Core Insights - Biote experienced significant changes in its commercial organization and operating model in 2025, focusing on new clinic growth, maximizing existing clinic value, and enhancing accountability [3][4][6] Group 1: Sales and Commercial Strategy - The company increased its sales team from about 60 to over 90 salespeople by the end of 2025, with plans to expand to approximately 120 in 2026 [1][6][7] - A new incentive compensation framework was introduced to align with high-growth objectives, and the commercial organization was restructured geographically and by sales role to improve service and focus on growth [2][4] - The company noted an acceleration in practitioner training attendance, which is seen as a leading indicator of future procedure growth [1][8] Group 2: Financial Performance - Fourth-quarter revenue fell 6.9% to $46.4 million, with procedure revenue down 13% to $31.8 million, while dietary supplement sales rose 16% to $11.7 million [6][9] - Adjusted EBITDA declined to $11.7 million with a 25.2% margin, down from $15.1 million and a 30.3% margin in the previous year [12][13] - For 2026, the company expects revenue to exceed $190 million and adjusted EBITDA to be greater than $38 million, despite anticipated declines in procedure revenue in the first half [5][17] Group 3: Operational Challenges and Investments - A partial, voluntary recall at Asteria Health resulted in a $1.3 million inventory charge and could depress procedure volumes in the first half of 2026 [5][14] - The company plans to invest significantly in sales and technology capabilities to enhance the practitioner experience and long-term retention [7][8] - Management is monitoring the impacts of the recall and is focused on retaining customers through selective pricing strategies [19][20] Group 4: Market Position and Future Outlook - The company operates in the hormone optimization space, training practitioners in bioidentical hormone replacement therapy [21] - The removal of black box warnings for certain hormone therapies by the FDA is viewed as a positive development that could increase demand for hormone optimization [20]

Core Insights - F45 Training has entered a two-year partnership with Joi + Blokes, designating them as the Official Diagnostics and Personalized Supplements Partner, enhancing F45's holistic fitness approach through personalized health insights [1][10] - The collaboration will launch in the United States, integrating Joi + Blokes' clinically backed diagnostics and personalized supplement programs into the F45 Training ecosystem, aimed at helping members make informed health decisions [2][3] Group 1: Partnership Details - The partnership focuses on providing F45 members with personalized health insights to support training, recovery, and performance [1][4] - Joi + Blokes specializes in hormone optimization and wellness plans, utilizing advanced lab diagnostics and individualized treatment plans tailored by medical professionals [3][7] - The collaboration aims to create a seamless experience that connects in-studio training with personalized health insights, supported by digital integration and educational content [4][5] Group 2: Company Background - F45 Training is a global fitness franchise with over 1,500 studios across 55+ countries, offering team-based workouts that combine strength, cardio, and scientifically backed programming [5] - Joi + Blokes is a national virtual clinic focused on hormone optimization, weight loss, diagnostics, and longevity, founded by Josh and Katy Whalen [7]