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  Title	biote (BTMD) Q3 2025 Earnings Call Transcript
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  Published Date	Nov. 6, 2025, 8:50 a.m.
  Summary	biote (BTMD) Q3 2025 Earnings Call Transcript Motley Fool Transcribing, The Motley Fool Thu, November 6, 2025 at 8:50 AM CST 33 min read BTMD Image source: The Motley Fool. DATE Wednesday, November 5,
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  Content	biote (BTMD) Q3 2025 Earnings Call Transcript Motley Fool Transcribing, The Motley Fool Thu, November 6, 2025 at 8:50 AM CST 33 min read BTMD Image source: The Motley Fool. DATE Wednesday, November 5, 2025 at 5:00 p.m. ET CALL PARTICIPANTS Chief Executive Officer — Bret Christensen Chief Financial Officer — Bob Peterson Need a quote from a Motley Fool analyst? Email pr@fool.com Full Conference Call Transcript Bret Christensen, Chief Executive Officer, and Bob Peterson, Chief Financial Officer. Before we get started, I'd like to remind everyone that management only makes statements during this call that include forward-looking statements regarding, among other things, the company's financial results, future performance, growth opportunities, business outlook, strategies, goals, research and development, manufacturing and commercialization activities, its competitive position, regulatory process operations, benefits of its solutions, anticipated impact to macroeconomic conditions, business, real estate operations, financial conditions, and other matters that do not relate to historical fact. 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's current expectations as of today. Biote Corp. takes 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 a discussion of risks and other important factors that could affect our actual results, please refer to our filings with the SEC, which are available on the SEC's website. We use non-GAAP financial measures to provide additional information for our investors. A reconciliation of the non-GAAP to GAAP measures is provided in our earnings release. The primary differences being stock-based compensation, fair value adjustment to certain liabilities, and our ongoing corporate initiatives. I will now turn the call over to Bret Christensen for a review of our third quarter financials and our 2025 financial outlook. After our comments, we'll open the call up for questions. Bret Christensen: 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: one, accelerate growth from new providers; two, maximize value from our top-tier clinics; and three, improve our financial performance through greater accountability. 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. Story Continues 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 Corp. every day. To add some color to the scope of this ongoing transition, approximately half of our commercial team joined Biote Corp. 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. 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. 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, the third quarter sales contribution from new clinics was impacted by last year's slower pace of new business. 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. Turning to our second priority, maximizing value from top-tier clinics. As an established leader in hormone optimization therapy, Biote Corp. 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 Corp. apart in the marketplace. 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 Corp.'s vision of advancing health span and vitality with innovative hormone optimization and healthy aging solutions. At our marketing event, we were joined by several world-renowned speakers, including Dr. David Sinclair, Dr. Rhonda Patrick, Dr. Jim Simon, Dr. Abe Morgenthaler, 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 Corp. as the leader in evidence-based hormone optimization and therapeutic wellness. 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 advance 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. Turning to our third strategic priority: improving our financial performance through greater accountability and discipline. Over the past six 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. 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 network, our strengthened infrastructure and internal processes will support our ability to scale our business more efficiently. In summary, I am pleased with the solid progress the Biote Corp. team has achieved over the past six 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. I'll now turn the call over to Bob Peterson. Bob Peterson: Thank you, Bret. Good afternoon, everyone. Unless otherwise noted, all quarterly financial comparisons in my prepared remarks are made against the 2024. Third quarter revenue was $48 million, a decrease of 6.7%. Procedure revenue declined 10.4%, and dietary supplements revenue grew 8.4%. Similar to the 2025, procedure revenue was primarily impacted by a slower rate of net new clinic additions and lower procedure volume during the 2025. 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. 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. New product offerings are an important market opportunity for Biote Corp., 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. 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 to drive new customer growth. Net income was $9.2 million, and diluted earnings per share attributable 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. stockholders of $0.33. Net income for the 2025 included a gain of $2.9 million due to the changes in the fair value of the earn-out liabilities. Net income for the 2024 included a gain of $7.2 million due to the changes in the fair value of the earn-out liabilities for that period. 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 2025. Third quarter cash flow from operations increased $14.1 million to $27.6 million. As of 09/30/2025, cash and cash equivalents were $28 million compared to $19.6 million as of 06/30/2025. Supported by our strong balance sheet and liquidity, Biote Corp. recently undertook two separate actions to deploy capital that the company believes will provide long-term value to shareholders. First, Biote Corp. 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. Second, Biote Corp. amended its settlement agreement with Marcy Donovitz to repurchase her remaining shares at a savings to the original agreement. Under this amended agreement, Biote Corp. paid Mrs. Donovitz $12.5 million in October, which fully settled the multi-year payment obligation. In addition, earlier this week, Biote Corp. amended its settlement agreement with Dr. Gary Donovitz to repurchase his remaining shares at a savings to the original agreement. Biote Corp. agreed to pay Dr. Donovitz $18.5 million in January 2026, which, when paid, will fully settle the multi-year payment obligation. Now turning to our financial outlook for 2025. As Bret noted, Biote Corp. 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. Now I'll turn the call back to Bret for his closing comments. Bret Christensen: 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. Operator: We will now begin the question and answer session. To ask a question, you may press star then 1 on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star and then 2. Our first question comes from Kaumil Gajrawala with Jefferies. Please go ahead. Kaumil Gajrawala: Thanks, everybody. Good evening. I guess a couple of questions. The first, you know, on this, I guess, the speed of hiring. The sales folks, we hear so many sort 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 or it might cost more than you thought? Bret Christensen: Yeah. Hi, Kaumil. This is Bret. Thanks for the question. Let me start by just saying, you know, 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 restructure 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 Corp. And so I'm pleased with the progress for a few months. It was, you know, 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. Kaumil Gajrawala: Okay. Great. And can you maybe just lay out, like, in sort of practical terms how the transition is impacting per number of procedures? Maybe just talking about how you're adding folks, the procedures are coming off. Is it just a year over year? Or something else going on from in practical terms that leads to that? Bret Christensen: Sure. If you remember, we highlighted this at the very beginning of the year. So the real headwind to volume started at the end of last year with the launch of our CDSS and really moving the attention and the focus of our sales force into making sure that the training and the onboarding of that new system went as smoothly 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. In all, it's meant pressures to 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. Bob Peterson: 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 know, 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, Kaumil, I mean, as you look at where we were in July, we're in that kind of mid-sixties zone. We have ramped up at the tail end of Q3 up to around 80 people onboard. And so the second half of Q3, we have really started to see that increase. We expect to see that impact of having a more full staff on board. So as we start getting into the end of Q3 and even into Q4, more full staff on board. So as we progress it, 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. Kaumil Gajrawala: Got it. And maybe sneaking just one more in is the new structure with the Donovitz's is how does you know, it's less money. What was the motivation maybe from their side? To take less money than to take it now versus sort of multi-year payout? Just trying to understand the intentions on think I understand. Intentions from your side, it's not from the other one. Bob Peterson: No. Look. I mean, I can't speculate on the drivers for either Marcy 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 these transactions and a couple of other benefits, that's a really good move for us. Kaumil Gajrawala: Got it. Thank you. Operator: And the next question comes from Leszek Sulewski with Truist. Please go ahead. Leszek Sulewski: 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 in attendance? You know, what are the areas 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 trending if you can comment on that? And then the second part, does the focus still remain on the top-tier accounts? And, eventually, when could you expect an inflection point in procedural growth? And is it more of a bolus or step up? Thank you. Bret Christensen: Yeah. Thanks, Leszek. Let me make sure I get all questions, but I'll start with the marketing event that you asked about. Every about eighteen months or so, we do something that's called Sun, Sea, 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 Corp. 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. A completely packed house. And while this was my first Sun, Sea, and Biote, 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'd ever had. So it was a packed house. Nearly 800 providers that all gathered together in Cancun. It creates a real sense of family. 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 three 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 just reinforce again why you're doing business with Biote Corp., 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, the 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. So we're really positive that as far as trends go post-event, you know, 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 Corp. 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, you know, it'd be great if we could get, you know, the almost 9,000 trained Biote Corp. providers to all go to that event. It's a very powerful event. So we'll watch the trends closely, but we love the event. We think it's going to bear fruit, and it was just a good time. Now, your question about top-tier providers, which is a good lead-in. For that event, that is our focus. It's the number two priority that I mentioned, accelerating new practitioner growth being number one, and then maximizing value from top-tier providers. It's all linked to some of the questions we had earlier from Kaumil. You know, 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, you know, attentive to their needs, and that we're constantly driving value and protecting that business, frankly. 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, Leszek, if I'm right. You know, too early to tell. But what we think we're doing everything in the right way, and we know it's going to have results. It's just too early yet to forecast when we'll start to see things going in a different direction. For us, we want to see sequential, you know, 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. Leszek Sulewski: Very helpful. Thank you. Operator: And the next question comes from Jeff Van Sinderen with B. Riley Securities. Please go ahead. Jeff Van Sinderen: Hi, everyone. I guess since we're just touching on the attrition rate, I'm just wondering, has that stabilized? Has the attrition rate declined from Q2 sequentially, or has it accelerated? And then I guess, you know, 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? Bret Christensen: Yeah, Jeff. Thanks for the question. You know, 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 eight. It was similar to that in Q3. So not improvement, but not material declines in attrition. But that is still higher than we'd like it to be. I think the issues are multiple. You know, 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. Again, 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 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, you know, 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 multi-faceted. There's things we can do in the short term, rep coverage, service, education, but longer term, there's things that we're working on. We haven't talked about yet, but they 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 Corp., 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. Jeff Van Sinderen: 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. Bob Peterson: Yeah. No problem. So on the Marcy agreement, we owed installments of $10 million in June '26 and $10 million in June '27. We have agreed to pay $12.5 million, or we did pay $12.5 million on October 6. For a cash flow savings of around $7.5 million. On the Dr. Donovitz deal, we had in two installments, one in April '26 for $19.1 million and one in April '27 for $10.5 million. So rather than paying $29.6 million, we will pay Dr. Donovitz $18.5 million on or before 01/02/2026. So the overall cash flow savings there is around $11.1 million. Jeff Van Sinderen: Okay. Great. So that's a yeah. It's a pretty good chunk of savings. Bob Peterson: Absolutely. Jeff Van Sinderen: I guess one of the other things, if I could squeeze one more in, I guess when you talk to your providers, you know, you were just in 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 their procedures are not declining? Maybe just touch on that, what you're seeing between the high-tier and lower-tier providers, and then just anything you learned from those providers at the Cancun event relevant to your business? Bret Christensen: Yeah, Jeff. And just, you know, consider that it might be a bit of a biased dataset. Right? Because we get some of our biggest and most committed customers to make that trip. But, you know, I heard a ton of positives about what we're doing. A lot of good feedback on CDSS, albeit, you know, some fair criticism on how we launched that software. A lot of excitement into, you know, the product offerings that we have today. Of course, had a lot of questions about, you know, where we're going with Biote Corp. and we've got to be cautious with what we can share there. But, you know, I didn't hear any massive changes into their volumes, you know. There are some small tweaks we made to CDSS that could either shorten or lengthen the cycle in which a patient gets pelleted. Yeah. That's hard to quantify. That meaning, you know, if you're coming back every four to six months, and now we're doing trough labs, if those trough labs suggest, hey, you might want to wait on this patient thirty days or so. That could push a patient back thirty days. But honestly, that type of stuff is short term, and we will 800 or some providers that showed up for Sun, Sea, and Biote are very happy and just excited to be part of the family. So, you know, I think we'll learn more from customers that we either recently lost or that, you know, might be at risk. And we do again, 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 realized what the competition's doing so we can be responsive and proactive. Jeff Van Sinderen: Okay. Thanks for all that color. I'll take the rest offline. Bret Christensen: Thanks, Jeff. Operator: And the next question comes from Jonna Kim with TD Cowen. Please go ahead. Jonna Kim: Curious on the ramp 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 growth drivers that you look forward to next year? Thank you very much. Bob Peterson: Yes. So I'll start with the last one first and then go back to the ramp period, and Bret can supplement also. We continue to see strong performance in our Amazon channel in the Nutris business. But just you know that we are gonna start seeing in the coming quarters, we're gonna begin to lap some of the gains that we've had in the past. I would just say, you saw a slight reduction in growth. That was really, as I said in the prepared remarks, related to a product that we launched at the end of Q3. But we can't forget that as far as Nutris go, that 70% of our Nutra business comes from clinic sales. And these have largely followed that of the procedure business. So we continue to identify opportunities for growth. But on the Nutra front, it was right in line with where we would have expected. And that's reflected in our guide of mid-teens growth. On the second front, I would just say that as we look at hiring, there is a ramp-up period anywhere from the typical three to month ramp on new hires. That's one of the reasons why we're trying to get 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, you know, there is that ramp period, but I think that's kind of baked into our expectation. I don't know, Bret, if you had anything more to say there. Bret Christensen: No. Just that we're conscious of that ramp because we need people in the field and to be productive right away. You know, 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 hire people and make them wait around to be trained so they're getting trained quickly. They go into the field with a field trainer. We think that they get out pretty prepared to start growing their business. They still have relationships they need to make and a value proposition to pitch. You know, anecdotally, Jonna, we had a POA meeting, a plan of action meeting, recently where we highlighted some best behaviors from reps. And we had, as we sort of call reps up to do role plays and things, I want to say, also, five reps that we called up forward hired within the last three months to demonstrate, you know, and talk about a new account that they had won. So we are getting people up to a quicker start, I believe, than we have historically because of better training and better hiring. But there's, to Bob's point, there's definitely a ramp that we've got to account for. Bob Peterson: And better targeting, Bret, and I bet 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. Jonna Kim: Alright. Thank you for the color. Operator: And the next question comes from George Kelly with ROTH Capital. Please go ahead. George Kelly: First, back to the marketing event. Can you quantify what the spend was on the quarter? Bob Peterson: Yeah. It was around $1.3 million, which was a little bit less than what we had expected because of sponsorship. George Kelly: Okay. Great. And then second question on Asteria. 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? Bob Peterson: Yeah. George, good question. And just think about where we were at the time of the last call. We were in that 42% range. By September, we were just above fifty. We've said routinely that our goal is to progress this forward in a slow and tempered 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, month and a half. So it probably won't have a material impact on Q4. But as you know, 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 clinics, and we expect to see some ramp through the rest of the year. George Kelly: Okay. And then on the Donovitz transaction, 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? Bob Peterson: That's correct. And that is correct. Both fee shares. George Kelly: Great. And then are they getting any other work? Any of the other terms of those agreements changed? Bob Peterson: A very good comment, and I was gonna let's just touch on it really quick. So the Marcy Donovitz transaction was pure cash flow. Elimination and restructure 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. Donovitz extended his noncompete and nonsolicitation agreement for an additional year. Which puts us all the way through April 2027. And then he agreed to dismiss all pending litigation between Biote Corp. and himself. So that was a pretty big win for the company also. George Kelly: Okay. Great. And then just one last question for me. Sure. With respect to your guide, and the procedure revenue growth you just posted, negative 10.4% in the quarter. Know that you don't want to get too far in front, and maybe you just don't want to say anything. But could 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 April. And so I don't know if there's kind of any help you can give around your expectations in the near term for that growth rate. Bob Peterson: 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 three less business days. In Q4 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. 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 three less days also impact that 70% of our B2B sales. And just remember from a B2B perspective, that week between Christmas and New Year is typically a bit of a slower period also. So on both, you know, you've seen the guide you know, 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 the right place from a revenue perspective. Hopefully, that adds a little bit of color. George Kelly: Okay. Alright. Thank you. Operator: This concludes our question and answer session. I would like to turn the conference back over to Bret Christensen for any closing remarks. Bret Christensen: Thank you, everyone, for joining us today. We appreciate your interest in Biote Corp. and look forward to speaking with you on our next conference call. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. 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See the 3 stocks » *Stock Advisor returns as of November 3, 2025 This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . biote (BTMD) Q3 2025 Earnings Call Transcript was originally published by The Motley Fool View Comments Terms and Privacy Policy Your Privacy Choices More Info
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