$BTMD
biote Corp.

2022 Q4 Form 10-K Financial Statement

#000095017023010664 Filed on March 29, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $44.49M $165.0M $0.00
YoY Change
Cost Of Revenue $15.42M $54.58M $13.53M
YoY Change 14.0% 11.8%
Gross Profit $29.06M $110.4M $24.01M
YoY Change 21.04% 21.86%
Gross Profit Margin 65.33% 66.92%
Selling, General & Admin $21.20M $165.5M $84.93K
YoY Change 24865.27% 82651.0%
% of Gross Profit 72.96% 149.94% 0.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $555.0K $2.199M $410.0K
YoY Change 35.37% 57.07%
% of Gross Profit 1.91% 1.99% 1.71%
Operating Expenses $21.76M $165.5M $2.426M
YoY Change 796.94% 4882.46%
Operating Profit $7.303M -$60.72M $21.58M
YoY Change -66.17% -275.7%
Interest Expense -$2.182M -$5.091M $1.248M
YoY Change -274.81% -126.92%
% of Operating Profit -29.88% 5.78%
Other Income/Expense, Net $8.124M $62.43M $0.00
YoY Change -1495.59%
Pretax Income $13.25M $1.712M -$1.178M
YoY Change -1224.72% -84.59%
Income Tax $436.0K $388.0K $80.00K
% Of Pretax Income 3.29% 22.66%
Net Earnings $1.622M -$969.0K -$1.178M
YoY Change -237.73% -108.72%
Net Earnings / Revenue 3.65% -0.59%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share $0.17 -$0.12 -$29.67K
COMMON SHARES
Basic Shares Outstanding 8.059M
Diluted Shares Outstanding 8.059M

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.23M $79.23M $130.4K
YoY Change 60678.61% 60678.61%
Cash & Equivalents $79.23M $26.77M
Short-Term Investments
Other Short-Term Assets $3.816M $3.816M $321.0K
YoY Change 1088.93% 1088.93%
Inventory $11.18M $11.18M $9.615M
Prepaid Expenses $2.939M $847.0K
Receivables $6.948M $6.948M $5.231M
Other Receivables $0.00 $0.00
Total Short-Term Assets $101.2M $101.2M $47.09M
YoY Change 114.88% 22303.35% 2953789.59%
LONG-TERM ASSETS
Property, Plant & Equipment $1.504M $3.556M $2.335M
YoY Change -35.59% 32.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $317.6M
YoY Change
Other Assets $1.838M $1.838M $0.00
YoY Change
Total Long-Term Assets $10.47M $10.47M $7.245M
YoY Change 44.47% -96.7% 4865.53%
TOTAL ASSETS
Total Short-Term Assets $101.2M $101.2M $47.09M
Total Long-Term Assets $10.47M $10.47M $7.245M
Total Assets $111.6M $111.6M $54.33M
YoY Change 105.49% -64.9% 36733.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.112M $4.112M $4.349M
YoY Change -5.45% 1361.78%
Accrued Expenses $6.274M $6.439M $6.011M
YoY Change 4.38% 251.86%
Deferred Revenue $1.965M $1.705M
YoY Change 15.25%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.250M $6.250M $5.000M
YoY Change 25.0% 25.0%
Total Short-Term Liabilities $18.77M $18.77M $17.31M
YoY Change 8.39% 725.9% 14033.06%
LONG-TERM LIABILITIES
Long-Term Debt $112.1M $112.1M $31.96M
YoY Change 250.67%
Other Long-Term Liabilities $39.07M $39.07M $20.89M
YoY Change 87.0% 87.0%
Total Long-Term Liabilities $112.1M $151.2M $31.96M
YoY Change 250.67% 623.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.77M $18.77M $17.31M
Total Long-Term Liabilities $112.1M $151.2M $31.96M
Total Liabilities $169.9M $156.1M $50.21M
YoY Change 238.45% 573.93% 40883.67%
SHAREHOLDERS EQUITY
Retained Earnings -$44.46M $4.165M
YoY Change -1167.47%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$44.46M -$44.46M $4.125M
YoY Change
Total Liabilities & Shareholders Equity $111.6M $111.6M $54.33M
YoY Change 105.49% -64.9% 36733.9%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $1.622M -$969.0K -$1.178M
YoY Change -237.73% -108.72%
Depreciation, Depletion And Amortization $555.0K $2.199M $410.0K
YoY Change 35.37% 57.07%
Cash From Operating Activities $6.051M -$9.157M -$164.5K
YoY Change -3777.3% 568.02%
INVESTING ACTIVITIES
Capital Expenditures $311.0K $333.0K $1.050M
YoY Change -70.38% -77.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$311.0K -$1.838M $0.00
YoY Change -99.42%
FINANCING ACTIVITIES
Cash Dividend Paid $12.89M
YoY Change 13.02%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.976M 63.46M 0.000
YoY Change -80.11%
NET CHANGE
Cash From Operating Activities 6.051M -9.157M -164.5K
Cash From Investing Activities -311.0K -1.838M 0.000
Cash From Financing Activities -3.976M 63.46M 0.000
Net Change In Cash 1.764M 52.47M -164.5K
YoY Change -1172.01% 40643.19%
FREE CASH FLOW
Cash From Operating Activities $6.051M -$9.157M -$164.5K
Capital Expenditures $311.0K $333.0K $1.050M
Free Cash Flow $5.740M -$9.490M -$1.215M
YoY Change -572.6% 236.67%

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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9157000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
33720000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
333000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1448000
CY2022 us-gaap Payments For Software
PaymentsForSoftware
1505000
CY2021 us-gaap Payments For Software
PaymentsForSoftware
2359000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1838000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3807000
CY2022 btmd Proceeds From Business Combination
ProceedsFromBusinessCombination
12282000
CY2022 btmd Principal Repayments On Term Loan
PrincipalRepaymentsOnTermLoan
4375000
CY2021 btmd Principal Repayments On Term Loan
PrincipalRepaymentsOnTermLoan
5000000
CY2022 btmd Borrowings On Term Loan
BorrowingsOnTermLoan
125000000
CY2022 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
36250000
CY2022 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
4036000
CY2022 btmd Payments Of Settlement Of Phantom Equity Right
PaymentsOfSettlementOfPhantomEquityRight
7250000
CY2022 btmd Payments Of Settlement Of Restricted Stock Units
PaymentsOfSettlementOfRestrictedStockUnits
424000
CY2022 us-gaap Payments Of Dividends
PaymentsOfDividends
12886000
CY2021 us-gaap Payments Of Dividends
PaymentsOfDividends
11402000
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
8341000
CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3941000
CY2022 btmd Proceeds From Issuance Of Shares Under Sepa
ProceedsFromIssuanceOfSharesUnderSepa
442000
CY2022 btmd Payments To Sepa Transaction Costs
PaymentsToSEPATransactionCosts
702000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
63460000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-20343000
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-12000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
52465000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9558000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
26766000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17208000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
79231000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
26766000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
4426000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
1462000
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
282000
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
171000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
282000
CY2022 btmd Non Cash Sepa Transaction Costs
NonCashSEPATransactionCosts
119000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates—</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, costs, expenses, contingent liabilities, share-based compensation and research and development costs. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In the opinion of the Company, the accompanying consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of its financial position and its results of operations, changes in stockholders’ equity (deficit) and cash flows.</span></p>
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1157000
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
240000
CY2021 btmd Provison For Doubful Debt Acoounts Write Off And Recoveries
ProvisonForDoubfulDebtAcoountsWriteOffAndRecoveries
-9000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1406000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1406000
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-155000
CY2022 btmd Provison For Doubful Debt Acoounts Write Off And Recoveries
ProvisonForDoubfulDebtAcoountsWriteOffAndRecoveries
277000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
974000
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2939000
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
847000
CY2022Q4 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
877000
CY2021Q4 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
685000
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
3941000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3816000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5473000
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022Q4 us-gaap Inventory Net
InventoryNet
11183000
CY2021Q4 us-gaap Inventory Net
InventoryNet
9615000
CY2021Q4 us-gaap Common Unit Issued
CommonUnitIssued
1013197
CY2021Q4 us-gaap Common Unit Outstanding
CommonUnitOutstanding
982800
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
69808711
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
58221211
CY2022 us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
12886000
CY2021 us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
11402000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1965000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1705000
CY2022 btmd Expected Returns And Refunds To Customers
ExpectedReturnsAndRefundsToCustomers
0
CY2021 btmd Expected Returns And Refunds To Customers
ExpectedReturnsAndRefundsToCustomers
0
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
926000
CY2021Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
802000
CY2022 btmd Reduction Of Revenue
ReductionOfRevenue
0
CY2021 btmd Reduction Of Revenue
ReductionOfRevenue
0
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2022 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1098000
CY2021 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1738000
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Concentrations</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, accounts receivable, credit agreements, and inventory purchases. The Company’s cash balances exceed those that are federally insured. To date, the Company has not recognized any losses caused by uninsured balances.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">As of December 31, 2022 and December 31, 2021, </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">100</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> of the Company’s outstanding debt and available line of credit was from one lender. A failure of the counterparty to perform could result in the loss of access to the available borrowing capacity under the line of credit.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Inventory purchases</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> from </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">three</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> vendors totaled approximately </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">87</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">94</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% for the </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">years ended December 31, 2022 and 2021, respectively. Due to the nature of the markets and availability of alternative suppliers, the Company does not believe the loss of any one vendor would have a material adverse impact on the Company’s financial position, results of operations or cash flows for any significant period of time.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Significant customers are those which represent more than 10% of the Company’s total revenue or gross accounts receivable balance. The Company did </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">t have any customers that accounted for 10% or more of total revenues for the </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">years ended December 31, 2022 and 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. The Company did </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">t have </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">any customers that accounted for more than 10% of the outstanding gross accounts receivable as of December 31, 2022 or December 31, 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span></p>
CY2022 btmd Number Of Inventory Vendors
NumberOfInventoryVendors
3
CY2021 btmd Number Of Inventory Vendors
NumberOfInventoryVendors
3
CY2022 btmd Number Of Customers Accounted For Ten Percent Or More Aggregate Revenue
NumberOfCustomersAccountedForTenPercentOrMoreAggregateRevenue
0
CY2021 btmd Number Of Customers Accounted For Ten Percent Or More Aggregate Revenue
NumberOfCustomersAccountedForTenPercentOrMoreAggregateRevenue
0
CY2022Q4 btmd Number Of Customers Accounted For Ten Percent Or More Accounts Receivable
NumberOfCustomersAccountedForTenPercentOrMoreAccountsReceivable
0
CY2021Q4 btmd Number Of Customers Accounted For Ten Percent Or More Accounts Receivable
NumberOfCustomersAccountedForTenPercentOrMoreAccountsReceivable
0
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
164957000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
139396000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
164957000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
139396000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6314000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5981000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4810000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3646000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1504000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2335000
CY2022 us-gaap Depreciation
Depreciation
1164000
CY2021 us-gaap Depreciation
Depreciation
713000
CY2022Q4 btmd Capitalized Software Website Costs
CapitalizedSoftwareWebsiteCosts
4142000
CY2021Q4 btmd Capitalized Software Website Costs
CapitalizedSoftwareWebsiteCosts
3571000
CY2022Q4 btmd Capitalized Software Development In Process
CapitalizedSoftwareDevelopmentInProcess
3277000
CY2021Q4 btmd Capitalized Software Development In Process
CapitalizedSoftwareDevelopmentInProcess
2294000
CY2022Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
2346000
CY2021Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
1311000
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
5073000
CY2021Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
4554000
CY2022 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
1035000
CY2021 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
687000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
244000
CY2022 us-gaap Lease Cost
LeaseCost
278000
CY2021 us-gaap Lease Cost
LeaseCost
244000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
257000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
257000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1936000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2052000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
354000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1192000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4221000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2213000
CY2021Q4 btmd Accrued Merchant Fees Current
AccruedMerchantFeesCurrent
184000
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
27000
CY2021Q4 btmd Legal Accrual Current
LegalAccrualCurrent
1302000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1699000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1093000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6274000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6011000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
121875000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
37500000
CY2022Q4 btmd Team Loan Current Portion Before Unamortized Debt Issuance Costs
TeamLoanCurrentPortionBeforeUnamortizedDebtIssuanceCosts
6250000
CY2021Q4 btmd Team Loan Current Portion Before Unamortized Debt Issuance Costs
TeamLoanCurrentPortionBeforeUnamortizedDebtIssuanceCosts
5000000
CY2022Q4 btmd Team Loan Non Current Portion Before Unamortized Debt Issuance Costs
TeamLoanNonCurrentPortionBeforeUnamortizedDebtIssuanceCosts
115625000
CY2021Q4 btmd Team Loan Non Current Portion Before Unamortized Debt Issuance Costs
TeamLoanNonCurrentPortionBeforeUnamortizedDebtIssuanceCosts
32500000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3539000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
537000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
112086000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
31963000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
356000
CY2022Q4 btmd Lease Assets
LeaseAssets
2052000
CY2021Q4 btmd Lease Assets
LeaseAssets
356000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
6250000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
6250000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
6250000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
6250000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
96875000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
121875000
CY2022 btmd Private Placement Warrants Redemption Description
PrivatePlacementWarrantsRedemptionDescription
if the closing price of our Class A common stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants.
CY2022Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
97714000
us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
63881000
CY2022Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
33833000
CY2014Q3 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-06-30
CY2022 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
On November 1, 2022, the Company executed an extension of lease office space to extend through November 30, 2028
CY2022Q4 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2028-11-30
CY2022Q4 btmd Area Of Office Space
AreaOfOfficeSpace
3700
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
278000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
165000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
248000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1927000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
127000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2092000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
375000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y11M1D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0848
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0375
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
337000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
448000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
464000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
480000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
497000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
470000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2696000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
604000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2092000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
2221000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
33191000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-509000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-286000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1712000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
32905000
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
749000
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
377000
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
286000
CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
5000
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1131000
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
286000
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-714000
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-29000
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-743000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
388000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
286000
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.1820
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0087
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
-0.4139
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
-0.2100
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.0271
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.0000
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.2755
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.0000
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2265
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0087
CY2022Q4 us-gaap Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
1173000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
164000
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
978000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
2315000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
477000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1838000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
There are currently no pending tax examinations. The Company’s tax years are still open under statute from December 31, 2019, to the present.
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-969000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-969000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8059371
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8059371
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
80322924
CY2022 us-gaap Loss Contingency Lawsuit Filing Date
LossContingencyLawsuitFilingDate
June 23, 2022
CY2022Q2 us-gaap Loss Contingency Name Of Plaintiff
LossContingencyNameOfPlaintiff
Donovitz
CY2022Q2 us-gaap Loss Contingency Name Of Defendant
LossContingencyNameOfDefendant
Haymaker Sponsor, LLC
CY2022Q2 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
1000000.0

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