Biote Corp (BTMD) Reports 12.4% Consolidated Revenue Growth for 2023

Biote Corp (BTMD) recently released its financial results for the fourth quarter of 2023 and the full year that ended on December 31, 2023. The company reported a significant consolidated revenue growth of 12.4% for the year, with a steady procedure revenue growth rate of 9.3%. In addition, the adjusted EBITDA for the fourth quarter showed a promising increase of approximately 3% compared to the same period in the previous year. Biote’s recent ventures, such as the launch of BioteRx, its new hormone and therapeutic wellness offerings, have contributed to strengthening its competitive position in the market. Furthermore, the company is set to expand its operations with the acquisition of Asteria Health, a manufacturer of compounded bio-identical hormones, which is expected to be finalized by the end of March. Additionally, Biote reached a settlement agreement with its founder, which involves the repurchase of all outstanding shares and the resolution of legal claims, effectively eliminating the cost and distraction of litigation. With ambitions for the upcoming fiscal year, Biote foresees revenue ranging from $200 million to $204 million and an adjusted EBITDA of $60 million to $63 million in 2024.

Consolidated Revenue Growth for 2023

Biote Corp (BTMD) has released its financial results for Q4 2023 and the full year ended December 31, 2023, showcasing a commendable consolidated revenue growth rate. The company reported a consolidated revenue growth of 12.4% for 2023, signifying its consistent progress and success in the market. Notably, there was a substantial growth in procedure revenue, which increased by 9.3%. This impressive growth demonstrates Biote Corp’s ability to attract and retain customers, delivering services that meet their needs and expectations.

Adjusted EBITDA in Q4 2023

In line with its steady growth, Biote Corp witnessed a noteworthy surge in its adjusted EBITDA during the fourth quarter of 2023. The company reported an approximate 3% increase in adjusted EBITDA compared to the same period in 2022. This rise in adjusted EBITDA signifies Biote Corp’s successful efforts in optimizing its operational efficiency and managing costs effectively. It highlights the company’s ability to generate healthy profits while maintaining a strong financial foundation.

Launch of BioteRx

Biote Corp made a significant stride in February with the launch of its new hormone and therapeutic wellness offerings called BioteRx. This strategic move not only expands the company’s portfolio of products and services but also strengthens its competitive position in the market. By introducing BioteRx, Biote Corp has solidified its commitment to providing innovative solutions that cater to the growing demand for hormone-related treatments and wellness therapies. This comprehensive lineup of offerings reinforces Biote Corp’s position as a leading player in the healthcare industry.

Acquisition of Asteria Health

Biote Corp has announced its plans to acquire Asteria Health, a renowned manufacturer of compounded bio-identical hormones. The acquisition is expected to be finalized by the end of March, marking a significant development for Biote Corp. By integrating Asteria Health’s capabilities and expertise, Biote Corp will further enhance its product portfolio, bolster its manufacturing capabilities, and expand its market reach. This strategic acquisition aligns with Biote Corp’s growth strategy and is poised to create synergies that will ultimately benefit its customers and stakeholders.

Settlement Agreement with Founder

Biote Corp has recently reached a settlement agreement with its founder, marking an important milestone in the company’s history. The settlement includes the repurchase of all outstanding shares and the resolution of any existing legal claims. This resolution eliminates the cost and distraction of litigation for Biote Corp and allows the company to focus its resources and energy on driving growth and serving its customers. The settlement agreement demonstrates Biote Corp’s commitment to maintaining a stable and harmonious corporate environment while prioritizing the best interests of its shareholders.

Fiscal Year 2024 Revenue

Looking ahead, Biote Corp has set its sights on continued growth and success in fiscal year 2024. The company expects to achieve revenue in the range of $200 million to $204 million, reflecting its confidence in its ability to capture market opportunities and deliver value to its customers. Additionally, Biote Corp anticipates adjusted EBITDA in the range of $60 million to $63 million, highlighting its dedication to maintaining a profitable and sustainable business. These projections are a testament to Biote Corp’s strong market position, solid financial performance, and ongoing commitment to driving growth and innovation.

In conclusion, Biote Corp’s financial results for Q4 2023 and the full year ended December 31, 2023, showcase the company’s remarkable growth and success. With substantial revenue growth, a surge in adjusted EBITDA, the launch of BioteRx, and the impending acquisition of Asteria Health, Biote Corp is well-positioned to thrive in the ever-evolving healthcare industry. The settlement agreement with the founder further strengthens the company’s stability and paves the way for continued progress. As Biote Corp looks forward to fiscal year 2024, its expected revenue and adjusted EBITDA projections demonstrate confidence and ambition. With a clear focus on delivering value to its customers and shareholders, Biote Corp is poised for continued excellence in the years to come.