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Dec 31, 2022
biote Q4 2022 Earnings Report
Biote achieved record financial results driven by strong growth in revenue and Adjusted EBITDA.
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.
biote
biote
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