Biote Reports Second Quarter 2024 Financial Results
Procedure revenue growth accelerates sequentially
BioteRx roll-out on track with further expansion planned
Management reiterates 2024 financial guidance
Second Quarter 2024 Financial Highlights
(All financial result comparisons made are against the prior-year period)
-
Revenue of
$49.2 million -
Procedure revenue of
$38.4 million -
Gross profit margin of 68.9%, including a
$1.2 million inventory step-up related to the acquisition ofAsteria Health -
Net loss of
$(10.5) million , representing net loss margin of (21.3)%, and basic and diluted loss per share attributable to biote Corp. stockholders of$(0.19) , compared to net loss of$(13.1) million , representing net loss margin of (26.6)%, and basic and diluted loss per share attributable to biote Corp. stockholders of$(0.25) -
Adjusted EBITDA1 of
$12.7 million
“Biote’s second quarter procedure revenue grew 7.8% from the prior-quarter period, increasing sequentially from the 6.6% rate reported in the first quarter of 2024,” said
| ______________________________ |
|
1 Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Please see “Discussion of non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measure. |
2024 Second Quarter Financial Review
(All financial result comparisons made are against the prior-year period unless otherwise noted)
Revenue for the second quarter of 2024 was
Gross profit margin for the second quarter of 2024 was 68.9% compared to 67.9% for the second quarter of 2023. The increase in gross profit margin was primarily due to product mix and continued effective cost management. Gross profit margin in the second quarter of 2024 included a
Operating income for the second quarter of 2024 was
Net loss for the second quarter of 2024 was
Adjusted EBITDA for the second quarter of 2024 was
Resolution of Legal Claims and Related Share Repurchases
As previously announced, on
Additionally, on
2024 Financial Outlook
“We continue to expect improved procedure revenue growth in the second half of 2024 relative to the first half, driven by strengthened performance from our top-tier clinics, the continued expansion of our practitioner network and our quick-start program that accelerates the revenue ramp from new clinics.”
|
($ in millions) |
Previously Reported 2024 Guidance Ranges |
||
|
Revenue |
|
||
|
Adjusted EBITDA1 |
|
| ______________________________ |
|
1 Please see “Forward-Looking Non-GAAP Financial Measures" below for additional information about forward-looking Adjusted EBITDA. |
Conference Call:
Discussion of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results,
We present Adjusted EBITDA and Adjusted EBITDA margin because it is a key measure used by our management to evaluate our operating performance, generate future operating plans and determine payments under compensation programs. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.
Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA margin do not reflect cash capital expenditure requirements for such replacements of our assets;
- Adjusted EBITDA and Adjusted EBITDA margin do not reflect changes in, or cash requirements for, our working capital needs; and
- Adjusted EBITDA and Adjusted EBITDA margin do not reflect tax payments that may represent a reduction in cash available to us.
In addition, Adjusted EBITDA and Adjusted EBITDA margin are subject to inherent limitations as it reflects the exercise of judgment by Biote’s management about which expenses are excluded or included. A reconciliation is provided in the financial statement tables included below in this press release for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including net income and our other GAAP results.
Forward-Looking Non-GAAP Financial Measures
The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of certain information needed to calculate reconciling items. For example, the Company has not included a reconciliation of projected Adjusted EBITDA to GAAP net income (loss), which is the most directly comparable GAAP measure, for the periods presented in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company’s projected Adjusted EBITDA excludes certain items that are inherently uncertain and difficult to predict including, but not limited to, share-based compensation expense, income taxes, due diligence expenses and legal expenses. Due to the variability, complexity and limited visibility of the adjusting items that would be excluded from projected Adjusted EBITDA in future periods, management does not forecast them for internal use and therefore cannot create a quantitative projected Adjusted EBITDA to GAAP net income (loss) reconciliation for the periods presented without unreasonable efforts. A quantitative reconciliation of projected Adjusted EBITDA to GAAP net income (loss) for the periods presented would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. From a qualitative perspective, it is anticipated that the differences between projected Adjusted EBITDA to GAAP net income (loss) for the periods presented will consist of items similar to those described in the financial tables later in this release, including, for example and without limitation, share-based compensation expense, income taxes, due diligence expenses and legal expenses. The timing and amount of any of these excluded items could significantly impact the Company’s GAAP net income (loss) for a particular period. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis.
About
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “may,” “can,” “should,” “will,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “hope,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “might,” “ongoing,” “potential,” “predict,” “would” and other similar expressions, are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual results or developments to differ materially from those expressed or implied by such forward-looking statements, including but not limited to: the success of our dietary supplements to attain significant market acceptance among clinics, practitioners and their patients; our customers’ reliance on certain third parties to support the manufacturing of bio-identical hormones for prescribers; our and our customers’ sensitivity to regulatory, economic, environmental and competitive conditions in certain geographic regions; our ability to increase the use by practitioners and clinics of the Biote Method at the rate that we anticipate or at all; our ability to grow our business; the significant competition we face in our industry; the impact of strategic acquisitions and the implementation of our growth strategies; our limited operating history; our ability to protect our intellectual property; the heavy regulatory oversight in our industry; changes in applicable laws or regulations; the inability to profitably expand in existing markets and into new markets; the possibility that we may be adversely impacted by other economic, business and/or competitive factors, including recent bank failures; and future exchange and interest rates. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and other risks and uncertainties described in the “Risk Factors” section of Biote’s Quarterly Report on Form 10-Q for the fiscal quarter ended
Financial Tables
|
Consolidated Balance Sheets (In Thousands) (Unaudited) |
||||||||
|
|
|
|||||||
|
2024 |
2023 |
|||||||
|
Assets |
||||||||
|
Current assets: |
||||||||
|
Cash and cash equivalents |
$ |
26,419 |
|
$ |
89,002 |
|
||
|
Accounts receivable, net |
|
7,700 |
|
|
6,809 |
|
||
|
Inventory, net |
|
19,212 |
|
|
17,307 |
|
||
|
Other current assets |
|
8,436 |
|
|
9,225 |
|
||
|
Total current assets |
|
61,767 |
|
|
122,343 |
|
||
|
Property and equipment, net |
|
4,523 |
|
|
1,218 |
|
||
|
Capitalized software, net |
|
4,884 |
|
|
4,973 |
|
||
|
|
|
5,516 |
|
|
— |
|
||
|
Intangible assets, net |
|
5,967 |
|
|
— |
|
||
|
Operating lease right-of-use assets |
|
2,102 |
|
|
1,877 |
|
||
|
Deferred tax asset |
|
8,141 |
|
|
24,884 |
|
||
|
Total assets |
$ |
92,900 |
|
$ |
155,295 |
|
||
|
|
||||||||
|
Liabilities and Stockholders’ Deficit |
||||||||
|
Current liabilities: |
|
|||||||
|
Accounts payable |
$ |
5,793 |
|
$ |
4,155 |
|
||
|
Accrued expenses |
|
6,899 |
|
|
8,497 |
|
||
|
Term loan, current |
|
6,250 |
|
|
6,250 |
|
||
|
Deferred revenue, current |
|
3,159 |
|
|
3,002 |
|
||
|
Earnout liabilities, current |
|
100 |
|
|
— |
|
||
|
Operating lease liabilities, current |
|
419 |
|
|
311 |
|
||
|
Share repurchase liabilities, current |
|
23,646 |
|
|
— |
|
||
|
Total current liabilities |
|
46,266 |
|
|
22,215 |
|
||
|
Term loan, net of current portion |
|
103,909 |
|
|
106,630 |
|
||
|
Revolving loans |
|
10,000 |
|
|
— |
|
||
|
Deferred revenue, net of current portion |
|
1,544 |
|
|
1,322 |
|
||
|
Operating lease liabilities, net of current portion |
|
1,807 |
|
|
1,680 |
|
||
|
Share repurchase liabilities, net of current portion |
|
43,101 |
|
|
— |
|
||
|
TRA liability |
|
4,356 |
|
|
18,894 |
|
||
|
Earnout liabilities, net of current portion |
|
23,568 |
|
|
41,100 |
|
||
|
Total liabilities |
|
234,551 |
|
|
191,841 |
|
||
|
Commitments and contingencies |
||||||||
|
Stockholders’ Deficit |
||||||||
|
Preferred stock, |
|
— |
|
|
— |
|
||
|
Class A common stock, |
|
3 |
|
|
3 |
|
||
|
Class V voting stock, |
|
1 |
|
|
3 |
|
||
|
Additional paid-in capital |
|
— |
|
|
— |
|
||
|
Accumulated deficit |
|
(137,723 |
) |
|
(29,391 |
) |
||
|
Accumulated other comprehensive loss |
|
(22 |
) |
|
(12 |
) |
||
|
|
|
(5,600 |
) |
|
— |
|
||
|
biote Corp.’s stockholders’ deficit |
|
(143,341 |
) |
|
(29,397 |
) |
||
|
Noncontrolling interest |
|
1,690 |
|
|
(7,149 |
) |
||
|
Total stockholders’ deficit |
|
(141,651 |
) |
|
(36,546 |
) |
||
|
Total liabilities and stockholders’ deficit |
$ |
92,900 |
|
$ |
155,295 |
|
||
|
Consolidated Statements of Operations (In Thousands, except per share values) (Unaudited) |
||||||||||||||||
|
Three Months Ended |
For the Six Months Ended |
|||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||||
|
Revenue: |
||||||||||||||||
|
Product revenue |
$ |
48,111 |
|
$ |
48,652 |
|
$ |
94,146 |
|
$ |
92,807 |
|
||||
|
Service revenue |
|
1,058 |
|
|
605 |
|
|
1,827 |
|
|
1,293 |
|
||||
|
Total revenue |
|
49,169 |
|
|
49,257 |
|
|
95,973 |
|
|
94,100 |
|
||||
|
Cost of revenue |
||||||||||||||||
|
Cost of products |
|
14,426 |
|
|
14,992 |
|
|
27,228 |
|
|
28,019 |
|
||||
|
Cost of services |
|
861 |
|
|
836 |
|
|
1,426 |
|
|
1,686 |
|
||||
|
Cost of revenue |
|
15,287 |
|
|
15,828 |
|
|
28,654 |
|
|
29,705 |
|
||||
|
Selling, general and administrative |
|
27,649 |
|
|
25,760 |
|
|
50,659 |
|
|
48,845 |
|
||||
|
Income from operations |
|
6,233 |
|
|
7,669 |
|
|
16,660 |
|
|
15,550 |
|
||||
|
Other income (expense), net: |
||||||||||||||||
|
Interest expense, net |
|
(2,577 |
) |
|
(1,645 |
) |
|
(4,237 |
) |
|
(3,291 |
) |
||||
|
Loss from change in fair value of warrant liability |
|
— |
|
|
(11,793 |
) |
|
— |
|
|
(13,411 |
) |
||||
|
Loss from change in fair value of earnout liability |
|
(13,949 |
) |
|
(6,400 |
) |
|
(26,038 |
) |
|
(31,810 |
) |
||||
|
Other income (expense) |
|
(2 |
) |
|
(4 |
) |
|
(4 |
) |
|
(11 |
) |
||||
|
Total other income (expense), net |
|
(16,528 |
) |
|
(19,842 |
) |
|
(30,279 |
) |
|
(48,523 |
) |
||||
|
Loss before provision for income taxes |
|
(10,295 |
) |
|
(12,173 |
) |
|
(13,619 |
) |
|
(32,973 |
) |
||||
|
Income tax expense |
|
180 |
|
|
922 |
|
|
2,666 |
|
|
1,552 |
|
||||
|
Net Loss |
|
(10,475 |
) |
|
(13,095 |
) |
|
(16,285 |
) |
|
(34,525 |
) |
||||
|
Less: Net loss attributable to noncontrolling interest |
|
(4,153 |
) |
|
(7,952 |
) |
|
(7,893 |
) |
|
(22,577 |
) |
||||
|
Net loss attributable to biote Corp. stockholders |
$ |
(6,322 |
) |
$ |
(5,143 |
) |
$ |
(8,392 |
) |
$ |
(11,948 |
) |
||||
|
|
||||||||||||||||
|
Other comprehensive loss: |
||||||||||||||||
|
Foreign currency translation adjustments |
|
(1 |
) |
|
— |
|
|
(2 |
) |
|
— |
|
||||
|
Other comprehensive loss |
|
(1 |
) |
|
— |
|
|
(2 |
) |
|
— |
|
||||
|
Comprehensive loss |
$ |
(10,476 |
) |
$ |
(13,095 |
) |
$ |
(16,287 |
) |
$ |
(34,525 |
) |
||||
|
|
||||||||||||||||
|
Net loss per common share |
||||||||||||||||
|
Basic |
$ |
(0.19 |
) |
$ |
(0.25 |
) |
$ |
(0.25 |
) |
$ |
(0.62 |
) |
||||
|
Diluted |
$ |
(0.19 |
) |
$ |
(0.25 |
) |
$ |
(0.25 |
) |
$ |
(0.62 |
) |
||||
|
Weighted average common shares outstanding |
||||||||||||||||
|
Basic |
|
33,072,156 |
|
|
20,704,866 |
|
|
34,185,578 |
|
|
19,153,574 |
|
||||
|
Diluted |
|
33,072,156 |
|
|
20,704,866 |
|
|
34,185,578 |
|
|
19,153,574 |
|
||||
|
Consolidated Statements of Cash Flows (In Thousands) (Unaudited) |
||||||||
|
Six Months Ended |
||||||||
|
2024 |
2023 |
|||||||
|
Operating Activities |
||||||||
|
Net loss |
$ |
(16,285 |
) |
$ |
(34,525 |
) |
||
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
||||||||
|
Depreciation and amortization |
|
1,626 |
|
|
1,068 |
|
||
|
Bad debt expense |
|
838 |
|
|
766 |
|
||
|
Amortization of debt issuance costs |
|
404 |
|
|
391 |
|
||
|
Provision for obsolete inventory |
|
42 |
|
|
(155 |
) |
||
|
Non-cash lease expense |
|
180 |
|
|
137 |
|
||
|
Non-cash interest on share repurchase liability |
|
493 |
|
|
— |
|
||
|
Shares issued in settlement of litigation |
|
— |
|
|
1,199 |
|
||
|
Share-based compensation expense |
|
4,604 |
|
|
4,817 |
|
||
|
Loss from change in fair value of warrant liability |
|
— |
|
|
13,411 |
|
||
|
Loss from change in fair value of earnout liability |
|
26,038 |
|
|
31,810 |
|
||
|
Deferred income taxes |
|
— |
|
|
236 |
|
||
|
Changes in operating assets and liabilities: |
||||||||
|
Accounts receivable |
|
(1,684 |
) |
|
(2,154 |
) |
||
|
Inventory |
|
(192 |
) |
|
3,942 |
|
||
|
Other current assets |
|
818 |
|
|
(4,082 |
) |
||
|
Accounts payable |
|
1,490 |
|
|
3,295 |
|
||
|
Deferred revenue |
|
379 |
|
|
490 |
|
||
|
Accrued expenses |
|
(1,262 |
) |
|
(848 |
) |
||
|
Operating lease liabilities |
|
(170 |
) |
|
(31 |
) |
||
|
Net cash provided by operating activities |
|
17,319 |
|
|
19,767 |
|
||
|
Investing Activities |
||||||||
|
Purchases of short-term investments |
|
— |
|
|
(20,000 |
) |
||
|
Purchases of property and equipment |
|
(3,210 |
) |
|
(67 |
) |
||
|
Purchases of capitalized software |
|
(692 |
) |
|
(1,158 |
) |
||
|
Acquisitions, net of cash acquired |
|
(11,611 |
) |
|
— |
|
||
|
Net cash used in investing activities |
|
(15,513 |
) |
|
(21,225 |
) |
||
|
Financing Activities |
||||||||
|
Repurchases of common stock |
|
(5,599 |
) |
|
— |
|
||
|
Borrowings on revolving loans |
|
10,000 |
|
|
— |
|
||
|
Principal repayments on term loan |
|
(3,125 |
) |
|
(3,125 |
) |
||
|
Payments on repurchase liability |
|
(62,162 |
) |
|
— |
|
||
|
Proceeds from exercise of stock options |
|
562 |
|
|
420 |
|
||
|
Issuance of stock under purchase plan |
|
146 |
|
|
— |
|
||
|
Distributions |
|
(4,203 |
) |
|
(6,588 |
) |
||
|
Net cash used in financing activities |
|
(64,381 |
) |
|
(9,293 |
) |
||
|
Effect of exchange rate changes on cash and cash equivalents |
|
(8 |
) |
|
— |
|
||
|
Net decrease in cash and cash equivalents |
|
(62,583 |
) |
|
(10,751 |
) |
||
|
Cash and cash equivalents at beginning of period |
|
89,002 |
|
|
79,231 |
|
||
|
Cash and cash equivalents at end of period |
$ |
26,419 |
|
$ |
68,480 |
|
||
|
Supplemental Disclosure of Cash Flow Information |
||||||||
|
Cash paid for interest |
$ |
3,972 |
|
$ |
4,581 |
|
||
|
Cash paid for income taxes |
$ |
2,207 |
|
$ |
4,472 |
|
||
|
Non-cash investing and financing activities |
||||||||
|
Capital expenditures and capitalized software included in accounts payable |
$ |
85 |
|
$ |
61 |
|
||
|
Shares issued to acquire Simpatra |
$ |
1,841 |
|
$ |
— |
|
||
Non-GAAP Measures
Adjusted EBITDA is a non-GAAP performance measure that provides supplemental information that we believe is useful to analysts and investors to evaluate the Company’s ongoing results of operations when considered alongside net income, (the most directly comparable
We use Adjusted EBITDA as alternative measures to evaluate our operational performance. We calculate Adjusted EBITDA by excluding from net income: interest expense; depreciation and amortization expenses; and income taxes. Additionally, we exclude certain expenses we believe are not indicative of our ongoing operations or operational performance. We present Adjusted EBITDA because it is a key measure used by our management to evaluate our operating performance, generate future operating plans and determine payments under compensation programs. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
- Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and
- Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us.
In addition, Adjusted EBITDA is subject to inherent limitations as it reflects the exercise of judgment by Biote’s management about which expenses are excluded or included. Other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our Adjusted EBITDA as a tool for comparison. Investors are encouraged to review the reconciliation, and not to rely on any single financial measure to evaluate our business.
The following is a reconciliation of net loss to Adjusted EBITDA (in thousands) for the three and six months ended
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
|
|
|
|||||||||||||||
| (in thousands) |
2024 |
2023 |
2024 |
2023 |
||||||||||||
| Net Loss |
$ |
(10,475 |
) |
$ |
(13,095 |
) |
$ |
(16,285 |
) |
$ |
(34,525 |
) |
||||
| Interest expense, net(1) |
|
2,577 |
|
|
1,645 |
|
|
4,237 |
|
|
3,291 |
|
||||
| Income tax expense |
|
180 |
|
|
922 |
|
|
2,666 |
|
|
1,552 |
|
||||
| Depreciation and amortization(2) |
|
876 |
|
|
530 |
|
|
1,626 |
|
|
1,068 |
|
||||
| Share-based compensation expense(3) |
|
2,841 |
|
|
2,647 |
|
|
4,604 |
|
|
4,817 |
|
||||
| Litigation expenses-former owner(4) |
|
(12 |
) |
|
1,539 |
|
|
589 |
|
|
2,069 |
|
||||
| Litigation-other(5) |
|
22 |
|
|
184 |
|
|
92 |
|
|
368 |
|
||||
| Legal settlement (gain) loss(6) |
|
— |
|
|
— |
|
|
— |
|
|
1,198 |
|
||||
| Inventory fair value write-up(7) |
|
1,206 |
|
|
— |
|
|
1,206 |
|
|
— |
|
||||
| Transaction-related expenses(8) |
|
— |
|
|
1,472 |
|
|
45 |
|
|
1,796 |
|
||||
| Other expenses(9) |
|
1,202 |
|
|
341 |
|
|
1,287 |
|
|
609 |
|
||||
| Merger and acquisition expenses(10) |
|
376 |
|
|
160 |
|
|
795 |
|
|
181 |
|
||||
| Loss from change in fair value of warrant liability |
|
— |
|
|
11,793 |
|
|
— |
|
|
13,411 |
|
||||
| Loss from change in fair value of earnout liability |
|
13,949 |
|
|
6,400 |
|
|
26,038 |
|
|
31,810 |
|
||||
| Adjusted EBITDA |
$ |
12,742 |
|
$ |
14,538 |
|
$ |
26,900 |
|
$ |
27,645 |
|
||||
| Total revenue |
$ |
49,169 |
|
$ |
49,257 |
|
$ |
95,973 |
|
$ |
94,100 |
|
||||
| Net loss margin(11) |
|
(21.3 |
)% |
|
(26.6 |
)% |
|
(17.0 |
)% |
|
(36.7 |
)% |
||||
| Adjusted EBITDA margin(12) |
|
25.9 |
% |
|
29.5 |
% |
|
28.0 |
% |
|
29.4 |
% |
||||
| (1) |
Represents cash and non-cash interest on our debt obligations, commitment fees for our unused Revolving Loans, net of interest income earned on our money market account and short-term investment. For the three and six months ended |
|
|
(2) |
Represents depreciation expense on property and equipment, amortization expense on capitalized software and amortization expense on purchased intangible assets. Depreciation expense of |
|
|
(3) |
Represents employee compensation expense associated with equity-based stock awards. This includes expense associated with equity incentive instruments including phantom stock awards, stock options and restricted stock units. |
|
|
(4) |
Represents legal expenses to defend the Company against claims asserted by the Company’s former owner. |
|
|
(5) |
Represents litigation expenses other than those incurred in connection with claims asserted by the Company’s former owner that are not related to the Company’s ongoing business. |
|
|
(6) |
Represents settlements of legal matters. |
|
|
(7) |
Represents the fair market value write-up of inventory accounted for under ASC 805 related to the acquisition of |
|
|
(8) |
Represents transaction costs including legal fees of |
|
|
(9) |
Represents professional services fees of |
|
|
(10) |
Represents legal fees of |
|
|
(11) |
Net loss margin is defined as net loss divided by total revenue. |
|
|
(12) |
Adjusted EBITDA margin is defined as adjusted EBITDA divided by total revenue. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808260997/en/
Investor Relations:
eric.prouty@advisiry.com
Media:
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Source: biote Corp.
