Financial Data and Key Metrics Changes - Fourth quarter revenue was $49.8 million, up 9% from the prior year period [21] - Fourth quarter gross profit margin was 71.8%, a 247 basis point increase from the fourth quarter of 2023 [25] - Net income was $3.5 million, down from $12.1 million in the fourth quarter of 2023 [26] - Adjusted EBITDA increased 11.4% to $15.1 million, with an adjusted EBITDA margin of 30.3% [27] - Cash flow from operations for fiscal year 2024 was $45.2 million, compared to $26.9 million for fiscal year 2023 [28] Business Line Data and Key Metrics Changes - Procedure revenue growth increased 5%, primarily driven by growth of established top-tier clinics [21] - Dietary supplement revenue increased 10.2% year-over-year, benefiting from the transition to the Amazon channel [24] Market Data and Key Metrics Changes - The company expects 2025 procedure revenue to increase approximately 2% to 4% from 2024 [29] - Dietary supplement revenue is expected to increase approximately 5% to 10% from 2024 [29] Company Strategy and Development Direction - The company has focused on strengthening its competitive moat through new and enhanced proprietary offerings [13] - The acquisition of Asteria Health in 2024 has allowed for vertical integration of manufacturing, generating cost efficiencies [14] - The launch of the BioteRx wellness platform is seen as a key competitive differentiator [15] - The company aims to expand its share of internally manufactured pellets as it gains additional state licenses [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that procedure revenue growth was negatively impacted by a reduction in procedure volume during the transition to upgraded software [22] - The company is confident about the benefits of its clinical decision support software but expects new customer growth to slow in the first half of 2025 [23] - Management believes Biote has entered 2025 with a position of strength, underpinned by strategic assets that enhance capabilities [18] Other Important Information - The company has trained over 8,000 practitioners, representing a fraction of the total available patient and practitioner population [33] - Management emphasizes the importance of maximizing value from top-tier providers and adding new practitioners to broaden the network [36][37] Q&A Session Summary Question: Can you help reconcile the procedural revenue growth guidance? - Management indicated that new customers are a material part of the business, and growth in new customers is essential for future growth [44] Question: Can you provide more color on the three areas of focus mentioned? - Management highlighted the need to service existing accounts, focus on new clinic starts, and improve execution within the commercial organization [49][50][53] Question: Are patients being lost to GLP-1 offerings? - Management stated that they do not see a lack of interest in hormone optimization despite the growth of GLP-1s [61] Question: What is the current status of the onboarding process for the new software? - The rollout of the new software is complete, but it will be a continuous improvement project [77] Question: Do you expect gross margin to stay in the low 70 range in 2025? - Management confirmed that they are seeing solid benefits from Asteria, which is included in the guidance [80] Question: Has there been any uptick in churn among productive clinics? - Management reported no loss of customers or clinics due to the new software [85] Question: How is the Amazon channel performing for dietary supplements? - Management indicated that they are progressing well with the Amazon channel and do not see any issues [88] Question: How big is the clinical network today? - Management reported over 8,600 providers and emphasized the importance of training and onboarding new practitioners [91]