biote Corp. Releases Q3 10-Q Report Highlighting Financial and Operational Progress
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biote Corp., a leading provider in the bioidentical hormone replacement therapy industry, has released its Form 10-Q report for the third quarter. The report highlights the company's financial performance and operational advancements, showcasing both growth and strategic initiatives aimed at future expansion.
Financial Highlights
- Total Revenue: $95.973 million, reflecting a slight increase from $94.100 million in the same period last year, driven by stable product and service revenue.
- Income from Operations: $16.660 million, showing an improvement over the previous year's $15.550 million, indicating effective cost management and operational efficiency.
- Net Loss: $(16.285) million, a reduction from the previous year's loss of $(34.525) million, highlighting significant improvements in financial performance.
- Net Loss Attributable to Biote Corp. Stockholders: $(8.392) million, compared to $(11.948) million in the prior year, demonstrating progress in reducing losses.
- Basic and Diluted Net Loss Per Common Share: $(0.25), improved from $(0.62) in the previous year, reflecting better financial outcomes per share.
Business Highlights
- Revenue Segments: The company generates revenue from product and service streams, including pellet procedures, dietary supplements, and disposable trocars. Pellet procedures accounted for the majority of product revenue, with dietary supplements and trocars contributing to the remainder.
- Geographical Performance: The United States remains the primary market, contributing the vast majority of both product and service revenues.
- Sales Units: The company reported significant sales volumes in pellet procedures and dietary supplements, with a noted increase in the number of procedures performed by practitioners.
- New Product Launches: The company expanded its product offerings with the acquisition of intellectual property from Simpatra, LLC, which includes developed technology and customer relationships.
- New Production Launches: The acquisition of Asteria Health, a 503B manufacturer of compounded bioidentical hormones, marks a significant expansion in production capabilities.
- Future Outlook: The company plans to continue increasing the number of Biote-certified practitioners and grow the practice of existing Biote-partnered clinics. There is also a focus on increasing sales of Biote-branded dietary supplements through enhanced digital outreach capabilities.