Updated Mar 14, 2025, 8:36 PM UTC
Income Statement - Metric | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Product Revenue (USD, thousands) | 44,831.00 | 44,935.00 | 182,573 | 46,035 | 48,111.00 | 49,806.00 | 48,288.00 | 192,240 | ||||||||||||
Service Revenue (USD, thousands) | 726.00 | 768.00 | 2,787 | 769 | 1,058.00 | 1,578.00 | 1,546.00 | 4,951 | ||||||||||||
Total Revenue (USD, thousands) | 45,557.00 | 45,703.00 | 185,360 | 46,804 | 49,169.00 | 51,384.00 | 49,834.00 | 197,191 | ||||||||||||
Cost of Products (USD, thousands) | 13,070.00 | 13,157.00 | 54,246 | 12,802 | 14,426.00 | 14,431.00 | 13,428.00 | 55,087 | ||||||||||||
Cost of Services (USD, thousands) | 1,097.00 | 848.00 | 3,631 | 565 | 861.00 | 741.00 | 876.00 | 3,043 | ||||||||||||
Cost of Revenue (USD, thousands) | 14,167.00 | 14,005.00 | 57,877 | 13,367 | 15,287.00 | 15,172.00 | 14,304.00 | 58,130 | ||||||||||||
Selling, General and Administrative Expenses (USD, thousands) | 23,791.00 | 26,190.00 | 98,826 | 23,010 | 27,649.00 | 24,028.00 | 32,763.00 | 107,450 | ||||||||||||
Income (Loss) from Operations (USD, thousands) | 7,599.00 | 5,508.00 | 28,657 | 10,427 | 6,233.00 | 12,184.00 | 2,767.00 | 31,611 | ||||||||||||
Interest Expense, Net (USD, thousands) | 152.00 | (1,542.00) | (6,363) | (1,660) | (2,577.00) | (3,542.00) | (3,222.00) | (11,001) | ||||||||||||
Loss from Change in Fair Value of Warrant Liability (USD, thousands) | 0.00 | 0.00 | (13,411) | - | - | - | - | - | ||||||||||||
Gain (Loss) from Change in Fair Value of Earnout Liabilities (USD, thousands) | 17,450.00 | 5,370.00 | (8,990) | (12,089) | (13,949.00) | 7,213.00 | (780.00) | (19,605) | ||||||||||||
Other Income (Expense) (USD, thousands) | (102.00) | (2.00) | (16) | (2) | (2.00) | 0.00 | 15.00 | 11 | ||||||||||||
Total Other Income (Expense), Net (USD, thousands) | 15,917.00 | 3,826.00 | (28,780) | (13,751) | (16,528.00) | 3,671.00 | (3,987.00) | (30,595) | ||||||||||||
Income (Loss) Before Provision for Income Taxes (USD, thousands) | 23,516.00 | 9,334.00 | (123) | (3,324) | (10,295.00) | 15,855.00 | (1,220.00) | 1,016 | ||||||||||||
Income Tax Expense (USD, thousands) | 3,874.00 | (2,744.00) | 2,682 | 2,486 | 180.00 | 3,007.00 | (4,703.00) | 970 | ||||||||||||
Net Income (Loss) (USD, thousands) | 19,642.00 | 12,078.00 | (2,805) | (5,810) | (10,475.00) | 12,848.00 | 3,483.00 | 46 | ||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest (USD, thousands) | 12,112.00 | 4,344.00 | (6,121) | (3,740) | (4,153.00) | 5,002.00 | (220.00) | (3,111) | ||||||||||||
Net Income (Loss) Attributable to biote Corp. Stockholders (USD, thousands) | 7,530.00 | 7,734.00 | 3,316 | (2,070) | (6,322.00) | 7,846.00 | 3,703.00 | 3,157 | ||||||||||||
Foreign Currency Translation Adjustments (USD, thousands) | - | 0.00 | 8 | (1) | (1.00) | (8.00) | (5.00) | (15) | ||||||||||||
Other Comprehensive Income (Loss) (USD, thousands) | - | 0.00 | 8 | (1) | (1.00) | (8.00) | (5.00) | (15) | ||||||||||||
Comprehensive Income (Loss) (USD, thousands) | 19,650.00 | 12,078.00 | (2,797) | (5,811) | (10,476.00) | 12,840.00 | 3,478.00 | 31 | ||||||||||||
Balance Sheet - Metric | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 |
Cash and cash equivalents (USD, thousands) | 65,575 | 89,002 | 89,002 | 78,787 | 26,419 | 38,225 | 39,342 | 39,342 | ||||||||||||
Accounts receivable, net (USD, thousands) | 10,177 | 6,809 | 6,809 | 8,022 | 7,700 | 8,493 | 7,631 | 7,631 | ||||||||||||
Inventory, net (USD, thousands) | 11,078 | 17,307 | 17,307 | 18,917 | 19,212 | 16,200 | 14,845 | 14,845 | ||||||||||||
Other current assets (USD, thousands) | 10,923 | 9,225 | 9,225 | 8,635 | 8,436 | 7,065 | 6,309 | 6,309 | ||||||||||||
Total current assets (USD, thousands) | 117,753 | 122,343 | 122,343 | 114,361 | 61,767 | 69,983 | 68,127 | 68,127 | ||||||||||||
Property and equipment, net (USD, thousands) | 1,353 | 1,218 | 1,218 | 2,191 | 4,523 | 5,813 | 6,973 | 6,973 | ||||||||||||
Capitalized software, net (USD, thousands) | 5,449 | 4,973 | 4,973 | 4,930 | 4,884 | 4,974 | 3,877 | 3,877 | ||||||||||||
Goodwill (USD, thousands) | - | - | - | 5,525 | 5,516 | 5,516 | 5,833 | 5,833 | ||||||||||||
Intangible assets, net (USD, thousands) | - | - | - | 6,015 | 5,967 | 5,666 | 5,500 | 5,500 | ||||||||||||
Operating lease right-of-use assets (USD, thousands) | 1,953 | 1,877 | 1,877 | 2,202 | 2,102 | 3,376 | 3,246 | 3,246 | ||||||||||||
Deferred tax asset (USD, thousands) | 23,241 | 24,884 | 24,884 | 24,884 | 8,141 | 5,924 | 28,742 | 28,742 | ||||||||||||
Total assets (USD, thousands) | 149,749 | 155,295 | 155,295 | 160,108 | 92,900 | 101,252 | 122,370 | 122,370 | ||||||||||||
Accounts payable (USD, thousands) | 5,694 | 4,155 | 4,155 | 4,196 | 5,793 | 4,374 | 5,813 | 5,813 | ||||||||||||
Accrued expenses (USD, thousands) | 10,279 | 8,497 | 8,497 | 9,729 | 6,899 | 8,185 | 11,293 | 11,293 | ||||||||||||
Term loan, current (USD, thousands) | 6,250 | 6,250 | 6,250 | 6,250 | 6,250 | 6,250 | 6,250 | 6,250 | ||||||||||||
Deferred revenue, current (USD, thousands) | 2,562 | 3,002 | 3,002 | 2,876 | 3,159 | 2,927 | 2,961 | 2,961 | ||||||||||||
Earnout liabilities, current (USD, thousands) | - | - | - | 600 | 100 | 100 | 100 | 100 | ||||||||||||
Operating lease liabilities, current (USD, thousands) | 298 | 311 | 311 | 406 | 419 | 482 | 523 | 523 | ||||||||||||
Share repurchase liabilities, current (USD, thousands) | - | - | - | - | 23,646 | 24,192 | 24,574 | 24,574 | ||||||||||||
Total current liabilities (USD, thousands) | 25,083 | 22,215 | 22,215 | 24,057 | 46,266 | 46,510 | 51,514 | 51,514 | ||||||||||||
Term loan, net of current portion (USD, thousands) | 107,990 | 106,630 | 106,630 | 105,270 | 103,909 | 102,548 | 101,199 | 101,199 | ||||||||||||
Deferred revenue, net of current portion (USD, thousands) | 1,182 | 1,322 | 1,322 | 1,426 | 1,544 | 1,603 | 1,553 | 1,553 | ||||||||||||
Operating lease liabilities, net of current portion (USD, thousands) | 1,761 | 1,680 | 1,680 | 1,917 | 1,807 | 3,026 | 2,890 | 2,890 | ||||||||||||
Share repurchase liabilities, net of current portion (USD, thousands) | - | - | - | - | 43,101 | 43,610 | 44,300 | 44,300 | ||||||||||||
TRA liability (USD, thousands) | 18,528 | 18,894 | 18,894 | 18,894 | 4,356 | 4,424 | 4,479 | 4,479 | ||||||||||||
Earnout liabilities, net of current portion (USD, thousands) | 46,470 | 41,100 | 41,100 | 53,444 | 23,568 | 16,355 | 17,135 | 17,135 | ||||||||||||
Total liabilities (USD, thousands) | 201,014 | 191,841 | 191,841 | 205,008 | 234,551 | 228,076 | 224,570 | 224,570 | ||||||||||||
Class A common stock (USD, thousands) | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | ||||||||||||
Class V voting stock (USD, thousands) | 3 | 3 | 3 | 3 | 1 | 1 | 1 | 1 | ||||||||||||
Accumulated deficit (USD, thousands) | (40,522) | (29,391) | (29,391) | (31,303) | (137,723) | (124,717) | (100,297) | (100,297) | ||||||||||||
Accumulated other comprehensive loss (USD, thousands) | (13) | (12) | (12) | (14) | (22) | (29) | (35) | (35) | ||||||||||||
Treasury stock, at cost (USD, thousands) | - | - | - | (4,088) | (5,600) | (5,600) | (5,600) | (5,600) | ||||||||||||
biote Corp.’s stockholders’ deficit (USD, thousands) | (40,529) | (29,397) | (29,397) | (35,399) | (143,341) | (130,342) | (105,928) | (105,928) | ||||||||||||
Noncontrolling interest (USD, thousands) | (10,736) | (7,149) | (7,149) | (9,501) | 1,690 | 3,518 | 3,728 | 3,728 | ||||||||||||
Total stockholders’ deficit (USD, thousands) | (51,265) | (36,546) | (36,546) | (44,900) | (141,651) | (126,824) | (102,200) | (102,200) | ||||||||||||
Total liabilities and stockholders’ deficit (USD, thousands) | 149,749 | 155,295 | 155,295 | 160,108 | 92,900 | 101,252 | 122,370 | 122,370 | ||||||||||||
Cash Flow - Metric | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 |
Net income (loss) (USD, thousands) | - | - | - | - | - | - | - | 46 | ||||||||||||
Depreciation and Amortization (USD, thousands) | 416.00 | 1,510.00 | 2,994 | 750 | 876.00 | 810.00 | 1,138.00 | 3,574 | ||||||||||||
Bad Debt Expense (Recoveries) (USD, thousands) | (142.00) | 39.00 | 663 | 161 | 677.00 | 73.00 | 579.00 | 1,490 | ||||||||||||
Amortization of Debt Issuance Costs (USD, thousands) | 200.00 | 203.00 | 794 | 202 | 202.00 | 201.00 | 214.00 | 819 | ||||||||||||
Write-off of Capitalized Software (USD, thousands) | - | - | 313 | - | - | - | - | - | ||||||||||||
(Benefit from) Provision for Obsolete Inventory (USD, thousands) | - | - | (26) | - | - | - | - | 503 | ||||||||||||
Non-cash Lease Expense (USD, thousands) | 286.00 | 76.00 | 499 | 80 | 100.00 | 505.00 | 130.00 | 815 | ||||||||||||
Non-cash Interest on Share Repurchase Liability (USD, thousands) | - | - | - | - | - | 1,055.00 | - | 2,620 | ||||||||||||
Shares Issued in Settlement of Litigation (USD, thousands) | 0.00 | 0.00 | 1,199 | - | - | - | - | - | ||||||||||||
Share-Based Compensation Expense (USD, thousands) | 2,243.00 | 1,997.00 | 9,057 | 1,763 | 2,841.00 | 2,245.00 | 1,886.00 | 8,735 | ||||||||||||
Loss from Change in Fair Value of Warrant Liability (USD, thousands) | - | - | 13,411 | - | - | - | - | - | ||||||||||||
Loss from Change in Fair Value of Earnout Liabilities (USD, thousands) | (17,450.00) | (5,370.00) | 8,990 | 12,089 | 13,949.00 | (7,213.00) | 780.00 | 19,605 | ||||||||||||
Net Cash Provided by Operating Activities (USD, thousands) | 160.00 | 6,956.00 | 26,883 | 7,372 | 9,947.00 | 15,556.00 | 12,368.00 | 45,243 | ||||||||||||
Purchases of Property and Equipment (USD, thousands) | (451.00) | 159.00 | (359) | (704) | (2,506.00) | (1,550.00) | (1,670.00) | (6,430) | ||||||||||||
Purchases of Capitalized Software (USD, thousands) | (33.00) | (1,163.00) | (2,354) | (350) | (342.00) | (424.00) | 590.00 | (526) | ||||||||||||
Acquisitions, Net of Cash Acquired (USD, thousands) | - | - | - | (11,122) | (489.00) | 0.00 | (231.00) | (11,842) | ||||||||||||
Net Cash Used in Investing Activities (USD, thousands) | (484.00) | 18,996.00 | (2,713) | (12,176) | (3,337.00) | (1,974.00) | (1,311.00) | (18,798) | ||||||||||||
Repurchases of Common Stock (USD, thousands) | - | - | - | (4,088) | (1,511.00) | 0.00 | 0.00 | (5,599) | ||||||||||||
Principal Repayments on Term Loan (USD, thousands) | (1,562.00) | (1,563.00) | (6,250) | (1,562) | (1,563.00) | (1,562.00) | (1,563.00) | (6,250) | ||||||||||||
Payments on Repurchase Liability (USD, thousands) | - | - | - | - | - | 0.00 | - | (62,162) | ||||||||||||
Proceeds from Exercise of Stock Options (USD, thousands) | 0.00 | 0.00 | 420 | 324 | 238.00 | 247.00 | 1,581.00 | 2,390 | ||||||||||||
Issuance of Stock Under Purchase Plan (USD, thousands) | - | - | 144 | - | - | 0.00 | - | 282 | ||||||||||||
Distributions (USD, thousands) | (1,000.00) | (1,106.00) | (8,694) | (83) | (4,120.00) | (453.00) | (88.00) | (4,744) | ||||||||||||
Net Cash Used in Financing Activities (USD, thousands) | (2,562.00) | (2,525.00) | (14,380) | (5,409) | (58,972.00) | (1,768.00) | (9,934.00) | (76,083) | ||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents (USD, thousands) | - | 0.00 | (19) | (2) | (6.00) | (8.00) | (6.00) | (22) | ||||||||||||
Net Increase in Cash and Cash Equivalents (USD, thousands) | - | - | 9,771 | - | - | - | - | (49,660) | ||||||||||||
Cash Paid for Interest (USD, thousands) | 2,441.00 | 2,454.00 | 9,476 | 2,230 | 1,742.00 | 3,353.00 | 2,210.00 | 9,535 | ||||||||||||
Cash Paid for Income Taxes (USD, thousands) | (1,683.00) | 1,637.00 | 4,426 | 2 | 2,205.00 | 81.00 | 305.00 | 2,593 | ||||||||||||
Capital Expenditures and Capitalized Software Included in Accounts Payable (USD, thousands) | - | - | 208 | 85 | 0.00 | - | - | 50 | ||||||||||||
Shares Issued to Acquire Simpatra (USD, thousands) | - | - | - | 1,574 | 267.00 | 0.00 | 0.00 | 1,841 | ||||||||||||
Deferred Income Taxes (USD, thousands) | 394 | 721 | 721 | 0 | 0 | 2,233 | (2,898) | (2,898) | ||||||||||||
Accounts Receivable (USD, thousands) | (3,834) | (505) | (505) | (1,329) | (1,684) | (2,550) | (2,267) | (2,267) | ||||||||||||
Inventory (USD, thousands) | 137 | (6,098) | (6,098) | 75 | (192) | 2,179 | 3,714 | 3,714 | ||||||||||||
Accounts Payable (USD, thousands) | 1,582 | (165) | (165) | (109) | 1,490 | 156 | 1,545 | 1,545 | ||||||||||||
Deferred Revenue (USD, thousands) | 853 | 1,433 | 1,433 | (22) | 379 | 206 | 190 | 190 | ||||||||||||
Accrued Expenses (USD, thousands) | 4,005 | 2,223 | 2,223 | (1,094) | (1,262) | 24 | 4,632 | 4,632 | ||||||||||||
Operating Lease Liabilities (USD, thousands) | (329) | (397) | (397) | (73) | (170) | (667) | (762) | (762) | ||||||||||||
Cash and Cash Equivalents at Beginning of Period (USD, thousands) | 79,231 | 79,231 | 79,231 | 89,002 | 89,002 | 89,002 | 89,002 | 89,002 | ||||||||||||
Cash and Cash Equivalents at End of Period (USD, thousands) | 65,575 | 89,002 | 89,002 | 78,787 | 26,419 | 38,225 | 39,342 | 39,342 | ||||||||||||
Revenue by Segment - in Millions of USD | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 |
Pellet procedures | 35.42 | 34.86 | 140.991 | 37.39 | 38.42 | 37.93 | 36.59 | 150.33 | ||||||||||||
- Dietary supplements | 8.48 | 9.13 | 38.090 | 7.39 | 8.24 | 10.32 | 10.07 | 36.02 | ||||||||||||
- Disposable trocars | 0.89 | 0.88 | 3.320 | 1.03 | 1.11 | 1.08 | 1.13 | 4.35 | ||||||||||||
- Shipping fees | 0.05 | 0.05 | 0.172 | 0.06 | 0.34 | 0.48 | 0.67 | 1.55 | ||||||||||||
Product revenue | 44.83 | 44.94 | 182.573 | 46.04 | 48.11 | 49.81 | 48.28 | 192.24 | ||||||||||||
Training | 0.32 | 0.31 | 1.170 | 0.27 | 0.30 | 0.57 | 0.32 | 1.46 | ||||||||||||
- Contract-term services | 0.23 | 0.25 | 0.920 | 0.27 | 0.29 | 0.30 | 0.37 | 1.23 | ||||||||||||
- Other services | 0.17 | 0.2 | 0.697 | 0.22 | 0.47 | 0.70 | 0.88 | 2.27 | ||||||||||||
Service revenue | 0.73 | 0.76 | 2.787 | 0.77 | 1.06 | 1.58 | 1.54 | 4.95 | ||||||||||||
Total revenue | 45.56 | 45.7 | 185.360 | 46.81 | 49.17 | 51.38 | 49.83 | 197.19 | ||||||||||||
Revenue by Geography - in Millions of USD | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 |
United States | 44.57 | 44.06 | 181.838 | 45.656 | 47.568 | 49.991 | - | - | ||||||||||||
All Other | 0.26 | 0.18 | 0.735 | 0.379 | 0.543 | -0.185 | - | - | ||||||||||||
Total Revenue | 45.83 | 45.43 | 185.360 | 46.804 | 49.169 | 51.384 | - | - |