biote Q4 2022 Earnings Report
Key Takeaways
Biote reported a strong fourth quarter and full year 2022, with revenue reaching $44.5 million, an 18.5% increase year over year, and net income of $12.8 million, or $0.18 per diluted share. The company's Adjusted EBITDA increased by 40% to $13.1 million. For the full year, revenue was $165.0 million, and Adjusted EBITDA was $50.1 million.
Revenue for the fourth quarter of 2022 was $44.5 million, an 18.5% increase from $37.5 million for the fourth quarter of 2021.
Net income for the fourth quarter of 2022 was $12.8 million, or $0.18 per diluted share, compared to net income of $5.5 million for the fourth quarter of 2021.
Adjusted EBITDA for the fourth quarter of 2022 was $13.1 million compared to $9.4 million for the fourth quarter of 2021, a 40% increase.
Gross profit margin for the fourth quarter of 2022 was 65.3% compared to 64.0% for the fourth quarter of 2021.
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Forward Guidance
Biote anticipates continued growth in both revenue and Adjusted EBITDA in 2023, with stronger performance expected in the second half of the year.
Positive Outlook
- Continued growth in revenue
- Continued growth in Adjusted EBITDA
- Further build market presence
- Further build practitioner network
- Benefit from the contributions of sales personnel added at the end of last year