Business
Biote Reports Fourth Quarter and Full Year 2023 Financial Results
Grew practitioner network to over 7,100 from 6,400 in 2022 Launched BioteRx, our new hormone and therapeutic wellness offerings Enhancing shareholder value
About this update from Biote Corp.
[{"type":"text","content":"\nGrew practitioner network to over 7,100 from 6,400 in 2022\n\n\nLaunched BioteRx, our new hormone and therapeutic wellness offerings\n\n\nEnhancing shareholder value with agreement to repurchase 18.4M founders’ shares in addition to a separate $20M share repurchase program\n\n\nReaffirms 2024 financial guidance, with an acceleration in second half growth\n\n\n IRVING, Texas--(BUSINESS WIRE)--\nBiote (NASDAQ: BTMD), a leading solutions provider in preventive health care through the delivery of personalized hormone optimization and therapeutic wellness, today announced financial results for the fourth quarter and full year ended December 31, 2023.\n\n\nFourth Quarter 2023 Financial Highlights\n(All financial result comparisons made are against the prior-year period)\n\n\n\nRevenue of $45.7 million, a 2.7% increase and in line with pre-released financial guidance\n\n\n\nProcedure revenue of $34.9 million, up 6.6%\n\n\n\nGross profit margin of 69.4%, a more than 400-basis point increase\n\n\n\nNet income of $12.1 million, representing net income margin of 26.4%, and diluted earnings per share attributable to biote Corp. stockholders of $0.18, compared to net income of $12.8 million, representing net income margin of 28.8%, and diluted earnings per share attributable to biote Corp. stockholders of $0.18\n\n\n\nAdjusted EBITDA1 of $13.6 million, a 3.5% increase and in line with pre-released financial guidance\n\n\n\nAdjusted EBITDA margin1 of 29.7%\n\n\n\nFull Year 2023 Financial Highlights\n(All financial result comparisons made are against the prior year)\n\n\n\nRevenue of $185.4 million, a 12.4% increase\n\n\n\nProcedure revenue of $141.0 million, up 9.3%\n\n\n\nGross profit margin of 68.8%, an approximately 190-basis point increase\n\n\n\nNet loss of $(2.8) million, representing net loss margin of (1.5)%, and diluted earnings per share attributable to biote Corp. stockholders of $0.13 per diluted share compared to net income of $1.3 million, representing net income margin of 0.8%, and diluted loss per share attributable to biote Corp. shareholders of $(0.12) per diluted share\n\n\n\nAdjusted EBITDA1 of $55.3 million, a 10.2% increase\n\n\n\nAdjusted EBITDA margin1 of 29.8%\n\n\n\n“Fourth quarter procedure revenue increased approximately 6.6%, reflecting stability for our hormone optimization therapies,” said Terry Weber, Biote C...