biote (BTMD) 12 Nov 242024 Q3 Earnings call transcript

Welcome to the Biote Third Quarter 2024 Earnings Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would like now to turn the conference over to Szymon Serowiecki from Investor Relations. Please go ahead.

Thank you for joining us today. financial the published September quarter Biote XXXX. XX, afternoon, results third for ended This is the available of release news This in website. the Investor company's section Relations Terry Chief Bob today's Officer; Weber, will call. Officer, host Peterson, Chief Executive Financial and

business Please a operations, are risks, we benefits These on company's today. assumptions everyone management some no future. forward-looking subject remind outlook, affect performance financial materially refer factors and statements call and other Relations business, earnings in include are SEC important results, non-GAAP the could research them as will subsequent like Reconciliation process expenses to our with guarantees beyond from which fair future non-GAAP earnings liabilities, well website in website measure statements transaction-related among competitive comparable regarding, risks date. being to of to XXXX Terry the not that development, position, of earnings any to expenses. results closest opportunities, on that and statements. These impact GAAP release. Management this primary that for to to of and of provided Therefore, forward-looking of manufacturing during is future adjusted results our the get expectations as is variety as statements the of started, uncertainties, uncertainties financial statements other refer conditions nonoperating actual Before Discussion the certain EBITDA, additional activities, reconciliation measure. I'll refer the upon Weber. of could the compensation, our value expectations which to performance. Investor call would that control. strategies, views to and and SEC's subject commercialization the to adjustment a of company's these our release based in I to discussed quarter of relied to adjusted macroeconomic Actual should other risks GAAP goals, make company's be measure the financial things, risks turn release and other differences and the operations, and growth available the other on not anticipated solutions, investors. will important information matters. regulatory provide also the representing conditions section of in as are Biote results, to stock-based factors differ current EBITDA as filings of update reflected of are are statements obligation now any undertakes to income, They third management's our net over the please

Szymon, you, for Thank thank all joining us. and you

is Peterson, for discuss results the Chairman, questions Marc our our outlook Bob with Executive our help a both as your channel. supplement strong EBITDA. growth performance financial our to and driven by and growth in Revenue drive our growth in highlighted On Beer, during call our me session we strong continued was Officer, answer review quarter, return Q&A and revenue in today's dietary our remarks. Biote Chief double-digit in delivered third financial prepared Amazon also continue adjusted will is improvements following on the who business today to Financial XXXX. call procedures by the to in

the adjusted expenses. our We vertical margins, EBITDA cost of in operating our integration profit also solid improvement management and and generated gross effective both realizing from savings

exceeded quarter XX%. our adjusted approximately EBITDA to adjusted As year margins third XX% same a result, compared last quarter improved the and EBITDA

continued to driving quarter, growth revenue. the who accounts top-tier from we majority focus of our on our consistently the During generate

offering and we serve providers of practitioners. expanding strengthened the our with engagement their can more top By patients. and needs have Over the past year, protocols, our comprehensively treatment we our

for demand and optimization and training research, the hormone the we growing our doing in we have authority enhanced further therapeutic so, further have as our In we leading enhanced program meet position evidence-based wellness. Additionally, medicine. educational believe to

continued We to also new in make have progress practitioners. training and certifying

As efficient for launching to success. found practitioners achieve program this new an I program, we workflow quarter, [ optimize QuickStart-status stronger clinic our performance creates the clinics QuickStart noted ] have generate over that time. that Since last

third result, XXXX, to are wellness patient their a As we to proprietary we algorithms set marketplace. In believe assist and health we our following and reinforce key Biote's the practitioners enhancements in patient position new proprietary to strengthening Biote the build medical latest Decision the hormone Clinical data commitment therapeutic We and wellness continue promote enhancements quarter software, the our targeted of our efficiently our the introduced advantages as evidence-based literature. advance Support further introduced The we and to in by marketplace. practices. method

Importantly, Decision an Support makes highly expanded optimization, can range our wellness care product software of include enhancing our Clinical across portfolio, recommendations that hormone and dietary personalized now supplements. with therapies patient therapeutic

serve opportunity. expanding broader market of a long-term Additionally, patients, our our to capabilities strengthens range our software updated practitioners'

these of procedure As the third assisting XXXX, adjusted in in the practitioners with and our software this as practitioners a updated workflow disruption workflow and clinics. experienced we're transition, we support their temporary additional introduce we facilitate to quarter training. enhancements our in volume To

next have And begun some revenue impact we growth a last the ahead in as will over experience quarter weeks. we procedure several seeing to we're procedure look anticipate XXXX, reaccelerate in Although, year, to the residual in activity of fourth rebound XXXX. we

that position enhanced our our confident competitive Clinical Support and strengthens growth are Decision software objectives. supports our We

Biote patient considerations of positioning dosing expand to better practitioners. a refined options attract range broader while Our treatment

practitioners tailor patient data to leverage Over patients. to our advanced of a enhanced wellness. and will software believe to us greater AI-driven enable software new growth and to in range base broader we therapeutic hormone the Additionally, analytics for deeper precisely time, input, set a our provided by allows opportunities optimization traditional identify care data of more empowering

wellness continue solutions. all therapeutic our personalized of footprint enrolled approach expanding clinics ensuring to a take measured access consistent to We our BioteRx, maintain to that

enrolled total the exceeded third quarter, clinics BioteRx of X,XXX. our As number of network the throughout

weight product new health, advanced of educational support, wellness, sexual to loss a BioteRx portfolio addition the and training preventative for resources. offerings features tools, marketplace comprehensive and technical In

relatively treatments, a of BioteRx provides direct our dependent revenue essential small to expected currently the offerings therapeutic has is the program is contribution, supply BioteRx GLP-Xs. has in quarter, our BioteRx the our on In the Consistent competitive third manufacturing Health including integration that we any single Asteria our note our savings. category formulary our operations. continued objectives, and would our expansive of and While not enhancing strengthened into chain marketplace. I yielded the cost of formulary strategic integration with vertical

medications. network manage our integrate longer-term high-quality In the we better to call over to we supply quarter manufacturing, vertically we third manufacturing our strengthen the to pellet financial near current Health outlook On of believe Bob and us range a for are focused a XXX(B) chain. continue states. I expanding we remain Asteria enabling As term, our and on licenses to vendor provide to our Health wider provide basis, develop compounded expertise, will narrowing Asteria discuss our turn results now will to additional our XXXX.

the and period. reflecting growth Thank Total up you, everyone. XX.X% growth Terry, from revenue X.X%, contribution quarter quarter $XX.X and of top-tier third good primarily revenue Procedure was clinics the established afternoon, new million, prior from increased clinics. in

our our temporary closures extent, a enhancements towards Hurricane slightly a procedure third procedure noted, Clinical these of percentage end the third estimate headwinds on quarter Support procedure experienced caused in in third states, associated several clinic as rate the the X.X we core quarter. our as impact We year-over-year growth impacting volumes. lesser we approximately of To of volume Decision quarter Helene the points in disruption Terry to software. As introduced revenue

Amazon Dietary year-over-year. continued XX.X% drive from increased our transition of revenue as our supplement in supplement continue dietary to business sales a quarter portion of Third benefited we improvements business.

point from more as Health The XX.X%, year-over-year million the savings vertical XXXX. the impact of third cost offset well the margin a towards in XXX shift as the quarter costs in profit gross quarter third management. profit improvement XXXX. administrative gains mix to were general compared increase million of margin revenue $XX.X dietary integration quarter These supplements. Selling, $XX.X and of from Asteria reflected continued than basis Third was gross cost of

expected, third income million, of to net of value first earn-out a sales profit, gain $XX.X gain due current the earn-out XXXX, million $XX.X Net year. and income quarter prior growth of $XX.X strong year a operating up second basis the liability. expenses to million XXXX, investments to due includes as of the net was sequential of certain the quarter. which moderated third half gross compares SG&A the of quarter the inclusive increased the in were by $X.X in from Driven the million, fair value the $XX.X in $X.X to quarter in in the change increased As on from a incurred million million fair This income of a liabilities. change

$XX.X increase from EBITDA from The quarter cash at of year-over-year XX, at Third EBITDA generated of to was flow margin quarter end due cash operations Biote adjusted XXXX. was ended million, $XX.X XX.X%. The million quarter from improved XXXX. of income the equivalents cost in strong adjusted of third cash adjusted X quarter the on flow of of an a increases up operating September and margin for gross higher compared cash increased EBITDA and sequential XXXX million flow basis. in year-to-date totaled Adjusted diluted $XX.X of basis. X the the quarter and with profit an margin comparable of second second per a were to share, million $X.XX and sales, million increase XXXX of and EBITDA adjusted from XX.X%. adjusted XXXX, the $XX.X an reflected the operations in cash management. end million on EBITDA effective The quarter cash operations. margin year-to-date the the equivalents EBITDA In $XX.X was third was months $XX.X from months primarily Cash XX% with

financial to Turning outlook. our

guidance previously navigate financial impacting our reported adjusting results. are XXXX quarter X our headwinds We temporary fourth we as

we anticipate software. Decision First, our support assist fourth on and as Clinical with impact updated our revenue quarter on workflow practitioners additional some we Support training residual procedure

lesser XXXX. states, our delaying and caused Hurricane Second, into several and extent, certain to in Helene both closures Milton early a revenue of procedure clinic core

million result a adjusted to $XXX compares million $XX these million. $XX our we of revenue $XX now of $XXX in EBITDA. This factors, previously million million adjusted guidance to revenue XXXX As $XXX to in to of and $XXX reported million of and to EBITDA forecast million $XX million

Our continued of continued top-tier our from contribution updated a our revenue for and QuickStart-status. achieve that expectations growing growth within clinics network accounts, our XXXX guidance reflects expansion the

a also We year-over-year we dietary From the savings in quarter remain fourth growth XXXX. from perspective, driving integration. vertical of cost focused incremental on in continued anticipate sales supplement

back call our savings, EBITDA profit quarter gross Terry the cost closing both these that XXXX. I'll in strength now continued turn management ongoing expect the fourth and generate along with in will to cost We adjusted efforts, margins for comments. of

Thank you, Bob.

Over and for of significant year, progress against this Biote strategic the our accelerated has the growth. foundation achieved course laid priorities has

game software We are confident objectives. true Biote Clinical while competitors our health and Support our represents updated growth supporting differentiating from long-term changer, further enhancing our Decision patient a

hormone opportunity into With growth same the strengthened our leveraged to that introduction At we've of therapeutic broader of Health. we our through wellness. time, acquisition leadership optimization the BioteRx, the our have of expand capabilities Asteria in category

to focused all profitable moat. we building network supplement Biote to We provided in of business. well-being. remains improvements stakeholders and advance further and as in this growing education, have and as for practitioners business our have our health also unparalleled with growth enhanced research Throughout training we value our leadership Amazon driving our journey, competitive widen dietary long-term on we drive patient continue

like call questions. for I question-and-answer Operator, please Now, session. begin to the the open would

begin now will Cowen. the Kim from Jonna We Our [Operator comes question Instructions] first question-and-answer session. from

how profit and now on big Just that Could over that business see And profile, first us margin of trending where is that one just the time? profile quantify you BioteRx. also you business help would how helpful will that love versus next and just on Amazon is business progressing the how well. as then be storefront And follow-up, year? think trend you a your expectations color would any

Jonna. you, Thank

So, your I'll first cover question.

access you platform for tools both marketplace BioteRx, or and offers remember, hormone a enhanced about optimization products all was wellness. next-generation these and therapeutic a and we that As if it talked

BioteRx's moved So, incorporated has offering Decision that we've new the expanded been Support and software in is Clinical enhancements. done what and

was allowed platform an it products recommended providers core So, an that it in products, to addition It that we platform. the we done have. this really an covers was as our but expansive range to our software access of find had business always

those small products. all transfer a through it's in it amount is So manufacture not a don't it the value point, a, very this areas -- but at is We platform. large them price. We And income, through provide platform. it competitive effectively to that of simply one basically is one a access provide

smaller minor in XXX(B). And from we internally -- contribution those So, even of in greater creating it's because XXXX, in start still Amazon. a the BioteRx Bob products expected the I'll XXXX transaction until it's though contribution more have fees and address modest our then a

the decision conversion process in model. the into channel is in right I new made of Sure. would the through the Amazon do to with we as and tell market one I for And it thing start we say line competing can Jonna, to piece the that our we is and control, definitely going working sight distribution is according plan you see accelerated growth. us us change exciting

that mix major or think benefit in changes. as sorry, and to real to So, probably and would QX, XXXX, area biggest then yes, we just say, But you'll XXXX. I start don't into growth I is that see any QX into I the expect shift see that continue

The Jeff Van Sinderen Riley. B. from comes of next question

P&L business. the nice say and work me Let on leverage the reaccelerating supplement

Okay. Can there. guys what me? hear sure I'm not you happened

Yes, you may continue.

Sorry, sir.

Okay.

you sense the And getting happened of you're now what disruption getting it that that. a speed how to that I I of one struggled think Can clinics are of was up just give abate doing those that the that? on guess, -- And mean, of said I kind things that you're around as there? enhanced QX. seeing, that most of the support, us software and we're support like through kind impact training I you you're sounds -- guess, you're of So, that decision the you mentioned through

question. No. Good

need growth. we when game the such to these We first forecasted had them on had talked end We in get QX, and decisions enhancements were at we clinics. So, to marketplace out the them that accelerated created we the get changers. clinical the and to growth of were felt X,XXX accelerated that our path the to software

workflow So, what we adjustment. a saw was

of One there essentially, headwinds adjustment the in X couple with bounce QX. were a new weeks. workflow back we've in CDSS, and So was last this seen the

back at takes X,XXX that we're really So, But we're difficult offices few clinics. change clinics where in the getting for to and weeks a shifting doctors' seeing to the last workflow it's those change. little time regular

go added mainstream option also expanded the competitive that we've could a the a products So, this this and patients attractive had minute. this on, really new here that how more ability they've perimenopause that expanded I so with providers Clinical we the could no moat Decision the software, to number teaching of of And one decision has and groups. support very add we're and industry. which patients academic then to very some also effectively We we we in seen many expands in compliments enhancements There's else for where treat. enhancement them, and the on in base treat we now providers benefit. Support really can through not our it over only were detail new But the

workflow have small we'll pass So for as talk We're QX let rebounding. impact. the reasoning know me that impact did to exact have it recovering seeing that adjustment. We to the a it and about in that that but CDSS, Bob was well. And

Excellent. Thanks, Yes. Terry.

at mentioned, workflow, as we're the those training, Terry to Looking through mentioned. working you as practitioners assist

launch, in is procedure over me done. clear, was But really about several revenue to demand post let back the to growth, having in -- have patient back is not still I the starting if saw be CDSS, just bounce loyalty and -- the begin the But increase work there the see to that track hit solid I on a X.X point we around nurture remains to the would us. weeks. and And at when to trends see for are are big have and excited But as we which percentage growth we but future. strong. day, practitioner to point, getting remains think the end the be guidance Jeff, impact stress of we this hurt obviously back original we that the highlight we past thing was your which

Okay.

I learning positive. should it a result how that net it that So like, thinking really little software, is more as sounds of curve but with associated the maybe of I'm about portrayed a of be adoption you've that, mean, bit the net very

I that really the of excellent. we well guidance The really minor had will our It these in gives the not as interruption. have changed we would be without net accelerated the this seen it algorithms QX of not the think enhances had headwind comfort growth kind us as that's have anywhere that way result that And abilities, hurricanes. in appeal. not and broadens in updates a workflow would that that industry And this

do 'XX? talk So you bit about little Bob, want to a

no, No, no.

the you the portfolio, think all for think the all the things solid across sets that range I recommendations additional of XXXX. up enhancements, mentioned, with it product expanded the a us algorithms, I our

Yes.

then I squeeze Okay. there. hear. getting curious was said in. progress. And more Great you I the made just Health, you could Asteria if one state licenses know I to the on

Just of where are that wondering kind in we process.

guess, I us about you else that? can Just anything tell

Yes.

several We've is know, We at quarters. XX to we're a around now integration that So for point licenses. as you the where us. vertical are key said

we We have to volume of Probably, we've continue be started the converted we're at exciting point track. on of piece our is XX% to to most this Asteria. that approximately where that --

margin about the in XXX puzzle. saw And And points that's QX, basis also so of improvement. piece a big we of

team. I'm the of So, just the to bow it, on proud give you put --

think demand I through have. capacity and the meet the able expanding we been yes, to we've that

far, so So, so good.

Gajrawala from Kaumil Jefferies. from comes next Our question

offer offering, you're on guess, share once software this some that or Do to take is to I what once maybe want before but what is new specifics is going of accustomed more do sort weren't on the specifically to I'll to -- be Ts. to everybody able bait, to you going it? do you it's able your Terry, using

Yes.

really we've of patient. new what and there's tests is available, So, exact where and tests every a available, lot over taken the specificity years has done advanced patient, individual these science lab in

So, very it does this now that treats to patient. software specific what is

the now the all other with are algorithms built So, opportunities.

are XXX. the way all now XXX turn patients the this from we to treating patients early month. We X had XXs So,

makes somebody's of the And new whole product that guidance portfolio. enhanced so whole also this delivers software across decades It life. the through recommendations

So, a company. we've ideal delivered a about, talked absolutely just but that for patient promise. We we're offer may that be various something offer also not on where education, we not the products. pellet We've these now

So, tells you options your software are what this and in for Clinical Decision sitting of to that patient front how Support dose you.

So, it method the And to to of broadens patient really the what doctors. appeal offers more their practitioner that mainstream enhances it greatly Biote base now.

and them. So, and I young healthy treating too it that this a to age, people optimization of front to base also be this products, know. couldn't practitioners need account on guidance just whole as patients seen in into kind detail are this hormone is you're creates very expanded providers in way about say that sitting so you and who's complex And know the there fact that when the comorbidities competitive never we all not for of But aging. patient age, enough many taken as it's new these patient of moat. have

job So, exceptional an we to expanded deliver very a have product. done

your I to may over ability and and going bit Obviously, with isn't is then time. there's GLP-X on what going compound about a FDA offer or ask some And Great. back it. and allow forth to Okay. the what's

there update any nice. be would just So,

Yes. market. in all to getting think used I we're it the And

for with right our what's it. used BioteRx We them And think legally Our keep providers offers providers. to We're step to I our are in regulations. it. available getting platform is what used

So, are main the that the are we products on currently offering X shortage list.

in all the our for us. those where it be additions BioteRx. both our not Tirzepatide obviously, we'll but be and provide Semaglutide is prescription and primary for the et and And don't providers of offering we only long in we're injections. one as states provide, them there'll it the about cetera, be really comings And the list, competitive becomes they oral, allowed. it's the It's going this And stay on able the of when access a if focus So, for just for to offerings to goings, as do worry prescription. of shortage we'll reasons

we our see having on really So, impact an don't it business.

would just is to that, this I immaterial to add then business. our that And overall Kaumil,

from Our next from question Les Truist comes Sulewski Securities.

So, I have X.

is you in then your impact, do to, on delay you initially, broadly base some closures? do clinic as you now reopen I to First that but number about look network to but to like some you second, all had the any then of you'd that offerings your bring product expect to you M&A when guess, to prescriber those you have that you particular that gain you GLP-X third, would that early, to and of you the offerings on your in-house? procedure, perhaps are do a then some hurricane those essentially offer, Or has traction? And perhaps guess, the fit there cater pressure. didn't all competitive it's And patients come lost mentioned a of BioteRx? the or certain current a products seamlessly expect that those thinking I space, specifically on to GLP-X clinics -- of guess, little requested Maybe I to the expect any any you practitioner have identified you potentially back? have plans, kind specifically, those at like offerings? lost any patients that And have

Bob start first with I'll one. questions. the Great let

did closures, do we next over fourth procedures the early back go on quarter hurricane These start these procedures, to procedures see we impact, So, to most come of -- would expect and say, just don't year. these away. our I the while

situations. monitoring busy to but We're back, be types know, clinics that some starting work there. getting be have see many there's But still I say that these of would to could bounce As and into just docs this of done you we're these of a closely. practices in challenge

second one. repeat then And your Les,

was Any to -- you clinics the have it the you that clinics competitive that pressure patients this didn't Do not in I that, network? prescribers offerings How to you have other or guess, have GLP-X from currently that regarding these you? is potentially coming the other expect have.

job offering have and No. in the of to the done clinics find the the on We've we with BioteRx GLP-X where states were it great us. work We've competitive they done we on allowed. a offering, very well

lost a So, at clinics weight clinic loss loss or just it we haven't integrating hormone all are else optimization something as our to their anything CDSS. expand very current like their we are that. providers as practices These into well the enhancing weight

So, positive on that we're access. overall seeing an

-- thing added is states other to that more The BioteRx in X last month. more we the X states

whole well. access GLP-X those those as states products will to So, now have

that's so And enhancement. an

us innovations, we're we So, at on because look regular the to good practices we when providers then innovations on offer providers think on see basis. I in XXXX use for. And are very that a and do as look into products in their ones what most these positive continue I a question our these focused looking the that is

would innovations creams those So, these we've be, things. and added

type we hormone optimization expanded can look offer where any what products innovations So, into that at we area. of

formulations step that is The other of how people is GLP-Xs. off for down for one everybody asking to

and gain patients we are at how what bring. testosterone to the use muscle their mass, as lean those products we they look can So,

and area from wellness, of special includes hormone we've therapeutic that that both got that GLP-X. stepping in the for them owning patient the optimization, where spot down aging we're effectively sweet So, innovating

XXXX. I the interesting on see to recommend in we So, plan innovations products some that

color. squeeze Maybe I you mind. if Great in, can one don't

there there Or XQ forward? take good front, moving On your a of the integration margin efforts vertical EBITDA kind hold? improvement room additional for proxy is is as

you Have Bob? answered that,

Yes.

So, here's bit over. that the expand to margins I about take we licenses get we additional are little states that volumes But excited say. and and It's the opportunity the in would a XXXX. we what further contingent upon

question comes from Capital next Partners. ROTH of George Our Kelly

a of to answered. couple some just asked have So, the follow-ups most Maybe questions. been prior of and

Bob, licensing Asteria. the like issues? a next maybe could year could of Do licensing, year? those of to you percent mentioned anticipating are around end sort is on it of sounds into volume. go -- First, you state it just like of something little you What on there's respect X this uncertainty bit state that sort with where you I mean, and

Yes.

So we've that continue obtained say on would you the we here's I would licenses. progress to would track, And that of states. to the would to is XX obtaining approximately well We're I think the and I year. licenses what say, continue piece remainder obtain biggest tell say. licenses I I of just the new throughout on

So, I -- think be. is we would right that and we it's with thought in where line

we states is goal on our -- to think I are And XX we the So, track participate in term. those long but and are in process converting. of

expansion. of lot risk as half second I far see the as a don't So, in

And visit. made outliers California some really think licenses. George, can just visit that on those to excellent We just we've think them I for you've I wait have progress, like right? to got And late,

about the while. and being wait it, larger a think for accelerated but able I so, states we've on And made excited California great are can to integration on provide you an and progress really

Yes.

well I quite we've states. our the states think larger and core of overlay some obtained expansion states really our

and -- So able we're to demand the at point. meet this

-- answers your So Hopefully, this question. is yes. that

resolved. that for you it's few here conference gives software growth confidence growth it around that double-digit sets commented accelerate. times the level, could press What you And does. up like XXXX question, second I think you you was issue to helpful. high to reaccelerate? that something commentary you Yes, it is just if think call, would a once solid procedure XXXX be be said revenue more is you're still any curious is Just more release specific outlook all, at then achievable? going in a that Yes. expecting the the I and in And you've the

committed I can that were growth hurricanes, because to. CDSS think those and that, CDSS the comment had I the before that enhanced X pass qualitative it before then of accelerated and a launch we from to we seeing Bob that

those headwinds. on were very our QX can QX. handle of got before But to X headwinds What and months it's work patient we clinics, was remember, and a So, lot with good we've you comfortable as you the happened that X X a in. a new George,

about there. has whole we're comfort be CDSS. that in market with work We're to through is system an that's recovery really the So This seeing excellent XXXX. patient is why demand the in. level to talking that that This and

market. Our doing expands clinics top-tier new CDSS really are the new and whole clinics, our a well,

in So, we'll I of accelerated quarter we're 'XX in of the be fourth 'XX. this think that that's know and where of coming with growth so that out end comfortable the

we I our QuickStarts, including up of And that, clinics, add then leverage the would well us our can to to George, patient all we is to growing Number key were kind turning to to said, on ramp brands. thing that think accelerating continuing loyalty the well. two, which we Yes, only haven't is customers I Terry geographic very our it quite the remain the One, expanding I our is to believe point is that for top-tier practitioners would need revenue got process. logically, the gone Nutra on demand as with were we almost X-step sets just this our work newer at and of demand away expansion stress smooth up as if that there. and there, practitioner those ensure drivers that that we performing CDSS, transition. we And these we've it growth, XXXX. clinics, look -- do X leading And the focused where from of I

we make I important the and then to comfortable want for that's whole think And was transparent really keeping CDSS happened were feel with at And are changing of hurricanes. us year totally and management informed. we're on sure have the top this and I this guidance we those is anticipated we to think, to George, and that what you of that most what's you what with in well to trust what looking with the do

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

forward look Biote on updating progress to appreciate Thank in on your you, next call. today. conference everybody joining really for you we interest us We the and the

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

disconnect. may now You