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Total Revenue: $51.4 million, up 12.8% from the prior quarter period.
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Procedure Revenue Growth: Increased 7.1%.
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Dietary Supplement Revenue: Increased 21.7% year-over-year.
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Gross Profit Margin: 17.5%, a 160 basis point increase from the third quarter of 2023.
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Selling, General and Administrative Costs: $24.0 million compared to $23.8 million in the third quarter of 2023.
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Operating Income: $12.2 million, up from $7.6 million in the prior year quarter.
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Net Income: $12.7 million, inclusive of a $7.2 million gain due to a change in the fair value of the earn-out liabilities.
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Income Per Diluted Share: $0.33, an increase of 38% year-over-year.
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Adjusted EBITDA: $16.2 million with an adjusted EBITDA margin of 31.5%.
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Cash Flow from Operations (Year-to-Date): $32.9 million compared to $19.9 million for the nine months ended September 30, 2023.
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Cash and Cash Equivalents: $38.2 million at the end of the third quarter of 2024.
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BioteRx Enrolled Clinics: Exceeded 1,100 clinics.
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2024 Revenue Guidance: Adjusted to $197 million to $201 million.
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2024 Adjusted EBITDA Guidance: Adjusted to $58 million to $61 million.
Release Date: November 12, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Biote Corp (NASDAQ:BTMD) reported double-digit growth in both revenue and adjusted EBITDA for the third quarter of 2024.
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The company achieved a 15% improvement in adjusted EBITDA compared to the same quarter last year, with margins exceeding 30%.
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Biote Corp (NASDAQ:BTMD) introduced enhancements to its Clinical Decision Support software, which are expected to strengthen its competitive position and support growth objectives.
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The company has successfully integrated Asteria Health into its operations, yielding expected cost savings and strengthening its supply chain.
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Biote Corp (NASDAQ:BTMD) reported strong cash flow from operations, with cash and cash equivalents increasing to $38.2 million by the end of the third quarter of 2024.
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The introduction of enhancements to the Clinical Decision Support software caused a temporary disruption in procedure volume.
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Hurricane Helene caused clinic closures in several core states, impacting third-quarter procedure volumes.
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Biote Corp (NASDAQ:BTMD) adjusted its 2024 financial guidance downward due to temporary headwinds impacting fourth-quarter results.
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The company experienced a revenue mix shift towards dietary supplements, which impacted gross profit margins.
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There is ongoing uncertainty regarding the state licensing process for Asteria Health, which could affect future operations.
