biote (BTMD) AI Stock Analysis

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biote

(NASDAQ:BTMD)

Select Model

Neutral 55 (OpenAI - 5.2)

Rating:55Neutral

Price Target:

$1.50

▲(8.70% Upside)

Action:ReiteratedDate:03/14/26

The score reflects improving profitability and solid recent cash generation, but is held back by a structurally weak balance sheet (negative equity) and very poor technical trend signals (below major moving averages with negative MACD). Low valuation and constructive 2026 guidance provide partial support, though procedure weakness, recall/margin impacts, and higher planned spending temper the outlook.

Positive Factors

High gross margins & vertical integration

Sustained gross margins near 65–71% provide structural earnings durability for a product-focused medical services model. Combined with benefits cited from vertical integration/503B manufacturing, this supports long-term profitability and buffers margin pressure from isolated events.

Solid operating cash flow and liquidity

Consistent positive operating and free cash flow (with FCF tracking earnings closely) gives durable funding for working capital, reinvestment and planned sales/tech expansion. This cash-generation ability reduces reliance on external financing despite a weak equity base.

Clear 2026 targets & commercial rebuild

Management has articulated concrete medium-term targets and is rebuilding the commercial team and tech investments to drive practitioner onboarding. A larger salesforce and clearer go-to-market plan are structural moves to restore procedure volumes and scale recurring revenue.

Negative Factors

Negative shareholders' equity

A persistently negative equity cushion materially limits financial flexibility and increases balance-sheet risk. It constrains borrowing capacity, heightens vulnerability to shocks (recalls, revenue dips) and makes long-term capital planning and M&A execution more difficult.

Procedure revenue decline & attrition

Procedure volumes drive the annuity-style revenue base; higher practitioner/clinic attrition and a meaningful procedure revenue drop erode recurring revenue and slow growth. Given the clinic-dependent model, recovery requires sustained practitioner recruitment and can take ~12 months to meaningfully restore.

Recall and manufacturing exposure

Product recalls and reliance on external manufacturers create enduring operational and reputation risk. Recalls drive direct inventory charges, margin pressure, and potential clinic hesitation, and greater third-party dependence can raise costs and complicate quality control over the long run.

biote (BTMD) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$50.99M

Dividend YieldN/A

Average Volume (3M)186.60K

Price to Earnings (P/E)3.0

Beta (1Y)1.06

Revenue Growth1.34%

EPS Growth185.03%

CountryUS

Employees217

SectorHealthcare

Sector Strength45

IndustryMedical - Care Facilities

Share Statistics

EPS (TTM)0.06

Shares Outstanding32,268,460

10 Day Avg. Volume280,753

30 Day Avg. Volume186,596

Financial Highlights & Ratios

PEG Ratio<0.01

Price to Book (P/B)-1.39

Price to Sales (P/S)0.42

P/FCF Ratio2.70

Enterprise Value/Market Cap2.96

Enterprise Value/Revenue0.78

Enterprise Value/Gross Profit1.10

Enterprise Value/Ebitda3.85

Forecast

1Y Price Target

$3.13

Price Target Upside126.81% Upside

Rating ConsensusStrong Buy

Number of Analyst Covering4

EPS Forecast (FY)0.4

Revenue Forecast (FY)$196.19M

biote Business Overview & Revenue Model

Company Descriptionbiote 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.

How the Company Makes MoneyBiote primarily makes money by selling products and services to healthcare providers that participate in its Biote Method program. Key revenue streams include: (1) sales of BHRT-related products used by providers in patient care (e.g., bioidentical hormone therapy pellet-related offerings) and other wellness products offered through participating clinics; (2) practice-support and program-related revenue associated with enabling providers to deliver the Biote Method (including training/education and other support components). Significant factors influencing earnings include the size and activity level of its network of enrolled providers and clinics, and patient demand for cash-pay/consumer-driven wellness and hormone optimization services delivered through those providers. null

biote Key Performance Indicators (KPIs)

Any

Revenue by Geography

Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.

Chart InsightsBiote's revenue from the United States shows a fluctuating trend, with recent stability around $48 million. However, the earnings call highlights challenges, including a decline in procedure revenue due to clinic attrition and lower volumes. Despite this, dietary supplements are a bright spot, with significant growth driven by e-commerce. The company is focusing on strategic reorganization to enhance growth and productivity, but the impact of these initiatives remains to be seen. Investors should watch for improvements in clinic expansion and procedure volumes to drive future revenue growth.

Data provided by:

The Fly

biote Earnings Call Summary

Earnings Call Date:Mar 11, 2026

(Q4-2025)

% Change Since: |

Next Earnings Date:May 12, 2026

Earnings Call Sentiment Neutral

Balanced results: the company demonstrated meaningful operational progress (commercial team expansion, strong e-commerce supplement growth, cost reductions, positive operating cash flow and a clear recovery plan) while facing material near-term headwinds in its core procedure business (13% procedure revenue decline), margin pressure from a $1.3M recall-related inventory charge, higher clinic attrition, and lower adjusted EBITDA versus the prior year. Management provided constructive 2026 targets and plans to invest in sales and technology to drive a return to procedure growth, but near-term guidance anticipates mid-to-high single-digit pressure on procedure revenue and a step-up in expenses.

Q4-2025 Updates

Positive Updates

Revenue — Dietary Supplements Growth

Dietary supplement revenue increased 16% year-over-year to $11.7M in Q4 2025, driven primarily by continued growth of the e-commerce channel; management expects dietary supplement revenue to grow at a mid- to high-single-digit rate in 2026.

Commercial Team Rebuild and Practitioner Momentum

Commercial team expanded from approximately 60 to over 90 salespeople since the May reorganization, with plans to grow to ~120 in 2026; training sessions at full capacity and acceleration in practitioner attendance since mid-November indicate improving practitioner recruitment and onboarding momentum—leading indicator for future procedure growth.

Cost Control — SG&A Reduction

Selling, general, and administrative expenses decreased 25.1% to $24.7M in Q4 2025, driven by lower legal expense and a temporary reduction in headcount, helping offset some of the revenue pressure.

Positive Adjusted EBITDA and Cash Generation

Adjusted EBITDA for 2025 was $11.7M with a 25.2% adjusted EBITDA margin; operating cash flow for 2025 was $35.2M and cash and cash equivalents were $24.1M as of 12/31/2025, providing liquidity to fund 2026 investments.

Guidance — Long-term Financial Targets

Company provided 2026 guidance of total revenues above $190M and adjusted EBITDA greater than $38M, signaling management confidence in return to growth and improved profitability over time following investments.

Operational Improvements and Vertical Integration Benefits

Management highlighted strengthened internal processes, improved data analytics, and efficiencies from vertical integration of the 503B manufacturing facility that contributed positively to gross margin excluding recall-related charges.

Negative Updates

Total Revenue Decline

Fourth quarter revenue was $46.4M, a decline of 6.9% year-over-year, reflecting weakness in the core procedure business.

Procedure Revenue Pressure

Procedure revenue declined 13% year-over-year to $31.8M in Q4 2025, primarily due to a lower number of net new clinic additions and reduced procedure volume from elevated clinic/practitioner attrition.

Adjusted EBITDA and Margin Contraction

Adjusted EBITDA decreased from $15.1M to $11.7M year-over-year and adjusted EBITDA margin fell from 30.3% to 25.2%, driven by lower sales and reduced gross profit despite lower operating expenses.

Gross Margin Impact from Recall

Gross profit margin declined to 68.0% from 71.8%, including a $1.3M inventory charge related to a voluntary recall of specific lots of hormone pellets shipped by Asteria Health; company noted potential near-term gross margin impact if relying more on third-party manufacturing.

Higher Clinic/Practitioner Attrition

Management reported attrition accelerated to the high single digits from a historical ~5%, leading to lower procedure volumes and delayed revenue recognition from the annuity model (attrition effects carry through ~12 months).

Earnings and EPS Decline

Net income declined to $2.6M in 2025 from $3.5M in 2024, and diluted EPS fell to $0.06 from $0.10; guidance also anticipates a step-up in operating expenses in 2026 for planned sales and technology investments, which will pressure near-term adjusted EBITDA.

Company Guidance

Management guided 2026 revenues above $190.0M and adjusted EBITDA greater than $38.0M, while expecting procedure revenue to decline mid- to high-single-digits year-over-year (with an anticipated return to year-over-year procedure growth later in 2026) and dietary supplement revenue to grow at a mid- to high-single-digit rate; to support this plan they will expand sales headcount from >90 to ~120 and invest in their technology platform, acknowledging a near-term step-up in operating expenses that will pressure adjusted EBITDA. Management also flagged potential recall-related impacts to revenue, profit and gross margin (Q4 gross margin 68.0% vs 71.8% prior, including a $1.3M inventory charge), using Q4/2025 baselines of total revenue $46.4M (procedure $31.8M, -13% y/y; supplements $11.7M, +16% y/y), Q4 adjusted EBITDA $11.7M (25.2% margin vs $15.1M and 30.3% prior), FY2025 operating cash flow $35.2M and year-end cash $24.1M.

biote Financial Statement Overview

Summary

Operating performance improved with a sharp profitability rebound in 2025 and generally solid recent operating/free cash flow, supported by consistently strong gross margins. However, this is materially offset by a high-risk balance sheet with negative equity across multiple years despite meaningful debt reduction.

Income Statement

Positive

Revenue has grown from 2020 to 2024, but 2025 annual revenue declined modestly versus 2024. Profitability improved sharply in 2025, with net margin rebounding to ~14% after very low profitability in 2023–2024 and a loss in 2022. Gross margins are consistently strong (~65–71%), supporting earnings power, but the path has been volatile with a major profitability dip in 2022 and uneven margins thereafter.

Balance Sheet

Negative

The balance sheet is the key weak spot: stockholders’ equity is negative in most years (including 2025), which materially reduces financial flexibility and makes leverage metrics harder to interpret. Debt has come down significantly by 2025 versus 2022–2024, which is a clear positive, but the company still operates with a thin/negative equity cushion and elevated balance-sheet risk compared with a more conservatively capitalized peer set.

Cash Flow

Positive

Cash generation is generally solid: operating cash flow and free cash flow are positive and sizable in 2023–2025 (after a notably weak 2022). Free cash flow tracks net income reasonably well (free cash flow running at ~86–90% of net income in recent years), indicating earnings quality is decent. The main watch-out is volatility—free cash flow growth turned negative in 2025 after strong improvement in 2023–2024, and 2022 showed negative operating and free cash flow.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	192.22M	197.19M	185.36M	164.96M	139.40M
Gross Profit	137.36M	139.06M	127.48M	110.38M	90.58M
EBITDA	39.22M	15.59M	39.54M	7.96M	35.98M
Net Income	27.05M	3.16M	3.32M	-969.00K	32.62M
Balance Sheet
Total Assets	107.61M	122.37M	155.29M	111.64M	54.33M
Cash, Cash Equivalents and Short-Term Investments	24.12M	39.34M	89.00M	79.23M	26.77M
Total Debt	109.92M	110.86M	114.87M	120.43M	37.34M
Total Liabilities	158.01M	224.57M	191.84M	169.92M	50.20M
Stockholders Equity	-58.54M	-105.93M	-29.40M	-44.46M	4.13M
Cash Flow
Free Cash Flow	30.18M	38.81M	24.17M	-10.99M	29.91M
Operating Cash Flow	35.19M	45.24M	26.88M	-9.16M	33.72M
Investing Cash Flow	-6.86M	-18.80M	-2.71M	-1.84M	-3.81M
Financing Cash Flow	-43.55M	-76.08M	-14.38M	63.46M	-20.34M

biote Technical Analysis

Technical Analysis Sentiment

Negative

Last Price1.38

Price Trends

50DMA

2.12

Negative

100DMA

2.40

Negative

200DMA

2.97

Negative

Market Momentum

MACD

-0.20

Positive

RSI

16.89

Positive

STOCH

0.84

Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTMD, the sentiment is Negative. The current price of 1.38 is below the 20-day moving average (MA) of 1.90, below the 50-day MA of 2.12, and below the 200-day MA of 2.97, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 16.89 is Positive, neither overbought nor oversold. The STOCH value of 0.84 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BTMD.

biote Risk Analysis

biote disclosed 66 risk factors in its most recent earnings report. biote reported the most risks in the "Finance & Corporate" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added 0 New Risks

biote Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BTMD	55 Neutral	$50.99M	3.01	-35.31%	―	1.34%	185.03%
JYNT	53 Neutral	$119.55M	32.04	-3.70%	―	-54.93%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
DCGO	46 Neutral	$76.78M	―	-9999.00%	―	-47.03%	-274.41%
CCM	44 Neutral	$15.85M	-0.11	―	―	-22.38%	56.66%
CCEL	43 Neutral	$23.68M	-13.22	15.27%	11.14%	-0.29%	94.56%
PIII	43 Neutral	$18.81M	-0.23	-257.39%	―	-2.15%	-6.72%

* Healthcare Sector Average

Performance Comparison

BTMD

biote

1.36

-2.71

-66.58%

CCM

Concord Medical Services

3.65

-0.71

-16.28%

JYNT

Joint

8.47

-2.83

-25.04%

CCEL

Cryo-Cell International

2.94

-3.13

-51.57%

DCGO

DocGo

0.78

-2.06

-72.64%

PIII

P3 Health Partners

2.61

-5.45

-67.62%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Mar 14, 2026