biote Corp. (BTMD) Market Cap
biote Corp. has a market capitalization of $98.8M.
Financials based on reported quarter end 2025-12-31
Price: $2.24
▲ 0.02 (0.90%)
Market Cap: 98.80M
NASDAQ · time unavailable
CEO: Bret Christensen
Sector: Healthcare
Industry: Medical - Care Facilities
IPO Date: 2021-04-28
Website: https://biote.com
biote Corp. (BTMD) - Company Information
Market Cap: 98.80M · Sector: Healthcare
biote Corp. operates in medical practice-building business within the hormone optimization space. The company offers a platform for Biote-certified practitioners to optimize imbalances in their patient's hormone, vitamin, and mineral levels, as well as prescribe bioidentical hormone therapies and recommend dietary supplements. It also sells Biote-branded dietary supplements; and sterile pellet insertion kits for men and women. The company was founded in 2011 and is headquartered in Irvine, Texas.
Analyst Sentiment
Based on 7 ratings
Analyst 1Y Forecast: $3.83
Average target (based on 2 sources)
Consensus Price Target
Low
$3
Median
$3
High
$4
Average
$3
Potential Upside: 45.1%
Price & Moving Averages
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Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"BTMD has a revenue of $46.4M and a net income of $1.95M, indicating a profitable operation with an EPS of $0.0636. The company reported total assets of $107.6M against total liabilities of $158M, resulting in negative equity of $50.4M, which raises concerns about financial stability. Operating cash flow stands at $7.57M, and after accounting for capital expenditures and dividends, free cash flow is $6.49M. However, the stock price has seen a substantial decline over the past year, decreasing by 62.31%. Given these factors, while there is some promise in the free cash flow generation, the significant stock price drop and negative equity substantially weigh on the overall assessment of the company’s financial health and shareholder returns. Analysts currently set a consensus target price of $3.75, which indicates potential upside from the current trading price of $1.47."
Revenue Growth
Revenue of $46.4M shows potential growth, though growth rates are not specified.
Profitability
Positive net income of $1.95M contributes to a reasonable profitability score.
Cash Flow Quality
Solid operating cash flow leads to a healthy free cash flow of $6.49M.
Leverage & Balance Sheet
Negative equity and high total liabilities raise concerns about leverage.
Shareholder Returns
Significant decline in stock price impacts total shareholder returns negatively.
Analyst Sentiment & Valuation
Consensus price target suggests some upside potential relative to current valuation.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
Management sounded cautiously constructive: Bret framed the FDA removal of black box warnings as a “positive tailwind” for HRT demand and said recall feedback/communication with customers and the FDA has been “good.” However, the Q&A pressure centered on near-term procedure weakness and operational churn. Jefferies pushed whether H1 weakness reflects only lower volume from attrition or also promos/discounting; management explicitly attributed the softness “mostly” to volume driven by higher clinic attrition (accelerated from ~5% to high single digits last year, with annuity-model timing causing 12 months of lag). The other concrete hurdle is the voluntary partial recall: gross margin already took a $1.3M inventory charge, and management flagged potential additional near-term gross margin pressure depending on third-party manufacturing mix. They also stressed being only ~month to month-and-a-half into the recall, requiring ongoing monitoring of productivity for new customers and recruits. Upside hinges on full-capacity training attendance and 2H procedure recovery.
Growth Catalysts
- Acceleration in practitioners attending training sessions: from mid-November to present, all training sessions full capacity (leading indicator for future procedures)
- Planned expansion of sales force from 90+ at end of 2025 to ~120 in 2026 to capture more market share
- 2026 investment in technology platform to enable a more efficient practitioner journey and improve long-term retention
- E-commerce growth supporting dietary supplement demand (supplement revenue up 16% in Q4 2025; management expects mid-to-high single-digit growth in 2026)
Business Development
- No named external customers/partners disclosed in the Q&A excerpt
- Working directly with FDA on voluntary partial recall and communications/refill process (customer impact mitigation via FDA-aligned plan)
- “Asteria site” referenced as the long-term GM/fulfillment destination for hormone pellet needs
Financial Highlights
- Q4 2025 revenue: $46.4M (-6.9% YoY); procedure revenue $31.8M (-13% YoY); dietary supplement revenue $11.7M (+16% YoY)
- Gross margin: 68% vs 71.8% (decline driven by $1.3M inventory charge related to voluntary recall of specific lots of hormone pellets shipped by Asteria Health)
- Adjusted EBITDA: $11.7M vs $15.1M (margin 25.2% vs 30.3%); decline attributed to lower sales and reduced gross profit, partially offset by lower operating expenses from the sales reorganization
- EPS (diluted, biote): $0.06 vs $0.10 prior year quarter
- 2025 operating cash flow: $35.2M; cash & equivalents at 12/31/2025: $24.1M
- 2026 guidance: procedure revenue YoY expected to decrease mid-to-high single digits (includes potential revenue/profit impact related to recall); expected return to YoY procedure growth in 2H 2026
- 2026 guidance: total revenues above $190M and adjusted EBITDA > $38M
- Recall impact discussed as an ongoing monitoring item ~month to month-and-a-half into recall
Capital Funding
- No buyback/debt/capital raise amounts mentioned in the transcript
Strategy & Ops
- Commercial team rebuild and restructuring by geography/role; salespeople >90 at end of 2025 (vs ~60 at sales reorg last May)
- Incentive compensation and upgraded sales tools/training; new practitioners stabilizing clinic attrition and maximizing new clinic starts in Q4
- Accounting/operations hurdle: $1.3M gross margin hit from inventory charge tied to a voluntary recall of specific hormone pellet lots shipped by Asteria Health
- 2026 operating step-up: planned investment to expand sales to ~120 and invest in technology platform (near-term expense pressure expected to weigh on adjusted EBITDA in 2026)
Market Outlook
- Procedure revenue in 2026: expected to decrease mid-to-high single digits YoY, with recovery expected in the second half
- Dietary supplement revenue in 2026: mid-to-high single-digit growth rate
- Training demand signal: all sessions full capacity since mid-November through call date (proxy for practitioner pipeline)
Risks & Headwinds
- Clinic/practitioner attrition: management cited stable attrition around ~5% historically, accelerated to high single digits last year; this attrition primarily drove lower procedure volumes (and thus procedure revenue) due to annuity-model lag
- Q1/H1 2026 procedure pressure: lower procedure revenue in first half attributed mostly to the higher attrition experienced last year (volume-driven, not discounting/promos per management)
- Regulatory/product risk: voluntary partial recall of specific hormone pellet lots shipped by Asteria Health; near-term gross margin risk if product mix increases third-party manufacturing (management noted potential near-term GM impact depending on mix)
- Ongoing recall monitoring risk: only ~1 to 1.5 months into the recall at time of Q&A; management emphasized need to monitor impact on new customers/practitioner productivity
Sentiment: CAUTIOUS
Note: This summary was synthesized by AI from the BTMD Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.