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Biote Corp. (BTMD-2.60%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Biote's operations in the hormone optimization space, highlighting its practice-building platform for practitioners using bioidentical hormone replacement therapy. The company reported revenues of $197.2 million, an increase from $185.4 million in the previous year.
Biote's net income for the year was $0.05 million, compared to a net loss of $2.8 million in the prior year. The improvement was attributed to increased procedure revenue and the acquisition of Asteria Health, a 503B manufacturer.
Cost of revenue amounted to $58.1 million, slightly up from $57.9 million in the previous year, due to higher volumes and sustained unit costs.
Selling, general, and administrative expenses rose to $107.5 million from $98.8 million, driven by increased employee-related expenses, legal settlement costs, and marketing initiatives.
Interest expense increased to $11.0 million, primarily due to accreted interest related to share repurchase liabilities and higher interest rates.
The company recorded a loss of $19.6 million from the change in fair value of earnout liabilities, affected by settlements of ongoing litigation.
Biote's liquidity position included $39.3 million in cash and cash equivalents as of December 31, 2024, with $50.0 million available under its revolving loans.
The report also covers Biote's strategic acquisitions, including Asteria Health, and outlines its focus on vertical integration to enhance operational efficiency.
Biote faces ongoing legal proceedings, including litigation with Right Value Drug Stores and settlements with stockholders Gary S. Donovitz and Marci M. Donovitz, impacting its financial statements.
The company continues to address a material weakness in its internal controls over financial reporting, with remediation efforts ongoing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Biote Corp. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.