biote (BTMD) - 2025 Q1 - Quarterly Results

Biote Q1 2025 Financial Results First Quarter 2025 Financial Highlights Biote reported Q1 2025 revenue of $49.0 million (+4.7% YoY) and a net income of $15.8 million, a significant turnaround from prior year loss Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $49.0 million | $46.8 million | +4.7% YoY | | Gross Profit Margin | 74.3% | 71.3% | +3.0 p.p. | | Net Income (Loss) | $15.8 million | $(5.7) million | N/A | | Diluted EPS | $0.37 | $(0.12) | N/A | | Adjusted EBITDA | $13.8 million | $14.2 million | -2.8% YoY | | Adjusted EBITDA Margin | 28.1% | 30.4% | -2.3 p.p. | 2025 First Quarter Financial Review Total revenue grew 4.7% to $49.0 million, driven by dietary supplements, while gross margin improved to 74.3% due to vertical integration Q1 2025 Revenue Breakdown (YoY) | Revenue Stream | Q1 2025 | Change (YoY) | | :--- | :--- | :--- | | Total Revenue | $49.0 million | +4.7% | | Procedure Revenue | N/A | -3.6% | | Dietary Supplement Revenue | N/A | +25.5% | - Gross profit margin increased to 74.3% from 71.3% in Q1 2024, primarily due to the vertical integration of the company's 503B manufacturing facility and effective cost management[7] - Net income for Q1 2025 was $15.8 million, which included a gain of $10.7 million from changes in the fair value of earnout liabilities, contrasting with a net loss of $(5.7) million in Q1 2024 that included a loss of $(12.1) million from the same liabilities[8] - Adjusted EBITDA and its margin decreased to $13.8 million and 28.1% respectively, down from $14.2 million and 30.4% in the prior-year period, primarily due to increased sales and marketing activities[9] Subsequent Event: Organizational Restructuring Biote announced a strategic organizational restructuring of its commercial teams to drive new clinic growth and improve financial performance, expecting $0.6 million to $0.8 million in Q2 2025 severance costs - The company is undertaking a strategic organizational restructuring with key actions including realigning the commercial organization, increasing sales representatives by 25%, streamlining sales leadership, and aligning sales compensation with goals[10] - The company expects to incur a charge of approximately $0.6 million to $0.8 million in Q2 2025 for severance costs related to the restructuring[11] 2025 Financial Outlook Biote maintained its full-year 2025 guidance, projecting revenue between $202 million and $208 million and Adjusted EBITDA between $59 million and $64 million Full Year 2025 Guidance | Metric | 2025 Guidance Range ($ in millions) | | :--- | :--- | | Revenue | $202 - $208 | | Adjusted EBITDA | $59 - $64 | - For the full year 2025, the company expects procedure revenue to increase approximately 2-4% and dietary supplements revenue to increase approximately 5-10% from 2024[17] - For the second quarter of 2025, the Company expects revenue and Adjusted EBITDA to be similar to or slightly higher than that of the second quarter of 2024[13] Financial Tables This section provides detailed unaudited consolidated financial statements, including Balance Sheets, Statements of Operations, Cash Flows, and Adjusted EBITDA reconciliation Condensed Consolidated Balance Sheets Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $41,700 | $39,342 | | Total current assets | $68,680 | $68,127 | | Total assets | $123,379 | $122,370 | | Total current liabilities | $48,470 | $51,514 | | Total liabilities | $208,205 | $224,570 | | Total stockholders' deficit | $(84,826) | $(102,200) | Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) Statement of Operations Highlights (in thousands, except per share data) | Account | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Total revenue | $48,992 | $46,804 | | Gross Profit | $36,382 | $33,352 | | Income from operations | $9,690 | $10,427 | | Net income (loss) | $15,839 | $(5,726) | | Diluted EPS | $0.37 | $(0.12) | Condensed Consolidated Statements of Cash Flows Cash Flow Highlights (in thousands) | Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $6,467 | $7,372 | | Net cash used in investing activities | $(1,848) | $(12,176) | | Net cash used in financing activities | $(2,257) | $(5,409) | | Net increase (decrease) in cash | $2,358 | $(10,215) | | Cash and cash equivalents at end of period | $41,700 | $78,787 | Reconciliation of Adjusted EBITDA to Net Income (Loss) Reconciliation of Net Income (Loss) to Adjusted EBITDA (in thousands) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net income (loss) | $15,839 | $(5,726) | | Adjustments (Interest, Taxes, D&A, etc.) | $(2,087) | $19,968 | | Adjusted EBITDA | $13,752 | $14,242 |