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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