Biote Provides Preliminary 2023 Results and Initial 2024 Guidance

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.