The following is a summary of the Biote Corp. (BTMD) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Biote Corp reported Q4 adjusted EBITDA increase of approximately 3%.

• In 2023, the company achieved consolidated revenue growth of 12.4% with procedure revenue contributing to an increase of 9.3%.

• Despite a decrease in Q4 nutraceuticals revenue, anticipations for its growth resume in the latter half of 2024.

• Gross profit margin for Q4 expanded to 69.4% due to product mix and effective cost management.

• Q4 net income came to $12.1 million, a gain due to a $5.4 million change in the fair value of the earn-out liability.

• A $20 million share repurchase program was announced along with a settlement agreement with Biote's founder.

Business Progress:

• 2023 was a pivotal year, with the addition of new talent, key corporate investments, and sales territory optimization.

• 2024 saw the launch of BioteRx, a convergence of hormone and therapeutic wellness offerings.

• The company acquired Asteria Health and repurchased all $18.4 million of Dr. Gary Donovitz's outstanding shares.

• Plans are in place to start direct-to-patient distribution of nutraceutical products by Q2 2024.

• The company expects majority of its 2024 revenue growth in the second half due to transitions in nutraceutical distribution and seasonal promotions.

• Biote Corp's 2024 financial target is a revenue of $200 million to $204 million and adjusted EBITDA of $60 million to $63 million.

• Biote Corp is planning to bring their Amazon distribution channel in-house by H1 2024 to return to growth in H2.

More details: biote IR

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