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Jun 30, 2024
biote Q2 2024 Earnings Report
Biote's financial performance remained relatively stable year-over-year, with revenue slightly decreasing but procedure revenue growing, offset by a decline in dietary supplement revenue, and the company experienced a net loss due to increased investments and changes in the fair value of liabilities.
Key Takeaways
Biote reported revenue of $49.2 million, a slight decrease from the previous year. Procedure revenue increased, but dietary supplement revenue declined. The company experienced a net loss of $(10.5) million, influenced by increased investments in sales and marketing and changes in the fair value of earnout liabilities.
Revenue was $49.2 million.
Procedure revenue grew 7.8% year-over-year.
Net loss was $(10.5) million, with a loss per share of $(0.19).
Gross profit margin was 68.9%, including a $1.2 million inventory step-up from the Asteria Health acquisition.
biote
biote
biote Revenue by Segment
Revenue by Segment
Procedure Revenue
CapyFin.comDietary Supplement Revenue
CapyFin.com Forward Guidance
Biote reiterates its 2024 financial guidance for revenue between $200 million and $204 million and Adjusted EBITDA between $60 million and $63 million, anticipating accelerated growth in the second half of the year and moderating operating expenses.
Positive Outlook
- Expect improved procedure revenue growth in the second half of 2024.
- Growth will be driven by strengthened performance from top-tier clinics.
- Growth will be driven by continued expansion of practitioner network.
- Growth will be driven by quick-start program that accelerates the revenue ramp from new clinics.
- Overall operating expenses will moderate in the second half of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income