[Management View]
Biote's management emphasized the strategic restructuring of the commercial organization to enhance sales coverage and practitioner onboarding. Key priorities include accelerating growth from new providers, maximizing value from top-tier clinics, and improving financial performance through accountability. The company executed significant settlement agreements with Marcy and Dr. Gary Donovitz, resulting in accelerated share repurchases and reduced future cash outflows.

[Outlook]
Biote reiterated its 2025 revenue guidance above $190 million and adjusted EBITDA above $50 million. Future plans include continued investment in sales and marketing capabilities, expansion of the sales force, and leveraging the positive momentum from the Sun, Sea, and Biote marketing event to drive growth.

[Financial Performance]
Revenue for Q3 2025 was $48 million, a 6.7% decrease YoY, primarily due to slower procedure business. Procedure revenue declined 10.4%, while dietary supplements revenue grew 8.4%. Adjusted EBITDA decreased 20.5% to $12.9 million, with a margin drop to 26.9% from 31.5% YoY. Cash flow from operations increased to $27.6 million, up $14.1 million YoY.

[Q&A Highlights]
Question 1: Kaumil Gajrawala from Jefferies inquired about the pace and cost of hiring sales personnel, given market conditions.
Answer: CEO Bret Christensen explained that the restructuring increased the sales force size by 25%, creating openings. Despite initial turnover, hiring has progressed well, reaching 85% of the year-end target. The focus is on filling territories to ensure customer attention and business growth.

Question 2: Leszek Sulewski from Truist asked about feedback from the marketing event and trends following it.
Answer: Christensen highlighted the success of the Sun, Sea, and Biote event, with nearly 800 providers attending. The event reinforced Biote's leadership in hormone optimization and is expected to positively impact retention. The focus remains on top-tier accounts, with cautious optimism for procedural growth.

Question 3: Jeff Van Sinderen from B. Riley Securities questioned the attrition rate and its drivers.
Answer: Christensen noted the attrition rate remained elevated at around 8%, attributed to competition and coverage gaps. Efforts to improve rep coverage and value proposition are underway, with plans for portfolio enhancements and sales investments.

Question 4: Jonna Kim from TD Cowen asked about the ramp cycle for new hires and growth drivers for the supplements business.
Answer: CFO Bob Peterson stated the ramp-up period for new hires is typically three months, with training improvements aiming for faster productivity. The supplements business is performing well, driven by e-commerce growth and clinic sales.

Question 5: George Kelly from ROTH Capital inquired about the marketing event spend and Asteria's supply contribution.
Answer: Peterson reported the marketing event cost $1.3 million, slightly less than expected due to sponsorship. Asteria supplied over 50% of procedure fulfillments, with plans for gradual ramp-up.

[Risks and Concerns]
Elevated attrition rates and slower new business additions remain concerns. The competitive landscape and coverage gaps are challenges that management is addressing through strategic initiatives.

[Final Takeaway]
Biote is navigating a transformative phase with strategic restructuring and financial adjustments. While facing challenges such as elevated attrition and slower procedure growth, the company is focused on strengthening its commercial organization and leveraging key events to drive future growth. The financial outlook remains positive, with management committed to delivering long-term shareholder value through disciplined execution and strategic clarity.