Biote Corp. reported its financial results for the three and nine months ended September 30, 2024, showing notable changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the third quarter of 2024, total revenue reached $51.4 million, a 12.8% increase from $45.6 million in the same period of 2023. Product revenue also rose to $49.8 million, up from $44.8 million, while service revenue increased by $0.9 million, attributed to technology fees from physician orders via the BioteRx platform and enhanced training revenue. However, net income for the quarter decreased to $12.7 million from $19.6 million in 2023, primarily due to increased interest expenses and a decrease in income before provision for income taxes, which fell to $15.9 million from $23.5 million.
For the nine months ended September 30, 2024, total revenue was $147.4 million, a 5.5% increase from $139.7 million in 2023. Product revenue for this period was $144.0 million, up from $137.6 million, while service revenue surged by 68.6% to $3.4 million. The net loss for the nine months improved to $(3.4 million) from $(14.9 million) in the prior year, indicating a significant reduction in losses.
Biote's financial position showed a decrease in cash and cash equivalents, which fell to $38.2 million from $89.0 million at the end of 2023. Total current assets also declined to $70.0 million from $122.3 million, while total liabilities increased to $228.1 million from $191.8 million, leading to a total stockholders’ deficit of $(126.8 million) compared to $(36.5 million) at the end of 2023.
Strategically, Biote completed several acquisitions, including F.H. Investments, Inc. (Asteria Health) for $8.4 million and Simpatra for $1.5 million, enhancing its capabilities in compounded bioidentical hormones. The company also faced significant legal settlements, including a $128.4 million liability related to the Donovitz Litigation, which involved repurchasing shares and settling claims.
The company’s operational expenses increased slightly, with selling, general, and administrative expenses rising to $24.0 million for the third quarter, primarily due to higher payroll costs. Interest expenses also surged to $3.5 million, reflecting increased borrowing costs.
Overall, Biote's performance in the latest quarter reflects a mix of revenue growth and challenges in profitability, alongside strategic acquisitions aimed at strengthening its market position in the therapeutic wellness sector.
About biote Corp.
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