Biote Corp (BTMD) 2025 Q3 法說會逐字稿

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

現在我將把會議交給西蒙·塞羅維茨基。投資者關係。請繼續。

Thank you for joining us today. This afternoon, Biote published financial results for the third quarter in the September 30th, 2025. This news release is available in the investor relations section of the company's website.

感謝您今天蒞臨。今天下午，Biote 公佈了截至 2025 年 9 月 30 日的第三季財務表現。本新聞稿可在本公司網站的投資者關係欄位查閱。

Hosting today's call are Bret Christensen, Chief Executive Officer, and Bob Peterson, Chief Financial Officer.

主持今天電話會議的是執行長 Bret Christensen 和財務長 Bob Peterson。

Get started, I'd like to remind everyone that manager only exams during this call that includes 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, its competitive position. Regulatory process operations, benefits of its solutions, and this impact of macroeconomic content on business, rules of operations, financial conditions, and other matters does not relate to historical facts.

首先，我想提醒大家，本次電話會議僅對經理進行審查，其中包含有關公司財務業績、未來業績增長機會、業務前景、戰略、目標、研發、製造和商業化活動以及競爭地位等方面的前瞻性陳述。監管流程運作、其解決方案的益處，以及宏觀經濟內容對企業、營運規則、財務狀況和其他事項的影響，與歷史事實無關。

These payments are not guaranteed in future performance. They are subject to a variety of risks and uncertainties, some of which are beyond the company's control. Action results could differ materially from expectations reflected in any forward-looking themes.

這些款項並不能保證未來的表現。它們面臨各種風險和不確定因素，其中一些是公司無法控制的。實際行動結果可能與任何前瞻性主題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 current expectations as of today. Biote takes an 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. For discussion of risks and other important factors that could affect our actual results, please refer to SEC filings available on the SEC's website and the investor related section of our website, as well as risks and other important factors discussed in the earnings release.

這些聲明存在風險、不確定性和假設，這些風險、不確定性和假設是基於管理層截至今日的當前預期。Biote有義務在未來更新這些資訊。因此，不應將這些聲明視為代表公司在任何後續日期的觀點。有關可能影響我們實際業績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網站上提供的相關文件以及我們網站的投資者關係部分，以及盈利報告中討論的風險和其他重要因素。

Management also referred to just the EBITDA and just an EBITDA margin, which are non-GAAP financial measures to provide additional information for investors. The of the non-GAAP to GAAP measures is provided in earnings release, the primary differences being stock based compensation, standard value adjustment of certain liabilities, transaction related expenses, and other non-operating expenses. Please refer to our third quarter of 2025 earnings release relation of these non-GAAP measures to the most comparable GAAP measures.

管理層還提到了 EBITDA 和 EBITDA 利潤率，這些都是非 GAAP 財務指標，旨在為投資者提供更多資訊。非GAAP與GAAP指標的差異在獲利報告中提供，主要差異包括股票選擇權費用、某些負債的標準價值調整、交易相關費用和其他非經營性費用。請參考我們 2025 年第三季財報，以了解這些非 GAAP 指標與最可比較 GAAP 指標之間的關係。

And I send the call over to Bret Christensen.

然後我把電話轉接給了布雷特·克里斯滕森。

Thank you, Simon, and thank you all for joining us. I'll provide an update on the state of our business and our ongoing corporate initiatives, and then I'll turn the call over to Bob for a review of our third quarter financials and our 2025 financial outlook. After our comments, we'll open the call up for questions.

謝謝你，西蒙，也謝謝各位的參與。我將介紹我們公司的業務狀況和正在進行的各項企業舉措，然後我會把電話交給鮑勃，讓他回顧一下我們第三季度的財務狀況和 2025 年的財務展望。發言結束後，我們將開放提問環節。

During the third quarter, we continued to make solid progress, advancing our top strategic priorities that we believe will drive increased and sustainable growth. As you'll recall, these three priorities are 1, accelerate growth from new providers, 2, maximize value from our top tier clinics, and 3, improve our financial performance through greater accountability and discipline.

第三季度，我們持續取得穩步進展，推動我們認為將推動持續成長的首要策略重點。您應該還記得，這三個優先事項是：1. 加速新供應商的成長；2. 最大限度地發揮我們頂級診所的價值；3. 透過加強問責制和紀律來改善我們的財務表現。

I'll begin with priority one. Accelerating growth from new providers. To achieve this goal, we are rebuilding our commercial organization and instilling a high-performance culture while also directly aligning sales incentives with our growth objectives. In doing so, we are significantly enhancing the quality, capabilities, and effectiveness of our sales team.

我先從第一要務開始。加速新供應商的成長。為了實現這一目標，我們正在重建我們的商業組織，灌輸一種高績效文化，同時將銷售激勵措施與我們的成長目標直接掛鉤。透過這樣做，我們顯著提高了銷售團隊的素質、能力和效率。

With new commercial leadership in place, we have implemented fundamental improvements to how we recruit, train, and equip our sales reps to ensure their success in the field. We continue to invest in talent to address our market opportunity, and I have been pleased with the performance-oriented approach and positive energy our new team members bring to Biote every day.

隨著新的商業領導層的到位，我們對銷售代表的招募、培訓和裝備方式進行了根本性的改進，以確保他們在工作中取得成功。我們持續投資人才以掌握市場機遇，我對新團隊成員每天為 Biote 帶來的以績效為導向的工作方式和正向能量感到非常滿意。

To add some color to the scope of this ongoing transition, approximately half of our commercial team joined Biote in the past year. In terms of team size and sales territory coverage, we are currently at about 75% to 80% of where we would like to be. We are consistently onboarding new sales reps and expect to achieve our planned sales rep headcount for 2025.

為了更清晰地展現這一持續轉型的規模，我們商業團隊大約有一半成員在過去一年加入了 Biote。就團隊規模和銷售區域覆蓋率而言，我們目前大約達到了我們理想目標的 75% 到 80%。我們一直在招募新的銷售代表，並預計將實現 2025 年計畫的銷售代表人數目標。

To more efficiently expand and scale our network, we continue to refine our training and onboarding methods for new practitioners. To meet our practitioners' diverse needs, for example, we have expanded the availability of training sessions. This flexibility helps practitioners achieve certification more efficiently, enabling a quicker path to clinic productivity that we believe is important for optimizing long-term clinic success.

為了更有效地擴展和擴大我們的網絡，我們不斷改進新從業人員的培訓和入職方法。例如，為了滿足我們從業人員的各種需求，我們增加了培訓課程的開設數量。這種靈活性有助於從業人員更有效率地獲得認證，從而更快地提高診所的生產力，我們認為這對於優化診所的長期成功至關重要。

As I noted in last quarter's call, the process of rebuilding our sales team and enhancing our core sales and marketing functions has impacted procedure revenue in the near term. Even as we expanded our clinic network in the third quarter sales contribution from new clinics was impacted by last year's slowest pace of new business.

正如我在上個季度電話會議中提到的那樣，重建我們的銷售團隊並加強我們的核心銷售和行銷職能的過程，在短期內對手術收入產生了影響。儘管我們在第三季擴大了診所網絡，但新診所的銷售貢獻受到了去年新業務成長速度最慢的影響。

While our financial results don't yet demonstrate the improvements we have made to the quality and capabilities of our commercial team, I'm highly confident we will remain on the right path to return our core hormone optimization business to a growth trajectory.

雖然我們的財務表現尚未反映出我們在提升商業團隊的素質和能力方面所取得的進步，但我非常有信心，我們將繼續走在正確的道路上，使我們的核心激素優化業務重回增長軌道。

Turning to our second priority, maximizing value from top tier clinics. As an established leader in hormone optimization therapy, Biote has been long recognized for our science and evidence-based approach to care. It's one of the primary reasons practitioners choose our innovative solutions to treat their patients and sets Biote apart in the marketplace.

接下來是我們的第二個重點，即如何最大限度地利用頂級診所的價值。身為荷爾蒙優化療法領域的知名領導者，Biote 因其科學和實證的護理方法而長期以來備受認可。這是從業人員選擇我們創新解決方案來治療患者的主要原因之一，也是 Biote 在市場上脫穎而出的原因。

In September, we hosted our annual Sun, sea, and Biote marketing event in Cancun. More than 800 attendees from our provider network participated to share insights and align on Biote's vision of advancing health span and vitality with innovative hormone optimization and healthy aging solutions.

9 月，我們在坎昆舉辦了一年一度的陽光、大海和 Biote 行銷活動。來自我們供應商網路的 800 多名與會者參與了此次活動，分享了他們的見解，並就 Biote 透過創新的荷爾蒙優化和健康老化解決方案來延長健康壽命和提升活力的願景達成了一致。

At our marketing event, we were joined by several world-renowned speakers including Dr. David Sinclair, Dr. Rhonda Patrick, Dr. Jim Simon, Dr. Abe Morgentaler and more. Each of these experts delivered compelling perspectives on the future of personalized medicine. Attracting these high-profile speakers to our event reinforces Biote as the leader in evidence-based hormone optimization and therapeutic wellness.

在我們的行銷活動中，我們邀請了幾位世界知名的演講嘉賓，包括大衛·辛克萊博士、朗達·帕特里克博士、吉姆·西蒙博士、阿貝·摩根塔勒博士等等。這些專家各自對個人化醫療的未來提出了令人信服的觀點。吸引這些知名演講嘉賓參加我們的活動，鞏固了 Biote 在實證荷爾蒙優化和治療性健康領域的領導地位。

We will continue to invest in education and training to further strengthen our market leadership position. An event of this size and Caliber served to further strengthen our relationships with our practitioners and advanced our goal of integrating hormone optimization into mainstream healthcare. We aim to leverage the positive energy and momentum from this event into potential new growth opportunities as we move into 2026.

我們將繼續增加對教育和培訓的投入，以進一步鞏固我們的市場領導地位。如此規模和水準的活動進一步加強了我們與從業人員的關係，並推進了我們將荷爾蒙優化納入主流醫療保健的目標。我們計劃利用此次事件帶來的正面能量和勢頭，將其轉化為2026年潛在的新成長機會。

Turning to our third strategic priority, improving our financial performance through greater accountability and discipline. Over the past 6 months, we have successfully implemented many fundamental changes and improvements to our internal processes and systems. While not visible externally, these actions are essential to driving operational excellence and long-term value creation.

接下來談談我們的第三個策略重點，即透過加強問責制和紀律來改善財務表現。在過去的6個月裡，我們成功地對內部流程和系統進行了許多根本性的變革和改進。雖然這些行動從外部無法看到，但它們對於推動卓越營運和創造長期價值至關重要。

The upgrades we have implemented are already beginning to deliver positive results, enhancing our data insights, productivity, and facilitating more consistent and more disciplined execution across the organization. As we continue to build our commercial team and expand our clinic networks, our strengthen infrastructure and internal processes will support our ability to scale our business more efficiently.

我們實施的升級已經開始取得積極成果，增強了我們的數據洞察力，提高了生產力，並促進了整個組織更加一致和更有紀律的執行。隨著我們不斷壯大商業團隊並拓展診所網絡，我們不斷加強的基礎設施和內部流程將支持我們更有效率地擴大業務規模。

In summary, I am pleased with the solid progress the Biote team has achieved over the past 6 months. While we have further work ahead of us, we have laid much of the groundwork to achieve outstanding commercial execution that I am confident will translate into improved financial performance.

總而言之，我對 Biote 團隊在過去 6 個月中取得的穩定進展感到滿意。雖然我們還有很多工作要做，但我們已經為實現卓越的商業執行奠定了基礎，我相信這將轉化為更好的財務表現。

I'll now turn the call over to Bob.

現在我將把電話交給鮑伯。

Thank you, Bret, and good afternoon, everyone. Unless otherwise noted, all quarterly financial comparisons in my prepared remarks are made against the third quarter of 2024.

謝謝你，布雷特，大家下午好。除非另有說明，我準備的發言稿中的所有季度財務比較均以 2024 年第三季為基準。

Third quarter revenue was $48.0 million a decrease of 6.7%. Procedure revenue declined 10.4%, and dietary supplements revenue grew 8.4%. Similar to the second quarter of 2025, procedure revenue was primarily impacted by a slower rate of net new clinic additions and lower procedure volume during the 3rd quarter of 2025.

第三季營收為 4,800 萬美元，下降 6.7%。手術收入下降了 10.4%，而膳食補充劑收入增加了 8.4%。與 2025 年第二季類似，2025 年第三季手術收入主要受到新增診所數量成長速度放緩和手術量下降的影響。

While necessary to achieve our long-term strategic objectives, the ongoing transformation of our commercial team was a headwind to procedure revenue in the third quarter, as Bret noted. Moving forward, we will continue to add new sales talent to expand our sales coverage and make additional strategic investments to further strengthen our sales and marketing capabilities.

正如 Bret 指出的那樣，雖然為了實現我們的長期策略目標，我們商業團隊的持續轉型是必要的，但這也對第三季的業務收入造成了不利影響。展望未來，我們將繼續吸收新的銷售人才，擴大銷售覆蓋範圍，並進行額外的策略性投資，以進一步加強我們的銷售和行銷能力。

We anticipate reaching our targeted sales rep headcount by the end of this year, which should help us return to procedure revenue growth. Despite a challenging comparison due to a successful product launch in last year's third quarter, dietary supplement revenue increased 8.4% to $11.2 million primarily driven by the continued growth of our e-commerce channel.

我們預計到今年年底將達到我們預期的銷售代表人數目標，這應該有助於我們恢復手術收入成長。儘管由於去年第三季成功推出新產品，導致同比數據較為緊張，但膳食補充劑收入仍增長了 8.4%，達到 1,120 萬美元，這主要得益於我們電子商務管道的持續增長。

New product offerings are an important market opportunity for Biote, and we continually identify promising new opportunities to optimize our portfolio. Looking forward, we continue to expect mid-teens revenue growth from our dietary supplements business for the 2025 fiscal year. Gross profit margin was 71.8%, a 150-basis point increase.

新產品上市是 Biote 的重要市場機遇，我們不斷尋找有前景的新機會來優化我們的產品組合。展望未來，我們預計 2025 財年膳食補充劑業務的收入將保持 15% 左右的成長。毛利率為71.8%，成長了150個基點。

The improvement Primarily reflected cost savings from the vertical integration of our 503b manufacturing facility and effective cost management. As our primary pellet production facility, Asteria has secured 44 state licenses to date and is currently supplying more than 50% of the pellets ordered by practitioners. Selling general and administrative expenses increased 9.3% to $26.2 million. The increase reflected the timing of our annual marketing event. Which was held in the second quarter last year as well as continued investment in sales and marketing to drive new customer growth. Net income was $9.2 million and diluted earnings per share attributed to Biote Corp stockholders was $0.22 as compared to net income of $12.7 million and diluted earnings per share attributable to Biote Corp's stockholders of $0.33.

此次改善主要反映了我們 503b 製造工廠垂直整合所帶來的成本節約和有效的成本管理。作為我們主要的顆粒生產設施，Asteria 迄今已獲得 44 個州的許可證，目前供應從業人員訂購的顆粒的 50% 以上。銷售一般及行政費用成長9.3%，達2620萬美元。這一增長反映了我們年度行銷活動的舉辦時間。去年第二季也舉行了會議，並持續投資銷售和行銷，以推動新客戶成長。Biote Corp 的淨收入為 920 萬美元，歸屬於 Biote Corp 股東的稀釋後每股收益為 0.22 美元，而去年同期淨收入為 1,270 萬美元，歸屬於 Biote Corp 股東的稀釋後每股收益為 0.33 美元。

Net income for the third quarter of 2025 included a gain of $2.9 million due to the changes in the fair value of the earnout liabilities. Net income for the third quarter of 2024 included a gain of $7.2 million due to the changes in the fair value of the earnout liabilities for that period.

2025 年第三季淨收入包括因或有負債公允價值變動而產生的 290 萬美元收益。2024 年第三季淨收入包括 720 萬美元的收益，這是由於該期間或有負債的公允價值變化所致。

Adjusted EBITDA decreased 20.5% to $12.9 million with an adjusted EBITDA margin of 26.9%. This compares to adjusted EBITDA of $16.2 million and adjusted EBITDA margin of 31.5%. Both adjusted EBITDA and adjusted EBITDA margin decreased due to lower sales, reduced gross profit. And higher operating expenses which included the shift of our annual marketing event to the third quarter of 2025.

調整後 EBITDA 下降 20.5% 至 1,290 萬美元，調整後 EBITDA 利潤率為 26.9%。相較之下，調整後的 EBITDA 為 1,620 萬美元，調整後的 EBITDA 利潤率為 31.5%。由於銷售額下降、毛利減少，調整後 EBITDA 和調整後 EBITDA 利潤率均有所下降。營運費用增加，其中包括將我們的年度行銷活動推遲到 2025 年第三季。

Third quarter cash flow from operations increased $14.1 million to $27.6 million. As of September 30, 2025, cash and cash equivalents were $28.0 million compared to $19.6 million as of June 30, 2025. Supported by our strong balance sheet and liquidity, Biote recently undertook two separate actions to deploy capital that the company believes will provide long-term value to shareholders.

第三季經營活動產生的現金流量增加 1,410 萬美元，達到 2,760 萬美元。截至 2025 年 9 月 30 日，現金及現金等價物為 2,800 萬美元，而截至 2025 年 6 月 30 日為 1,960 萬美元。憑藉強勁的資產負債表和流動性，Biote 最近採取了兩項獨立的措施來部署公司認為將為股東帶來長期價值的資本。

First, Biote repurchased approximately 1 million shares of our Class A common stock at an average price of $3.28 per share. These repurchases were made within our $20 million common share repurchase program approved by the board in 2024.

首先，Biote 以每股 3.28 美元的平均價格回購了約 100 萬股 A​​ 類普通股。這些回購是在我們2024年董事會批准的2,000萬美元普通股回購計畫框架內進行的。

Second, Biote amended its settlement agreement with Marci Donovitz to repurchase her remaining shares at a savings to the original agreement. Under this amended agreement, Biote paid Mrs. Donowitz $12.5 million in October, which fully settled the multi-year payment obligation.

其次，Biote 修改了與 Marci Donovitz 的和解協議，以比原協議更低的價格回購了她剩餘的股份。根據這項修訂後的協議，Biote 於 10 月向 Donowitz 女士支付了 1,250 萬美元，從而完全解決了多年的付款義務。

In addition, earlier this week, Biote amended its settlement agreement with Dr. Gary Donowitz to repurchase his remaining shares at a savings to the original agreement. Biote agreed to pay Doctor Donowitz $18.5 million in January 2026, which when paid will fully settle the multi-year payment obligation.

此外，本週早些時候，Biote 修改了與 Gary Donowitz 博士的和解協議，以比原協議更低的價格回購了他剩餘的股份。Biote 同意在 2026 年 1 月向 Donowitz 醫師支付 1,850 萬美元，這筆款項支付後將完全償清多年的付款義務。

Now turning to our financial outlook for 2025, as Bret noted, Biote continues to make solid progress in pursuit of our strategic priorities. As a result, we reiterate our fiscal 2025 revenue guidance of above $190 million and our fiscal 2025 adjusted EBITDA guidance of above $50 million.

現在，讓我們展望一下 2025 年的財務前景。正如 Bret 指出的那樣，Biote 在實現我們的策略重點方面繼續取得穩步進展。因此，我們重申 2025 財年營收預期超過 1.9 億美元，2025 財年調整後 EBITDA 預期超過 5,000 萬美元。

Now, I'll turn the call back to Brett for his closing comments.

現在，我將把電話轉回給布雷特，請他作總結發言。

Thanks Bob. While the full impact of our initiatives will take time to realize, I remain confident in the strategic path we've set. Our teams are fully aligned on our vision, and we are executing with discipline, strategic clarity, and a shared commitment to delivering a higher level of financial performance that builds long-term shareholder value. Operator let's now open the call for questions.

謝謝你，鮑伯。雖然我們各項措施的全部影響還需要時間才能顯現，但我對我們所製定的策略方向仍充滿信心。我們的團隊在願景上完全一致，我們以嚴謹的紀律、清晰的策略和共同的承諾來執行，以實現更高的財務業績，從而創造長期的股東價值。操作員，現在開始接受提問。

(Operator Instructions) Camel Jariwala, Jeffrey - Analyst

（操作員說明）Camel Jariwala，Jeffrey - 分析員

Thanks everybody, good evening I guess a couple of questions. The first, on this, I guess the speed of hiring, the sales folks, we hear so many sorts of oscillations between really difficult time to hire maybe it's getting a little bit better. Is it going about according to pace and is it also going at about the cost you had expected or is it a tighter market and maybe there's it's taking longer it might cost more than you thought.

謝謝大家，晚上好。我想問幾個問題。首先，關於招募速度，銷售人員，我們常聽到各種說法，一會兒說招募非常困難，一會兒又說情況可能正在好轉。進度是否符合預期，成本是否也與你的預期相符？還是市場競爭更激烈，導致工期延長，成本也可能超出你的預期？

Yeah, hi Camel. This is Bret. Thanks for the question.

嗨，駱駝。這是布雷特。謝謝你的提問。

Let me start by just saying, as you remember in May when we did our restructure, we did a couple of things. We changed a lot of incentives, a lot of comps, a lot of definitions of the roles. We also did a restructured that essentially increased the size of our sales force by about 25% as we made everybody. A salesperson and everybody responsible for growing revenue that created quite a number of openings starting in May. Since May we've had some turnover due to the culture change, and we've been actively hiring a new and improved profile of rep that we think could be even more effective here at Biote.

首先我想說的是，你們應該還記得五月我們進行重組的時候，我們做了幾件事。我們改變了許多激勵機制、薪酬方案和角色定義。我們也進行了重組，使我們的銷售團隊規模擴大了約 25%，因為我們讓每個人都參與其中。從五月開始，銷售人員和所有負責增加收入的人員都出現了相當多的職缺。自五月以來，由於文化變革，我們經歷了一些人員流動，我們一直在積極招募我們認為在 Biote 能夠更加高效的新型銷售代表。

And so, I'm pleased with the progress. For a few months it was, a little bit of ups, a little bit of downs, but we've made great Progress recently and are about 85% of where we want to be by the end of the year and we're committed to getting them by the end of the year. It just means full territory so that we can give the attention to our customers that they deserve, that we can protect our business, and that we can have every territory growing at the rate that we need it to. So making good progress as of late and we'll make further progress in the coming quarter.

因此，我對目前的進展感到滿意。幾個月來，我們經歷了一些起伏，但最近取得了很大的進展，已經完成了年底前想要達到的目標的 85% 左右，我們致力於在年底前實現這些目標。這意味著我們要擁有完整的市場區域，這樣我們才能給予客戶應有的關注，保護我們的業務，並讓每個市場區域都能以我們需要的速度成長。所以最近進展順利，我們將在下一季取得更大進展。

Okay, great, and can you really just lay out, like in sort of practical terms how the transition is impacting number of procedures, just maybe just talking about how you're adding folks, but the procedures are coming off. Is it just a year of the year or something else going on from in practical terms that leads to that.

好的，太好了。您能否用實際術語詳細說明一下，這種轉變是如何影響手術數量的？例如，您增加了人手，但手術數量卻減少了。只是年份特殊性導致的，還是實際上還有其他因素導致了這種情況？

Sure, we, if you remember we highlighted this at the very beginning of the year. So the real headwind volume started at the end of last year with the launch of our CDSS system and and really moving the attention and the focus of our sales force into making sure that the training and the the onboarding of that new system went as smooth as it could go at the end of last year. Then of course we've had some change and some restructure this year which has created these openings.

當然，如果您還記得的話，我們在年初就重點強調了這一點。因此，真正的阻力始於去年年底，當時我們推出了 CDSS 系統，並將銷售團隊的注意力和重點轉移到確保新系統的培訓和上線在去年年底盡可能順利地進行。當然，今年我們也進行了一些調整和重組，從而產生了這些職缺。

In all, it's meant pressures the volumes and so a slightly higher attrition which we highlighted a few quarters ago relative to the past and of course slower new starts and those two things combined slower new starts of customers and slightly higher attrition have created lower volumes year over year. And so everything we're doing now is focused on remedying both of those initiatives, getting more new customers to start and then protecting and growing our business, which were the two of the three. Initiatives that I mentioned just a second ago.

總而言之，這意味著銷售面臨壓力，因此客戶流失率略高（我們幾個季度前就強調過這一點），當然新客戶啟動速度也較慢，這兩件事加在一起，新客戶啟動速度較慢和客戶流失率略高，導致銷量同比下降。因此，我們現在所做的一切都集中在補救這兩項舉措上，即吸引更多新客戶開始運營，然後保護和發展我們的業務，這三項舉措中的兩項。我剛才提到的那些措施。

And then Bret, just one other thing to add to that. Just one other thing to add would be as we look at the new hires, you highlighted just a second ago that they were a little bit lower, and we've started to ramp up, but to kind of bring both of your questions together, Camille, I mean, as you look at where we were in July, we're in that kind of mid-60s zone. We have ramped up the tail end of Q3 up to around 80 people on board. And so, the second half of Q3.

布雷特，還有一點要補充。還有一點要補充的是，關於新員工，你剛才提到人數略低，我們已經開始逐步增加，但為了把你的兩個問題結合起來，卡米爾，我的意思是，如果你看看我們七月份的情況，我們現在處於 60 人左右的水平。第三季末，我們的人員配備已增加到約 80 人。所以，第三季的下半部就是這樣。

We have really started to see that increase. So as we start getting into to the end of Q3 and even into Q4, we expect to see that that impact of having a fuller staff on board. So as we as progress, I think that's just another practical aspect of this. It's tough to sell without the people and back to Bret's earlier comment, we're progressing well on that.

我們已經開始看到這種成長了。因此，隨著第三季末甚至第四季的到來，我們預計人員配備更加齊全將會產生影響。所以，隨著我們不斷進步，我認為這只是其中的另一個實際面向。沒有顧客就很難賣出去，回到布雷特之前的評論，我們在這方面進展順利。

Got it. And maybe sneaking just one more in is the new structure with the Donowitz is, how does, it's less money. What was the motivation maybe from their side, to take less money, but to take it now versus sort of multi-year payout trying to understand the intentions on the, I think I understand the intentions from your side from the other one.

知道了。或許偷偷多放一個進去，這就是多諾維茲的新結構，怎麼做到的，這樣錢就少了。他們那邊的動機可能是什麼？他們想少拿點錢，但寧願現在就拿到，而不是像以前那樣分多年付錢。我想了解他們的意圖，我想我理解了你們那邊的意圖。

No, look, I mean, I can't speculate on the drivers for either Marci Donovitz or Gary. I can only imagine it was personal reasons, but what I can tell you is that we are confident that this makes sense for the company given the future cash flow savings that we're seeing now. So to know that we got the cash flow savings on both of these transactions and a couple of other benefits, that's a really good move for us.

不，你看，我的意思是，我無法猜測馬西·多諾維茨或加里會選擇哪位司機。我只能猜測是出於個人原因，但我可以告訴你的是，考慮到我們目前看到的未來​​現金流節省，我們相信這對公司來說是有意義的。因此，得知我們在這兩筆交易中都節省了現金流，並且還獲得了其他一些好處，這對我們來說真是一個明智的決定。

Okay, got it, thank you.

好的，明白了，謝謝。

(Operator Instructions) Les Sulewski Truist Securities - Analyst

（操作說明）萊斯蘇萊夫斯基 Truist Securities - 分析師

Yeah, thank you. Good evening. Thank you for taking my questions. So coming out of the marketing event, can you provide any feedback that you received from some of the practitioners and attendance, what is the area of focus or improvement or what are they essentially saying, and do you have a sense of trends following the event and how has October and November been training, trending, if you can comment on that. And then the second part, this is the focus still remain on the top tier accounts, and eventually, when could you expect an inflection point and procedural growth and is it more of a bolus or step up? Thank you.

是啊，謝謝。晚安.謝謝您回答我的問題。行銷活動結束後，您能否提供一些從業人員和與會者的回饋，例如他們關注的重點或需要改進的領域是什麼？還是他們主要表達了什麼？您對活動後的趨勢有何看法？ 10 月和 11 月的訓練和趨勢如何？能否就此發表一些評論？其次，重點仍然放在頂級客戶身上，最終，您預計何時會出現轉折點和手術量增長，這更像是一次突增還是穩定提升？謝謝。

Yeah, thanks, Leo. Let me make sure I get all your questions, but I'll start with the marketing event that you asked about. Every about 18 months or so we do something that's called Sun C and Biote, and what we attempt to do is get our top tier providers off site together to learn. And it's not all about current Biote products. A lot of it is some of the innovation that's happening in the field. I mean, as I noted earlier, the speakers that we had this year were amazing. It was an amazing lineup. It was a big draw, completely packed house, and while this was my first Sun City, what I heard consistently, not just from the attendees but from employees that have been to many of these, that this was the best one we've ever had. So it was a packed house, nearly 800 providers that they all gathered together in Cancun. It creates a real sense of family.

是啊，謝謝你，Leo。讓我先確認一下您所有的問題，但我先從您提到的行銷活動開始。大約每 18 個月左右，我們會舉辦一個名為 Sun C 和 Biote 的活動，我們嘗試將我們頂尖的供應商聚集在一起進行學習。而且這不僅僅關乎 Biote 目前的產品。其中許多都體現了該領域正在發生的創新。我的意思是，正如我之前提到的，我們今年的演講嘉賓都非常出色。陣容非常強大。活動非常受歡迎，現場座無虛席。雖然這是我第一次參加太陽城活動，但我不斷聽到，不僅是與會者，還有參加過很多次太陽城活動的員工都說，這是我們舉辦過的最好的一次。所以現場座無虛席，近 800 位供應商齊聚坎昆。它營造了一種真正的家庭氛圍。

There's a lot of collaboration, a lot of problem solving, a lot of discussion. You can imagine what it does to our volumes for the 3 days that we take a lot of our best customers out of the field, but we quickly see that pick up again, and we think what it does is just reinforce again why you're doing business with Biotech, why you're one of our customers, the value that we offer in education and learning, and it's just a fantastic event, so. I can't say enough about it. The providers raved about the speakers, the event, just the interaction. It was a great time. So, we were sort of on a high coming off of that, the field members, the customers, and it was just a great way to end the month of September.

這裡有大量的合作、大量的解決問題的過程和大量的討論。您可以想像，在我們把許多最好的客戶從一線帶走的這三天裡，我們的銷量會受到多大的影響，但我們很快就看到銷量再次回升，我們認為這再次強化了您為什麼選擇與生物技術公司合作，為什麼您是我們的客戶，以及我們在教育和學習方面提供的價值，這真是一場精彩的盛會。我簡直無法用語言來表達我對它的喜愛。服務人員對演講嘉賓、活動、互動環節都讚不絕口。那段時光很美好。所以，那次活動之後，我們所有人都情緒高漲，無論是現場工作人員還是客戶，這都是結束九月的絕佳方式。

So really positive event as far as trends go post event. It's too early to tell, but you know what we do believe is it's a retention factor because if you go to that event, you recognize just how far ahead really [Biote] is as a leader in this field and what we do. So, we'd love to get all of our providers. I've heard over and over again, it'd be great if we could get, the almost 9,000 trained Biote providers to all go to that event. It's a very powerful event. So, we'll watch the trends closely, but we're, we love the event. We think it's going to bear fruit, and it was a good time.

所以就事件後的趨勢而言，這確實是一個非常正面的事件。現在下結論還為時過早，但我們相信這是一個留住客戶的關鍵因素，因為如果你參加那個活動，你就會意識到 Biote 在這個領域作為領導者究竟領先了多少，以及我們所做的一切。所以，我們非常希望所有供應商都能參與其中。我一再聽到這樣的說法：如果我們能讓近 9000 名受過訓練的 Biote 供應商都去參加那個活動，那就太好了。這是一件影響深遠的大事。所以，我們會密切關注趨勢，但我們非常喜歡這項賽事。我們認為這將會帶來成果，而且時機也很好。

Now, your question about top tier providers, which is a good lead in from that event. That that is our focus. It's the number 2 priority that I mentioned, accelerating new practice practice and growth, being #1, and then maximizing value from top tier providers. It's all linked to some of the questions we had earlier from Camille. We've got to make sure, one, we have reps in the field, we have good coverage so that we're meeting customers where they are, that we are, attentive to their needs and that we're constantly driving value and protecting that business, frankly.

現在，你問到了頂級供應商的問題，這正好引出了之前那件事。這就是我們的重點。正如我所提到的，第二要務是加速新實踐的發展和發展，成為第一要務，然後最大限度地發揮頂級供應商的價值。這一切都與我們之前從卡米爾那裡得到的一些問題有關。我們必須確保，首先，我們在一線有代表，覆蓋範圍廣，這樣我們才能在客戶所在的地方與他們見面，關注他們的需求，坦白說，還要不斷創造價值並保護業務。

So, it's a really important. Initiative of ours, we've launched a number of internal initiatives that help us monitor closely the volumes from our top tier providers so that we can reach out, proactively and not reactively. And so, we're doing a better job of that. We haven't seen, yet the fruits from some of those efforts, but again, we've got to get attrition, a little bit lower, and we've got to maintain that business and get new customers coming on board. So that's just key to our growth. And then just, your question on when will we see that, which I think was your third question left or right, too early to tell, but we think we're doing everything.

所以，這真的非常重要。我們主動發起了一系列內部舉措，幫助我們密切監控頂級供應商的業務量，以便我們能夠主動而不是被動地與他們聯繫。所以，我們在這方面做得越來越好了。我們還沒有看到這些努力的成果，但是，我們必須降低客戶流失率，維持現有業務，並吸引新客戶加入。所以，這正是我們發展的關鍵。然後，關於您提出的何時才能看到這一點的問題，我認為這是您提出的第三個問題，現在說還為時過早，但我們認為我們正在盡一切努力。

In the right way, and we know it's going to have results, but it's just too early yet to forecast when we'll start to see things go in a different direction. For us, we want to see sequential, multiple months in a row of growth and get comfortable that things are definitely headed in the right direction before we call it. We're going to be cautious there until we see that trend.

如果方法正確，我們知道它會帶來結果，但現在預測事情何時會朝著不同的方向發展還為時過早。對我們來說，我們希望看到連續數月的成長，並確信事情確實朝著正確的方向發展，然後才會下結論。在看到這種趨勢之前，我們會保持謹慎。

Very helpful. Thank you.

很有幫助。謝謝。

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

（操作員說明）Jeff Van Sinderen，B. Riley。 - 分析師

Hi everyone. I guess since we're just touching on the attrition rate, I'm just wondering, has that stabilized? Has it the attrition rate declined from Q2 sequentially or has it accelerated and then I guess, when you're out in the field, you're talking to your providers, what do you think is driving that attrition rate at this point?

大家好。既然我們剛才談到了員工流動率，我想知道，這個數字是否已經穩定下來了？與第二季相比，人員流失率是季減還是加速上升？我想，當你在現場與供應商交談時，你認為目前導致人員流失率上升的原因是什麼？

Yeah, Jeff, thanks for the question. I would say we didn't quote an attrition rate this call, but it's been similar to the elevated rate. We said historically it's been around 5%. I think Q2, we said it had elevated to around 8. It was similar to that in Q3. And so not not not improvement but not material declines in attrition, but that is still higher than we'd like it to be. I think it's, I think the issues are multiple, there is more competition in the field today. When we took our eye off the ball with the launch of CDSS, we certainly lost some accounts and started to lose some accounts.

是的，傑夫，謝謝你的提問。我想說，我們這次電話會議中沒有提到人員流失率，但情況與之前的較高流失率類似。我們說過，歷史上這個數字大約在 5% 左右。我認為第二季度，我們說過它已經上升到 8 左右。與第三季的情況類似。因此，雖然人員流失率沒有實質下降，但也沒有改善，不過仍高於我們希望的水平。我認為，問題有很多方面，如今這個領域的競爭更加激烈了。當我們因為推出 CDSS 而疏忽大意時，我們確實失去了一些客戶，並且開始失去一些客戶。

That was the end of last year, but in this annuity model, those losses follow you for a year. And so that's probably the start of it. And then the other factor that we just got to make sure we remedy is just having a rep in every territory. And so, and frankly, I think we've gotten better here. Not just with our hiring which we spoke about earlier to an earlier question, but the hiring profile, the interview process, the training for sure, we've improved all of those processes to make sure that we get a better prepared and we think better individual in the field. Now it's about just making sure we fill all the territories. I'd say on top of that we need these early warning systems and we need to improve the value proposition. And that is, multiple-faceted.

那是去年年底的事了，但在這種年金模式下，這些損失會伴隨你一年。所以，這大概就是事情的開始。另一個我們必須確保解決的問題是，在每個地區都要有代表。所以，坦白說，我認為我們在這方面已經有所進步。不僅是我們之前在回答之前的問題時提到的招聘方面，還有招聘要求、面試流程、培訓等等，我們肯定都改進了所有這些流程，以確保我們能夠招到準備更充分、我們認為在該領域更優秀的人才。現在最重要的是確保我們佔領所有地區。我認為除此之外，我們還需要這些預警系統，並且需要提高其價值主張。也就是說，它是多方面的。

There's things we can do in the short-term, rev coverage, service, education, but longer-term, there's things that we're working on, we haven't talked about yet. But that materially add, we think, to the value proposition and further separate us from any of the competitors out there. Essentially those things are around doing business with Biote, making it easier to do business with us, and then probably some portfolio enhancements and potentially further investments in sales and marketing. And so we'll probably talk about those things. More in the future. For now, it's getting good hygiene in the field and making sure that we're serving our customers in the best way that we can.

短期內我們可以做一些事情，例如營收覆蓋率、服務、教育，但從長遠來看，還有一些我們正在努力的事情，我們還沒有討論過。但我們認為，這大大提升了我們的價值主張，並使我們與所有競爭對手拉開了更大的差距。本質上，這些事情都與和 Biote 做生意有關，讓和我們做生意變得更容易，然後可能會進行一些產品組合改進，並有可能在銷售和營銷方面進行進一步投資。所以我們可能會談到這些事情。未來會有更多內容。目前，最重要的是保持良好的現場衛生，並確保我們以最好的方式為客戶提供服務。

Okay, and then if we could just circle back to the Marcy and Gary accelerated situation. Did they, or maybe you could just remind us how much at this point you're saving versus the prior agreements in total, the dollar savings there.

好的，那麼我們能否再回到 Marcy 和 Gary 的加速進度上來呢？他們有沒有？或者您能否提醒我們一下，與先前的協議相比，您目前總共節省了多少錢，也就是節省了多少美元？

Okay, yeah, no problem. So, in the Marci Donovitz Agreement, we owed instalments of $10 million in June of 26 and $10 million in June of 2027. We have agreed to pay $12.5 million, or we did pay $12.5 million on October 6th for a cash flow savings of around 7.5 million.

好的，沒問題。因此，根據 Marci Donovitz 協議，我們應在 2026 年 6 月支付 1,000 萬美元，並在 2027 年 6 月支付 1,000 萬美元。我們已經同意支付 1250 萬美元，或者說，我們已經在 10 月 6 日支付了 1250 萬美元，從而節省了約 750 萬美元的現金流。

On the Dr. Donovitz deal, we had two installments, one in April of 26 for 19.1 million. And one in April of 27 for $10.5 million. So rather than paying 29.6 million, we will pay Dr. Donovitz 18.5 million on or before January second, 2026. So the overall cash flow savings there is around 11.1 million.

關於多諾維茨博士的交易，我們分兩期付款，一期是 4 月 26 日，金額為 1910 萬美元。還有一筆是在 4 月 27 日以 1,050 萬美元的價格成交的。因此，我們將在 2026 年 1 月 2 日或之前向多諾維茨博士支付 1850 萬美元，而不是支付 2960 萬美元。因此，總現金流節省約 1,110 萬。

Okay, great, so that's a, yeah, it's a pretty good chunk of savings, I guess one of the other things if I could squeeze one more in. I guess when you talk to your providers. You were just a Cancun. What do you hear from them as far as why maybe the procedures are down with some of them, or are they high tier providers so they're not their procedures are not declining? Maybe just touch on that what you're seeing between the high tier and low tier lower tier providers, and then just anything you learned from. Those providers at the Cancun event relevant to your business.

好的，太好了，所以，是的，這是一筆相當可觀的節省，我想如果我還能擠出一點時間的話，這應該是另一件事了。我想當你和你的服務提供者溝通時，就會明白了。你只不過是坎昆的過客而已。你從他們那裡聽到了什麼說法，例如為什麼有些診所的手術量減少了，或者他們是高級診所，所以手術量沒有減少？或許可以簡單談談你觀察到的高端供應商和低端供應商之間的差異，以及你從中學到的任何東西。在坎昆活動中與您的業務相關的供應商。

Yeah, Jeff, and just, considering that it might be a bit of a biased data set, right, because we get some of our biggest and most committed customers to make that trip. But we, I heard a ton of positives about what we're doing a lot of good feedback on CDSS, albeit, some fair criticism on how we launched that that software, a lot of excitement into, the product offerings that we have today. They of course had a lot of questions about. You know where we're going with BT and we've got to be cautious with what we can share there. But I didn't hear any massive changes into their volumes, there are some small tweaks we made to CDSS that could either shorten or lengthen the cycle in which a patient gets pelleted.

是的，傑夫，而且考慮到這可能是一個有點偏差的資料集，對吧，因為我們會邀請一些最大、最忠實的客戶進行這次旅行。但是，我聽到了很多關於我們所做的事情的正面回饋，也收到了很多關於 CDSS 的良好回饋，儘管也有一些關於我們推出該軟體的方式的合理批評，但大家對我們今天提供的產品感到非常興奮。他們當然有很多問題。你知道我們與 BT 的合作方向，所以我們必須謹慎對待可以分享的訊息。但我沒有聽到他們的劑量有任何重大的改變，我們對 CDSS 進行了一些小的調整，這可能會縮短或延長患者接受藥丸植入的週期。

That's hard to quantify that meaning, if you, if you're coming back every 4 or 6 months and now we're doing trough labs, if those trough labs suggest, hey, you might want to wait on this patient. 30 days or so that that could push a patient back 30 days, but H1stly, that type of stuff is short-term and we will laugh that if there is any headwind to something like that. And again, it's just really hard to quantify. I think, our customers want more of these types of things for from us. They reiterated how good we are with education.

這很難量化，例如，如果你每4到6個月回來複診一次，現在我們做谷值實驗室檢查，如果這些谷值實驗室檢查結果顯示，嘿，你可能需要等這個病人30天左右，那可能會讓病人推遲30天復診。但首先，這類事情都是短期的，如果真有什麼阻礙，我們只會一笑置之。而且，這真的很難量化。我認為，我們的客戶希望我們提供更多這類產品和服務。他們再次強調了我們在教育方面有多出色。

We have things called advanced training that they'd love more of and like to participate more in. And again, that's a happy customer base. I mean, the 800 or so. Providers that showed up for Sun C Biote are very happy and just excited to be part of the family. So, I think we'll, we learned more from customers that we either recently lost or that, might be at risk. And we, again, I think that happens, when we're quiet in the field. We don't have a rep. We've got to make sure we have a rep that's attentive to those needs and we've got to, we just realize what the competition's doing so we can be responsive and proactive.

我們有一些叫做高級培訓的項目，他們很喜歡，也樂於更多地參與其中。再次強調，這是一群滿意的客戶。我的意思是，大概有800人左右。參加 Sun C Biote 活動的供應商都非常高興，也很興奮能成為這個大家庭的一份子。所以，我認為我們從最近流失的客戶或可能面臨流失風險的客戶那裡學到了更多。而且，我認為，當我們在田野裡保持沉默時，這種情況就會發生。我們沒有信譽。我們必須確保我們的代表能夠專注於這些需求，而且我們必須了解競爭對手的動向，以便我們能夠做出快速反應並積極主動地應對。

Okay, thanks for all that color, I'll take the rest of line.

好的，謝謝你提供的顏色，剩下的線條我來畫。

(Operator Instructions) Jonna Kim, TD Cowen. - Analyst

（操作說明）Jonna Kim，TD Cowen公司 - 分析師

Thank you for taking my question. I'm curious on the on the RAM cycle of your sales force when they're hired, is there typically a couple of months that you have to wait until they're more productive, and any color on the supplements business, whether that's tracking in line to your expectations and what are some of the close drivers that you look forward to, next year. Thank you very much.

感謝您回答我的問題。我對你們銷售團隊的RAM週期很感興趣，入職後通常需要幾個月的時間才能提高效率嗎？另外，關於保健品業務，能否提供一些信息，例如是否符合你們的預期，以及明年有哪些關鍵驅動因素值得期待。非常感謝。

Yeah, so I'll start with the last first and then and then go back to the ramp period and Brett can supplement also. We continue to see strong performance in our Amazon channel in the in the Nutri's business, but just that we are going to start seeing in the coming quarters we're going to begin to lap. Some of the gains that we've had in the past, I would just say you would, you saw a slight reduction in growth, and that was really, as I said in the prepared remarks related to a product that we launched at the end of end of Q3, but we can't forget that as far as [Nutras] go, that 70% of our Nutra business come from clinic sales. And these have largely followed that of the procedure business, so we continue to identify opportunities for growth, but on the neutral front it was right in line with where we would have expected, and that's reflected in in our guide of mid10s growth.

是的，那我先從最後一個開始，然後再回到過渡期，Brett 也可以補充。我們在亞馬遜通路的營養品業務方面繼續保持強勁表現，但接下來的幾季我們將開始看到，我們將開始落後於其他通路。過去我們取得的一些成果，我想說的是，你們會看到成長略有放緩，正如我在準備好的發言稿中所說，這確實與我們在第三季末推出的一款產品有關，但我們不能忘記，就營養品而言，我們70%的營養品業務來自診所銷售。這些業務在很大程度上與手術業務的發展趨勢一致，因此我們繼續尋找成長機會，但在中性方面，情況與我們的預期完全一致，這反映在我們2010年中期的成長預期中。

On the second front, I would just say that as we look at hiring, there is a ramp up period anywhere from that the typical 3 to 6 month ramp on new hires. That's one of the reasons why we're trying to get as many people on board to hit that target. By the end of the year so that we can really get those individuals trained through our new training operation and then get them ready to go by the time we hit our national sales meeting in early Q1. So, I, there is that ramp period, but I think that's kind of baked into our expectation. I don't know, Brett, if you had any anything more to say there.

其次，我想說的是，在招募方面，新員工通常需要 3 到 6 個月的適應期。這就是我們努力爭取更多人參與以實現該目標的原因之一。到今年年底，我們就能透過新的培訓運作真正培訓這些人，然後讓他們做好準備，迎接第一季初的全國銷售會議。所以，確實存在一個過渡期，但我認為這已經在我們的預期之中了。布雷特，我不知道你是否還有什麼要補充的。

No, just that we're conscious of that ramp because we need people in the field and to be productive right away, we're tailoring our training classes, which is a two week course. We're having those as often as possible to make sure that we don't just hide. People and make them wait around to be trained so they're getting trained quickly. They go into the field with a field trainer, and we think that they get out pretty prepared to start growing their business.

不，只是我們意識到了這個過渡階段，因為我們需要人員到崗並立即投入生產，所以我們正在調整培訓課程，這是一個為期兩週的課程。我們盡可能經常舉行這類會議，以確保我們不會選擇隱藏。人們被晾在一旁等待培訓，這樣他們就能盡快接受培訓。他們會跟隨一名現場培訓員到實地進行培訓，我們認為他們做好了充分的準備，可以開始發展自己的業務。

They still have relationships they need to make and a value proposition to pitch, anecdotally, Jonah, we had a POA meeting, a plan of action meeting recently where we highlighted some best behaviours from reps and as we sort of called reps up to do role plays and things. I want to say the 5 reps that we called up 4 were hired within the last 3 months to demonstrate, and talk about a new account that they had won. So we are getting people off to a quicker start, I believe, than we have historically because of better training and better hiring. But there's Bob's point, there's definitely a ramp that we've got to account for.

他們仍然需要建立關係並提出價值主張。據我所知，喬納，我們最近召開了一次行動計劃會議，會上我們重點介紹了一些銷售代表的最佳行為，並讓銷售代表們進行角色扮演等活動。我想說，我們聯繫的 5 位銷售代表中，有 4 位是最近 3 個月內招募的，目的是向他們展示產品，並介紹他們贏得的新客戶。因此，我相信，由於更好的培訓和更好的招聘，我們現在能夠讓人們比以往更快地步入正軌。但鮑伯說的沒錯，確實存在著一個我們必須考慮的斜坡。

And better targeting, Bretta. That's the other side here. We highlighted on who we want to bring in and we're starting to see some of that. I think that's a testament to what you just said.

布雷塔，還要提高瞄準精準度。這是事情的另一面。我們專注於了我們想要引進的人才，現在我們已經開始看到一些成果了。我認為這正好印證了你剛才所說的話。

Alright, thank you for calling.

好的，謝謝你的來電。

(Operator Instructions) George Kelly, ROTH Capital - Analyst

（操作說明）喬治凱利，羅斯資本分析師

Hey everyone, thanks for taking my questions. First, back to the marketing event, can you quantify what the spend was on that quarter?

大家好，感謝各位回答我的問題。首先，回到行銷活動本身，你能能量化一下該季度的支出是多少嗎？

Yeah, it was around 1.3 million, which is a little bit less than what we had expected because of sponsorship.

是的，大約是 130 萬，比我們預期的要少一些，因為有贊助。

Okay, great. And then second question on hysteria, I think you said in the quarter that it supplied over 50% of your procedure, fulfillments, do you expect that to ramp? What's, how should that sort of progress in the coming quarters?

好的，太好了。關於歇斯底里的第二個問題，我想您在上一季說過，它滿足了您超過 50% 的手術和訂單需求，您預計這一比例會上升嗎？接下來幾季，這類進展該如何？

Yeah, George, good question. And just think about where we were at the at the time of the last call. We were in that 42% range. We by the end of September we were just above 50%. We've said routinely that our goal is to progress this forward in a slow and temperate fashion. As not to impact our providers, I would say that as we think about going forward, our next wave of conversion will probably be in the next month and a half, so it probably won't have a material impact on Q4, but as ordering patterns oscillate throughout the period, so it's tough to really nail down that exact figure, but we are still in the process of converting. A converting clinic and we expect to see some ramp through the rest of the year.

是的，喬治，問得好。想想看，在最後一次通話時，我們身處何地。我們當時的比例在 42% 左右。到九月底，我們的完成率剛好超過 50%。我們一直強調，我們的目標是以緩慢而穩健的方式來推進這項工作。為了不影響我們的供應商，我想說，展望未來，我們的下一波轉換可能會在接下來的一個半月內進行，因此可能不會對第四季度產生實質性影響，但由於訂單模式在整個期間波動，因此很難確定一個確切的數字，但我們仍在進行轉換。這是一家正在轉型中的診所，我們預計今年餘下的時間裡，診所的業績將會有所成長。

Okay, and then on the Donovitz, transactions, can you remind me, it's you're buying, it's 2.8 million shares from Marcy and 6.1 from Gary, is that correct? That's.

好的，關於多諾維茲的交易，可以提醒我一下嗎？你是從馬西那裡買了 280 萬股，從加里那裡買了 610 萬股，對嗎？就是這樣。

Correct. That is correct, both theses.

正確的。沒錯，這兩個都對。

And then are they getting any other or any of the other terms of those agreements changed?

那麼，他們是否要求更改這些協議中的其他任何條款？

A very good comment, and I was going to, let's just touch on it really quick. So, the Marci Donovitz transaction was pure cash flow elimination and restructure of the of the original settlement. We did add a couple of key parts to the Dr. Donovitz transaction. So in addition to settling the cash flow, the liability. Dr. Donowitz extended his non-compete and non-solicitation agreement for an additional year, which puts us all the way through April of 2027, and he agreed to dismiss all pending litigation between BOT and himself. So that's a, that was a pretty big win for the for the company also.

這是一個非常好的評論，我本來打算，我們簡單談談吧。因此，Marci Donovitz 的交易純粹是為了消除現金流，並對原和解方案進行重組。我們確實為多諾維茨博士的交易增加了一些關鍵部分。所以除了結算現金流之外，還要償還負債。Donowitz 博士將他的競業禁止和禁止招攬協議延長了一年，一直持續到 2027 年 4 月，他同意撤銷 BOT 與他之間所有未決訴訟。所以，這對公司來說也是一場相當大的勝利。

Okay, that's great and then just one last question for me, with respect to your guide. And the procedure revenue growth you just posted 10.4% in the quarter. I know that you don't want to get too far in front and maybe you just don't want to say anything, but can you help us at all with any like the kind of monthly trend there or you know just trying to gauge your full year guide implies that maybe it's that growth rate steps down again in 4. And so, I don't know if there's kind of any help you can give just around your expectations and then near term for that growth rate.

好的，太好了，那麼我還有一個關於您指南的問題。你們剛剛公佈的季度手術收入成長率為 10.4%。我知道你不想走太遠，也許你只是不想說什麼，但你能幫我們了解月度趨勢嗎？或者，你知道，只是想估算一下你的全年指導，這意味著成長率可能在第 4 年再次下降。所以，我不知道您是否能就您的預期以及近期成長率提供一些幫助。

Yeah, good question, George, and I think the way that I would characterize it is quarter over quarter, sequential quarter over quarter. One thing to keep in mind when we think about how this operation works, it's very workday focused, very retail focused. So in Q3 compared to Q4 of this year, we will have 3 less business days. A in 4 than we did in Q3. So just be thinking about it from that perspective. The only other thing that I would highlight is we also are dealing with some uncertainty around the holiday period.

是的，喬治，問得好。我認為應該這樣描述：按季度環比，按季度連續環比。在思考這項業務的運作方式時，有一點需要記住，它非常注重工作日，並且非常注重零售。因此，與今年第四季相比，第三季我們將少3個工作天。第四季比第三季做得更好。所以，就從這個角度來思考這個問題吧。我唯一要強調的另一點是，我們也面臨著假期期間的一些不確定因素。

We've seen some ups and downs around the holiday period and as you can imagine, I know you were only focusing on procedure growth, but I would also just say those 3 those 3 less days also impact that 70% of our B2B sales. And just remember from a B2B perspective that week between Christmas and New Year's is typically a bit of a slower period also. So on both, you've seen the guide, I think, when we think about procedures in the high single-digits from a reduction perspective and then mid-teens growth, I think puts you in in the right place from a from a revenue perspective. Hopefully that adds a little bit of color.

我們在假期期間經歷了一些起伏，正如您所想，我知道您只關注了手術量的增長，但我也想說，這3天的減少也影響了我們70%的B2B銷售額。另外，從 B2B 的角度來看，也要記住聖誕節到新年之間的那一週通常也是業務比較清淡的時期。所以，關於這兩方面，你們都看過指南了，我認為，當我們從減少成本的角度考慮高個位數的程序，然後從收入的角度考慮十幾位數的增長時，我認為這就能讓你處於正確的位置。希望這能增添一些色彩。

Okay, alright, thank you.

好的，謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Brett Christiansen for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給布雷特·克里斯蒂安森，請他作總結發言。

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

感謝各位今天蒞臨。感謝您對BIOE的關注，期待在下次電話會議上與您交流。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。