Business
Biote Reports Second Quarter 2023 Financial Results
Solid Second Quarter Revenue Growth Continued Progress to Optimize Capital Structure and Enhance Share Liquidity Expansive Strategic Approach Targeting
About this update from Biote Corp.
[{"type":"text","content":"\nSolid Second Quarter Revenue Growth\n\n\nContinued Progress to Optimize Capital Structure and Enhance Share Liquidity\n\n\nExpansive Strategic Approach Targeting Therapeutic Wellness and Men’s Health Categories\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 second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Financial Highlights\n\n\n(All financial result comparisons made are against the prior year period)\n\n\n\nRevenue of $49.3 million, a 19.1% increase\n\n\n\nGross profit margin of 67.9%, a 60-basis point increase\n\n\n\nNet loss of $(13.1) million and GAAP loss per share of $(0.25), compared to a net loss of $(21.3) million and GAAP loss per share of $(0.34)\n\n\n\nAdjusted EBITDA of $14.5 million, a 10.6% increase\n\n\n\n“Biote continued to broaden awareness of the benefits of hormone replacement therapy while delivering solid financial performance in our second quarter,” said Terry Weber, Biote’s Chief Executive Officer. “Revenue grew more than 19% over the prior-year period, and we achieved an Adjusted EBITDA margin of 29.5% even as we invested in strengthening our capabilities. During the quarter, we continued to optimize our capital structure by completing a warrant exchange offer and consent solicitation. In addition, another secondary offering of our Class A common stock was completed during the quarter, further enhancing the liquidity of our publicly traded shares without diluting current holders.”\n\n\nMs. Weber continued, “Recently we formalized our commitment to men’s hormone health with the launch of our new Men’s Health division. We are excited about the long-term opportunity in this large and growing addressable market, as more men seek safe and effective treatments regardless of age.\n\n\n“To more effectively address the growing opportunities in today’s dynamic preventative health market, we continue to expand our strategic approach, encompassing a broader range of hormone and wellness therapies. For example, we are currently trialing an expanded suite of requested products from our top providers in response to growing patient demand for wellness products that are complementary to our existing therapies. Ultimately, we aim to become a l...