 50B 製造工廠持續垂直整合所帶來的成本節約。

Selling, general, and administrative expenses decreased 12.2% to $24.2 million. While we continued to invest in sales and marketing to drive new customer growth, the decrease in SG&A was in part due to the timing of our annual marketing event, which last year was held in the second quarter and will be held this year in the third quarter. This timing effect will move approximately $2 million of SG&A spin into the third quarter. Second-quarter 2025 SG&A expense was also temporarily lower due to headcount adjustments.

銷售、一般及行政開支下降 12.2% 至 2,420 萬美元。雖然我們繼續投資銷售和行銷以推動新客戶成長，但銷售、一般及行政費用的下降部分是由於我們年度行銷活動的時間安排，去年是在第二季舉行，今年將在第三季舉行。這種時間效應將使約 200 萬美元的銷售、一般及行政費用分攤到第三季。由於員工人數調整，2025 年第二季銷售、一般及行政費用 (SG&A) 也暫時較低。

Net income was $3.9 million, inclusive of a $1.8 million loss due to the change in the fair value of the earnout liabilities. Diluted earnings per share attributed to Biote Corp., shareholders was $0.10 per share. This compares to a net loss in the second quarter of 2024 of $10.4 million, inclusive of a $13.9 million loss due to the change in the fair value of earnout liabilities and diluted loss per share attributable to Biote Corp., stockholders of $0.21 per share.

淨收入為 390 萬美元，其中包括因獲利負債公允價值變動而產生的 180 萬美元損失。歸屬於 Biote Corp. 股東的每股稀釋收益為 0.10 美元。相較之下，2024 年第二季的淨虧損為 1,040 萬美元，其中包括因獲利負債公允價值變動而造成的 1,390 萬美元虧損以及歸屬於 Biote Corp. 股東的每股 0.21 美元稀釋每股虧損。

Adjusted EBITDA increased 19.1% to $15.2 million with an adjusted EBITDA margin of 31.1%. This compares to adjusted EBITDA of $12.7 million and adjusted EBITDA margin of 25.9%. The increases in adjusted EBITDA and adjusted EBITDA margin were due to improved gross profit and lower operating expenses, which included the timing shift of our annual provider event previously noted.

調整後的 EBITDA 成長 19.1% 至 1,520 萬美元，調整後的 EBITDA 利潤率為 31.1%。相較之下，調整後的 EBITDA 為 1,270 萬美元，調整後的 EBITDA 利潤率為 25.9%。調整後的 EBITDA 和調整後的 EBITDA 利潤率的增加是由於毛利的提高和營運費用的降低，其中包括我們之前提到的年度供應商活動的時間變化。

Second-quarter cash flow from operations was $7.1 million and $13.6 million for the first half of 2025. I would highlight our continued strong cash flow even as we undergo our organizational restructuring and execute against our strategic objectives.

第二季經營現金流為 710 萬美元，2025 年上半年經營現金流為 1,360 萬美元。我想強調的是，即使在我們進行組織重組並執行策略目標時，我們的現金流量仍然強勁。

As of June 30, 2025, cash and cash equivalents were $19.6 million compared to $41.7 million as of March 31, 2025. The reduction in cash and cash equivalents reflected payments for the previously announced share repurchases related to our founder and affiliated parties.

截至 2025 年 6 月 30 日，現金及現金等價物為 1,960 萬美元，而截至 2025 年 3 月 31 日為 4,170 萬美元。現金和現金等價物的減少反映了與我們的創始人和關聯方相關的先前宣布的股票回購的支付。

Now turning to our financial outlook for 2025, as Bret discussed, Biote has achieved meaningful initial progress in realigning our commercial organization and aligning on our strategic priorities to drive long-term growth. As we have implemented improvements to our core sales and marketing functions, procedure of volume has been negatively impacted to a greater degree than we anticipated.

現在談談我們對 2025 年的財務展望，正如 Bret 所討論的，Biote 在重新調整我們的商業組織和調整我們的策略重點以推動長期成長方面取得了有意義的初步進展。由於我們對核心銷售和行銷職能進行了改進，因此銷售流程受到的負面影響比我們預期的要大。

At the same time, we have continued to experience stronger-than-expected revenue growth in our dietary supplements business. This growth has served to partially offset the shortfall in procedure revenue. As a result, we are adjusting our fiscal 2025 revenue guidance to be above $190 million and our fiscal 2025 adjusted EBITDA guidance to be above $50 million. For the full year, we forecast procedure revenue declines of high single digits and dietary supplement growth at approximately a mid-teens percentage rate.

同時，我們的膳食補充劑業務的收入成長持續強於預期。這一增長部分彌補了手術收入的缺口。因此，我們將 2025 財年的營收預期調整為 1.9 億美元以上，並將 2025 財年調整後的 EBITDA 預期調整為 5,000 萬美元以上。就全年而言，我們預測手術收入將下降高個位數，而膳食補充劑收入將增加約百分之十幾。

We are forecasting second-half trends in our procedure revenue growth to be similar to that of the second quarter, with strong but moderating sales growth and dietary supplements. This revised guidance reflects the impacts we are seeing as we continue to reorganize our commercial organization and drive towards our strategic priorities.

我們預測下半年我們的程序收入成長趨勢將與第二季度相似，銷售額和膳食補充劑的成長將強勁但有所放緩。修訂後的指南反映了我們在繼續重組商業組織和推動策略重點時所看到的影響。

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, Bob. As we continue to execute our corporate growth plan with urgency, I would emphasize that our actions represent more than simply a collection of discrete operational fixes. We are recommitting to excellence in everything we do in pursuit of a higher and more consistent level of operational and financial performance.

謝謝，鮑伯。當我們繼續緊急執行我們的企業成長計畫時，我想強調的是，我們的行動不僅僅是一系列離散的營運修復。我們致力於在所做的每一件事上追求卓越，以追求更高、更穩定的營運和財務績效水準。

While 2025 is a transition year from a financial perspective, I believe the decisive actions we are taking now will enable us to elevate our growth, achieve our strategic objectives, and further advance patient health and wellness.

雖然從財務角度來看，2025 年是一個過渡年，但我相信我們現在採取的果斷行動將使我們能夠提升成長，實現策略目標，並進一步促進患者的健康和保健。

Operator, let's now open the call for questions.

接線員，現在讓我們開始提問。

(Operator Instructions) Jeff Van Sinderen, B. Riley.

（操作員說明）Jeff Van Sinderen，B. Riley。

Hi, everyone. I wonder if we could just start with the verticalization process. Wondering, I guess at this point how far along you are in that process, what percentage of your pellets are being made there, and then what is still left to do in moving to, I guess, as far as you're going to go on verticalization.

大家好。我想知道我們是否可以從垂直化過程開始。我想知道，我猜現在您在這個過程中進行到了哪一步，在那裡製造了多少比例的顆粒，然後，我想，就您在垂直化方面還有哪些工作要做。

Hey, Jeff, It's Bob. Yeah, just to give you a little bit of a visibility into where we are on Asteria. So given as we talked last call, we have highlighted that we are in that low 40% penetration for -- and it oscillates anywhere from about 40% to around 50%.

嘿，傑夫，我是鮑伯。是的，只是為了讓您稍微了解一下我們在 Asteria 的位置。因此，正如我們上次談話中提到的那樣，我們已經強調，我們的滲透率處於 40% 的低位，波動範圍在 40% 到 50% 左右。

We are currently in that same range, and the primary driver there is, as you know, at the end of the first-quarter call, we said that we didn't want to disrupt any of the commercial activities given the CDSS. And now given the shift that we've had in the restructure, we have kind of paused on that also. But we do intend to start back up in in Q3 to drive up penetration, which should have some solid benefits to margin.

我們目前處於同一範圍內，主要的驅動力是，如你所知，在第一季電話會議結束時，我們說過，考慮到 CDSS，我們不想擾亂任何商業活動。現在，考慮到我們在重組中所做的轉變，我們也暫停了這項措施。但我們確實打算在第三季重新開始提高滲透率，這應該會對利潤率產生一些實質的好處。

Okay. And then turning to the procedure revenue decline. How much -- and I'm not sure you necessarily report this, but how much was the absolute number of procedures down in the quarter? I know that's not necessarily apples or 100% with the procedure revenue. How much is the absolute number of procedures down?

好的。然後轉向程序收入下降。有多少——我不確定你一定會報告這一點，但本季的絕對手術數量下降了多少？我知道這不一定是蘋果或 100% 的程式收入。絕對下來的工序數是多少？

Yeah, hey, Jeff, this is Bret. I'll speak to that kind of just qualitatively. So really, the headwinds that we are having are volume related, and that's twofold. It's clinic attrition, so any customers that we've lost, and then volumes within our existing clinics. All of that is, of course, offset sometimes with new clinic starts, but all three of those categories have been headwinds for us in 2025.

是的，嘿，傑夫，我是布雷特。我將僅從定性角度談論這個問題。所以實際上，我們面臨的阻力與數量有關，而且是雙重的。這是診所的流失，也就是我們失去的任何客戶，然後是我們現有診所內的客戶數量。當然，所有這些影響有時會隨著新診所的開業而得到抵消，但這三個類別對我們在 2025 年來說都是阻力。

We have highlighted that we saw that start actually with the launch of CDSS in Q3 of last year. That's when we started to see attrition tick up slightly and new starts tick down as our salesforce was distracted with the launch of that product and making sure all of our customers got able to use that product and trained in the right way.

我們已經強調，我們看到這一現象實際上是從去年第三季 CDSS 的推出開始的。就在那時，我們開始看到員工流失率略有上升，新員工數量下降，因為我們的銷售人員專注於推出產品，並確保所有客戶都能使用該產品並以正確的方式接受培訓。

We saw that continue into the first part of this year, which is why we have always categorized this year as a transition year for Biote and it's why the caution and the guide is we're -- all -- everything we've done this year is focused on growth. But it has been disruptive, and so we compounded a little bit with the reorganization that we did in May.

我們看到這種情況一直持續到今年上半年，這就是為什麼我們一直將今年歸類為 Biote 的過渡年，也是為什麼我們謹慎並採取指導方針——我們今年所做的一切都以增長為重點。但它確實造成了一些混亂，所以我們在五月進行了重組，稍微緩解了一些問題。

And all of those were the right things to do. The launch of CDSS, which is going to be great for us going forward, the reorganization of the team, including the sales team, that's going to be amazing for us because it's a growth focus. But all those things have been disruptive and have really slowed our growth, volume growth with procedures this year, and we'll continue until we start to see those normalize and trend up.

所有這些都是正確的做法。CDSS 的推出對於我們未來的發展大有裨益，團隊的重組（包括銷售團隊）對我們來說也是一件了不起的事情，因為這是一個成長重點。但所有這些事情都造成了破壞，並確實減緩了我們的成長速度，今年的程式量成長也受到了影響，我們會繼續下去，直到我們開始看到這些情況正常化並呈上升趨勢。

And what do you think needs to happen for the, I mean, there's a number of different metrics there. You've got clinic attrition, you've got new physician ads, you've got procedure volume. What do you think needs to happen? And I realize some of those are ones dependent on the others, but what do you think needs to happen for those metrics to turn around at this point?

您認為需要發生什麼，我的意思是，那裡有許多不同的指標。您有診所的人員流失，有新醫生的廣告，有手術量。您認為需要發生什麼？我意識到其中一些指標是依賴其他指標的，但您認為此時需要做什麼才能使這些指標發生轉變？

Well, I think the actions we've taken already are going to bear fruit and start to turn volume around in our existing clinics and get new clinic additions headed back in the right direction in a meaningful way. We just can't predict that yet. We haven't seen a trend or an uptick in volume to suggest that those changes are having an effect yet.

嗯，我認為我們已經採取的行動將會取得成果，並開始扭轉我們現有診所的業務量，並以有意義的方式讓新診所的業務量回到正確的方向。我們只是還無法預測這一點。我們尚未看到趨勢或數量的上升來表明這些變化正在產生效果。

Remember, the reorganization that we did was in May, was in this past quarter. That led to some vacancies in the sales territory. Some of those we initiated. Some of those have been due to the cultural change and the new focus on growth, the new compensation plans, the new level of accountability.

請記住，我們進行的重組是在五月，也就是上個季度。這導致銷售區域出現一些空缺。其中一些是我們發起的。其中一些是由於文化變革和對成長的新關注、新的薪酬計劃、新的問責水平。

I'll tell you, I'm thrilled with the team's attitude, the current team's attitude and energy level in accepting the new way forward. We've also had a number of really exciting training classes with some fantastic new hires that are going to bring us new energy and new blood to the team.

我會告訴你，我對球隊的態度、目前球隊接受新前進方向的態度和能量水平感到非常興奮。我們也為一些出色的新員工舉辦了一系列非常令人興奮的培訓課程，他們將為我們的團隊帶來新的活力和新血。

So the changes are exactly the right thing to do and we'll -- it's not a matter for me of if. It's just a matter of when that we start to see those changes start to get the business growing again. Those are all sort of short term. And then we've got a laundry list of longer term initiatives to improve the value proposition with our customers, which should drive retention higher and allow us to have a better value pitch to new customers.

所以這些改變是完全正確的，而且我們——對我來說這不是是否的問題。我們何時才能看到這些變化讓業務再次成長，這只是一個問題。這些都是短期的。然後，我們制定了一系列長期計劃，以改善我們客戶的價值主張，這將提高客戶保留率，並使我們能夠向新客戶提供更好的價值主張。

So there's a lot going on here. We're just as excited about the long term as we've ever been. But again, this year is a transition year for us and all the changes have yet to bear fruit.

這裡發生了很多事情。我們對長期目標的興奮程度一如既往。但今年對我們來說是過渡年，所有的改變都還未結出碩果。

Okay. And then if I -- sorry, if I could just add one more on that. What do you think is the time frame? I realized it's early in the process. You haven't really seen it bear fruit yet, but what do you think the time frame is for those KPIs to start to turn upward?

好的。然後如果我——抱歉，我可以再補充一點。您認為時間框架是怎麼樣的？我意識到這個過程還處於早期階段。您還沒有真正看到它取得成果，但您認為這些 KPI 開始上升的時間框架是什麼時候？

I wouldn't project that yet, which is why the guide was somewhere north of $190 million total revenue. We want to see a trend in the right direction. We do have earlier KPIs as far as training classes, new starts, which we know will have an effect. We just want to wait to make sure that we see that trend headed the right way. It's too early to project still.

我目前還不會做出這樣的預測，這就是為什麼指南的總收入約為 1.9 億美元。我們希望看到朝著正確方向發展的趨勢。我們確實有早期的 KPI，例如訓練課程、新起點，我們知道這些都會產生影響。我們只是想等待，以確保我們看到趨勢朝著正確的方向發展。現在預測還為時過早。

Okay, thanks for taking my questions. I'll take the rest offline.

好的，感謝您回答我的問題。我將把其餘部分下線。

Yeah, thanks. Thank you.

是的，謝謝。謝謝。

Les Sulewski, Truist.

Les Sulewski，Truist。

Good evening. Thank you for taking our questions. I have two, maybe one from a more fundamental view. What is driving the attrition, the faster expected attrition? Would you say the hormone replacement therapy is being sidelined potentially by strong GLP-1 adoption across the same patient pool? Essentially, are you losing market share to GLP-1s or is the pressure across your clinics driven by more of internal factors?

晚安.感謝您回答我們的問題。我有兩個想法，其中一個可能是從更根本的角度來看的。是什麼導致了人員流失，以及預期人員流失速度更快？您是否認為荷爾蒙替代療法可能會因為同一患者群體中 GLP-1 的廣泛採用而被邊緣化？本質上，你們的市場份額是否正在被 GLP-1 奪走，或者你們診所面臨的壓力是否更受內部因素的影響？

And then second, I guess, Bret, what are some of these longer-term initiatives that you have in place? Thank you.

其次，我想，布雷特，您已經採取了哪些長期措施？謝謝。

Yeah, thanks, Les. The answer to the first part of the question, I would say absolutely not. In fact, we've always viewed GLP-1s and hormone replacement therapy as complementary, which is the reason why we added GLP-1s to our portfolio last year. It's an immaterial amount of revenue for us and not a focus of the team, but it is an offering that we want to be able to provide to our providers.

是的，謝謝，萊斯。對於問題第一部分的答案，我的答案是絕對不是。事實上，我們一直將 GLP-1 和荷爾蒙替代療法視為互補的，這就是我們去年將 GLP-1 添加到我們的產品組合中的原因。對我們來說，這是一筆無關緊要的收入，也不是團隊的重點，但這是我們希望能夠向我們的供應商提供的產品。

I wouldn't say that's impacting procedure revenue at all. I think the real headwind for procedure revenue for us this year started with the launch of CDSS in Q3 of last year. They just distracted the team. It was a multi headwind for us as it slowed new starts down. Clearly, we have those data. We know for sure that new clinic starts slowed down starting with the launch of CDSS.

我不會說這會對程序收入產生任何影響。我認為，今年我們程序收入面臨的真正阻力始於去年第三季推出的 CDSS。他們只是分散了球隊的注意力。這對我們來說是一個巨大的阻力，因為它減緩了新專案的啟動速度。顯然，我們有這些數據。我們確信，隨著 CDSS 的推出，新診所的開設速度開始放緩。

It also distracted us from launching some of the new starts that we had launched earlier in the year in the right way and doing what we call a QuickStart program. Because again, the field was focused on making sure that software launch went more smoothly and helping our customers adjust.

這也分散了我們的注意力，使我們無法以正確的方式啟動今年早些時候啟動的一些新項目，也無法執行我們所謂的「快速啟動」計劃。因為該領域的重點是確保軟體發布更加順利並幫助我們的客戶進行調整。

And then as we moved into this year and shortly after I started and recognized we needed to change the culture of the organization and have a sole focus on top-line growth, we made the reorganization, we changed territories. We changed alignment. We made some adjustments to people's titles so that everybody had a growth focus. We changed comp plans. All of that was disruptive as well.

進入今年，我開始工作後不久就意識到我們需要改變組織文化，將重點放在營收成長上，於是我們進行了重組，改變了業務領域。我們改變了陣營。我們對人們的頭銜做了一些調整，以便每個人都有一個成長的重點。我們改變了補償計劃。所有這些也都是破壞性的。

And so while some of the factors have remained constant, some of the historical headwinds of competition, macroeconomic factors, what we did is we distracted the team two times with CDSS and with the reorganization. And again, both of those initiatives were exactly the right thing to do for us. But it did slow us down.

因此，儘管一些因素保持不變，例如一些歷史性的競爭阻力、宏觀經濟因素，但我們所做的是透過 CDSS 和重組兩次分散了團隊的注意力。再次強調，這兩項措施對我們來說都是正確的。但它確實減慢了我們的速度。

And we're still feeling those effects as an annuity business. We feel those effects for 12 months forward. So we're still feeling the effects of those two major activities, but again, those all start to bear fruit and get us going in the right direction.

作為年金業務，我們仍然感受到這些影響。我們將在未來 12 個月內感受到這些影響。因此，我們仍然感受到這兩個主要活動的影響，但這些活動都開始取得成果並使我們朝著正確的方向前進。

That's helpful. Thank you.

這很有幫助。謝謝。

Kaitlyn Korich, Jefferies.

凱特琳‧科里奇 (Kaitlyn Korich)，傑富瑞 (Jefferies)。

Hi, everyone, good evening. Thanks for taking my question. I just wanted to drill into the new clinic additions a little bit more and just understand where the biggest delta is between performance versus your expectations coming out of last quarter that resulted in the guide down. And then secondly, just if anything has changed in the marketplace as it relates to competition or more broadly the consumer.

大家好，晚上好。感謝您回答我的問題。我只是想更深入地了解新診所的增加情況，並了解上個季度的業績與預期之間的最大差距在哪裡，從而導致指南下降。其次，如果市場在競爭或更廣泛的消費者方面發生了變化。

Yeah, thanks, Kaitlyn, for the question. Our guide down was essentially, we took a look at a number of scenarios. So we've seen a slowdown of new starts. We've seen volume at existing clinics go down slightly, and then of course, we've seen attrition tick up this year. And all the things we've spoken about and highlighted, including last quarter.

是的，凱特琳，謝謝你的提問。我們的指導基本上是，我們看了一些場景。因此，我們看到新開工速度有所放緩。我們發現現有診所的診療量略有下降，當然，今年的流失率也有所上升。以及我們談論和強調的所有事情，包括上個季度的事情。

So as those headwinds persist, we've looked into the future and said, what are the different scenarios throughout the years, which got us comfortable with the guide of something north of $190 million for 2025. Again, all of our initiatives are focused on the top line and essentially made to drive growth in that number, but it does take a little bit of time. And we do need to get new clinic additions going in a better direction, higher. And we also need to improve retention with our existing clinics.

因此，隨著這些不利因素持續存在，我們展望了未來，並預測未來幾年會出現哪些不同的情況，這讓我們對 2025 年 1.9 億美元的預期感到滿意。再次強調，我們所有的舉措都集中在營收上，本質上是為了推動營收的成長，但這確實需要一點時間。我們確實需要讓新診所朝著更好、更高的方向發展。我們還需要提高現有診所的留任率。

So the initiatives that we've got in place to do that are both short term and long term. And we've spoken a lot about the short-term initiatives around the reorganization and salesforce changes. And then we've got longer-term initiatives. We haven't spoken about too much yet that are really designed around improving the value proposition to our customers, which will do two things: to help us bring more clinics on board and make our offering more sticky to improve retention. So that will continue to be our focus.

因此，我們為此採取的舉措既有短期的，也有長期的。我們已經討論了許多有關重組和銷售人員變動的短期舉措。然後我們還有更長期的計劃。我們還沒有談論太多，這些實際上是為了提高我們客戶的價值主張而設計的，這將起到兩件事：幫助我們吸引更多的診所，並使我們的服務更具黏性，以提高保留率。因此這將繼續是我們的重點。

Got it. Thank you.

知道了。謝謝。

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

Hi, thank you for taking my question. My question is just around what would be the biggest change in the sales force and the way that you market just given the restructuring there? I would love a new color there. And you did mention the attrition is a little bit higher also on that front. What are some of tangible changes that you are already seeing, if any, based on your restructuring? That'll be helpful. Thank you.

你好，謝謝你回答我的問題。我的問題是，在重組之後，銷售團隊和行銷方式的最大變化是什麼？我很想嘗試新的顏色。您確實提到過，這方面的人員流失率也略高一些。根據重組，您已經看到哪些實際的變化（如果有的話）？那將會很有幫助。謝謝。

Hi, Jonna, thanks for the question. The salesforce changes that really needed to happen one and they're going to be essential for us to drive growth going forward have essentially just all been around what the focus of that team and what we've incentivized with that team.

你好，喬娜，謝謝你的提問。銷售團隊的變革確實需要發生，而這些變革對於我們推動未來成長至關重要，而這些變革基本上都圍繞著該團隊的重點以及我們對該團隊的激勵。

So without getting into too much detail, we had a compensation plan and a focus that was around maintaining the business essentially. And that's not uncommon with a company that's new as we were. So especially, the way we started was growing -- you grow your business, you get compensated for that book of business, and that just sort of happens in perpetuity.

因此，無需過多細節，我們有一個薪酬計劃，並且主要專注於維持業務。對於我們這樣的新公司來說，這種情況並不罕見。因此，特別是，我們開始的方式是發展——你發展你的業務，你會因為那本業務而獲得報酬，而這種情況會永遠發生。

The challenge with that model is you get reps that have really large territories and not only don't get compensated on growing those territories, but just have a hard time growing large territories because all of your efforts are around servicing the existing base. And so in order for us to scale, we need smaller territories, we need growth targets, and we need a comp plan that pays everybody on a growth target.

這種模式的挑戰在於，你的銷售代表擁有非常大的銷售區域，但你不僅沒有因為擴大這些區域而得到補償，而且很難擴大銷售區域，因為你所有的努力都圍繞著服務現有客戶群。因此，為了擴大規模，我們需要更小的領土，我們需要成長目標，我們需要一個根據成長目標向每個人支付報酬的補償計畫。

So that in a nutshell is -- are the biggest changes. But on top of that, we wanted a single voice that everybody heard. So we consolidated leadership and elevated individuals so that we have one person leading the sales team. Everybody's hearing the same thing. And that's going to lead to greater accountability, better messaging, greater efficiency across the team.

簡而言之，這就是最大的改變。但最重要的是，我們希望每個人都能聽到一個聲音。因此，我們整合了領導層並提升了個人，以便由一個人領導銷售團隊。每個人都聽到了同樣的事情。這將使整個團隊的責任感更強、訊息傳遞更順暢、更有效率。

And then we've done a number of initiatives around hiring profiles, our recruiting, and our sales training, which all have been revamped. So we've got a team that's starting to come together that we think is going to be fantastic and able to drive growth in the short term.

然後，我們在招募概況、招募和銷售培訓方面採取了一系列舉措，所有這些都進行了改進。因此，我們已經擁有了一支開始團結起來的團隊，我們認為這支團隊將會非常出色，並且能夠在短期內推動成長。

And then we -- as far as your question on attrition. Attrition is essentially about, one, making sure you've got that sales team in place because if you've got vacancies, it's hard to service and defend your business. And then two, making sure is a leader in the space like we are and a premium product. You've got to make sure your value proposition is strong and always getting stronger. And so we do have a number of initiatives there that will just make doing business with Biote easier and we think increase the gap of what we offer versus others in the industry and make us strong with retention.

然後我們—關於您關於人員流失的問題。人員減員本質上就是，首先，確保你的銷售團隊到位，因為如果有空缺，你就很難服務和維護你的業務。其次，確保我們像該領域一樣處於領先地位，並推出優質產品。你必須確保你的價值主張是強大的，並且不斷變得更強大。因此，我們確實採取了一些舉措，使與 Biote 開展業務變得更加容易，我們認為這將擴大我們與業內其他公司之間的差距，並增強我們的保留能力。

Thank you so much.

太感謝了。

And this concludes our question-and-answer session. I would now like to turn the conference back over to Bret Christensen for any closing remarks.

我們的問答環節到此結束。現在，我想將會議交還給布雷特·克里斯滕森，請他作最後發言。

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。

Thank you for attending today's presentation. You may now disconnect your lines and have a pleasant day.

感謝您參加今天的演講。現在您可以斷開線路並享受愉快的一天。