Q3 2024 Biote Corp Earnings Call Transcript
Key Points
- Biote Corp (BTMD) reported double-digit growth in both revenue and adjusted EBITDA for the third quarter of 2024.
- The company achieved a 15% improvement in adjusted EBITDA compared to the same quarter last year, with margins exceeding 30%.
- Biote Corp (BTMD) introduced enhancements to its Clinical Decision Support software, which are expected to strengthen its competitive position and support growth objectives.
- The company has successfully integrated Asteria Health into its operations, yielding expected cost savings and strengthening its supply chain.
- Biote Corp (BTMD) reported strong cash flow from operations, with cash and cash equivalents increasing to $38.2 million by the end of the third quarter of 2024.
- The introduction of enhancements to the Clinical Decision Support software caused a temporary disruption in procedure volume.
- Hurricane Helene caused clinic closures in several core states, impacting third-quarter procedure volumes.
- Biote Corp (BTMD) adjusted its 2024 financial guidance downward due to temporary headwinds impacting fourth-quarter results.
- The company experienced a revenue mix shift towards dietary supplements, which impacted gross profit margins.
- There is ongoing uncertainty regarding the state licensing process for Asteria Health, which could affect future operations.
Welcome to the Biote Third Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.
I would like now to turn the conference over to Szymon Serowiecki from Investor Relations. Please go ahead.
Thank you for joining us today. This afternoon, Biote published financial results for the third quarter ended September 30, 2024. This news release is available in the Investor Relations section of the company's website. Terry Weber, Chief Executive Officer; and Bob Peterson, Chief Financial Officer, will host today's call.
Before we get started, I would like to remind everyone that management will make statements during this call that include forward-looking statements regarding, among other things, the company's financial results, future performance growth opportunities, business outlook, strategies, goals, research and development, manufacturing and commercialization activities, competitive position, regulatory process operations, benefits of the
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