Total Revenue

+9% (from $45.70M to $49.83M)

Total revenue increased modestly in Q4 2024 compared to Q4 2023. This growth likely reflects ongoing improvements in the core product lines—such as pellet procedures and dietary supplements—similar to trends seen in prior quarters where increased clinic activity and improved Amazon performance were key drivers. " "

Product Revenue

+7.5%

Product revenue grew by about 7.5% from $44.94M to $48.29M. This increment appears to be driven by steady performance in pellet procedures and enhanced dietary supplement sales, building on previous period improvements where similar product segments delivered consistent revenue contributions. " "

Service Revenue

+101%

Service revenue more than doubled from $768K to $1.55M. The surge is likely due to an expanded offering of training sessions and a stronger contribution from technology-enabled services (reminiscent of earlier periods when increased training sessions drove revenue) as the company further leveraged its BioteRx platform. " "

Selling, General & Administrative Expenses

+25%

SG&A expenses rose significantly by 25% from $26.19M to $32.76M, driven by increased payroll, higher executive-related costs, and expanded marketing efforts. The steep rise in SG&A contrasts with more modest revenue gains and reflects continued investments in infrastructure and talent that were already evident in previous quarters. " "

Operating Income

-50%

Operating income dropped roughly 50% from $5.51M to $2.77M despite higher revenues. This decline indicates that increased operating costs—especially higher SG&A expenses—more than eroded the benefits from top-line growth, showing a cost structure that became less efficient relative to past periods. " "

Net Income

-71%

Net income declined sharply from $12.08M to $3.48M, suggesting a significant reduction in non-operating gains (such as favorable fair value adjustments previously seen) along with higher overall expenses. The result points to a bottom‐line pressure not seen in the previous period, accentuating the impact of cost pressures. " "

Interest Expense, Net

+109%

Interest expense net more than doubled from $1.54M to $3.22M. This increase is driven by higher interest rates on borrowings, added accreted interest from share repurchase liabilities, and lower offsetting interest income from cash balances, reflecting an environment where financing costs have escalated relative to prior periods. " "

Revenue

FY 2024

$200 million to $204 million "

$197 million to $201 million "

lowered

Adjusted EBITDA

FY 2024

$60 million to $63 million "

$58 million to $61 million "

lowered

Revenue

FY 2025

no prior guidance

$202 million to $208 million "

no prior guidance

Adjusted EBITDA

FY 2025

no prior guidance

$59 million to $64 million "

no prior guidance

Procedure Revenue Growth

FY 2025

no prior guidance

2% to 4% increase from 2024 "

no prior guidance

Dietary Supplement Revenue Growth

FY 2025

no prior guidance

5% to 10% increase from 2024 "

no prior guidance

Enhanced Clinical Decision Support Software (CDSS) Rollout

Q3 discussions emphasized the dual role as a growth enabler and causing temporary operational disruptions. " " " " " " In Q2 it was framed as a differentiator with no mention of disruptions. " " Q1 had no mention.

Q4 continued to highlight the strong growth enabler potential while detailing operational disruptions—notably a slowdown in new practitioner onboarding and procedure volume impacts—but with confident long‑term benefits. " " " " " "

Recurring emphasis on dual impacts; sentiment remains optimistic about long‑term growth despite short‑term operational challenges.

Practitioner and Clinic Network Expansion

Across Q1–Q3, there was consistent focus on expanding the practitioner and clinic network through initiatives like the Quick Start program, geographic expansion, and top‑tier clinic engagement. " " " " " "

In Q4, while the strategy to sustain procedure revenue through network expansion remains, emphasis shifted as the CDSS rollout temporarily slowed new practitioner additions; the focus was on better integrating and training existing practitioners. " " "

Consistent emphasis on network expansion; however, Q4 sentiment reflects operational challenges from the CDSS rollout affecting new additions.

Vertical Integration via Asteria Health Acquisition

Q1 discussions focused on obtaining better supply chain control and addressing licensing challenges. " " Q2 addressed production enhancement efforts and licensing progress with plans for expanded manufacturing. " " " " " Q3 reported margin improvements and conversion metrics with substantial integration progress. " " "

Q4 highlighted the cost efficiencies and improved gross profit margins derived from vertical integration, along with a more tempered approach to further rollout—ensuring practitioner needs are met during the integration. " "

Steady integration progress with evolving emphasis: from building capability and licensing in earlier periods to focusing on cost efficiencies, margin gains, and quality of integration in Q4.

Procedure Revenue Growth Trends

Q1 saw stable growth (6.6%) driven by existing clinics and early network expansion. " " " " Q2 reported robust growth (7.8%) with broad‐based contributions and effective Quick Start implementations. " " Q3 experienced 7.1% growth, though temporary disruptions due to the CDSS rollout and external factors (e.g. hurricane impacts) were noted. " " " "

Q4 reported a lower growth rate (5%) and revised guidance for 2025 (2–4%), with management attributing the slowdown primarily to the operational impacts of the updated CDSS rollout and shifting network focus. " "

Shift from strong historical growth to a near‑term slowdown as operational challenges (notably CDSS transition) impact new practitioner onboarding and procedure volumes.

GLP‑1 Therapies and Regulatory Risks

Q1 mentioned GLP‑1 therapies in the context of provider education and product integration. " Q2 and Q3 described GLP‑1s as a non‑core offering with manageable regulatory risks and limited revenue impact, integrated through platforms like BioteRx. " "

Q4 reaffirmed that GLP‑1 offerings (e.g. semaglutide and tirzepatide) remain non‑core, with regulatory risks acknowledged but not expected to significantly influence overall revenue. " "

Consistent sentiment throughout periods: GLP‑1 therapies are seen as supplemental with regulatory risks that are monitored but not material to the core strategy.

Evolution of New Product Offerings

Q1 introduced the BioteRx platform with a strong launch (10 new products) alongside an effective Quick Start Program for onboarding. " " " " Q2 and Q3 continued to expand BioteRx offerings while maintaining the Quick Start initiative’s success, with both programs seen as growth drivers. " " " "

Q4 placed heightened emphasis on the BioteRx platform as a key competitive differentiator for comprehensive product delivery, while still valuing the Quick Start Program for new practitioners though with a slight strategic shift toward integrated practitioner engagement. " " "

Growing focus on the BioteRx platform as a long‑term growth driver, with an evolving balance that complements—but does not eliminate—the role of the Quick Start Program.

Emerging Revenue Channels (Dietary Supplement via Amazon)

Q1 reported an 11.3% decline due to the exit from a major distributor and the early phase of transitioning to direct channels. " " " Q2 saw a significant drop (–32.2%) as the company adjusted its distribution strategy and managed seasonal effects. " " Q3 rebounded with strong growth (21.7%), driven by strategic channel changes and enhanced control over the Amazon storefront. " "

Q4 showed more moderate growth (10.2%), as the business nears the final stage of transitioning completely to Amazon and is expected to stabilize moving forward. " "

Transition recovery: initial declines reversed into strong growth in Q3, with Q4 reflecting a stabilizing phase and moderate gains as the new distribution model matures.