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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File Number: 001-40128

 

biote Corp.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

85-1791125

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

1875 W. Walnut Hill Ln #100

Irving, TX

75038

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (844) 604-1246

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A common stock, par value $0.0001 per share

 

BTMD

 

The Nasdaq Stock Market LLC

Warrants, each exercisable for one share of Class A common stock for $11.50 per share

 

BTMDW

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of May 10, 2023, the registrant had 20,102,402 shares of Class A common stock, $0.0001 par value per share, outstanding and 50,612,566 shares of Class V voting stock, $0.0001 par value per share, outstanding.

 

 


 

Table of Contents

 

 

Page

 

Cautionary Note Regarding Forward Looking Statements

i

 

 

 

PART I.

FINANCIAL INFORMATION

ii

 

 

 

Item 1.

Financial Statements (Unaudited)

ii

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Income and Comprehensive Income

2

 

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

3

 

Condensed Consolidated Statements of Cash Flows

5

 

Notes to Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

36

Item 4.

Controls and Procedures

36

 

 

 

PART II.

OTHER INFORMATION

38

 

 

 

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

71

Item 3.

Defaults Upon Senior Securities

71

Item 4.

Mine Safety Disclosures

71

Item 5.

Other Information

71

Item 6.

Exhibits

72

 

 

Signatures

73

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements. These forward-looking statements relate to expectations for future financial performance, business strategies, or expectations for the Company’s business. These forward-looking statements include, but are not limited to, statements regarding the Company’s or its management team’s expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The forward-looking statements are contained principally in the sections titled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this Quarterly Report. In some cases, you can identify forward-looking statements by terms such as “may,” “can,” “should,” “will,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “hope,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “might,” “ongoing,” “potential,” “predict,” “would” or similar expressions.

These forward-looking statements are based on information available as of the date of this Quarterly Report, and our management’s current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include:

the success of our dietary supplements to attain significant market acceptance among clinics, practitioners and their patients;
our customers’ reliance on certain third parties to support the manufacturing of bio-identical hormones for prescribers;

i


 

our and our customers’ sensitive to regulatory, economic, environmental and competitive conditions in certain geographic regions;
our ability to increase the use by practitioners and clinics of the Biote Method at the rate that we anticipate or at all;
our ability to grow our business;
the significant competition we face in our industry;
our limited operating history;
our ability to protect our intellectual property;
the heavy regulatory oversight in our industry;
changes in applicable laws or regulations;
the inability to profitably expand in existing markets and into new markets;
the possibility that we may be adversely impacted by other economic, business and/or competitive factors;
future exchange and interest rates; and
other risks and uncertainties indicated in this Quarterly Report, including those under “Risk Factors” herein, and other filings the Company has made, or will make, with the Securities and Exchange Commission (the “SEC”).

For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with Part I, Item 1A, “Risk Factors”, in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report”), and Part II, Item 1A in this Quarterly Report and the other cautionary statements that are included elsewhere in this Quarterly Report and in our public filings, including under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Any forward-looking statement made by us speaks only as of the date on which we make it. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

ii


 

biote Corp.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts) (Unaudited)

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$

87,608

 

 

$

79,231

 

Accounts receivable, net

 

 

7,646

 

 

 

6,948

 

Inventory, net

 

 

9,623

 

 

 

11,183

 

Other current assets

 

 

2,579

 

 

 

3,816

 

Total current assets

 

 

107,456

 

 

 

101,178

 

Property and equipment, net

 

 

1,307

 

 

 

1,504

 

Capitalized software, net

 

 

5,206

 

 

 

5,073

 

Operating lease right-of-use assets

 

 

1,983

 

 

 

2,052

 

Deferred tax asset

 

 

3,183

 

 

 

1,838

 

Total assets

 

$

119,135

 

 

$

111,645

 

 

 

 

 

 

 

Liabilities and Stockholders’ Deficit

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

5,063

 

 

$

4,112

 

Accrued expenses

 

 

6,252

 

 

 

6,274

 

Term loan, current

 

 

6,250

 

 

 

6,250

 

Deferred revenue, current

 

 

2,078

 

 

 

1,965

 

Operating lease liabilities, current

 

 

217

 

 

 

165

 

Total current liabilities

 

 

19,860

 

 

 

18,766

 

Term loan, net of current portion

 

 

110,719

 

 

 

112,086

 

Deferred revenue, net of current portion

 

 

1,018

 

 

 

926

 

Operating lease liabilities, net of current portion

 

 

1,855

 

 

 

1,927

 

TRA liability

 

 

6,250

 

 

 

 

Warrant liability

 

 

5,722

 

 

 

4,104

 

Earnout liability

 

 

57,520

 

 

 

32,110

 

Total liabilities

 

 

202,944

 

 

 

169,919

 

Commitments and contingencies (See Note 18)

 

 

 

 

 

 

Stockholders’ Deficit

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued or outstanding as of March 31, 2023 and December 31, 2022

 

 

 

 

 

 

Class A common stock, $0.0001 par value, 600,000,000 shares authorized; 20,102,402 and 11,242,887 shares issued, 18,514,902 and 9,655,387 shares outstanding as of March 31, 2023 and December 31, 2022, respectively

 

 

2

 

 

 

1

 

Class B common stock, $0.0001 par value, 8,000,000 shares authorized; no shares issued or outstanding as of March 31, 2023 and December 31, 2022

 

 

 

 

 

 

Class V voting stock, $0.0001 par value, 100,000,000 shares authorized; 50,612,566 and 58,565,824 shares issued, 40,612,566 and 48,565,824 shares outstanding as of March 31, 2023 and December 31, 2022, respectively

 

 

4

 

 

 

5

 

Additional paid-in capital

 

 

 

 

 

 

Accumulated deficit

 

 

(48,532

)

 

 

(44,460

)

Accumulated other comprehensive loss

 

 

(12

)

 

 

(5

)

biote Corp.’s stockholders’ deficit

 

 

(48,538

)

 

 

(44,459

)

Noncontrolling interest

 

 

(35,271

)

 

 

(13,815

)

Total stockholders’ deficit

 

 

(83,809

)

 

 

(58,274

)

Total liabilities and stockholders’ deficit

 

$

119,135

 

 

$

111,645

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

biote Corp.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(in thousands, except share and per share amounts) (Unaudited)

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Revenue:

 

 

 

 

 

 

Product revenue

 

$

44,155

 

 

$

36,758

 

Service revenue

 

 

688

 

 

 

385

 

Total revenue

 

 

44,843

 

 

 

37,143

 

Cost of revenue (excluding depreciation and amortization included in selling, general and administrative, below)

 

 

 

 

 

 

Cost of products

 

 

13,027

 

 

 

11,657

 

Cost of services

 

 

850

 

 

 

620

 

Cost of revenue

 

 

13,877

 

 

 

12,277

 

Selling, general and administrative

 

 

23,085

 

 

 

15,103

 

Income from operations

 

 

7,881

 

 

 

9,763

 

Other income (expense), net:

 

 

 

 

 

 

Interest expense

 

 

(2,426

)

 

 

(359

)

Loss from change in fair value of warrant liability

 

 

(1,618

)

 

 

 

Loss from change in fair value of earnout liability

 

 

(25,410

)

 

 

 

Other income

 

 

773

 

 

 

10

 

Total other expense, net

 

 

(28,681

)

 

 

(349

)

Income (loss) before provision for income taxes

 

 

(20,800

)

 

 

9,414

 

Income tax expense

 

 

630

 

 

 

64

 

Net income (loss)

 

 

(21,430

)

 

 

9,350

 

Less: Net loss attributable to noncontrolling interest

 

 

(14,625

)

 

 

 

Net loss attributable to biote Corp. stockholders

 

 

(6,805

)

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

 

 

6

 

Other comprehensive income

 

 

 

 

 

6

 

Comprehensive income (loss)

 

$

(21,430

)

 

$

9,356

 

 

 

 

 

 

 

Net loss per common share

 

 

 

 

 

 

Basic

 

$

(0.39

)

 

 

 

Diluted

 

$

(0.39

)

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

Basic

 

 

17,585,045

 

 

 

 

Diluted

 

 

17,585,045

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


 

biote Corp.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share amounts) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

Accumulated

 

Stockholders’

 

 

 

Total

 

 

 

 

 

 

Additional

 

Earnings /

 

Other

 

Equity (Deficit)

 

Non-

 

Stockholders’

 

 

Members’ Equity

 

Class A Common Stock

 

Class V Voting Stock

 

Paid-in

 

(Accumulated

 

Comprehensive

 

Attributable to

 

controlling

 

Equity

 

 

Units

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Deficit)

 

Income (Loss)

 

biote Corp.

 

Interest

 

(Deficit)

 

Balance at December 31, 2021

 

982,800

 

$

 

 

 

$

 

 

 

$

 

$

 

$

4,165

 

$

(40

)

$

4,125

 

$

 

$

4,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,735

)

 

 

 

(2,735

)

 

 

 

(2,735

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,350

 

 

 

 

9,350

 

 

 

 

9,350

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

6

 

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2022

 

982,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,780

 

 

(34

)

 

10,746

 

 

 

 

10,746

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3


 

biote Corp.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share amounts) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

Stockholders’

 

 

 

 

 

 

 

 

Additional

 

 

 

Other

 

Deficit

 

Non-

 

Total

 

 

Class A Common Stock

 

Class V Voting Stock

 

Paid-in

 

Accumulated

 

Comprehensive

 

Attributable to

 

controlling

 

Stockholders’

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Deficit

 

Loss

 

biote Corp.

 

Interest

 

Deficit

 

Balance at December 31, 2022

 

9,655,387

 

$

1

 

 

48,565,824

 

$

5

 

$

 

$

(44,460

)

$

(5

)

$

(44,459

)

$

(13,815

)

$

(58,274

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,093

)

 

(3,093

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(6,805

)

 

 

 

(6,805

)

 

(14,625

)

 

(21,430

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

1

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

2,170

 

 

 

 

2,170

 

 

 

 

2,170

 

Vesting of RSUs

 

426,208

 

 

 

 

 

 

 

 

 

 

1,915

 

 

(4

)

 

1,911

 

 

(1,911

)

 

 

Exercise of stock options

 

105,049

 

 

 

 

 

 

 

 

 

 

2,043

 

 

(3

)

 

2,040

 

 

(1,620

)

 

420

 

Litigation settlement

 

375,000

 

 

 

 

 

 

 

 

 

 

1,199

 

 

 

 

1,199

 

 

 

 

1,199

 

Exchanges of Class V voting stock

 

7,953,258

 

 

1

 

 

(7,953,258

)

 

(1

)

 

 

 

208

 

 

 

 

208

 

 

(208

)

 

 

TRA liability

 

 

 

 

 

 

 

 

 

 

 

(4,802

)

 

 

 

(4,802

)

 

 

 

(4,802

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2023

 

18,514,902

 

$

2

 

 

40,612,566

 

$

4

 

$

 

$

(48,532

)

$

(12

)

$

(48,538

)

$

(35,271

)

$

(83,809

)

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

biote Corp.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (Unaudited)

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Operating Activities

 

 

 

 

 

 

Net income (loss)

 

$

(21,430

)

 

$

9,350

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

538

 

 

 

502

 

Bad debt expense

 

 

30

 

 

 

30

 

Amortization of debt issuance costs

 

 

195

 

 

 

55

 

Provision for obsolete inventory

 

 

 

 

 

60

 

Non-cash lease expense

 

 

69

 

 

 

58

 

Shares issued in settlement of litigation

 

 

1,199

 

 

 

 

Share-based compensation expense

 

 

2,170

 

 

 

 

Loss from change in fair value of warrant liability

 

 

1,618

 

 

 

 

Loss from change in fair value of earnout liability

 

 

25,410

 

 

 

 

Deferred income taxes

 

 

103

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(