Business
Biote Reports Fourth Quarter and Full Year 2022 Financial Results
Achieved Full Year 2022 Record Revenue and Adjusted EBITDA for Full Year 2022 Expect 2023 Revenue of $190-200 million and Adjusted EBITDA of $56-60 million
About this update from Biote Corp.
[{"type":"text","content":"\nAchieved Full Year 2022 Record Revenue and Adjusted EBITDA for Full Year 2022\n\nExpect 2023 Revenue of $190-200 million and Adjusted EBITDA of $56-60 million\n\nSignificantly Increased Trading Liquidity with Recent Successful Secondary Offering\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 fourth quarter and full year ended December 31, 2022.\n\nFourth Quarter Highlights, year over year:\n\n\nRevenue of $44.5 million, an 18.5% increase.\n\n\nNet income of $12.8 million and fully diluted GAAP earnings per share of $0.18.\n\n\nAdjusted EBITDA of $13.1 million, a 40% increase.1\n\n\nFull Year 2022 Highlights, year over year:\n\n\nRevenue of $165.0 million, an 18.3% increase.\n\n\nNet income of $1.3 million and fully diluted GAAP loss per share of $(0.12).\n\n\nAdjusted EBITDA of $50.1 million, up 24.6%.2\n\n\nContinued to execute growth strategy to capture large market opportunity for both providers and patients\n\n\n“Biote achieved record financial results in the fourth quarter and for the full 2022 year, driven by strong growth in revenue and Adjusted EBITDA, which were at the high end of our guidance,” said Biote Chief Executive Officer Terry Weber. “Our financial performance reflected successful execution of our growth strategy, as we further built our sales team and practitioner network in both existing and new geographic markets. Consumers increasingly seek treatment for many age-related symptoms often caused by hormonal imbalances, and the effectiveness of the Biote method continues to spur patient demand for the customized therapies offered by Biote-certified providers. As we strive to make the Biote brand synonymous with hormone replacement therapy, we remain dedicated to broadening public awareness by advancing the science and research supporting hormone optimization.”\n\nMs. Weber continued, “In early January, we successfully completed a secondary offering of Biote Class A common stock, representing an important milestone in our journey as a public company. This transaction not only significantly increased the liquidity of our publicly traded shares, but also broadened institutional ownership of our shares. As a management team, we remain focused on buildi...