Biote Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Biote Reports Second Quarter 2024 Financial Results
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.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Revenue | $49.2 million | $49.3 million | $49.3 million | -0.2% | No significant change |
| Gross Profit Margin | 68.9% | Not provided | 67.9% | +1% | Not provided |
| Net Loss | $(10.5) million | Not provided | $(13.1) million | -19.8% | Not provided |
| Net Loss Margin | (21.3)% | Not provided | (26.6)% | +5.3% | Not provided |
| EPS | $(0.19) | Not provided | $(0.25) | Not provided | Not provided |
| Adjusted EBITDA | $12.7 million | Not provided | $14.5 million | -12.4% | Not provided |
| Adjusted EBITDA Margin | 25.9% | Not provided | 29.5% | -3.6% | Not provided |
Interpretation : Biote's financial performance in the second quarter of 2024 showed a minor decline in revenue compared to the previous year, while its gross profit margin improved by 1%. The company managed to reduce its net loss by nearly 20%, resulting in a smaller loss per share. Adjusted EBITDA and its margin saw declines due to increased investments in sales, marketing, and legal expenses.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Previous Guidance | Q2 2023 Revenue | YoY Change |
|---|---|---|---|---|
| Procedure Revenue | $38.4 million | Not provided | Not provided | Not provided |
Interpretation: The company's procedure revenue grew by 7.8%, benefiting from already established clinics and the addition of new clinics. However, dietary supplement revenue decreased by 32.2%, impacted by the transition of the e-commerce business and the absence of a significant seasonal promotion from the previous year.
Comments from Company Officers
Terry Weber, Chief Executive Officer, emphasized the success in procedure revenue growth and highlighted ongoing investments in sales and marketing. She also noted the positive response to BioteRx, a newly launched suite of hormone and wellness therapies, introduced to approximately 600 clinics within their network.
Dividends / Share Repurchase Program
Biote announced settlements involving share repurchases: - Settled litigation with founder Dr. Gary S. Donovitz involving repurchase of approximately 18.4 million shares. - Settled litigation with shareholder Marci M. Donovitz involving repurchase of approximately 8.3 million shares.
Forward Guidance
The company reiterated its 2024 financial guidance for revenue and Adjusted EBITDA. Expectations for improved procedure revenue growth in the second half of the year were reaffirmed, driven by the performance of top-tier clinics and expansion of their practitioner network.
Stock Price Movement
Following the earnings release, Biote's stock experienced a percentage change of -2.87%.
For further details and the full financial statements, please refer to the Biote Investor Relations website.
The report has been organized to improve clarity and readability for investors.
