• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Biote Reports Second Quarter 2024 Financial Results

    8/8/24 4:05:00 PM ET
    $BTMD
    Medicinal Chemicals and Botanical Products
    Health Care
    Get the next $BTMD alert in real time by email

    Procedure revenue growth accelerates sequentially

    BioteRx roll-out on track with further expansion planned

    Management reiterates 2024 financial guidance

    Biote (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 second quarter ended June 30, 2024.

    Second Quarter 2024 Financial Highlights

    (All financial result comparisons made are against the prior-year period)

    • Revenue of $49.2 million
    • Procedure revenue of $38.4 million
    • Gross profit margin of 68.9%, including a $1.2 million inventory step-up related to the acquisition of Asteria Health
    • Net loss of $(10.5) million, representing net loss margin of (21.3)%, and basic and diluted loss per share attributable to biote Corp. stockholders of $(0.19), compared to net loss of $(13.1) million, representing net loss margin of (26.6)%, and basic and diluted loss per share attributable to biote Corp. stockholders of $(0.25)
    • Adjusted EBITDA1 of $12.7 million

    "Biote's second quarter procedure revenue grew 7.8% from the prior-quarter period, increasing sequentially from the 6.6% rate reported in the first quarter of 2024," said Terry Weber, Biote Chief Executive Officer. "We continued to experience broad-based demand strength primarily from top-tier practitioners across our network. Through the first half of the year, Biote has grown new clinics by approximately 30%, with an accelerated revenue ramp from clinics implementing our quick-start program that optimizes on-boarding success for practitioners. During the second quarter, we increased our investments in sales and marketing to extend Biote's geographic presence, expanded our therapeutic wellness offerings and enhanced engagement with our top 500 practitioners at our annual provider event."

    Ms. Weber continued, "We are pleased with the positive response from both patients and practitioners to BioteRx, our recently launched suite of hormone and evidence-based wellness therapies. BioteRx builds upon our science-based approach, leveraging the latest technology and tools to enhance patient health outcomes while supporting practitioners with unmatched education and training. Over the past several months, we have introduced BioteRx to approximately 600 clinics throughout our network, addressing essential healthcare needs in preventative wellness, sexual health and weight loss. As we continue to roll out BioteRx over the remainder of this year and into 2025, we remain focused on delivering the next level of personalized medicine for our growing patient population."

    ______________________________

    1 Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Please see "Discussion of non-GAAP Financial Measures" for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measure.

    2024 Second Quarter Financial Review

    (All financial result comparisons made are against the prior-year period unless otherwise noted)

    Revenue for the second quarter of 2024 was $49.2 million compared to $49.3 million for the second quarter of 2023. Procedure revenue grew 7.8%, benefiting from growth at established clinics and the addition of new clinics. As expected, dietary supplement revenue decreased 32.2%, as we continued the transition of our e-commerce business and lapped a significant seasonal promotion in last year's second quarter.

    Gross profit margin for the second quarter of 2024 was 68.9% compared to 67.9% for the second quarter of 2023. The increase in gross profit margin was primarily due to product mix and continued effective cost management. Gross profit margin in the second quarter of 2024 included a $1.2 million step-up in inventory value from the acquisition of Asteria Health. Excluding this inventory revaluation, second quarter 2024 gross profit margin would have been 70.9%.

    Operating income for the second quarter of 2024 was $6.2 million, compared to $7.7 million for the second quarter of 2023. Operating income in the second quarter of 2024 decreased primarily due to increased investment in sales and marketing initiatives as well as higher legal expenses, partially offset by improved gross profit.

    Net loss for the second quarter of 2024 was $(10.5) million, representing a net loss margin of (21.3)%, and diluted loss per share attributable to biote Corp. stockholders of $(0.19), compared to net loss of $(13.1) million, representing a net loss margin of (26.6)%, and diluted loss per share attributable to biote Corp. stockholders of $(0.25), for the second quarter of 2023. Net loss for the second quarter of 2024 and 2023 included a loss of $13.9 million and $6.4 million, respectively, due to a change in the fair value of earnout liabilities. Net loss for the second quarter of 2023 also included a loss of $11.8 million due to a change in the fair value of the warrant liability. As of June 30, 2023, all of the outstanding warrants had been exchanged for Class A common stock.

    Adjusted EBITDA for the second quarter of 2024 was $12.7 million, with an Adjusted EBITDA margin of 25.9%. In the second quarter of 2023, Adjusted EBITDA was $14.5 million, with an Adjusted EBITDA margin of 29.5%. The decreases in Adjusted EBITDA and Adjusted EBITDA margin primarily reflected increased investments in sales and marketing initiatives as well as higher legal expenses, partially offset by higher gross profit and gross profit margin.

    Resolution of Legal Claims and Related Share Repurchases

    As previously announced, on April 23, 2024, Biote reached a definitive settlement in the Company's litigation with Dr. Gary S. Donovitz, Biote's founder, to resolve litigation. Under the terms of this settlement, Biote agreed to repurchase all the approximately 18.4 million shares beneficially owned by Dr. Donovitz at the time of the settlement at an average price of $4.17 per share, with the first tranche of shares repurchased for $32.2 million on April 26, 2024. The remaining shares beneficially owned by Dr. Donovitz at the time of settlement will be repurchased over the next three years. Also pursuant to the settlement, Biote cancelled all 3.9 million unvested earnout shares that were beneficially owned by Dr. Donovitz at the time of settlement.

    Additionally, on June 28, 2024, Biote reached a definitive settlement with Marci M. Donovitz, stockholder of Biote, to resolve litigation. For $60 million in the aggregate, Biote will repurchase all of the approximately 8.3 million shares beneficially owned by Ms. Donovitz at the time of the settlement at an average price of $7.23 per share, with the first tranche of shares repurchased for $30.0 million on June 28, 2024. The remaining shares beneficially owned by Ms. Donovitz at the time of settlement will be repurchased over the next three years. Also pursuant to the settlement, Biote cancelled all of the approximately 4.0 million unvested earnout shares that were beneficially owned by Ms. Donovitz at the time of settlement.

    2024 Financial Outlook

    Ms. Weber concluded, "Based on our solid first half performance and our expectation for accelerated growth in the second half of the year, we reiterate our 2024 financial guidance for revenue and Adjusted EBITDA. While we will continue to make investments consistent with our growth strategy, we anticipate our overall operating expenses will moderate in the second half of 2024 as compared to the first half of the year.

    "We continue to expect improved procedure revenue growth in the second half of 2024 relative to the first half, driven by strengthened performance from our top-tier clinics, the continued expansion of our practitioner network and our quick-start program that accelerates the revenue ramp from new clinics."

    ($ in millions)

    Previously Reported

    2024 Guidance Ranges

    Revenue

    $200-$204

    Adjusted EBITDA1

    $60-$63

    ______________________________

    1 Please see "Forward-Looking Non-GAAP Financial Measures" below for additional information about forward-looking Adjusted EBITDA.

    Conference Call:

    Biote management will host a conference call to review these results and provide a business update beginning at 5:00 p.m. ET on Thursday, August 8, 2024. To access the conference call by telephone, please dial (844) 481-2820 (U.S. toll-free) or (412) 317-0679 (International). To access a live webcast of the call, interested parties may use the following link: biote Corp. Second Quarter Earnings Call. A replay of the webcast will be available on the Events page of the Biote Investor Relations website, found here, shortly after the event concludes.

    Discussion of Non-GAAP Financial Measures

    To provide investors with additional information regarding our financial results, Biote has disclosed Adjusted EBITDA, a non-GAAP financial measure that it calculates as net income before interest, taxes and depreciation and amortization, further adjusted to exclude stock-based compensation, litigation expenses, legal settlements, transaction-related expenses, merger and acquisition expenses, fair value adjustments to certain equity instruments classified as liabilities and other expenses. Below we have provided a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure.

    We present Adjusted EBITDA and Adjusted EBITDA margin because it is a key measure used by our management to evaluate our operating performance, generate future operating plans and determine payments under compensation programs. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.

    Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:

    • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA margin do not reflect cash capital expenditure requirements for such replacements of our assets;
    • Adjusted EBITDA and Adjusted EBITDA margin do not reflect changes in, or cash requirements for, our working capital needs; and
    • Adjusted EBITDA and Adjusted EBITDA margin do not reflect tax payments that may represent a reduction in cash available to us.

    In addition, Adjusted EBITDA and Adjusted EBITDA margin are subject to inherent limitations as it reflects the exercise of judgment by Biote's management about which expenses are excluded or included. A reconciliation is provided in the financial statement tables included below in this press release for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including net income and our other GAAP results.

    Forward-Looking Non-GAAP Financial Measures

    The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of certain information needed to calculate reconciling items. For example, the Company has not included a reconciliation of projected Adjusted EBITDA to GAAP net income (loss), which is the most directly comparable GAAP measure, for the periods presented in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company's projected Adjusted EBITDA excludes certain items that are inherently uncertain and difficult to predict including, but not limited to, share-based compensation expense, income taxes, due diligence expenses and legal expenses. Due to the variability, complexity and limited visibility of the adjusting items that would be excluded from projected Adjusted EBITDA in future periods, management does not forecast them for internal use and therefore cannot create a quantitative projected Adjusted EBITDA to GAAP net income (loss) reconciliation for the periods presented without unreasonable efforts. A quantitative reconciliation of projected Adjusted EBITDA to GAAP net income (loss) for the periods presented would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. From a qualitative perspective, it is anticipated that the differences between projected Adjusted EBITDA to GAAP net income (loss) for the periods presented will consist of items similar to those described in the financial tables later in this release, including, for example and without limitation, share-based compensation expense, income taxes, due diligence expenses and legal expenses. The timing and amount of any of these excluded items could significantly impact the Company's GAAP net income (loss) for a particular period. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis.

    About Biote

    Biote is transforming healthy aging through innovative, personalized hormone optimization and therapeutic wellness solutions delivered by Biote-certified medical providers. Biote trains practitioners to identify and treat early indicators of aging conditions, an underserved global market, providing affordable symptom relief for patients and driving clinic success for practitioners.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "hope," "anticipate," "believe," "seek," "target," "continue," "could," "might," "ongoing," "potential," "predict," "would" and other similar expressions, are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual results or developments to differ materially from those expressed or implied by such forward-looking statements, including but not limited to: the success of our dietary supplements to attain significant market acceptance among clinics, practitioners and their patients; our customers' reliance on certain third parties to support the manufacturing of bio-identical hormones for prescribers; our and our customers' sensitivity to regulatory, economic, environmental and competitive conditions in certain geographic regions; our ability to increase the use by practitioners and clinics of the Biote Method at the rate that we anticipate or at all; our ability to grow our business; the significant competition we face in our industry; the impact of strategic acquisitions and the implementation of our growth strategies; our limited operating history; our ability to protect our intellectual property; the heavy regulatory oversight in our industry; changes in applicable laws or regulations; the inability to profitably expand in existing markets and into new markets; the possibility that we may be adversely impacted by other economic, business and/or competitive factors, including recent bank failures; and future exchange and interest rates. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and other risks and uncertainties described in the "Risk Factors" section of Biote's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024, filed with the Securities and Exchange Commission on May 10, 2024, and other documents filed by Biote from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Biote assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Biote does not give any assurance that it will achieve its expectations.

    Financial Tables

    Biote Corp.

    Consolidated Balance Sheets

    (In Thousands)

    (Unaudited)

     

    June 30,

    December 31,

    2024

    2023

    Assets

    Current assets:

    Cash and cash equivalents

    $

    26,419

     

    $

    89,002

     

    Accounts receivable, net

     

    7,700

     

     

    6,809

     

    Inventory, net

     

    19,212

     

     

    17,307

     

    Other current assets

     

    8,436

     

     

    9,225

     

    Total current assets

     

    61,767

     

     

    122,343

     

    Property and equipment, net

     

    4,523

     

     

    1,218

     

    Capitalized software, net

     

    4,884

     

     

    4,973

     

    Goodwill

     

    5,516

     

     

    —

     

    Intangible assets, net

     

    5,967

     

     

    —

     

    Operating lease right-of-use assets

     

    2,102

     

     

    1,877

     

    Deferred tax asset

     

    8,141

     

     

    24,884

     

    Total assets

    $

    92,900

     

    $

    155,295

     

     

    Liabilities and Stockholders' Deficit

    Current liabilities:

     

    Accounts payable

    $

    5,793

     

    $

    4,155

     

    Accrued expenses

     

    6,899

     

     

    8,497

     

    Term loan, current

     

    6,250

     

     

    6,250

     

    Deferred revenue, current

     

    3,159

     

     

    3,002

     

    Earnout liabilities, current

     

    100

     

     

    —

     

    Operating lease liabilities, current

     

    419

     

     

    311

     

    Share repurchase liabilities, current

     

    23,646

     

     

    —

     

    Total current liabilities

     

    46,266

     

     

    22,215

     

    Term loan, net of current portion

     

    103,909

     

     

    106,630

     

    Revolving loans

     

    10,000

     

     

    —

     

    Deferred revenue, net of current portion

     

    1,544

     

     

    1,322

     

    Operating lease liabilities, net of current portion

     

    1,807

     

     

    1,680

     

    Share repurchase liabilities, net of current portion

     

    43,101

     

     

    —

     

    TRA liability

     

    4,356

     

     

    18,894

     

    Earnout liabilities, net of current portion

     

    23,568

     

     

    41,100

     

    Total liabilities

     

    234,551

     

     

    191,841

     

    Commitments and contingencies

    Stockholders' Deficit

    Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued or outstanding as of June 30, 2024 and December 31, 2023

     

    —

     

     

    —

     

    Class A common stock, $0.0001 par value, 600,000,000 shares authorized; 32,581,398, and 35,842,383, shares issued, 30,993,898 and 34,254,883 shares outstanding as of June 30, 2024 and December 31, 2023, respectively

     

    3

     

     

    3

     

    Class V voting stock, $0.0001 par value, 100,000,000 shares authorized; 7,249,879 and 38,819,066 shares issued, 5,221,653 and 28,819,066 shares outstanding as of June 30, 2024 and December 31, 2023, respectively

     

    1

     

     

    3

     

    Additional paid-in capital

     

    —

     

     

    —

     

    Accumulated deficit

     

    (137,723

    )

     

    (29,391

    )

    Accumulated other comprehensive loss

     

    (22

    )

     

    (12

    )

    Treasury stock, at cost

     

    (5,600

    )

     

    —

     

    biote Corp.'s stockholders' deficit

     

    (143,341

    )

     

    (29,397

    )

    Noncontrolling interest

     

    1,690

     

     

    (7,149

    )

    Total stockholders' deficit

     

    (141,651

    )

     

    (36,546

    )

    Total liabilities and stockholders' deficit

    $

    92,900

     

    $

    155,295

     

     

    Biote Corp.

    Consolidated Statements of Operations

    (In Thousands, except per share values)

    (Unaudited)

     

    Three Months Ended June 30,

    For the Six Months Ended June 30,

    2024

    2023

    2024

    2023

    Revenue:

    Product revenue

    $

    48,111

     

    $

    48,652

     

    $

    94,146

     

    $

    92,807

     

    Service revenue

     

    1,058

     

     

    605

     

     

    1,827

     

     

    1,293

     

    Total revenue

     

    49,169

     

     

    49,257

     

     

    95,973

     

     

    94,100

     

    Cost of revenue

    Cost of products

     

    14,426

     

     

    14,992

     

     

    27,228

     

     

    28,019

     

    Cost of services

     

    861

     

     

    836

     

     

    1,426

     

     

    1,686

     

    Cost of revenue

     

    15,287

     

     

    15,828

     

     

    28,654

     

     

    29,705

     

    Selling, general and administrative

     

    27,649

     

     

    25,760

     

     

    50,659

     

     

    48,845

     

    Income from operations

     

    6,233

     

     

    7,669

     

     

    16,660

     

     

    15,550

     

    Other income (expense), net:

    Interest expense, net

     

    (2,577

    )

     

    (1,645

    )

     

    (4,237

    )

     

    (3,291

    )

    Loss from change in fair value of warrant liability

     

    —

     

     

    (11,793

    )

     

    —

     

     

    (13,411

    )

    Loss from change in fair value of earnout liability

     

    (13,949

    )

     

    (6,400

    )

     

    (26,038

    )

     

    (31,810

    )

    Other income (expense)

     

    (2

    )

     

    (4

    )

     

    (4

    )

     

    (11

    )

    Total other income (expense), net

     

    (16,528

    )

     

    (19,842

    )

     

    (30,279

    )

     

    (48,523

    )

    Loss before provision for income taxes

     

    (10,295

    )

     

    (12,173

    )

     

    (13,619

    )

     

    (32,973

    )

    Income tax expense

     

    180

     

     

    922

     

     

    2,666

     

     

    1,552

     

    Net Loss

     

    (10,475

    )

     

    (13,095

    )

     

    (16,285

    )

     

    (34,525

    )

    Less: Net loss attributable to noncontrolling interest

     

    (4,153

    )

     

    (7,952

    )

     

    (7,893

    )

     

    (22,577

    )

    Net loss attributable to biote Corp. stockholders

    $

    (6,322

    )

    $

    (5,143

    )

    $

    (8,392

    )

    $

    (11,948

    )

     

    Other comprehensive loss:

    Foreign currency translation adjustments

     

    (1

    )

     

    —

     

     

    (2

    )

     

    —

     

    Other comprehensive loss

     

    (1

    )

     

    —

     

     

    (2

    )

     

    —

     

    Comprehensive loss

    $

    (10,476

    )

    $

    (13,095

    )

    $

    (16,287

    )

    $

    (34,525

    )

     

    Net loss per common share

    Basic

    $

    (0.19

    )

    $

    (0.25

    )

    $

    (0.25

    )

    $

    (0.62

    )

    Diluted

    $

    (0.19

    )

    $

    (0.25

    )

    $

    (0.25

    )

    $

    (0.62

    )

    Weighted average common shares outstanding

    Basic

     

    33,072,156

     

     

    20,704,866

     

     

    34,185,578

     

     

    19,153,574

     

    Diluted

     

    33,072,156

     

     

    20,704,866

     

     

    34,185,578

     

     

    19,153,574

     

     

    Biote Corp.

    Consolidated Statements of Cash Flows

    (In Thousands)

    (Unaudited)

     

    Six Months Ended June 30,

    2024

    2023

    Operating Activities

    Net loss

    $

    (16,285

    )

    $

    (34,525

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:

    Depreciation and amortization

     

    1,626

     

     

    1,068

     

    Bad debt expense

     

    838

     

     

    766

     

    Amortization of debt issuance costs

     

    404

     

     

    391

     

    Provision for obsolete inventory

     

    42

     

     

    (155

    )

    Non-cash lease expense

     

    180

     

     

    137

     

    Non-cash interest on share repurchase liability

     

    493

     

     

    —

     

    Shares issued in settlement of litigation

     

    —

     

     

    1,199

     

    Share-based compensation expense

     

    4,604

     

     

    4,817

     

    Loss from change in fair value of warrant liability

     

    —

     

     

    13,411

     

    Loss from change in fair value of earnout liability

     

    26,038

     

     

    31,810

     

    Deferred income taxes

     

    —

     

     

    236

     

    Changes in operating assets and liabilities:

    Accounts receivable

     

    (1,684

    )

     

    (2,154

    )

    Inventory

     

    (192

    )

     

    3,942

     

    Other current assets

     

    818

     

     

    (4,082

    )

    Accounts payable

     

    1,490

     

     

    3,295

     

    Deferred revenue

     

    379

     

     

    490

     

    Accrued expenses

     

    (1,262

    )

     

    (848

    )

    Operating lease liabilities

     

    (170

    )

     

    (31

    )

    Net cash provided by operating activities

     

    17,319

     

     

    19,767

     

    Investing Activities

    Purchases of short-term investments

     

    —

     

     

    (20,000

    )

    Purchases of property and equipment

     

    (3,210

    )

     

    (67

    )

    Purchases of capitalized software

     

    (692

    )

     

    (1,158

    )

    Acquisitions, net of cash acquired

     

    (11,611

    )

     

    —

     

    Net cash used in investing activities

     

    (15,513

    )

     

    (21,225

    )

    Financing Activities

    Repurchases of common stock

     

    (5,599

    )

     

    —

     

    Borrowings on revolving loans

     

    10,000

     

     

    —

     

    Principal repayments on term loan

     

    (3,125

    )

     

    (3,125

    )

    Payments on repurchase liability

     

    (62,162

    )

     

    —

     

    Proceeds from exercise of stock options

     

    562

     

     

    420

     

    Issuance of stock under purchase plan

     

    146

     

     

    —

     

    Distributions

     

    (4,203

    )

     

    (6,588

    )

    Net cash used in financing activities

     

    (64,381

    )

     

    (9,293

    )

    Effect of exchange rate changes on cash and cash equivalents

     

    (8

    )

     

    —

     

    Net decrease in cash and cash equivalents

     

    (62,583

    )

     

    (10,751

    )

    Cash and cash equivalents at beginning of period

     

    89,002

     

     

    79,231

     

    Cash and cash equivalents at end of period

    $

    26,419

     

    $

    68,480

     

    Supplemental Disclosure of Cash Flow Information

    Cash paid for interest

    $

    3,972

     

    $

    4,581

     

    Cash paid for income taxes

    $

    2,207

     

    $

    4,472

     

    Non-cash investing and financing activities

    Capital expenditures and capitalized software included in accounts payable

    $

    85

     

    $

    61

     

    Shares issued to acquire Simpatra

    $

    1,841

     

    $

    —

     

     

    Non-GAAP Measures

    Adjusted EBITDA is a non-GAAP performance measure that provides supplemental information that we believe is useful to analysts and investors to evaluate the Company's ongoing results of operations when considered alongside net income, (the most directly comparable U.S. GAAP measure).

    We use Adjusted EBITDA as alternative measures to evaluate our operational performance. We calculate Adjusted EBITDA by excluding from net income: interest expense; depreciation and amortization expenses; and income taxes. Additionally, we exclude certain expenses we believe are not indicative of our ongoing operations or operational performance. We present Adjusted EBITDA because it is a key measure used by our management to evaluate our operating performance, generate future operating plans and determine payments under compensation programs. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Some of these limitations are as follows:

    • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
    • Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and
    • Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us.

    In addition, Adjusted EBITDA is subject to inherent limitations as it reflects the exercise of judgment by Biote's management about which expenses are excluded or included. Other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our Adjusted EBITDA as a tool for comparison. Investors are encouraged to review the reconciliation, and not to rely on any single financial measure to evaluate our business.

    The following is a reconciliation of net loss to Adjusted EBITDA (in thousands) for the three and six months ended June 30, 2024 and 2023:

    Three Months Ended

    Six Months Ended

    June 30,

    June 30,

    (in thousands)

    2024

    2023

    2024

    2023

    Net Loss

    $

    (10,475

    )

    $

    (13,095

    )

    $

    (16,285

    )

    $

    (34,525

    )

    Interest expense, net(1)

     

    2,577

     

     

    1,645

     

     

    4,237

     

     

    3,291

     

    Income tax expense

     

    180

     

     

    922

     

     

    2,666

     

     

    1,552

     

    Depreciation and amortization(2)

     

    876

     

     

    530

     

     

    1,626

     

     

    1,068

     

    Share-based compensation expense(3)

     

    2,841

     

     

    2,647

     

     

    4,604

     

     

    4,817

     

    Litigation expenses-former owner(4)

     

    (12

    )

     

    1,539

     

     

    589

     

     

    2,069

     

    Litigation-other(5)

     

    22

     

     

    184

     

     

    92

     

     

    368

     

    Legal settlement (gain) loss(6)

     

    —

     

     

    —

     

     

    —

     

     

    1,198

     

    Inventory fair value write-up(7)

     

    1,206

     

     

    —

     

     

    1,206

     

     

    —

     

    Transaction-related expenses(8)

     

    —

     

     

    1,472

     

     

    45

     

     

    1,796

     

    Other expenses(9)

     

    1,202

     

     

    341

     

     

    1,287

     

     

    609

     

    Merger and acquisition expenses(10)

     

    376

     

     

    160

     

     

    795

     

     

    181

     

    Loss from change in fair value of warrant liability

     

    —

     

     

    11,793

     

     

    —

     

     

    13,411

     

    Loss from change in fair value of earnout liability

     

    13,949

     

     

    6,400

     

     

    26,038

     

     

    31,810

     

    Adjusted EBITDA

    $

    12,742

     

    $

    14,538

     

    $

    26,900

     

    $

    27,645

     

    Total revenue

    $

    49,169

     

    $

    49,257

     

    $

    95,973

     

    $

    94,100

     

    Net loss margin(11)

     

    (21.3

    )%

     

    (26.6

    )%

     

    (17.0

    )%

     

    (36.7

    )%

    Adjusted EBITDA margin(12)

     

    25.9

    %

     

    29.5

    %

     

    28.0

    %

     

    29.4

    %

    (1)

    Represents cash and non-cash interest on our debt obligations, commitment fees for our unused Revolving Loans, net of interest income earned on our money market account and short-term investment. For the three and six months ended June 30, 2024, interest expense, net included $0.5 million of accreted interest related to the share repurchase liability.

    (2)

    Represents depreciation expense on property and equipment, amortization expense on capitalized software and amortization expense on purchased intangible assets. Depreciation expense of $0.01 million was included in cost of products for the three and six months ended June 30, 2024.

    (3)

    Represents employee compensation expense associated with equity-based stock awards. This includes expense associated with equity incentive instruments including phantom stock awards, stock options and restricted stock units.

    (4)

    Represents legal expenses to defend the Company against claims asserted by the Company's former owner.

    (5)

    Represents litigation expenses other than those incurred in connection with claims asserted by the Company's former owner that are not related to the Company's ongoing business.

    (6)

    Represents settlements of legal matters.

    (7)

    Represents the fair market value write-up of inventory accounted for under ASC 805 related to the acquisition of Asteria Health.

    (8)

    Represents transaction costs including legal fees of $0.04 million during the six months ended June 30, 2024, and professional services fees of $0.9 million and legal fees of $0.5 million during the three months ended June 30, 2023 and professional services fees of $0.9 million and legal fees of $0.8 million for the six months ended June 30, 2023 that were incurred in connection with the filing of, and transactions contemplated by, the Company's securities offerings.

    (9)

    Represents professional services fees of $0.1 million incurred related to the accounting treatment of the share repurchase liability, strategic consulting and advisory services of $0.5 million, executive severance costs of $0.3 million and a realized foreign currency loss of less than $0.01 million for each of the three and six months ended June 30, 2024, and professional services fees of $0.05 million associated with the restatement of the Company's financial statements for the quarters ended June 30, 2022 and September 30, 2022, executive severance costs of $0.2 million, costs related to recruiting executive level management, including the Chief Commercial Officer of $0.1 million and a realized foreign currency gain of less than $0.01 million for the three months ended June 30, 2023 and professional services fees of $0.1 million and legal fees of $0.1 million associated with the restatement of the Company's financial statements for the quarters ended June 30, 2022 and September 30, 2022, executive severance costs of $0.2 million and costs related to recruiting executive level management, including the Chief Commercial Officer of $0.2 million and a realized foreign currency loss of $0.01 million for the six months ended June 30, 2023.

    (10)

    Represents legal fees of $0.2 million and $0.5 million and professional services fees of $0.2 million and $0.3 million incurred during the three and six months ended June 30, 2024, respectively, related to our recent acquisitions and other strategic opportunities. For the three and six months ended June 30, 2023, the amount represents professional services fees of $0.1 million and legal fees of $0.05 million associated with strategic opportunities to expand the business.

    (11)

    Net loss margin is defined as net loss divided by total revenue.

    (12)

    Adjusted EBITDA margin is defined as adjusted EBITDA divided by total revenue.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240808260997/en/

    Get the next $BTMD alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $BTMD

    DatePrice TargetRatingAnalyst
    12/16/2024Buy
    Craig Hallum
    2/20/2024$9.00Buy
    B. Riley Securities
    2/1/2024Buy
    Jefferies
    More analyst ratings

    $BTMD
    SEC Filings

    See more
    • SEC Form 10-Q filed by Biote Corp.

      10-Q - biote Corp. (0001819253) (Filer)

      5/9/25 4:21:16 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Biote Corp. filed SEC Form 8-K: Results of Operations and Financial Condition, Costs Associated with Exit or Disposal Activities, Financial Statements and Exhibits

      8-K - biote Corp. (0001819253) (Filer)

      5/7/25 4:06:53 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • SEC Form DEFR14A filed by Biote Corp.

      DEFR14A - biote Corp. (0001819253) (Filer)

      5/5/25 4:51:15 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care

    $BTMD
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Large owner Guines Llc bought $1,461,373 worth of shares (447,714 units at $3.26) (SEC Form 4)

      4 - biote Corp. (0001819253) (Issuer)

      5/8/25 7:16:54 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Large owner Guines Llc bought $6,371 worth of shares (1,933 units at $3.30) (SEC Form 4)

      4 - biote Corp. (0001819253) (Issuer)

      5/2/25 5:12:33 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Large owner Guines Llc bought $28,782 worth of shares (8,801 units at $3.27) (SEC Form 4)

      4 - biote Corp. (0001819253) (Issuer)

      4/23/25 4:58:23 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care

    $BTMD
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more

    $BTMD
    Financials

    Live finance-specific insights

    See more

    $BTMD
    Press Releases

    Fastest customizable press release news feed in the world

    See more

    $BTMD
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more

    $BTMD
    Leadership Updates

    Live Leadership Updates

    See more

    $BTMD
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Amendment: SEC Form SC 13G/A filed by Biote Corp.

      SC 13G/A - biote Corp. (0001819253) (Subject)

      11/12/24 4:15:18 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • SEC Form SC 13G/A filed by Biote Corp. (Amendment)

      SC 13G/A - biote Corp. (0001819253) (Subject)

      2/14/24 5:17:02 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • SEC Form SC 13G/A filed by Biote Corp. (Amendment)

      SC 13G/A - biote Corp. (0001819253) (Subject)

      2/14/24 2:11:05 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Biote Reports First Quarter 2025 Financial Results

      Strong financial performance driven in part by increased gross margin from vertical integration Announces organizational restructuring to drive sustainable growth and build long-term value Maintains 2025 financial outlook First Quarter 2025 Financial Highlights Revenue of $49.0 million Gross profit margin of 74.3% Net income of $15.8 million and diluted earnings per share attributable to biote Corp. stockholders of $0.37, compared to net loss of $(5.7) million and diluted loss per share attributable to biote Corp. stockholders of $(0.12) in the prior year period Adjusted EBITDA1 of $13.8 million and Adjusted EBITDA margin1 of 28.1% Biote (NASDAQ:BTMD), a leading solutions provi

      5/7/25 4:05:00 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Biote Schedules First Quarter 2025 Financial Results Release and Conference Call

      biote Corp. (NASDAQ:BTMD) ("Biote" or the "Company"), a leading solutions provider in preventive health care through the delivery of personalized hormone optimization and therapeutic wellness, today announced the Company will provide first quarter financial results on Wednesday, May 7, 2025, after the close of the market. A conference call to discuss the firm's results will be held at 5:00 p.m. ET. the same day. Conference Call Details The conference call may be accessed by dialing (844) 481-2820 (U.S toll-free) or (412) 317-0679 (International). The live webcast of the call can be accessed using the following link: biote Corp. First Quarter Earnings Call. A replay of the webcast will be

      4/23/25 4:05:00 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Biote Reports Fourth Quarter and Full Year 2024 Financial Results

      Strengthened business with launch of BioteRx and enhancements to Biote Method Provides fiscal 2025 outlook Biote (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, 2024. Fourth Quarter 2024 Financial Highlights (All financial result comparisons made are against the prior-year period) Revenue of $49.8 million Procedure revenue of $36.6 million Gross profit margin of 71.8% Net income of $3.5 million and diluted earnings per share attributable to biote Corp. stockholders of $0.10, compared to

      3/12/25 4:05:00 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Biote Reports First Quarter 2025 Financial Results

      Strong financial performance driven in part by increased gross margin from vertical integration Announces organizational restructuring to drive sustainable growth and build long-term value Maintains 2025 financial outlook First Quarter 2025 Financial Highlights Revenue of $49.0 million Gross profit margin of 74.3% Net income of $15.8 million and diluted earnings per share attributable to biote Corp. stockholders of $0.37, compared to net loss of $(5.7) million and diluted loss per share attributable to biote Corp. stockholders of $(0.12) in the prior year period Adjusted EBITDA1 of $13.8 million and Adjusted EBITDA margin1 of 28.1% Biote (NASDAQ:BTMD), a leading solutions provi

      5/7/25 4:05:00 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Biote Schedules First Quarter 2025 Financial Results Release and Conference Call

      biote Corp. (NASDAQ:BTMD) ("Biote" or the "Company"), a leading solutions provider in preventive health care through the delivery of personalized hormone optimization and therapeutic wellness, today announced the Company will provide first quarter financial results on Wednesday, May 7, 2025, after the close of the market. A conference call to discuss the firm's results will be held at 5:00 p.m. ET. the same day. Conference Call Details The conference call may be accessed by dialing (844) 481-2820 (U.S toll-free) or (412) 317-0679 (International). The live webcast of the call can be accessed using the following link: biote Corp. First Quarter Earnings Call. A replay of the webcast will be

      4/23/25 4:05:00 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Biote Announces Purchase of Shares by Directors and CEO

      biote Corp. (NASDAQ:BTMD) ("Biote" or the "Company") a leading solutions provider in preventive health care through the delivery of personalized hormone optimization and therapeutic wellness, today announced that several members of its Board of Directors, along with CEO Bret Christensen, have made open market purchases of Biote's common stock, acquiring an aggregate of approximately 260,000 shares. Marc Beer, Biote Executive Chairman, said, "These share purchases underscore the collective confidence of Biote's Board members and CEO Bret Christensen in the Company's business strategy and long-term outlook. The board is very confident in Bret's ability to make decisive and material changes a

      3/18/25 5:30:00 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Large owner Guines Llc bought $1,461,373 worth of shares (447,714 units at $3.26) (SEC Form 4)

      4 - biote Corp. (0001819253) (Issuer)

      5/8/25 7:16:54 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Large owner Guines Llc bought $6,371 worth of shares (1,933 units at $3.30) (SEC Form 4)

      4 - biote Corp. (0001819253) (Issuer)

      5/2/25 5:12:33 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Large owner Guines Llc bought $28,782 worth of shares (8,801 units at $3.27) (SEC Form 4)

      4 - biote Corp. (0001819253) (Issuer)

      4/23/25 4:58:23 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Biote Announces CEO Retirement and Succession Plan

      Terry Weber Retiring as CEO and Director and Transitioning to Strategic Advisor to Company's Board of Directors Health Care Veteran Bret Christensen to Succeed Terry Weber as CEO and Director biote Corp. (NASDAQ:BTMD) ("Biote" or the "Company"), a leading solutions provider in preventive health care through the delivery of personalized hormone optimization and therapeutic wellness, today announced that Terry Weber is retiring as Chief Executive Officer and stepping down from the Company's Board of Directors, effective as of February 1, 2025. She will be transitioning to Strategic Advisor to the Company's Board of Directors. Concurrently, Mr. Bret Christensen has been named Chief Executi

      1/30/25 4:10:00 PM ET
      $BTMD
      $HOLX
      $MYGN
      $PODD
      Medicinal Chemicals and Botanical Products
      Health Care
      Medical Electronics
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
    • Biote to Purchase Asteria Health

      Strategic and accretive transaction enables vertical integration of hormone product manufacturing biote Corp. (NASDAQ:BTMD) ("Biote" or the "Company"), a leading solutions provider in preventive health care through the delivery of personalized hormone optimization and therapeutic wellness, today announced a definitive agreement to acquire F.H. Investments, Inc., d/b/a Asteria Health, a privately held 503B manufacturer of compounded bioidentical hormones. The company operates an FDA-registered 503B outsourcing facility in Birmingham, Alabama and currently supports Biote-certified practitioners and Biote-partnered clinics in numerous U.S. states. Through this transaction, Biote is strengt

      1/17/24 4:05:00 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Biote Names Robert Peterson as Chief Financial Officer

      biote Corp. (NASDAQ:BTMD) ("Biote" or the "Company"), a leading solutions provider in preventive health care through the delivery of personalized hormone optimization and therapeutic wellness, today announced that Robert Peterson has been named Chief Financial Officer, effective January 8, 2024. Mr. Peterson will lead Biote's finance operations, including accounting and controllership, financial planning and analysis, financial reporting, internal audit, tax, treasury and investor relations. Mr. Peterson succeeds Samar Kamdar, who is transitioning to pursue other opportunities, but will remain as an advisor to the Company during a transition period. Mr. Kamdar's transition is unrelated to t

      1/11/24 4:05:00 PM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Craig Hallum initiated coverage on biote Corp.

      Craig Hallum initiated coverage of biote Corp. with a rating of Buy

      12/16/24 8:50:55 AM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • B. Riley Securities initiated coverage on biote Corp. with a new price target

      B. Riley Securities initiated coverage of biote Corp. with a rating of Buy and set a new price target of $9.00

      2/20/24 6:47:29 AM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care
    • Jefferies initiated coverage on biote Corp.

      Jefferies initiated coverage of biote Corp. with a rating of Buy

      2/1/24 6:18:15 AM ET
      $BTMD
      Medicinal Chemicals and Botanical Products
      Health Care