biote (NASDAQ:BTMD) Issues Earnings Results

biote (NASDAQ:BTMD) issued its earnings results on Wednesday. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03), FiscalAI reports. biote had a negative return on equity of 23.41% and a net margin of 14.07%.The company had revenue of $44.94 million for the quarter, compared to the consensus estimate of $46.02 million.

Here are the key takeaways from biote’s conference call:

• Q1 revenue fell 8.3% to $44.9M, with procedure revenue down 13.2% to $31.3M (including a ~$1.7M recall impact), while dietary supplement sales grew 19.1% to $11.0M driven by e?commerce.
• The company voluntarily recalled certain hormone pellets in January, citing an estimated ~$1.7M revenue hit and ~$1.5M incremental costs; supply constraints reduced Asteria’s share of shipped pellets and disrupted sales efforts, with management saying normalization should occur by end of Q2.
• Biote expanded its commercial footprint to about 120 sales reps (25 new hires in Q1) and trained over 200 new practitioners (+16.5% YoY), which management expects to drive a return to growth as hires and trainees ramp (~6 months).
• Profitability and cash were pressured: adjusted EBITDA fell to $8.7M (19.4% margin), net income dropped to $2.7M from $15.8M year?ago, and cash stood at $5.3M after repurchase liability repayment, signaling margin and liquidity strains.

biote Trading Down 0.5%

Shares of biote stock traded down $0.01 on Wednesday, reaching $2.20. 163,288 shares of the company were exchanged, compared to its average volume of 219,594. biote has a one year low of $1.27 and a one year high of $4.75. The company has a market capitalization of $87.01 million, a price-to-earnings ratio of 2.93 and a beta of 1.71. The company has a 50-day moving average of $1.81 and a 200 day moving average of $2.27.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BTMD. Cubist Systematic Strategies LLC acquired a new position in shares of biote during the 1st quarter worth approximately $76,000. AQR Capital Management LLC acquired a new position in shares of biote during the 1st quarter worth approximately $43,000. Geode Capital Management LLC increased its holdings in shares of biote by 7.2% during the 2nd quarter. Geode Capital Management LLC now owns 616,697 shares of the company’s stock worth $2,480,000 after acquiring an additional 41,333 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of biote during the 2nd quarter worth approximately $68,000. Finally, First Trust Advisors LP increased its holdings in shares of biote by 5.3% during the 2nd quarter. First Trust Advisors LP now owns 73,669 shares of the company’s stock worth $296,000 after acquiring an additional 3,675 shares during the last quarter. 21.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BTMD. Truist Financial decreased their price objective on biote from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. National Bank Financial set a $2.50 price objective on biote in a research report on Thursday, March 12th. TD Cowen dropped their price objective on shares of biote from $3.00 to $2.50 and set a “buy” rating on the stock in a report on Thursday, March 12th. Finally, B. Riley Financial dropped their price objective on shares of biote from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.75.

About biote

biote Corp. operates in practice-building business within the hormone optimization space. It trains physicians and nurse practitioners in hormone optimization using bioidentical hormone replacement pellet therapy in men and women experiencing hormonal imbalance. The company offers Biote Method, a comprehensive end-to-end practice building platform that provides Biote-certified practitioners with the components developed for practitioners in the hormone optimization space comprising Biote Method education, training, and certification services; practice management software that allows Biote-certified practitioners to order, track, and manage hormone optimization product inventory and other administrative requirements; inventory management software to monitor pellet inventory; and information regarding available hormone replacement therapy products, as well as digital and point-of-care marketing support.