Fourth quarter procedure revenue increased approximately 6.6%, reflecting stability for our hormone
optimization therapies, said Terry Weber, Biote Chief Executive Officer. Over the year, we also continued to expand our nationwide network, growing the net number of Biote-certified practitioners to more than 7,100.
This past month, we were pleased to reach a settlement with Dr. Gary S. Donovitz, Biotes founder, to resolve protracted and costly
litigation. Under the terms of the agreement, Biote will repurchase all of his outstanding shares and paired interests over three years at an average price of $4.17 per share. We believe this repurchase will be accretive to shareholder value. In
addition, we recently announced that our board of directors approved a separate stock repurchase program for up to $20 million of our Class A common stock.
Ms. Weber continued, As consumers prioritize their health and well-being, we continue to effectively address the large and underserved market for
hormone optimization. In February, we began the phased launch of our new BioteRx hormone and therapeutic wellness products in the areas of body composition, sexual health and preventive wellness. Initial provider feedback has been positive,
strengthening our conviction in the growth opportunity in front of us. We remain focused on accelerating the number of Biote-certified practitioners and further expanding our evidence-based product offerings to promote positive health outcomes for
our patients.
2023 Fourth Quarter Financial Review
(All financial result comparisons made are against the prior-year period unless otherwise noted)
Revenue for the fourth quarter of 2023 was $45.7 million, an increase of 2.7% from $44.5 million for the fourth quarter of 2023. The increase in
revenue was driven by procedure revenue growth of 6.6%, partially offset by a decline in dietary supplement revenue of 14.6%. As expected, fourth quarter dietary supplement revenue decreased, primarily as a result of one of the Companys larger
dietary supplement distributors exiting the nutraceutical business during the quarter.
Gross profit margin for the fourth quarter of 2023 was 69.4%
compared to 65.3% for the fourth quarter of 2022. The increase in gross profit margin was primarily due to product mix and effective cost management.
Operating income for the fourth quarter of 2023 was $5.5 million, compared to $7.3 million for the fourth quarter of 2022. Operating income in the
fourth quarter of 2023 decreased as growth in revenue and improved gross profit were more than offset by higher expenses, primarily for professional services.
Net income for the fourth quarter of 2023 was $12.1 million, representing a margin of 26.4%, and diluted earnings per share attributable to biote Corp.
stockholders of $0.18, compared to net income of $12.8 million, representing a margin of 28.8%, and diluted earnings per share attributable to biote Corp. stockholders of $0.18, for the fourth quarter of 2022. Net income for the fourth quarter
of 2023 and 2022 included a gain of $5.4 million and $6.9 million, respectively, due to a change in the fair value of the earnout liability. Additionally, net income for the fourth quarter of 2022 included a gain of $0.6 million due
to a change in the fair value of the warrant liability.
Adjusted EBITDA for the fourth quarter of 2023 was $13.6 million, with an Adjusted EBITDA
margin of 29.7%, compared to Adjusted EBITDA of $13.1 million, with an Adjusted EBITDA margin of 29.5% for the fourth quarter of 2022.