Biote Announces Fourth Quarter and Full-Year 2024 Financial Results
Biote, a leading provider of personalized hormone optimization and therapeutic wellness solutions, has released its financial results for the fourth quarter and full year ended December 31, 2024. The company reported strong revenue growth, improvements in gross profit margin, and strategic investments aimed at driving future expansion.
Fourth Quarter 2024 Financial Highlights
(All comparisons are made against the prior-year period)
- Revenue: $49.8 million, representing a 9.0% increase from $45.7 million in Q4 2023.
- Procedure revenue: $36.6 million, reflecting a 5.0% growth driven by established top-tier clinics.
- Gross profit margin: 71.8%, up from 69.4% in Q4 2023, due to vertical integration of the 503B manufacturing facility and effective cost management.
- Net income: $3.5 million, with diluted earnings per share (EPS) of $0.10, compared to $12.1 million and $0.18 per share in Q4 2023.
- Adjusted EBITDA: $15.1 million, with an Adjusted EBITDA margin of 30.3%, compared to $13.6 million and 29.7% in Q4 2023.
Full Year 2024 Financial Highlights
- Revenue: $197.2 million, marking a 6.4% year-over-year increase from $185.4 million in 2023.
- Procedure revenue: $150.3 million, reflecting growth across key markets.
- Gross profit margin: 70.5%, compared to 68.8% in 2023.
- Net income: $0.05 million, with diluted EPS of $0.09, an improvement over the $(2.8) million net loss in 2023.
- Adjusted EBITDA: $58.2 million, with an Adjusted EBITDA margin of 29.5%, compared to $55.3 million and 29.8% in 2023.
Strategic and Operational Achievements
Bob Peterson, Biote’s Chief Financial Officer, commented, “In 2024, Biote strengthened its capabilities to provide the next level of individualized, evidence-based healthcare. Our revenue increased by 6.4%, and we made significant strides in enhancing efficiency through the vertical integration of our 503B manufacturing facility. While fourth-quarter procedure volumes were temporarily affected by the transition to upgraded clinical decision support software, we remain confident in our long-term growth trajectory.”
Bret Christensen, Biote’s Chief Executive Officer, added, “Biote made remarkable progress over the past fifteen months, setting the stage for sustainable growth. With the phased launch of the BioteRx platform and the rollout of our upgraded clinical decision support software, we have fortified our competitive advantage. Additionally, our strategic integration of Asteria Health has bolstered our manufacturing efficiency and supply chain capabilities.”
Detailed Financial Review
Fourth Quarter 2024 Review
Revenue for Q4 2024 reached $49.8 million, up 9.0% from the prior year. While procedure revenue grew at a more moderate 5.0%, dietary supplement revenue saw an impressive 10.2% increase, benefiting from expansion into e-commerce channels, including Amazon.
Gross profit margin improved to 71.8%, primarily due to efficiencies gained from the company’s 503B manufacturing facility and cost optimization measures.
Operating income for Q4 2024 was $2.8 million, compared to $5.5 million in Q4 2023. The decline was attributed to increased investments in employee-related initiatives and additional legal expenses.
Net income for Q4 2024 stood at $3.5 million, with diluted EPS of $0.10. Comparatively, net income for Q4 2023 was $12.1 million with EPS of $0.18, which included a $5.4 million gain related to earnout liabilities, whereas Q4 2024 included a $0.8 million loss from the same factor.
Adjusted EBITDA for Q4 2024 was $15.1 million, reflecting a 30.3% Adjusted EBITDA margin, an improvement over the prior year.
Full Year 2024 Review
Biote reported annual revenue of $197.2 million, marking a 6.4% increase from 2023. Growth was primarily driven by higher procedure revenue.
Gross profit margin improved to 70.5%, from 68.8% in 2023, reflecting enhanced operational efficiencies.
Operating income rose 10.3% to $31.6 million, up from $28.7 million in 2023. The increase was fueled by revenue growth and a higher gross profit, despite increased operational expenses.
Net income improved significantly, reaching $0.05 million, with diluted EPS of $0.09, compared to a net loss of $(2.8) million in 2023.
Adjusted EBITDA for 2024 reached $58.2 million, with a 29.5% Adjusted EBITDA margin, slightly down from 29.8% in 2023 due to strategic investments in business expansion.
2025 Financial Outlook
CEO Bret Christensen outlined key priorities for 2025:
- Maximizing the value of top-tier providers to enhance efficiency and customer satisfaction.
- Expanding the practitioner network to drive higher procedure revenue growth.
- Strengthening commercial operations through increased accountability and streamlined execution.
Although these initiatives will take time to deliver results, Biote expects a gradual acceleration in revenue growth throughout 2025.
2025 Guidance
| Metric | 2025 Expected Range |
|---|---|
| Revenue | $202 – $208 million |
| Adjusted EBITDA | $59 – $64 million |
- Procedure revenue is projected to grow by 2-4% in 2025.
- Dietary supplement revenue is expected to increase by 5-10% from 2024.
- Q1 2025 revenue is anticipated to be slightly higher than Q1 2024, driven by practitioner onboarding and training. However, Q1 2025 Adjusted EBITDA is projected to be ~5% lower, reflecting increased sales and marketing expenses aimed at accelerating customer growth.
