Biote Corp (BTMD) 2026 Q1 法說會逐字稿

Good day, and welcome to the biote first-quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 biote 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係部的 Szymon Serowiecki。

Thank you for joining us today. This afternoon, biote published financial results for the first quarter ended March 31, 2026. 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; and Bob Peterson, Chief Financial Officer.

感謝各位今天加入我們。今天下午，biote 公布了截至 2026 年 3 月 31 日止第一季的財務結果。本新聞稿可於公司網站的投資人關係專區取得。主持今天電話會議的是執行長 Bret Christensen 與財務長 Bob Peterson。

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 and growth opportunities; business outlook, strategic plans, and anticipated benefits, goals, research, and development; manufacturing and commercialization activities; its competitive position, regulatory process operations; benefits of its solutions; the anticipated impact of macroeconomic conditions on its business; results of operations and financial conditions; and other matters that do not relate to historical facts.

在開始之前，我想提醒各位，管理層在本次電話會議中將發表若干前瞻性陳述，其中包括但不限於：公司的財務結果；未來表現與成長機會；業務展望、策略計畫及預期效益、目標、研發；製造與商業化活動；競爭地位、法規流程運作；其解決方案的效益；總體經濟狀況對其業務的預期影響；營運結果與財務狀況；以及其他不屬於歷史事實的事項。

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

這些陳述並非對未來績效的保證。其受到各種風險與不確定性影響，其中部分超出公司控制範圍。實際結果可能與任何前瞻性陳述所反映的預期存在重大差異。這些陳述涉及風險、不確定性與假設，係基於管理層截至今日的當前預期。

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

Biote 不承擔於未來更新上述陳述的任何義務。因此，不應依賴這些陳述作為公司於任何後續日期之觀點的代表。關於可能影響我們實際結果的風險及其他重要因素之討論，請參閱我們在 SEC 網站及公司網站投資人關係專區可取得的 SEC 申報文件，以及財報新聞稿中所討論的風險與其他重要因素。

Management also refers to adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures to provide additional information to investors. 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, and other nonoperating expenses. Please refer to our first-quarter 2026 earnings release for a reconciliation of these non-GAAP measures to the most comparable GAAP measures.

管理層亦提及調整後 EBITDA 與調整後 EBITDA 利潤率，這些為非 GAAP 財務衡量指標，用以向投資人提供額外資訊。非 GAAP 與 GAAP 指標之調節表載於我們的財報新聞稿中，主要差異包括以股份為基礎之薪酬、特定負債的公允價值調整，以及其他非營運費用。請參閱我們 2026 年第一季財報新聞稿，以取得這些非 GAAP 指標與最具可比性的 GAAP 指標之調節。

I will now turn the call over to Bret Christensen.

現在我把電話會議交給 Bret Christensen。

Thank you, Szymon, and thank you, all, for joining us. After my remarks, Bob will review our first-quarter financial results. We'll then open the call for your questions.

謝謝你，Szymon，也謝謝各位的參與。在我發言之後，Bob 將回顧我們第一季的財務結果。接著我們將開放提問。

Over the past 12 months, we have made important progress to advance our strategic priorities. We have strengthened our commercial organization, expanded our sales team, and enhanced our capabilities to better support practitioners and their patients. We have also sharpened our focus on maximizing value from our existing top-tier clinics, which remain important contributors to our long-term financial performance.

在過去 12 個月中，我們在推進策略優先事項方面取得了重要進展。我們強化了商業組織、擴充了銷售團隊，並提升能力，以更好地支援醫療從業者及其病患。我們也更聚焦於從既有的一流診所中最大化價值；這些診所仍是我們長期財務表現的重要貢獻者。

Through these strategic and operational initiatives, we built a solid foundation that we believe supports sustainable, long-term profitable growth.

透過這些策略與營運舉措，我們建立了堅實的基礎；我們相信這可支持可持續、長期的獲利成長。

As previously communicated, in January, biote voluntarily withdrew certain bioidentical hormone pellet inventory from the market. We initiated this recall out of an abundance of caution. This temporary supply disruption created a headwind to our first-quarter performance, resulting in an estimated $1.7 million revenue impact and approximately $1.5 million of incremental costs incurred due to the voluntary recall.

如先前所溝通，biote 於 1 月自願將部分生物同等性荷爾蒙植入丸（pellet）庫存自市場下架。我們出於高度謹慎而啟動此次召回。這次暫時性的供應中斷對我們第一季表現造成逆風，估計帶來約 170 萬美元的營收影響，並因自願召回而產生約 150 萬美元的額外成本。

We are addressing the supply challenge as efficiently as possible. To mitigate the impact on our practitioners and their patients, we are increasing inventory levels to ensure continuity of care throughout our network. The recall affected our first-quarter results and was a significant distraction to our sales force and their growth objectives as they were forced to service accounts versus focusing on growth.

我們正以最高效率處理供應挑戰。為降低對我們的醫療從業者及其病患的影響，我們正在提高庫存水位，以確保整個網路的照護連續性。此次召回影響了我們第一季的結果，並對銷售團隊及其成長目標造成重大干擾，因為他們被迫投入於服務既有客戶，而非專注於成長。

While the impacts are expected to continue into the second quarter, we believe this is a temporary issue and it does not affect our long-term strategy or alter the overall demand environment. We continue to see a sizable market opportunity across hormone therapy and therapeutic wellness, and we remain focused on building sustainable revenue growth.

雖然預期影響將延續至第二季，但我們認為這是暫時性問題，不會影響我們的長期策略，也不會改變整體需求環境。我們仍在荷爾蒙療法與治療型健康（therapeutic wellness）領域看到可觀的市場機會，並將持續專注於建立可持續的營收成長。

In our last call, I noted that one of our top priorities in 2026 was to expand our sales personnel from over 90 at the end of 2025 to approximately 120 this year. I'm pleased to report that we are substantially complete with this effort, with over 25 new sales personnel hired in the first quarter.

在上一次電話會議中，我提到我們 2026 年的首要任務之一，是將銷售人員由 2025 年底的 90 多人擴增至今年約 120 人。我很高興報告，我們已大致完成此項工作，第一季新增聘用超過 25 名銷售人員。

We've expanded and strengthened our commercial capabilities and are ready for the future. Despite the distraction caused by the voluntary recall, our commercial team is already beginning to deliver a higher level of service to existing accounts while utilizing our increased sales capacity to grow and scale our practitioner network.

我們已擴充並強化商業能力，並為未來做好準備。儘管自願召回造成干擾，我們的商業團隊已開始為既有客戶提供更高水準的服務，同時運用增加的銷售產能來拓展並擴大我們的醫療從業者網路。

In the first quarter, we trained more than 200 new practitioners, representing a 16.5% increase from the first quarter of 2025.

第一季我們培訓了超過 200 位新醫療從業者，較 2025 年第一季增加 16.5%。

For our top clinics, we have introduced a series of measures aimed at improving retention and supporting stronger lifetime revenue outcomes. We are enhancing our commercial framework to reinforce the value proposition biote can offer to our leading practitioners.

針對我們的頂尖診所，我們推出一系列措施，旨在提升留存率並支持更強的終身營收成果。我們正在強化商業架構，以鞏固 biote 能為領先醫療從業者提供的價值主張。

New practitioner training sessions remain at near full capacity, underscoring continued practitioner interest in our bioidentical hormone optimization and healthy aging solution offerings. Because the number of newly trained practitioners is a leading indicator of future procedures and dietary supplement sales, this high level of engagement further strengthens our belief that we are on the right path to restore revenue growth.

新醫療從業者培訓課程的名額仍接近滿載，凸顯醫療從業者對我們生物同等性荷爾蒙優化與健康老化解決方案的持續興趣。由於新受訓醫療從業者的人數是未來療程與膳食補充品銷售的領先指標，這種高度參與進一步強化我們的信念：我們正走在恢復營收成長的正確道路上。

As a reminder, once a practitioner is fully trained, it typically takes about six months for that new practitioner to begin to contribute meaningfully to our financial performance.

提醒各位，一旦醫療從業者完成完整培訓，通常約需六個月，該名新醫療從業者才會開始對我們的財務表現做出有意義的貢獻。

As we continue to invest in our commercial team, one of our key objectives is to elevate the quality of our sales pipeline. Over the past several months, we have seen clear evidence of progress, with higher-value OB-GYN and general practitioners representing a growing share of our pipeline.

在我們持續投資商業團隊之際，我們的一項關鍵目標是提升銷售管線的品質。過去幾個月，我們已看到明確的進展證據，價值較高的婦產科醫師（OB-GYN）與全科醫師在我們的管線中占比持續提升。

This reflects a more disciplined qualification process, as well as our focus on recruiting practitioners with greater long-term revenue contribution potential. We believe our efforts to enhance our sales pipeline should translate into more predictable performance as we increasingly support practitioners whose clinical specialty is more closely aligned with our suite of product offerings.

這反映出更嚴謹的資格審核流程，以及我們專注於招募具備更高長期營收貢獻潛力的醫療從業者。我們相信，強化銷售管線的努力，應可轉化為更可預測的表現，因為我們將日益支援其臨床專科與我們產品組合更為契合的醫療從業者。

In summary, while our first-quarter performance fell short of our expectations due to the voluntary product recall, we continued to move forward on key initiatives that support our long-term strategy. I'm confident that our strategic investments and actions are expected to strengthen our capabilities and lay the groundwork for what we anticipate will be a return to growth in the second half of the year.

總結來說，雖然由於自願性產品召回，我們第一季的表現未達預期，但我們仍持續推進支持長期策略的關鍵計畫。我有信心，我們的策略性投資與行動可望強化我們的能力，並為我們預期在今年下半年重返成長奠定基礎。

I'll now turn the call over to Bob to review the first-quarter results.

接下來我把電話交給 Bob，請他回顧第一季的業績。

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 2025.

謝謝你，Bret，各位下午好。除非另有說明，我在事先準備的發言中所做的所有季度財務比較，皆以 2025 年第一季為比較基準。

Revenue decreased 8.3% to $44.9 million, with procedure revenue declining 13.2% to $31.3 million, which included a $1.7 million impact related to the voluntary recall of certain hormone pellets shipped by Asteria Health.

營收下降 8.3% 至 4,490 萬美元，其中療程營收下降 13.2% 至 3,130 萬美元；其中包含 Asteria Health 出貨之部分荷爾蒙植入丸（pellets）因自願召回所造成的 170 萬美元影響。

Procedure revenue was primarily impacted by the following factors: one, lower procedure volume in existing clinics, which includes the impact of hormone pellet supply constraints related to the recall; and two, slower productivity from new clinics as our sales reps focused on supporting recall-impacted clinics.

療程營收主要受到以下因素影響：第一，既有診所的療程量下降，其中包含與召回相關的荷爾蒙植入丸供應受限之影響；第二，新診所的生產力提升較慢，因為我們的業務代表將重心放在支援受召回影響的診所。

Dietary supplement revenue grew 19.1% to $11.0 million. The increase was primarily driven by the continued growth of our e-commerce channel. Overall, we continue to forecast our dietary supplement revenue will grow at mid- to high-single-digit rate for the 2026 year.

膳食補充品營收成長 19.1% 至 1,100 萬美元。此增長主要由我們電商通路的持續成長所帶動。整體而言，我們仍預估 2026 年度膳食補充品營收將以中至高個位數的成長率成長。

Gross profit margin was 68.9% compared to 74.3%. The decrease was primarily due to $1.1 million of incremental cost related to the recall. In the first quarter, Asteria Health produced approximately 30% of our shipped pellets as compared to over 50% in the fourth quarter of 2025.

毛利率為 68.9%，相較之下為 74.3%。下降主要是因召回相關的額外成本 110 萬美元所致。第一季 Asteria Health 生產約占我們出貨植入丸的 30%，而 2025 年第四季則超過 50%。

As Bret noted, we anticipate fully restoring Asteria Health's supply continuity by the end of the second quarter. As a result, we expect our second-quarter product mix will continue to include an elevated level of third-party supply, which will impact second-quarter gross margin. Our goal remains to meet customer needs through the vertical integration of Asteria Health.

如 Bret 所提，我們預期在第二季末前可全面恢復 Asteria Health 的供應連續性。因此，我們預期第二季的產品組合仍將包含較高比例的第三方供應，這將影響第二季毛利率。我們的目標仍是透過 Asteria Health 的垂直整合來滿足客戶需求。

Selling, general, and administrative expenses increased 4.1% to $27.8 million. The increase reflected higher legal expense and $0.4 million of SG&A costs associated with the product recall.

銷售、一般及行政費用增加 4.1% 至 2,780 萬美元。增加反映較高的法律費用，以及與產品召回相關的 40 萬美元 SG&A 成本。

Net income was $2.7 million and diluted earnings per share attributed to biote Corp., shareholders was $0.06. This compares to net income of $15.8 million and diluted earnings per share attributed to biote Corp., Stockholders of $0.37. Net income for the first quarter of 2026 included a gain of $2.1 million due to changes in the fair value of the earnout liabilities.

淨利為 270 萬美元，歸屬於 biote Corp. 股東之稀釋每股盈餘為 0.06 美元。相較之下，淨利為 1,580 萬美元，歸屬於 biote Corp. 股東之稀釋每股盈餘為 0.37 美元。2026 年第一季淨利包含因或有對價（earnout）負債公允價值變動而產生的 210 萬美元收益。

By comparison, net income for the first quarter of 2025 included a gain of $10.7 million due to changes in the fair value of the earn-out liabilities.

相較之下，2025 年第一季淨利包含因或有對價（earn-out）負債公允價值變動而產生的 1,070 萬美元收益。

Adjusted EBITDA decreased to $8.7 million with an adjusted EBITDA margin of 19.4% due to lower sales, reduced gross profit, and higher operating expenses.

調整後 EBITDA 下降至 870 萬美元，調整後 EBITDA 利潤率為 19.4%，原因為銷售較低、毛利減少以及營運費用較高。

Cash flow from operations in the first quarter was $3.9 million. As of March 31, 2026, cash and cash equivalents were $5.3 million as biote fully repaid the remaining amount due under its share repurchase liabilities in January 2026.

第一季營運活動現金流為 390 萬美元。截至 2026 年 3 月 31 日，現金及約當現金為 530 萬美元，因 biote 已於 2026 年 1 月全數償還其股份回購負債項下的剩餘應付款項。

Now, turning to our financial outlook for 2026. We maintain our guidance forecasting 2026 revenue above $190 million and 2026 adjusted EBITDA of greater than $38 million.

接下來談我們對 2026 年的財務展望。我們維持先前指引，預估 2026 年營收高於 1.90 億美元，且 2026 年調整後 EBITDA 大於 3,800 萬美元。

With respect to our 2026 revenue outlook, procedure revenue is expected to return to growth in the second half of 2026, unchanged from our prior guidance. Based on current trends, we now expect first-half procedure revenue growth to be moderately lower than previously forecast due to the temporary impact of the voluntary product recall and related supply constraints. Dietary supplement revenue is expected to grow at a mid- to high-single-digit rate from 2025.

就 2026 年營收展望而言，療程營收預期將於 2026 年下半年恢復成長，與先前指引一致。根據目前趨勢，我們現在預期上半年療程營收成長將較先前預估略低，原因為自願性產品召回及相關供應限制的暫時性影響。膳食補充品營收預期將較 2025 年以中至高個位數的成長率成長。

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

接下來我把電話交回給 Brett，請他做結語。

Thanks, Bob. While we continue to address temporary impacts from the recall, we remain focused on the priorities that will strengthen our business for the long-term. Our continued investments in commercial talent, technology, and practitioner support are creating a stronger platform for future execution. With this foundation in place, I believe biote is well-positioned to better serve our practitioners, improve our financial performance, and create value for our shareholders.

謝謝，Bob。在我們持續處理召回帶來的短期影響之際，我們仍專注於能在長期強化業務的優先事項。我們持續在商務人才、科技與醫療從業者支援方面投資，正在打造更強健的平台以利未來執行。在此基礎到位後，我相信 biote 已具備良好定位，能更好地服務我們的醫療從業者、改善財務表現，並為股東創造價值。

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

接線員，現在請開放提問。

(Operator Instructions) Les Sulewski, Truist Securities.

(接線員指示) Truist Securities 的 Les Sulewski。

Hey, this is [Jeevan] on for Les. Thanks for taking our questions. How did the clinic attrition trend in the first quarter as the recent hires ramp up? And are you seeing some stabilization here if you normalize for the voluntary recall?

嗨，我是代 Les 發言的 [Jeevan]。謝謝讓我們提問。隨著近期新進人員逐步上手，第一季診所流失（attrition）趨勢如何？若將自願召回因素正規化排除，你們是否看到這裡出現一些穩定跡象？

Hey, Jeevan, this is Bret. Thanks for the question. Attrition for us has stabilized and been stable now for several quarters. It's still a little bit higher than we'd like to see it. And with the disruption that we had in Q1 due to supply constraints from the recall, it's hard to draw any conclusions of really any improvement there yet.

嗨，Jeevan，我是 Bret。謝謝你的問題。我們的流失率已經穩定，且已連續好幾季維持穩定。它仍略高於我們希望看到的水準。而由於第一季因召回造成的供應限制帶來干擾，目前也很難就是否真的有改善下任何結論。

We did see, however, some positive signs in daily volumes prior to the recall, which is where we get the $1.7 million impact of the recall, which we quoted in the earlier comments. So there was some things to be encouraged by and then supply constraints really sort of put a damper on that.

不過，在召回發生之前，我們確實在每日量能上看到一些正面訊號；這也是我們在先前評論中提到召回造成 170 萬美元影響的來源。因此原本有一些值得鼓舞的地方，但供應限制確實在某種程度上抑制了那股動能。

And then as far as the sales force and sales force expansion, that expansion is new in Q1 going to 120 reps. They were fairly distracted in Q1 with supply constraints, but we have every belief that they're going to start going to business now as we are just weeks away from completely normalizing inventory levels and getting that team back to growth, so we should see the impact of that team starting in Q2.

至於業務團隊與業務擴編方面，這項擴編在第一季完成，業務代表增至 120 人。第一季他們因供應限制而相當分心，但我們完全相信，隨著我們距離全面恢復正常庫存水位只剩幾週時間，團隊將開始回到正常推進業務並重回成長，因此我們應該會在第二季開始看到這支團隊帶來的影響。

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley Securities。

Hi, everyone. Just wanted to understand a little bit more about the supply constraints. I guess I'm confused by the recall still having an impact in Q2 and why we would still have supply constraints at this point. I would think that Asteria would recover a little more quickly, maybe you can just talk a little bit about that.

大家好。我只是想更深入了解一下供應限制的情況。我想我有點困惑，為什麼召回在第二季仍然會造成影響，以及為什麼到這個時間點我們仍然會有供應限制。我原本以為 Asteria 會更快恢復一些，或許你們可以稍微談談這部分。

Yeah, Jeff, I'll start with that and then Bob can add some color to everything that's gone on here.

好的，Jeff，我先回答，然後 Bob 可以再補充一些這段期間發生的事情。

So if you remember, we announced the recall at the end of January and then began notifying our customers, that was done out of an abundance of caution for product that was compounded and manufactured prior to October 2025. That was just a lot of product that needed to come back and be replaced by Asteria and by some of our third-party customers who are helping with the fulfillment of that product.

如果你還記得，我們在一月底宣布召回，接著開始通知客戶；這是出於高度謹慎，針對的是在 2025 年 10 月之前配製並製造的產品。那是一大批需要回收並更換的產品，由 Asteria 以及一些協助履約的第三方客戶一起來完成更換。

Now, it just put a lot of strain on Asteria. We've done a tremendous amount to scale production at Asteria, including adding the second shift and asking that team to work very hard to catch up on supply. But it's been an ongoing struggle.

這確實對 Asteria 造成了很大的壓力。我們已經做了大量工作來擴大 Asteria 的產能，包括增加第二班次，並要求團隊非常努力地工作以追趕供應。但這一直是一場持續的挑戰。

The disruption really comes from two things, having to allocate inventory to our customers, meaning to give them probably less than what they ordered in some cases. That meant rescheduling the patients and just some uncertainty in the field as to what they could do for scheduling patients and making sure they have enough product to perform those procedures.

這次的干擾主要來自兩件事：第一是必須對客戶進行庫存配給，也就是在某些情況下給他們的量可能少於他們下的訂單。這導致病患需要重新排程，也讓前線在如何安排病患、以及確保有足夠產品來執行這些療程方面出現一些不確定性。

The distraction in the field was we asked them to manage that message and in some cases, manage those orders to help us prioritize who should get inventory and when. All of that aid to our safety stock at Asteria, and we're in the process of building that back up now, but it's been a process that it's been longer than we'd like it to be, and we've had to ask for help from our third-party pharmacy partners, they'll fulfill those orders. But again, we are probably just weeks away from a more normalized situation.

前線的分心之處在於，我們請他們去管理對外訊息，並在某些情況下協助管理訂單，幫我們優先排序哪些客戶應該在何時取得庫存。這些都影響了 Asteria 的安全庫存；我們現在正在把它補回來，但這個過程比我們希望的更久，而且我們也不得不請第三方藥局合作夥伴協助，他們會代為履約這些訂單。不過，我們應該再過幾週就能回到比較正常的狀態。

It's better today than it was in February, March as well, I'll say that. Today is a much better situation than it was in the early days of the recall.

我也要說，現在的情況比二月、三月時好很多。今天的狀況比召回初期好得多。

Bob, do you have anything to add there?

Bob，你有什麼要補充的嗎？

Yeah, look, I think the -- hey, Jeff, the biggest thing that I would add would be, look, we're maximizing our production to build safety stock. We intentionally slowed some of the pellets that went out from Asteria so that Asteria could potentially build inventory.

有的。Jeff，我想我最想補充的是：我們正在把產能拉到最大來建立安全庫存。我們刻意放慢了 Asteria 出貨的一部分 pellets，讓 Asteria 有機會建立庫存。

And as Bret said, one of the biggest steps that we took to potentially build inventory even quicker is the establishment of a second production shift. So this will enable us to maximize our production and really prepare for the future growth in the future, but at the same time, increase our stock levels.

如 Bret 所說，我們為了更快建立庫存所採取的最大步驟之一，就是建立第二個生產班次。這將使我們能夠把產能最大化，並真正為未來的成長做好準備，同時也提高我們的庫存水位。

So I think those are probably the two biggest pieces. We intend and will return to expanding our vertical penetration in the remainder of the year once we see line of sight into that, as Bret said, in the next several weeks, once we see that safety stock at a solid level.

所以我認為這大概是兩個最關鍵的部分。一旦如 Bret 所說，在接下來幾週我們能清楚看到安全庫存達到穩健水位，我們就打算並且也會在今年剩餘時間恢復擴大我們的垂直滲透。

Okay. And so I'm just kind of, I guess, thinking this through out loud, but you had a shortfall in Q1. You sort of guided down for Q2 in your language as I took it, but you kept the year guidance unchanged. So I guess I'm wondering what gives you confidence that the second half will be even better than what was previously implied in guidance?

了解。那我只是把想法講出來：你們第一季有缺口。以我理解，你們在措辭上等於把第二季的指引往下調，但全年指引維持不變。所以我想問的是，什麼讓你們有信心下半年會比原先指引所暗示的還要更好？

Yeah, Jeff, thanks for the question. So like I said in my comments earlier, we just believe this is a temporary headwind to demand because we had these inventory constraints. What makes us optimistic and confident in the guide that we're still going to return to growth in the second half of this year are a couple of things.

好的，Jeff，謝謝你的問題。如我先前的評論所說，我們認為這只是因庫存限制而對需求造成的暫時性逆風。讓我們對指引仍然樂觀且有信心、相信今年下半年會回到成長的原因有幾點。

We saw some positive signs, as I said, going into the recall in daily volumes, that's how we extrapolated this impact of $1.7 million in revenue on the top line. We believe that's temporary, there's also some surely some pent-up demand from these supply shortages that we'll recapture in the coming weeks and months.

我們在召回之前的日量（daily volumes）看到一些正向跡象；我們就是用這個來推算營收端約 170 萬美元的影響。我們相信這是暫時的；此外，供應短缺也確實會累積一些被壓抑的需求（pent-up demand），我們會在接下來幾週到幾個月把它重新拿回來。

And then this team of 120 territory reps that's new really didn't even have a chance to contribute to some of those positive signs that we saw going into the recall. So we're optimistic that that team is going to do just what we hired them to do, we just go out and grow the business once they're not distracted from these inventory issues.

另外，這支新的 120 人區域業務代表團隊，其實還沒有機會對我們在召回前看到的那些正向跡象做出貢獻。所以我們很樂觀，當他們不再被這些庫存問題分心時，這支團隊會做到我們聘用他們的目的：走出去、把業務做大。

If you remember, too, I'll say one more thing, we've had full training classes now for going on six months. That's the earliest indication of supply -- I'm sorry, of production in the field returning to growth. So we're optimistic that those 200-plus practitioners that we trained in Q1 are going to start adding meaningfully to growth after they've been onboarded here in the next six months. So there's a lot to be optimistic about once we get through the supply issues. It's why we still are confident in a second-half return to growth.

如果你還記得，我再補充一點：我們已經連續將近六個月都有完整的培訓班。這是前線產出回到成長的最早指標——抱歉，我是說前線的產出。因此，我們很樂觀，第一季我們培訓的 200 多位執業者，在接下來六個月完成導入後，會開始對成長做出顯著貢獻。所以一旦我們度過供應問題，仍有很多值得樂觀的因素。這也是為什麼我們仍然有信心下半年會回到成長。

Okay. That's helpful. And then just, thinking about some of the doctors who couldn't get the supply that they needed. They were on allocation in the moment during Q1 and maybe a little bit in Q2, was there anything preventing them from maybe sourcing the pellets elsewhere?

了解。這很有幫助。另外，關於一些拿不到所需供應的醫師：他們在第一季當下被配給，第二季可能也有一點；是否有任何因素阻止他們改從其他地方取得 pellets？

Well, not really, Jeff, but I'll say this, that the entire industry has been stretched for pellet production. And the best partners out there are partners of ours. And so we very quickly reached out to them, asked for their help in supplying product to our customers, which is why you saw the Asteria mix go down in Q1. That's a temporary drag on gross margin, but those are the most readily available pellets out there.

其實沒有，Jeff，但我想說的是，整個產業的 pellets 產能都很吃緊。而市面上最好的合作夥伴也正是我們的合作夥伴。所以我們很快就聯繫他們，請他們協助供貨給我們的客戶，這也是為什麼你在第一季看到 Asteria 的組合占比下降。這會對毛利率造成暫時性的拖累，但那些是市面上最容易取得的 pellets。

We frankly have strengthened some of our third-party suppliers because of the demand that we've given them. So there's not a ton of places that. Physicians can go. It's a very difficult thing to do.

坦白說，因為我們帶給他們的需求，我們也強化了部分第三方供應商。所以可選的地方並不多。醫師能去的管道有限。這是一件非常困難的事。

If you remember, 80%-plus of our patients are women, since we're so strong in the OB-GYN space. And the hardest pellets to produce are the estrogen, estradiol pellets. They're very manual and can't be produced at scale in the way testosterone pellets can. And so that, for the most part, was the drag on supply and the challenge. But that challenge is shared by a lot of the pharmacies out there. So we're in a good spot today, thanks to the help of our third-party pharmacies and the quick work by Asteria to scale production as a second shift, and we think we're in good shape going forward.

如果你還記得，我們超過 80% 的病患是女性，因為我們在婦產科（OB-GYN）領域非常強。而最難生產的植入丸是雌激素、雌二醇植入丸。它們非常仰賴人工，無法像睪固酮植入丸那樣以規模化方式生產。因此，這在很大程度上就是供應端的拖累與挑戰。但這個挑戰是許多藥局都共同面臨的。所以在第三方藥局的協助下，以及 Asteria 迅速將產能擴增為第二班次的努力，我們目前處於不錯的位置，並且我們認為未來也會維持良好狀態。

Okay. Thanks for taking my questions.

好的。謝謝回答我的問題。

(Operator Instructions) George Kelly, ROTH Capital Partners.

(接線員指示) George Kelly，ROTH Capital Partners。

Hey, everyone. Thanks for taking my questions. First one is just back to the recall. I was curious if you saw much clinic attrition as a result?

各位好。謝謝讓我提問。第一個問題回到召回事件。我想了解因此你們是否看到診所端有明顯流失？

George, hey, this is Bret. Thanks for the question. Not really. So at this point, it would be anecdotal anyway, but we haven't seen too much clinic attrition. We clearly saw a reduction in volumes of procedures in the field. And so it remains to be seen if there was any patient attrition, meaning the patient switch, modalities, things like that. We think there's pent-up demand that we'll capture in the coming weeks and months, but not meaningfully. We didn't see any uptick in attrition that we could know.

George，你好，我是 Bret。謝謝你的問題。其實沒有。到目前為止，即使有也只是零星個案，但我們沒有看到太多診所流失。我們確實看到現場手術量下降。至於是否有任何病患流失，也就是病患改用其他方案、其他治療模式之類的，仍有待觀察。我們認為有一部分被壓抑的需求會在未來幾週到幾個月內回補，但影響不大。我們沒有看到任何我們能確認的流失上升。

Okay. And then with your current status and your sort of inventory build that your catch-up that you're doing right now, where are you in that process? You mentioned that you feel like you're in a good spot now as there's still a lot of sort of catch-up that needs to happen.

好的。接著就你們目前的狀態，以及你們正在進行的庫存建立與追趕進度來看，你們現在進行到哪個階段？你們提到覺得現在狀況不錯，但仍有不少追趕需要完成。

And part two of the question is, what have you seen in April? Can you comment on -- the press release commented that there's continued pressure. So any kind of detail you can give about procedure volume in April would be helpful.

問題第二部分是，你們在 4 月看到什麼情況？你能否評論一下——新聞稿提到壓力仍在持續。所以如果能提供一些 4 月手術量的細節會很有幫助。

Yeah, thanks, George. So we said it would persist into Q2, which is where we're at today. But at the same time, we're saying we're weeks away from probably a fully normal situation, so that is tremendous progress. And we intentionally are kind of taking it easy on Asteria to allow them to build some safety stock because we do want to eventually get to another two months or so of safety stock on top of everything they're currently supplying to our customers. So we're going to continue to use our third-party partners as much as we can to allow that to happen. And we'll use them going forward as well. They've just been fantastic in this whole process.

好的，謝謝你，George。我們說過這會延續到第二季，也就是我們現在所處的期間。但同時我們也說，我們大概再過幾週就可能回到完全正常的狀況，這是非常大的進展。而且我們刻意讓 Asteria 的節奏稍微放緩一些，好讓他們建立一些安全庫存，因為我們最終希望在他們目前供應給客戶的量之上，再額外建立大約兩個月左右的安全庫存。因此我們會盡可能持續使用第三方合作夥伴，讓這件事得以發生。未來我們也會繼續使用他們。他們在整個過程中表現非常出色。

So we had the management team into the corporate office today. And like I can tell you, just anecdotally, if it's not going well, we hear it. And the consensus was things are much better today than they were weeks and months ago. So I think that the team is feeling it. Our customers are shortly feeling it.

所以今天我們的管理團隊到公司總部來。我可以跟你說，就我個人觀察，如果進展不順利，我們一定會聽到反映。而大家的共識是，今天的情況比幾週、幾個月前好很多。所以我認為團隊感受得到。我們的客戶也很快會感受得到。

We're not completely out of the woods only because we're still allocating inventory, meaning we're holding some of our customers to two or three weeks of inventory when they're used to having two-plus months sometimes. That just gives them the confidence to schedule a lot of cases in the future. So that's the only thing I would say is there's inventory in the field. It's not to the level that some of our customers would like to see it, to feel confident, but we'll get there shortly.

我們還沒有完全脫離困境，主要是因為我們仍在配給庫存，也就是我們讓部分客戶只能維持兩到三週的庫存，而他們過去有時習慣持有兩個月以上。那樣才能讓他們有信心去安排未來大量的案例。所以我唯一要說的是，現場是有庫存的。只是還沒到部分客戶希望看到、能讓他們有信心的水位，但我們很快就會達到。

And George, to your first part of the question about Asteria. I would just tell you that it does take some time in a regulated environment to make sure that we can get a second shift up and running. So those steps started about a month, 1.5 months ago.

George，針對你問題的第一部分、關於 Asteria。我想說的是，在受監管的環境下，要確保第二班次能夠啟動並運作，確實需要一些時間。所以這些步驟大約在一個月到一個半月前就開始了。

I can tell you as far as where we are in the second shift, we just recently started that second shift. And as you can imagine, the shop at Asteria is working even before the second shift around the clock to maximize production. But the second shift now, now would eliminate a lot of the constraints, if you will, that exist with filing and packaging some of these smaller items.

至於第二班次目前的進度，我可以告訴你，我們最近才剛開始第二班次。而且如你所想，即使在第二班次開始之前，Asteria 的工廠也已經日以繼夜運作，以最大化產量。但現在有了第二班次，將能消除許多限制，例如在填充與包裝某些較小品項方面的限制。

So I would tell you in the next -- Bret mentioned in a couple of weeks, in the next couple of weeks, we should be in a solid position. I believe that that would be the case primarily because of the advent of this second shift. And probably in a month's time, in a month, maybe a little bit longer, we should be ahead of our safety stock levels so that we can start looking forward to regaining traction from a vertical integration perspective at Asteria, so we can really start ramping back up to where we once were.

所以我會說，在接下來——Bret 提到幾週內——在接下來幾週，我們應該會處於穩健的位置。我相信主要原因就是第二班次的啟動。而大概再過一個月左右，或許再久一點，我們的安全庫存水位應該就會超前，屆時我們就能開始往前看，從 Asteria 的垂直整合角度重新取得動能，真正開始把產能拉升回到我們過去的水準。

Okay. Thank you.

好的。謝謝。

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

問答環節到此結束。我想把電話會議交回給 Bret Christensen，請他做結語。

I want to thank everyone for joining us today. We appreciate your interest in biote and look forward to speaking with you on our next conference call. Thanks, everyone.

感謝各位今天加入我們。我們感謝各位對 biote 的關注，並期待在下一次電話會議再與各位交流。謝謝大家。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。