Biote Schedules Third Quarter 2024 Financial Results Release and Conference Call
Tuesday, Oct 29, 2024 4:10 pm ET
1min read Biote, a leading provider of personalized hormone optimization and therapeutic wellness solutions, has announced the release of its third quarter 2024 financial results and a subsequent conference call. The company, which specializes in preventive health care, will unveil its financial performance for the quarter on Tuesday, November 12, 2024, after market close.
The conference call, scheduled for the same day at 5:00 p.m. ET, will provide an opportunity for investors and stakeholders to discuss the firm's results with Biote's management team. Participants can join via U.S toll-free number (844) 481-2820 or International number (412) 317-0679. A webcast replay will be available on the company's Investor Relations website after the event.
Biote's financial performance in recent quarters has been marked by steady revenue growth and improved profitability. In the third quarter of 2023, the company reported an 8.5% increase in revenue, driven by procedure revenue growth of 7.4% and dietary supplement revenue growth of 5.1%. Gross profit margin improved to 68.9%, a 70-basis point increase from the prior year period. Net income soared to $19.6 million, representing a net income margin of 43.1%, compared to a net income margin of 1.2% in the prior year period.
Biote's success can be attributed to several factors, including effective cost management strategies, investment in capabilities and geographic reach, and the expansion of its wellness offerings. The company's commitment to driving profitable growth through consistent strategy execution has positioned it well for continued success in the coming quarters.
As the preventive health market evolves, Biote remains well-positioned for continued profitable growth, thanks to its leading presence, unparalleled operating experience, and evidence-backed protocols that promote patient health and well-being. The company's financial performance compares favorably to its competitors in the preventive health care industry, reflecting its strong business model and commitment to innovation.
The conference call, scheduled for the same day at 5:00 p.m. ET, will provide an opportunity for investors and stakeholders to discuss the firm's results with Biote's management team. Participants can join via U.S toll-free number (844) 481-2820 or International number (412) 317-0679. A webcast replay will be available on the company's Investor Relations website after the event.
Biote's financial performance in recent quarters has been marked by steady revenue growth and improved profitability. In the third quarter of 2023, the company reported an 8.5% increase in revenue, driven by procedure revenue growth of 7.4% and dietary supplement revenue growth of 5.1%. Gross profit margin improved to 68.9%, a 70-basis point increase from the prior year period. Net income soared to $19.6 million, representing a net income margin of 43.1%, compared to a net income margin of 1.2% in the prior year period.
Biote's success can be attributed to several factors, including effective cost management strategies, investment in capabilities and geographic reach, and the expansion of its wellness offerings. The company's commitment to driving profitable growth through consistent strategy execution has positioned it well for continued success in the coming quarters.
As the preventive health market evolves, Biote remains well-positioned for continued profitable growth, thanks to its leading presence, unparalleled operating experience, and evidence-backed protocols that promote patient health and well-being. The company's financial performance compares favorably to its competitors in the preventive health care industry, reflecting its strong business model and commitment to innovation.
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