Tuesday - B.Riley has initiated coverage on Biote Corp. (NASDAQ:BTMD) with a Buy rating and a price target of $9.00. The firm highlighted the company's differentiated hormone optimization platform, which is designed to enhance medical practices and improve patient lives. B.Riley's analysis points to Biote's established position as a market leader and its scalable business model with attractive economics.
The analyst noted Biote's sustainable competitive edge, which includes a proprietary treatment program and valuable data. The company is also recognized for its efforts in extending the BTMD platform, aiming to become a comprehensive solution for patients.
B.Riley underscored the significance of Biote's vertical integration as a milestone development. This integration is anticipated to contribute to an expansion of the company's adjusted EBITDA margin, surpassing 30%. The firm's positive outlook reflects confidence in Biote's potential for growth and profitability.
Biote Corp.'s business model and growth strategy have been well-received by B.Riley, which anticipates the company to continue its upward trajectory. The $9.00 price target suggests a positive future for the company's stock, as it currently seeks to expand and vertically integrate its services.
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