Business
Biote Reports First Quarter 2022 Financial Results and Provides Corporate Update
Company accelerates expansion and reiterates 2022 guidance Net sales of $37 million in the quarter, an 18% increase year-over-year from the first quarter of
About this update from Biote Corp.
[{"type":"text","content":"\nCompany accelerates expansion and reiterates 2022 guidance\n\n\nNet sales of $37 million in the quarter, an 18% increase year-over-year from the first quarter of 2021.\n\n\nFirst quarter procedural revenue grew at 21.2% year-over-year.\n\n\nAdjusted EBITDA of $12 million, a 20% increase year-over-year.1\n\n\nThe Company expects the transactions contemplated by the business combination agreement with Haymaker Acquisition Corp. III (Nasdaq: HYAC) to close in the second quarter of 2022.\n\n\nManagement reiterates its 2022 guidance of $160-166 million in revenue and $46-50 million in adjusted EBITDA.1\n\n\n IRVING, Texas--(BUSINESS WIRE)--\nBiote, a high growth, differentiated medical practice-building business within the hormone optimization space, today announced financial results for the first quarter of 2022. Similar to a franchise model, Biote provides the necessary components to enable practitioners to establish, build, and successfully operate a hormone optimization practice.\n\nBiote sits at the intersection of healthcare and consumer, with demonstrated brand loyalty and a sales trajectory poised to disrupt the multi-billion-dollar hormone optimization space. Biote’s mission is to help practitioners’ patients feel like their best selves through all phases of aging.\n\n“In the first quarter, the Biote team delivered another strong growth performance. We advanced our strategic expansion plans and accelerated growth in core markets and new geographies,” said Terry Weber, Biote’s Chief Executive Officer. “We continue to be a leader in the hormone optimization space, enabling the healthcare practitioners we partner with to seamlessly integrate the Biote Method into their practices, benefitting both providers and their patients. Biote’s net revenue of $37 million was driven by 21.2% growth in Biote-partnered practitioner procedures, which is the core of our business. In our dietary supplement product line, our 2021 Black Friday promotion was more successful than we predicted, resulting in our Q1 2022 sales being pulled into the fourth quarter of 2021. Without this effect, we believe our dietary supplement growth would have maintained its historical pattern of approximately 20% year-over-year growth.”\n\nAfter excluding certain non-recurring expenses and one-time costs associated with our pending business combination, adjusted EB...