Biote Corp

NASDAQ:BTMDUnited States

Nov 12, 2024

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• -- Earnings Flash (BTMD) BIOTE Posts Q3 Revenue $51.4M, from 4:09PM ET on Tuesday Nov 12, 2024 by MT Newswires

  4:09PM ET on Tuesday Nov 12, 2024 by MT Newswires
  Companies Mentioned: BTMD
  04:09 PM EST, 11/12/2024 (MT Newswires) -- ...

• Biote Reports Third Quarter 2024 Financial Results, from 4:05PM ET on Tuesday Nov 12, 2024 by Dow Jones

  4:05PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: BTMD
  Inventory fair value write-up(7) 118 -- 1,324 -- Transaction-related expenses(8) 37 290 82 2,086 Other expenses(9) 67 40 1,354 649 Merger and acquisition expenses(10) 200 552 995 733 Loss from change in fair value of warrant liability -- -- -- 13,411 (Gain) loss from change in fair value of earnout liabilities (7,213) (17,450) 18,825 14,360 ------ ------- ------- ------- Adjusted EBITDA $16,202 $ 14,037 $ 43,102 $ 41,682 ====== ======= ======= ======= Total revenue $51,384 $ 45,557 $147,357 $139,657 Net income (loss) margin(11) 24.6% 43.1% -2.3% -10.7% Adjusted EBITDA margin(12) 31.5% 30.8% 29.3% 29.8% (1) Represents cash and non-cash interest on our debt obligations, commitment fees for our unused Revolving Loans, net of interest income earned on our money market account and short-term investment. For the three and nine months ended September 30, 2024, interest expense, net included $1.1 million and $1.5 million of accreted interest related to the share repurchase liability. (2) Represents depreciation expense on property and equipment, amortization expense on capitalized software and amortization expense on purchased intangible assets. Depreciation expense of $0.01 million and $0.03 million was included in cost of products for the three and nine months ended September 30, 2024, respectively. (3) Represents employee compensation expense associated with equity-based stock awards. This includes expense associated with equity incentive instruments including phantom stock awards, stock options and restricted stock units. (4) Represents legal expenses to defend the Company against claims asserted by the Company's former owner. (5) Represents litigation expenses other than those incurred in connection with claims asserted by the Company's former owner that are not related to the Company's ongoing business. (6) Represents settlements of legal matters. (7) Represents the fair market value write-up of inventory accounted for under ASC 805 related to the acquisition of Asteria Health. (8) Represents transaction costs including legal fees of $0.04 million and $0.08 million during the three and nine months ended September 30, 2024, respectively, and legal fees of $0.07 million and filing fees of $0.2 million during the three months ended September 30, 2023 and legal fees of $0.9 million, filing fees of $0.2 million and professional services fees of $1.0 million for the nine months ended September 30, 2023 that were incurred in connection with the filing of, and transactions contemplated by, the Company's securities offerings. (9) Represents professional services fees of $0.07 million incurred related to the accounting treatment of the share repurchase liability and a realized foreign currency loss of less than $0.01 million during the three months ended September 30, 2024, and $0.2 million incurred related to the accounting treatment of the share repurchase liability, strategic consulting and advisory services of $0.6 million, executive severance costs of $0.3 million, excise tax related to repurchases of Class A common stock of $0.2 million and a realized foreign currency loss of less than $0.01 million for the nine months ended September 30, 2024, and executive severance costs of $0.04 million and a realized foreign currency loss of less than $0.01 for the three months ended September 30, 2023 and for the nine months ended September 30, 2023, executive severance costs of $0.3 million, a realized foreign currency loss of $0.02 million, costs related to recruiting executive level management, including the former Chief Commercial Officer of $0.2 million, and legal fees of $0.1 million and professional services fees of $0.1 million associated with the restatement of the Company's financial statements for the quarters ended June 30, 2022 and September 30, 2022. (10) Represents legal fees of $0.2 million incurred during the three months ended September 30, 2024 and legal fees of $0.7 million and professional services fees of $0.3 million incurred during the nine months ended September 30, 2024, respectively, related to our recent acquisitions and other strategic opportunities. For the three and nine months ended September 30, 2023, the amount represents professional services fees of $0.05 million, consulting fees of $0.1 million and legal fees of $0.3 million incurred during the three months ended September 30, 2023 and professional fees of $0.05 million, consulting fees of $0.3 million and legal fees of $0.4 million incurred during the nine months ended September 30, 2023 all of which were associated with strategic opportunities to expand the business. (11) Net loss margin is defined as net loss divided by total revenue. (12) Adjusted EBITDA margin is defined as adjusted EBITDA divided by total revenue.
  

• Press Release: Biote Reports Third Quarter 2024 Financial Results, from 4:05PM ET on Tuesday Nov 12, 2024 by Dow Jones

  4:05PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: BTMD