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Mar 31, 2023
biote Q1 2023 Earnings Report
Biote generated solid financial performance, driven by revenue growth and strategic initiatives in men's health.
Key Takeaways
Biote reported a 20.7% increase in revenue to $44.8 million for Q1 2023. The company launched a new initiative targeting the men's health market and maintained its 2023 financial guidance.
Revenue increased by 20.7% year-over-year to $44.8 million.
Gross profit margin improved by 220 basis points to 69.1%.
Net loss was $(21.4) million, or $(0.39) per share, impacted by transaction-related items.
Adjusted EBITDA increased by 12.4% to $13.1 million.
biote
biote
Forward Guidance
Biote is maintaining its 2023 guidance, anticipating stronger revenue growth and Adjusted EBITDA performance in the second half of the year.
Positive Outlook
- On track for continued growth in revenue and Adjusted EBITDA.
- Anticipates stronger revenue growth in the second half of the year.
- Expects stronger Adjusted EBITDA performance in the second half of the year.
- Will benefit from the contributions of sales personnel added at the end of 2022.
- Continues to invest to strengthen infrastructure and capabilities.