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Sep 30, 2022
biote Q3 2022 Earnings Report
Reported strong revenue growth driven by increased procedures and dietary supplement sales.
Key Takeaways
Biote reported an 18% increase in revenue to $42.0 million and a 19% increase in Adjusted EBITDA to $12.2 million compared to the third quarter of 2021. Despite hurricane-related clinic closures in key markets, the company's performance reflects the expansion of its clinic and practitioner network. Biote is on track to achieve the upper end of its 2022 financial guidance.
Revenue reached $42.0 million, marking an 18% year-over-year increase.
Net loss was $(6.3) million, with a GAAP EPS of $(1.74), impacted by transaction-related expenses.
Adjusted EBITDA increased by 19% year-over-year to $12.2 million.
The company expects to reach the upper end of its 2022 guidance for revenue and Adjusted EBITDA.
biote
biote
Forward Guidance
Biote expects to achieve the upper end of its previously issued 2022 financial guidance ranges of $160-$166 million in revenue and $47-$51 million in Adjusted EBITDA.
Positive Outlook
- Strong revenue growth
- High profitability
- Annuity-like business model
- Record sales expected in 2022
- Record Adjusted EBITDA expected in 2022
Challenges Ahead
- Success of dietary supplements to attain significant market acceptance among clinics, practitioners and their patients
- Customers’ reliance on certain third parties to support the manufacturing of bio-identical hormones for prescribers
- Sensitivity to regulatory, economic, environmental and competitive conditions in certain geographic regions
- Ability to increase the use by practitioners and clinics of the Biote Method at the rate that we anticipate or at all
- Ability to grow our business