Biote Corp. ( (BTMD) ) has released its Q3 earnings. Here is a breakdown of the information Biote Corp. presented to its investors.
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Biote Corp. is a company specializing in personalized hormone optimization and therapeutic wellness, operating within the preventive healthcare sector with a unique focus on training practitioners to address early indicators of aging. The company recently released its third-quarter 2024 financial results, highlighting continued profitable growth and strategic initiatives aimed at enhancing its competitive edge. Key financial metrics for the third quarter included a revenue increase to $51.4 million, with a significant gross profit margin of 70.5%. Additionally, Biote reported a net income of $12.7 million, reflecting improvements primarily driven by vertical integration and cost management. Despite temporary disruptions in procedure volume due to enhanced clinical decision support software and hurricane-related clinic closures, Biote experienced a notable growth of 15.4% in Adjusted EBITDA compared to the previous year. Looking ahead, Biote remains optimistic about its growth prospects, aided by the recent launch of advanced clinical decision support software, and anticipates that procedure revenue growth will regain momentum in 2025.