biote Corp. (NASDAQ: BTMD) (“Biote” or the “Company”), a
leading solutions provider in preventive health care through the
delivery of personalized hormone optimization and therapeutic
wellness, today announced that management expects 2023 revenue and
Adjusted EBITDA to be slightly below prior guidance. The Company
had previously forecast that revenue and Adjusted EBITDA would be
toward the lower end of the previously announced ranges of
$190-$200 million and $56-$60 million, respectively. The Company
now expects full year 2023 revenue of $185-$187 million and
Adjusted EBITDA of $54-$56 million.
The Company’s expected 2023 revenue growth of approximately 12%
over the prior year includes procedure revenue growth of
approximately 9% and dietary supplement revenue growth of
approximately 17%, as compared to the prior year.
Expected revenue of $45-$47 million for the fourth quarter of
2023 includes procedure revenue growth of approximately 7% and
dietary supplement revenue decline of approximately 15% compared to
same period in 2022. The decline in dietary supplement, or
nutraceutical, revenue was primarily driven by one of Biote’s
larger distributors recently opting to exit the nutraceutical
business. Biote expects to begin direct-to-patient distribution of
the products previously delivered by this distributor in the second
quarter of 2024. The Company expects fourth quarter Adjusted EBITDA
of $12-$14 million. The Company’s expected results for 2023 are
preliminary and subject to adjustment as the Company finalizes its
financial closing procedures and its audited consolidated financial
statements for the 2023 fiscal year end.
Looking ahead, the Company is providing initial 2024 financial
guidance that management will discuss in more detail during the
Company’s fiscal 2023 fourth quarter results conference call.
Specifically, Biote projects fiscal 2024 revenue of greater than
$200 million and Adjusted EBITDA of greater than $60 million.
The Company’s 2024 financial guidance includes: (i) procedure
revenue growth in the first half of 2024 similar to that of the
second half of 2023 with improved growth in the back half of 2024;
(ii) a return to nutraceutical revenue growth in the second half of
2024; (iii) expected modest contributions from new therapeutic
wellness products; and (iv) a margin contribution from the
anticipated impact of the acquisition of Asteria Health announced
in a separate Company press release issued today.
First half 2024 consolidated year-on-year revenue growth is
expected to be in the low-single digits, with significant
improvement expected in the second half of 2024. Total revenue
growth in the first half of 2024 is expected to be impacted by the
transition in the nutraceutical distribution channel and timing of
seasonal promotions.
Terry Weber, Biote Chief Executive Officer, stated, “Biote
remains well-positioned to capitalize on the growth opportunities
within the hormone optimization and therapeutic wellness market,
aided by an acceleration in the number of Biote-certified
providers. We are planning a phased launch of new therapeutic
wellness products on our proprietary technology platform commencing
in the first quarter of 2024 and scaling over the course of the
year.”
Discussion of Non-GAAP Financial Measures
To provide investors with additional information regarding our
financial results, Biote has disclosed Adjusted EBITDA, a non-GAAP
financial measure that it calculates as net income before interest,
taxes and depreciation and amortization, further adjusted to
exclude stock-based compensation, litigation expenses, legal
settlements, transaction-related expenses, merger and acquisition
expenses, fair value adjustments to certain equity instruments
classified as liabilities and other expenses.
We present Adjusted EBITDA because it is a key measure used by
our management to evaluate our operating performance, generate
future operating plans and determine payments under compensation
programs. Accordingly, we believe that Adjusted EBITDA provides
useful information to investors and others in understanding and
evaluating our operating results in the same manner as our
management.
Adjusted EBITDA has limitations as an analytical tool, and you
should not consider it in isolation or as a substitute for analysis
of our results as reported under GAAP. Some of these limitations
are as follows:
- Although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized may have to be replaced
in the future, and Adjusted EBITDA does not reflect cash capital
expenditure requirements for such replacements of our assets;
- Adjusted EBITDA does not reflect changes in, or cash
requirements for, our working capital needs; and
- Adjusted EBITDA does not reflect tax payments that may
represent a reduction in cash available to us.
In addition, Adjusted EBITDA is subject to inherent limitations
as it reflects the exercise of judgment by Biote’s management about
which expenses are excluded or included Because of these
limitations, you should consider Adjusted EBITDA alongside other
financial performance measures, including net income and our other
GAAP results.
The Company does not provide a reconciliation of preliminary or
projected Adjusted EBITDA to GAAP net income (loss), which is the
most directly comparable GAAP measure, for the periods presented in
reliance on the unreasonable efforts exception provided under Item
10(e)(1)(i)(B) of Regulation S-K. The Company’s Adjusted EBITDA
excludes certain items that are inherently uncertain until they are
finalized and difficult to predict including, but not limited to,
share-based compensation expense, income taxes, due diligence
expenses and legal expenses. Due to the variability, complexity and
limited visibility of the adjusting items that would be excluded
from preliminary or projected Adjusted EBITDA, management does not
analyze them on a preliminary basis or forecast them for internal
use and therefore cannot create a quantitative preliminary or
projected Adjusted EBITDA to GAAP net income (loss) reconciliation
for the periods presented without unreasonable efforts. A
quantitative reconciliation of preliminary projected Adjusted
EBITDA to GAAP net income (loss) for the periods presented would
imply a degree of precision and certainty as to these items that
does not exist at the time of this release and could be confusing
to investors. From a qualitative perspective, it is anticipated
that the differences between preliminary and projected Adjusted
EBITDA and GAAP net income (loss) for the periods presented will
consist of items similar to those the Company has used
historically. The timing and amount of any of these excluded items
could significantly impact the Company’s GAAP net income (loss) for
a particular period. When planning, forecasting and analyzing
historical periods preliminarily or future periods, the Company
does so primarily on a non-GAAP basis without preparing a GAAP
analysis.
About Biote
Biote is transforming healthy aging through innovative,
personalized hormone optimization and therapeutic wellness
solutions delivered by Biote-certified medical providers. Biote
trains practitioners to identify and treat early indicators of
aging conditions, an underserved global market, providing
affordable symptom relief for patients and driving clinic success
for practitioners.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Some of the forward-looking statements can be identified
by the use of forward-looking words. Statements that are not
historical in nature, including the words “may,” “can,” “should,”
“will,” “estimate,” “plan,” “project,” “forecast,” “intend,”
“expect,” “hope,” “anticipate,” “believe,” “seek,” “target,”
“continue,” “could,” “might,” “ongoing,” “potential,” “predict,”
“would” and other similar expressions, are intended to identify
forward-looking statements. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual results or developments to differ materially from
those expressed or implied by such forward-looking statements,
including but not limited to: the potential that our acquisition of
Asteria Health is not consummated; the success of our dietary
supplements to attain significant market acceptance among clinics,
practitioners and their patients; our customers’ reliance on
certain third parties to support the manufacturing of bio-identical
hormones for prescribers; our and our customers’ sensitivity to
regulatory, economic, environmental and competitive conditions in
certain geographic regions; our ability to increase the use by
practitioners and clinics of the Biote Method at the rate that we
anticipate or at all; our ability to grow our business; the
significant competition we face in our industry; the impact of
strategic acquisitions and the implementation of our growth
strategies; our limited operating history; our ability to protect
our intellectual property; the heavy regulatory oversight in our
industry; changes in applicable laws or regulations; the inability
to profitably expand in existing markets and into new markets; the
possibility that we may be adversely impacted by other economic,
business and/or competitive factors, including recent bank
failures; and future exchange and interest rates. The foregoing
list of factors is not exhaustive. You should carefully consider
the risks and uncertainties described in the “Risk Factors” section
of the Biote’s Quarterly Report on Form 10-Q for the fiscal quarter
ended September 30, 2023 and other documents filed by Biote from
time to time with the Securities and Exchange Commission. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Biote assumes no obligation and does not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Biote does
not give any assurance that it will achieve its expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20240117827316/en/
Investor Relations: Eric Prouty AdvisIRy Partners
eric.prouty@advisiry.com
Media: Press@biote.com
Biote (NASDAQ:BTMD)
過去 株価チャート
から 12 2024 まで 1 2025
Biote (NASDAQ:BTMD)
過去 株価チャート
から 1 2024 まで 1 2025
