Business
Biote Reports First Quarter 2023 Financial Results
New Initiative Targets Long-term Growth Opportunity in Men’s Health Company Launches Warrant Exchange Offer and Consent Solicitation Maintains 2023 Financial
About this update from Biote Corp.
[{"type":"text","content":"\nNew Initiative Targets Long-term Growth Opportunity in Men’s Health\n\n\nCompany Launches Warrant Exchange Offer and Consent Solicitation\n\n\nMaintains 2023 Financial Guidance\n\n\n IRVING, Texas--(BUSINESS WIRE)--\nBiote (NASDAQ: BTMD), a leading solutions provider in preventive health care through the delivery of personalized hormone therapy, today announced financial results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 Financial Highlights, year-over-year:\n\n\n\nRevenue of $44.8 million, a 20.7% increase\n\n\n\nGross profit margin of 69.1%, a 220-basis point increase\n\n\n\nNet loss of $(21.4) million and GAAP loss per share of $(0.39), primarily reflecting the impact of transaction-related items\n\n\n\nAdjusted EBITDA of $13.1 million, a 12.4% increase1\n\n\n\nOperating cash flow of $13.0 million\n\n\n\n“Biote generated solid financial performance in the first quarter of 2023, driven by an approximately 21% increase in revenue, as we continued to effectively serve patients who wish to age healthfully and feel their best,” said Terry Weber, Biote Chief Executive Officer. “Overall, our first quarter results underscore the continued strong profitability of our capital-light business model that is designed to enhance patient health outcomes and deliver economic value for practitioners.\n\n\n“During the quarter, we launched a new initiative to accelerate our expansion into the large and growing men’s health market. Approximately 20 million men over age 45 suffer from low testosterone, yet only a small percentage currently receive treatment for this condition. To better address this significant unmet medical need, we are strengthening our focus on serving men’s healthcare practitioners throughout the United States. This strategic initiative aligns with our enduring mission to be the leading provider of hormone replacement education, resources and support.”\n\n\nMs. Weber continued, “Consistent with our efforts to enhance shareholder value, we remain committed to improving our capital structure. To this end, we are announcing today a warrant exchange offer and consent solicitation, aimed at reducing the potential dilutive impact of outstanding warrants.”\n\n\n2023 First Quarter Financial Review\n\n\nRevenue for the first quarter of 2023 was $44.8 million, an increase of 20.7% from $37.1 million for the fi...