biote Corp. (NASDAQ:BTMD) (“Biote” or the “Company”), a leading solutions provider in preventive health care through the delivery of personalized hormone optimization and therapeutic wellness, today announced that its Board of Directors has approved a $20 million share repurchase program of the Company’s common stock. This approval grants Biote’s management the authority to repurchase outstanding shares of the Company’s common stock, from time to time, in the open market, in privately negotiated transactions and/or by such other means in accordance with applicable state and federal securities laws. This is the Company’s first authorization for share repurchases.
Terry Weber, Biote’s Chief Executive Officer, commented, “As we continue to advance our strategic objectives and position Biote to become the leader in evidence-based therapeutic wellness, we remain confident in our growth opportunity and the outlook for our business. We believe that now is an ideal time to initiate a substantial share repurchase authorization. Supported by our strong balance sheet, we believe opportunistic share repurchases represent an efficient use of capital that can benefit our shareholders.”
The timing of any repurchases under the share repurchase program will be at the discretion of management and will depend on a variety of factors including market conditions, contractual limitations and other considerations. The program may be expanded, modified, suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or number of shares.
