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BTMD

biote Corp.

BTMD

biote Corp. • NASDAQ
$2.71 ▲ 1.69% (+0.04)
Market Cap $129.44 M
52w High $6.98
52w Low $2.31
Dividend Yield 0%
P/E 3.42
Volume 82.59K
Outstanding Shares 47.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $47.956M ▼ $26.151M ▲ $8.188M ▲ 17.074% ▲ $0.26 ▲ $12.136M ▲
Q2-2025 $48.863M ▼ $24.223M ▼ $3.185M ▼ 6.518% ▼ $0.1 ▼ $9.837M ▼
Q1-2025 $48.992M ▼ $26.692M ▼ $13.718M ▲ 28% ▲ $0.44 ▲ $21.217M ▲
Q4-2024 $49.834M ▼ $32.763M ▲ $3.703M ▼ 7.431% ▼ $0.12 ▼ $3.14M ▼
Q3-2024 $51.384M $24.028M $10.702M 20.827% $0.34 $20.207M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $28.048M ▲ $111.324M ▲ $176.791M ▼ $-72.751M ▲
Q2-2025 $19.601M ▼ $104.798M ▼ $183.638M ▼ $-85.104M ▲
Q1-2025 $41.7M ▲ $123.379M ▲ $208.205M ▼ $-89.981M ▲
Q4-2024 $39.342M ▲ $122.37M ▲ $224.57M ▼ $-105.928M ▲
Q3-2024 $38.225M $101.252M $228.076M $-130.342M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $9.216M ▲ $14.072M ▲ $-690K ▲ $-4.935M ▲ $8.447M ▲ $13.382M ▲
Q2-2025 $3.925M ▼ $7.086M ▲ $-1.962M ▼ $-27.232M ▼ $-22.099M ▼ $5.277M ▲
Q1-2025 $15.839M ▲ $6.467M ▼ $-1.848M ▼ $-2.257M ▲ $2.358M ▲ $4.837M ▼
Q4-2024 $3.483M ▼ $12.368M ▼ $-1.311M ▲ $-9.934M ▼ $1.117M ▼ $11.288M ▼
Q3-2024 $4.955M $15.556M $-1.974M $-1.768M $11.806M $13.582M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Dietary Supplements
Dietary Supplements
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Other Service Revenue
Other Service Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Product Revenue
Product Revenue
 $100.00M ▲$50.00M ▼$50.00M ▲$50.00M ▲
Service Revenue
Service Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Training Service Revenue
Training Service Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been rising at a steady, moderate pace, showing that demand for the company’s services is growing rather than stalling. Profitability at the operating level looks respectable for a business of this size, though it has been a bit bumpy, with at least one year of clear disruption. Net income in recent years has hovered around breakeven, with reported earnings per share distorted by past one‑off or listing-related accounting effects rather than pure business performance. Overall, the income statement suggests a niche business that is growing and generally profitable in its core operations, but not yet translating that into consistently strong bottom-line results.

Balance Sheet

Balance Sheet The balance sheet is a key weak spot. The company runs with relatively modest assets and cash, while its debt load is sizeable in comparison, which limits financial flexibility. Shareholder equity has been negative for several years, pointing to accumulated losses or structural accounting items that leave the capital base thin. This structure can work for a while if the business keeps generating cash, but it leaves little room for major setbacks or aggressive expansion without fresh capital or refinancing.

Cash Flow

Cash Flow Cash generation from the underlying business has generally been positive, which is a notable strength given the small scale of the company. Free cash flow has also been positive in most years because the business does not require heavy spending on equipment or facilities, indicating an asset‑light model. One year of negative operating cash flow stands out as an exception rather than the norm, likely tied to specific disruptions or investments. Overall, cash flow paints a healthier picture than the balance sheet, but the company must keep this positive trend going to offset its leveraged and thin equity position.

Competitive Edge

Competitive Edge Biote operates in a specialized corner of preventive healthcare, focusing on hormone optimization with a distinctive pellet-based therapy and a strong emphasis on personalized treatment. Its main competitive strength is a practitioner-centric ecosystem: training, certification, software, practice support, and a large network of clinics that are deeply integrated into its model. The brand is well recognized in its niche, and the acquisition of its own manufacturing facility strengthens control over quality, costs, and supply. Key risks include dependence on the hormone therapy niche, potential regulatory or scientific scrutiny of treatment approaches, and the need to keep practitioners loyal as competitors and alternative therapies evolve.

Innovation and R&D

Innovation and R&D Innovation is centered on the “BioTE Method,” which combines a unique hormone delivery approach with proprietary dosing software that helps tailor treatment to each patient. The company invests in education, clinical decision tools, and ongoing research to validate and refine its protocols, which strengthens credibility with practitioners. The acquisition of a specialized manufacturing facility and the build-out of a supplements and wellness product line expand its innovation platform beyond just procedures into products and data. While not a big-budget R&D organization like a large pharmaceutical company, Biote appears to be deliberately using targeted clinical research, software, and vertical integration to reinforce its niche leadership.

Summary

Biote is a small, growing healthcare platform focused on hormone optimization, with an attractive practitioner network and an asset‑light, cash-generative business model. Its strengths lie in a differentiated service offering, a strong ecosystem around providers, and a strategy that blends software, training, and vertically integrated manufacturing. However, the capital structure is fragile, with negative equity and meaningful debt, and reported earnings have not yet settled into a consistently strong and straightforward profit profile. Future performance will hinge on its ability to keep expanding its practitioner network, deepen adoption of its supplements and digital channels, successfully leverage its manufacturing acquisition, and gradually strengthen the balance sheet while navigating regulatory and clinical evidence risks in its niche.

NEWS

November 5, 2025 · 4:05 PM UTC

Biote Reports Third Quarter 2025 Financial Results

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October 22, 2025 · 4:05 PM UTC

Biote Schedules Third Quarter 2025 Financial Results Release and Conference Call

Read more