Biote Corp. provided revenue guidance for the fourth quarter of 2023, first half and full year of 2024. The expected revenue of $45 million - $47 million for the fourth quarter of 2023 includes procedure revenue growth of approximately 7% and dietary supplement revenue decline of approximately 15% compared to same period in 2022. The decline in dietary supplement, or nutraceutical, revenue was primarily driven by one of Biote?s larger distributors recently opting to exit the nutraceutical business. Biote expects to begin direct-to-patient distribution of the products previously delivered by this distributor in the second quarter of 2024. The Company?s expected results for 2023 are preliminary and subject to adjustment as the Company finalizes its financial closing procedures and its audited consolidated financial statements for the 2023 fiscal year end.

First half 2024 consolidated year-on-year revenue growth is expected to be in the low-single digits, with significant improvement expected in the second half of 2024. Total revenue growth in the first half of 2024 is expected to be impacted by the transition in the nutraceutical distribution channel and timing of seasonal promotions.

Biote projects fiscal 2024 revenue of greater than $200 million. The Company?s 2024 financial guidance includes: (i) procedure revenue growth in the first half of 2024 similar to that of the second half of 2023 with improved growth in the back half of 2024; (ii) a return to nutraceutical revenue growth in the second half of 2024; (iii) expected modest contributions from new therapeutic wellness products; and (iv) a margin contribution from the anticipated impact of the acquisition of Asteria Health.