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Dec 31, 2023
biote Q4 2023 Earnings Report
Biote reported a revenue increase driven by procedure revenue growth, offset by a decline in dietary supplement revenue. Gross profit margin increased due to product mix and effective cost management. Net income was slightly lower than the previous year, with earnings per share remaining the same.
Key Takeaways
Biote reported a 2.7% increase in revenue to $45.7 million for Q4 2023, driven by a 6.6% increase in procedure revenue. Net income was $12.1 million, with diluted earnings per share of $0.18. The company's gross profit margin improved to 69.4%.
Revenue increased by 2.7% to $45.7 million.
Procedure revenue increased by 6.6%.
Gross profit margin increased to 69.4%.
Net income was $12.1 million, with diluted EPS of $0.18.
biote
biote
Forward Guidance
Biote anticipates solid financial performance in 2024, expecting stronger revenue growth in the second half of the year.
Positive Outlook
- Procedure revenue growth in the first half of 2024 is expected to be similar to the second half of 2023.
- Improved procedure revenue growth is expected in the back half of 2024.
- A return to nutraceutical revenue growth is anticipated in the second half of 2024.
- Modest contributions are expected from new therapeutic wellness products.
- A second-half margin contribution is expected from the acquisition of Asteria Health.
Challenges Ahead
- First half 2024 consolidated year-on-year revenue growth is expected to be in the low-single digits.
- Total revenue growth in the first half of 2024 is expected to be impacted by the transition in the nutraceutical distribution channel.
- Total revenue growth in the first half of 2024 is expected to be impacted by the timing of seasonal promotions.
- The company does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because it could not do so without unreasonable effort.
- The Company’s projected Adjusted EBITDA excludes certain items that are inherently uncertain and difficult to predict including, but not limited to, share-based compensation expense, income taxes, due diligence expenses and legal expenses.