On March 12, 2024, Biote Corp (BTMD, Financial) released its 8-K filing, detailing its financial performance for the fourth quarter and full year of 2023. Biote Corp, a leader in personalized hormone optimization and therapeutic wellness, has shown resilience and growth despite facing challenges in the market.
Financial Performance and Challenges
Biote Corp's fourth quarter saw a revenue increase to $45.7 million, a 2.7% rise from the previous year, driven by a 6.6% increase in procedure revenue, although dietary supplement revenue declined by 14.6%. The full-year revenue reached $185.4 million, marking a 12.4% increase from 2022. The company's gross profit margin improved significantly, both for the quarter and the full year, due to product mix and effective cost management.
Operating income for the fourth quarter was $5.5 million, down from $7.3 million in the prior-year period, with higher expenses, primarily for professional services, offsetting revenue growth and improved gross profit. The net income for the quarter was $12.1 million, with a margin of 26.4%, while the full year saw a net loss of $(2.8) million. Adjusted EBITDA for the fourth quarter was $13.6 million, with a margin of 29.7%, and $55.3 million for the full year, indicating the company's ability to maintain profitability.
Strategic Initiatives and Outlook
CEO Terry Weber highlighted the expansion of the Biote-certified practitioner network and the launch of BioteRx, new hormone and therapeutic wellness products. The company also reached a settlement to repurchase founder shares, which is expected to be accretive to shareholder value, alongside a separate $20 million stock repurchase program.
Looking ahead, Biote Corp reaffirms its 2024 financial guidance, anticipating stronger revenue growth in the latter half of the year. The company expects procedure revenue growth in the first half of 2024 to be similar to that of the second half of 2023, with improved growth later in the year. Additionally, a return to nutraceutical revenue growth and contributions from new therapeutic wellness products are expected.
"As consumers prioritize their health and well-being, we continue to effectively address the large and underserved market for hormone optimization," said Terry Weber, CEO of Biote Corp.
Biote Corp's commitment to expanding its practitioner network and product offerings, combined with strategic financial management, positions the company for continued growth and success in the preventive healthcare industry.
Investor and Media Information
Biote Corp will host a conference call to discuss these results and provide a business update. Interested parties can access the call via telephone or a live webcast, with a replay available on the Biote Investor Relations website.
For detailed financial tables and a reconciliation of Adjusted EBITDA to net income, please refer to the full 8-K filing.
Investors and media seeking further information can contact Eric Prouty at AdvisIRy Partners or reach out to Biote Corp's media team at their official email.
Explore the complete 8-K earnings release (here) from Biote Corp for further details.
