Biote Corp. Reports $197.2 Million Revenue for 2024, Achieves Net Income of $0.05 Million

Biote Corp., a practice-building company in the hormone optimization space, reported revenue of $197.2 million for the year ended December 31, 2024, a 6.4% increase from $185.4 million in 2023. This increase stemmed primarily from a $9.3 million rise in procedure revenue, attributed to a 20.3% increase in pellet procedures performed by Biote-certified practitioners. Additional revenue growth came from a $2.3 million increase in sales of disposable trocars and bioidentical hormone pellets to third parties and a $2.2 million increase in service revenue, partially offset by a $2.1 million decrease in Biote-branded dietary supplement sales due to a shift in distribution channels. Net income for 2024 was $0.05 million, compared to a net loss of $2.8 million in 2023. Adjusted EBITDA for 2024 was $58.2 million, up from $55.3 million in 2023.

Significant changes in 2024 included the March 18th acquisition of Asteria Health, a 503B manufacturer of compounded bioidentical hormones, for $9 million. Other acquisitions included BioSana ID LLC for $0.7 million and Simpatra, LLC for $1.5 million in cash and 389,105 shares of Class A common stock. The company also appointed Bret Christensen as Chief Executive Officer on February 1, 2025, with Teresa S. Weber transitioning to a strategic advisor role. The company's sales force consisted of 123 employees as of December 31, 2024, and it contracted with over 8,600 practitioners in more than 4,700 clinics nationwide. Approximately 70% of partnered clinics offered Biote-branded dietary supplements, generating an average supplement volume per practice of approximately $9,100 in 2024.

Operational developments included the addition of over 900 new partnered clinics in 2024, contributing 66% of the year's revenue growth. The company's ten core states (Alabama, Arkansas, Colorado, Florida, Georgia, Louisiana, Mississippi, New Mexico, Oklahoma, and Texas) generated approximately 55% of revenue. The company also highlighted its BioTracker software, used for regulatory and record management, and its clinical decision support software (CDSS), which assists physicians in establishing individualized dosing for patients. As of December 31, 2024, Biote had 217 employees across eleven departments.

The company's 10-K filing detailed several risk factors, including reliance on third-party manufacturers for bioidentical hormone pellets and dietary supplements, geographic concentration of clinics, competition within the hormone optimization and dietary supplement industries, and regulatory risks associated with FDA oversight of dietary supplements and compounded drugs. The filing also noted a material weakness in internal control over financial reporting as of December 31, 2024, which resulted in the restatement of previously issued financial statements. The company outlined its plans to remediate this weakness through personnel additions and enhanced controls.

Biote Corp. stated that it does not anticipate paying cash dividends in the foreseeable future and may require additional capital to support business growth. The company plans to expand its U.S. geographic footprint and explore international expansion opportunities, while also continuing to evaluate selective business development opportunities. The filing included extensive disclosures regarding legal proceedings, including settlements related to litigation with former shareholders and a pending lawsuit regarding the misappropriation of a model's image. The company's outlook is contingent upon various factors, including market acceptance of its products and services, successful execution of its growth strategy, and continued compliance with applicable regulations.