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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.
biote
biote
biote Revenue by Segment
Revenue by Segment
Procedure Revenue
CapyFin.comDietary Supplement Revenue
CapyFin.com 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