Business
Biote Reports Record Fourth Quarter and Full Year 2021 Financial Results and Provides 2022 Outlook
Record net sales of $139.4 million for the full year, a 20% increase year-over-year.Record net sales of $37.5 million in the fourth quarter, a 22% increase
About this update from Biote Corp.
[{"type":"text","content":"Record net sales of $139.4 million for the full year, a 20% increase year-over-year.Record net sales of $37.5 million in the fourth quarter, a 22% increase period-over-period.EBITDA of $36 million, a 9% increase year-over-year.¹In December 2021, Biote entered into a business combination agreement with Haymaker Acquisition Corp. III (Nasdaq: HYAC), which is expected to close in the second quarter of 2022.2022 guidance of $160-166 million in revenue and $46-50 million in EBITDA.¹ IRVING, Texas, March 22, 2022 (GLOBE NEWSWIRE) -- Biote, a high growth, differentiated medical practice-building business within the hormone optimization space, today announced record financial results for the fourth quarter and full year of 2021. Biote 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. “The Biote team’s efforts during the year produced excellent results as we achieved record net revenue, gross margins, and EBITDA in 2021,” said Terry Weber, Biote Chief Executive Officer. “We strengthened our position within the hormone optimization space by continuing to raise awareness and educate practitioners on how to treat hormone deficiencies. As of December 31, 2021, there are over 5,200 Biote-certified practitioners. With our sights set on further expansion, we recently entered into a business combination agreement with Haymaker Acquisition Corp. III, a transaction that will provide ample funding towards our strategic goal of disrupting the multi-billion-dollar hormone optimization market domestically and outside North America.” Biote’s net revenue of $139.4 million exceeded expectations and was driven by solid performance in both practitioner procedures and dietary supplement sales. Record EBITDA of $36 million was driven by the strong demand for our key services and product offerings, reduction in costs of products and the unique Biote practitioner training and support system which typically achieves a 90% annual retention rate. Although a record, EBITDA in 2021¹ was impacted by approximately $4 million in higher operational expenses related to headcount expansion as well as deal and audit fees associated with th...