Full Press Release Details
Unaudited Quarterly Financial Results for 2021
biote Corp. (the Company ) is furnishing the following tables which set forth supplemental unaudited financial information of BioTE
Holdings, LLC and its subsidiaries ( Biote ) for the periods and as of the dates indicated. This supplemental presentation of unaudited financial information is not intended to replace the financial information presented in (i) the
audited consolidated financial statements of Biote and its subsidiaries and the related notes thereto as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019 or (ii) the unaudited condensed
consolidated financial statements of Biote and its subsidiaries for the three months ended March 31, 2021 and 2022, presented in the Company s Current Report on Form 8-K filed with the SEC on
June 2, 2022. Investors should refer to the notes to the financial statements included with such filings.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in thousands, except share and per share amounts) (Unaudited)
| Three Months Ended, | ||||||||||||||||||||
| March 31, | June 30, | September 30, | December 31, | 2021 | ||||||||||||||||
| Revenue | ||||||||||||||||||||
| Product revenue | $ | 31,193 | $ | 34,307 | $ | 35,119 | $ | 36,979 | $ | 137,598 | ||||||||||
| Service revenue | 350 | 443 | 448 | 557 | 1,798 | |||||||||||||||
| Total Revenue | 31,543 | 34,750 | 35,567 | 37,536 | 139,396 | |||||||||||||||
| Cost of revenue | ||||||||||||||||||||
| Cost of products | 10,877 | 11,019 | 11,600 | 12,802 | 46,298 | |||||||||||||||
| Cost of services | 484 | 621 | 690 | 724 | 2,519 | |||||||||||||||
| Total cost of revenue | 11,361 | 11,640 | 12,290 | 13,526 | 48,817 | |||||||||||||||
| Commissions | 577 | 464 | 566 | 449 | 2,056 | |||||||||||||||
| Marketing | 749 | 1,059 | 1,417 | 1,683 | 4,908 | |||||||||||||||
| Selling, general & administrative | 9,463 | 11,327 | 12,311 | 15,953 | 49,054 | |||||||||||||||
| Income from operations | 9,393 | 10,260 | 8,983 | 5,925 | 34,561 | |||||||||||||||
| Other income (expense) | ||||||||||||||||||||
| Interest expense | (492 | ) | (425 | ) | (384 | ) | (372 | ) | (1,673 | ) | ||||||||||
| Other income | 4 | 4 | 5 | 4 | 17 | |||||||||||||||
| Total other expense | (488 | ) | (421 | ) | (379 | ) | (368 | ) | (1,656 | ) | ||||||||||
| Income before provision for income taxes | 8,905 | 9,839 | 8,604 | 5,557 | 32,905 | |||||||||||||||
| Income tax expense | 64 | 78 | 67 | 77 | 286 | |||||||||||||||
| Net income | $ | 8,841 | $ | 9,761 | $ | 8,537 | $ | 5,480 | $ | 32,619 | ||||||||||
| Other comprehensive income: | ||||||||||||||||||||
| Foreign currency translation adjustments | (9 | ) | 10 | (15 | ) | (3 | ) | (17 | ) | |||||||||||
| Other comprehensive income (loss) | (9 | ) | 10 | (15 | ) | (3 | ) | (17 | ) | |||||||||||
| Comprehensive income | $ | 8,832 | $ | 9,771 | $ | 8,522 | $ | 5,477 | $ | 32,602 | ||||||||||
| Earnings per common unit Class A, AA, and AAA basic and diluted | $ | 9.02 | $ | 9.96 | $ | 8.71 | $ | 5.59 | $ | 33.29 | ||||||||||
| Weighted average common units outstanding Class A, AA, and AAA basic and diluted | 979,800 | 979,800 | 979,800 | 979,800 | 979,800 |
Non-GAAP Financial Measures
The supplemental financial information includes financial data not prepared in accordance with generally accepted accounting principals
( non-GAAP financial measures ). A reconciliation of the non-GAAP financial measures to financial information prepared in
accordance with generally accepted accounting principals ( GAAP ), as required by Regulation G, is included. Biote is providing disclosure of the reconciliation of
reported non-GAAP financial measures used in the supplemental information to its comparable financial measures on a GAAP basis. Biote uses adjusted EBITDA as an alternative measure to evaluate its
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. For the periods presented these include: costs incurred in pursuing the business combination agreement with Haymaker; litigation costs incurred not within the normal course of business; cost associated with the
company s founder; and severance related costs. Biote believes that non-GAAP financial information, when taken collectively, may be helpful to analysts and investors because it provides
consistency and comparability with past financial performance. 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 GAAP. In addition, other companies, including companies in Biote s industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of
Biote s non-GAAP financial measures as tools for comparison. Investors are encouraged to review the reconciliation, and not to rely on any single financial measure to evaluate Biote s
RECONCILIATION OF NON-GAAP AND GAAP FINANCIAL MEASURES
(in thousands, except share and per share amounts) (Unaudited)
| Three Months Ended, | ||||||||||||||||||||
| March 31, | June 30, | September 30, | December 31, | 2021 | ||||||||||||||||
| Net income | $ | 8,841 | $ | 9,761 | $ | 8,537 | $ | 5,480 | $ | 32,619 | ||||||||||
| Interest expense | 492 | 425 | 384 | 372 | 1,673 | |||||||||||||||
| Income tax expense | 64 | 78 | 67 | 77 | 286 | |||||||||||||||
| Depreciation and amortization | 322 | 333 | 332 | 413 | 1,400 | |||||||||||||||
| Transaction costs | 135 | 679 | 1,243 | 2,057 | ||||||||||||||||
| Other expenses | 115 | 222 | 1,532 | 1,869 | ||||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 9,719 | $ | 10,847 | $ | 10,221 | $ | 9,117 | $ | 39,904 |