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Sep 30, 2024
biote Q3 2024 Earnings Report
Biote's revenue increased, driven by procedure revenue and dietary supplements, with gross profit margin improvement from vertical integration.
Key Takeaways
Biote reported a 12.8% increase in third-quarter revenue, driven by procedure revenue growth and a strong return to growth in the dietary supplements business. The company saw a solid improvement in gross profit margin due to cost savings from vertical integration of manufacturing. Net income was $12.7 million, and adjusted EBITDA increased by 15.4% compared to the third quarter of 2023.
Revenue increased to $51.4 million.
Procedure revenue reached $37.9 million.
Gross profit margin improved to 70.5%.
Net income was $12.7 million, with diluted earnings per share of $0.33.
biote
biote
Forward Guidance
Biote is adjusting its 2024 financial guidance to $197-$201 million in revenue and $58-$61 million in Adjusted EBITDA.
Positive Outlook
- Advanced clinical decision support software represents a key competitive differentiator.
- Software advances commitment to enhancing patient health.
- Software follows the latest evidence-based publications.
- Software makes recommendations across the expanded range of our portfolio of products.
- Software is expected to strengthen providers’ capabilities to serve a broader range of patients.
Challenges Ahead
- Some residual impact to procedure revenue is expected in the fourth quarter of 2024.
- Hurricanes Helene and Milton caused extended clinic closures in several of our core states in October, temporarily impacting procedure revenue in the fourth quarter of 2024.
- Practitioners need workflow guidance and software training.
- lower revenue guidance
- lower Adjusted EBITDA guidance