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Mar 31, 2024
biote Q1 2024 Earnings Report
Biote's financial performance was driven by procedure revenue growth and strengthened profitability.
Key Takeaways
Biote reported a 4.4% increase in revenue to $46.8 million, driven by a 6.6% increase in procedure revenue. The company's gross profit margin increased by approximately 240 basis points to 71.4%. Net loss was $(5.8) million, with a loss per share of $(0.06). Adjusted EBITDA increased by 8.0% to $14.2 million.
Revenue increased by 4.4% to $46.8 million.
Procedure revenue increased by 6.6% to $37.4 million.
Gross profit margin increased by approximately 240 basis points to 71.4%.
Adjusted EBITDA increased by 8.0% to $14.2 million.
Revenue by Segment
Forward Guidance
The company reaffirms its 2024 financial guidance, expecting stronger revenue growth in the second half of the year.
Positive Outlook
- Procedure revenue growth in the first half of 2024 similar to that of the second half of 2023 with improved growth in the back half of 2024.
- A return to nutraceutical revenue growth in the second half of 2024.
- Expected modest contributions from new therapeutic wellness products.
- A second-half margin contribution from the anticipated impact of the acquisition of Asteria Health.
Challenges Ahead
- First half 2024 consolidated year-on-year revenue growth is expected to be in the low-single digits.
- Total revenue growth in the first half of 2024 is expected to be impacted by the transition in the nutraceutical distribution channel and timing of seasonal promotions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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