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biote (BTMD)
NASDAQ:BTMD
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biote (BTMD) AI Stock Analysis

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BTMD

biote

(NASDAQ:BTMD)

Rating:62Neutral
Price Target:
$3.00
▼(-12.79% Downside)
The overall stock score reflects strong financial performance in revenue growth and cash flow, but is tempered by significant balance sheet risks. Technical indicators suggest bearish momentum, while valuation appears attractive. The earnings call provides a mixed outlook with strategic initiatives underway but facing challenges in procedure revenue.
Positive Factors
Business Growth
The supplements business was a bright spot, growing by 25% due to moving to Amazon.
Consumer Loyalty
The market opportunity remains attractive and the end consumer remains loyal to BTMD's products even in a choppy macro backdrop.
Valuation
Analyst maintains a Buy rating given the potential for the turnaround and inexpensive valuation.
Negative Factors
Procedure Revenue Decline
Procedure revenue declined by -8.4% reflecting lower new clinic growth, higher than normal attrition of established clinics, and lower procedure volume.
Revenue and EBITDA Outlook
Management lowered both revenue and EBITDA outlook and now expects revenue above $190mm vs. $202-$208mm prior and adj. EBITDA above $50mm vs. $59-$64mm prior.
Software Transition Issues
Ongoing software transition issues will linger, and it will likely take 2+ quarters for trends to start to show improvement.

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

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 makes money through a multi-faceted revenue model that includes the sale of bioidentical hormone replacement products to healthcare practitioners who are certified through Biote's extensive training programs. Additionally, the company generates income by offering certification and ongoing training programs for practitioners, thereby ensuring they are equipped to provide the best care using Biote's products. Key partnerships with healthcare providers and clinics further enhance Biote's market reach, contributing significantly to its earnings. The combination of product sales, educational services, and strategic partnerships forms the backbone of Biote's revenue streams.

biote Earnings Call Summary

Earnings Call Date:Aug 06, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 11, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with strong performance in dietary supplements and cost management, alongside challenges in procedure revenue and clinic attrition. The strategic reorganization is expected to drive growth, but the impacts are yet to be realized. The flat overall revenue and adjusted guidance indicate ongoing challenges.
Q2-2025 Updates
Positive Updates
Dietary Supplement Sales Growth
Dietary supplement revenue increased by 30.4% to $10.7 million, primarily driven by growth in the e-commerce channel.
Improved Gross Profit Margin
Gross profit margin increased by 280 basis points to 71.6%, primarily due to cost savings from vertical integration of the 503(B) manufacturing facility.
Decreased SG&A Expenses
Selling, general, and administrative expenses decreased by 12.2% to $24.2 million, partly due to the timing shift of the annual marketing event and headcount adjustments.
Increased Adjusted EBITDA
Adjusted EBITDA increased by 19.1% to $15.2 million, with an adjusted EBITDA margin of 31.1%.
Negative Updates
Flat Overall Revenue
Second quarter revenue was approximately flat at $48.9 million, with an 8.4% decrease in procedure revenue offsetting dietary supplement growth.
Procedure Revenue Decline
Procedure revenue decreased by 8.4% due to slower growth in new clinic additions, higher-than-normal attrition of established clinics, and lower procedure volume.
Cash and Cash Equivalents Reduction
Cash and cash equivalents decreased from $41.7 million as of March 31, 2025, to $19.6 million as of June 30, 2025, reflecting payments for share repurchases.
Adjusted Fiscal 2025 Financial Outlook
Fiscal 2025 revenue guidance was adjusted to be above $190 million, with expectations of high single-digit declines in procedure revenue.
Company Guidance
During Biote's second quarter 2025 earnings call, the company provided updated guidance and strategic insights. Biote adjusted its fiscal 2025 revenue guidance to exceed $190 million, with adjusted EBITDA projected to surpass $50 million. These adjustments reflect a projected high single-digit decline in procedure revenue and mid-teens growth in dietary supplements. The company reported a 19.1% increase in adjusted EBITDA, reaching $15.2 million, and a 280 basis point improvement in gross profit margin to 71.6%. Despite a flat revenue at $48.9 million, Biote experienced an 8.4% decline in procedure revenue, partially offset by a 30.4% increase in dietary supplement sales. The company attributed the procedure revenue shortfall to slower new clinic additions, higher attrition of existing clinics, and lower procedure volumes. Strategic initiatives, including organizational restructuring, aim to enhance growth, improve commercial productivity, and strengthen relationships with practitioners, while foundational priorities focus on internal efficiency and process improvements.

biote Financial Statement Overview

Summary
The company shows positive revenue growth and improved profitability, with a healthy gross profit margin. However, the balance sheet is concerning due to negative equity, indicating financial risk. Strong cash flow generation provides some stability, but the negative equity needs addressing for long-term sustainability.
Income Statement
68
Positive
The company shows a positive trend in revenue growth, with a notable increase in total revenue from previous years. Gross profit margin is healthy at approximately 71.2% TTM. Net profit margin has improved significantly to 10.9% TTM from lower levels in previous years, indicating better cost management and operational efficiency. However, EBIT and EBITDA margins are moderate at 15.5% and 9.1% TTM, respectively, suggesting room for improvement in operational leverage.
Balance Sheet
45
Neutral
The balance sheet is concerning with a negative stockholders' equity indicating that liabilities exceed assets. The debt-to-equity ratio cannot be calculated due to negative equity, highlighting financial risk. Despite these challenges, the company has managed to increase its cash reserves, which could provide some liquidity buffer. The equity ratio remains negative due to the negative equity, reflecting a need for stronger financial restructuring.
Cash Flow
74
Positive
Cash flow generation is strong, with positive free cash flow and operating cash flow. The free cash flow to net income ratio indicates efficient conversion of earnings into cash. The company improved its operating cash flow to net income ratio, suggesting effective cash management. The free cash flow growth rate is substantial, reflecting improved cash generation capabilities. However, investing cash flow remains negative, which could impact future growth initiatives.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue199.38M197.19M185.36M164.96M139.40M116.57M
Gross Profit142.01M139.06M127.48M110.38M90.58M71.64M
EBITDA18.17M15.59M9.23M9.24M35.98M32.91M
Net Income21.80M3.16M3.32M1.32M32.62M29.16M
Balance Sheet
Total Assets123.38M122.37M155.29M111.64M54.33M32.59M
Cash, Cash Equivalents and Short-Term Investments41.70M39.34M89.00M79.23M26.77M17.21M
Total Debt9.54M110.86M114.87M120.43M37.34M42.35M
Total Liabilities208.21M224.57M191.84M169.92M50.20M49.66M
Stockholders Equity-84.83M-105.93M-29.40M-44.46M4.13M-17.07M
Cash Flow
Free Cash Flow36.81M38.81M24.17M-10.99M29.91M25.03M
Operating Cash Flow44.34M45.24M26.88M-9.16M33.72M26.43M
Investing Cash Flow-8.47M-18.80M-2.71M-1.84M-3.81M-1.39M
Financing Cash Flow-72.93M-76.08M-14.38M63.46M-20.34M-18.32M

biote Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price3.44
Price Trends
50DMA
3.77
Negative
100DMA
3.72
Negative
200DMA
4.47
Negative
Market Momentum
MACD
-0.13
Negative
RSI
50.45
Neutral
STOCH
82.97
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTMD, the sentiment is Neutral. The current price of 3.44 is above the 20-day moving average (MA) of 3.23, below the 50-day MA of 3.77, and below the 200-day MA of 4.47, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 50.45 is Neutral, neither overbought nor oversold. The STOCH value of 82.97 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
65
Neutral
$465.54M10.989.93%6.97%
62
Neutral
$170.07M3.81-7.92%6.32%344.42%
55
Neutral
$317.92M-535.24%17.53%14.49%
54
Neutral
$152.58M12.68-5.98%-41.31%-163.08%
51
Neutral
$7.84B-0.18-41.53%2.28%22.72%-1.87%
50
Neutral
$402.72M-16.47%-14.46%-315.81%
47
Neutral
$413.65M-71.30%21.30%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
BTMD
biote
3.44
-2.55
-42.57%
TOI
Oncology Institute
3.40
3.04
844.44%
CMPS
COMPASS Pathways
4.42
-2.80
-38.78%
DCGO
DocGo
1.56
-1.99
-56.06%
AIRS
Airsculpt Technologies
6.45
2.64
69.29%
AUNA
Auna S.A. Class A
6.29
-0.55
-8.04%

biote Corporate Events

Executive/Board ChangesBusiness Operations and Strategy
Biote Appoints Richard Barrera to Board of Directors
Positive
Jun 9, 2025

On June 5, 2025, Biote Corp. appointed Richard R. Barrera to its Board of Directors, filling the vacancy left by Steven J. Heyer’s resignation. Barrera, an experienced finance professional and founder of Roystone Capital, is expected to bring valuable insights to Biote’s growth strategy, aligning with the company’s long-term value creation goals. His appointment is seen as a strategic move to strengthen Biote’s board with financial expertise, potentially enhancing its market positioning and stakeholder confidence.

Executive/Board Changes
Biote Director Steven J. Heyer Resigns
Neutral
Jun 5, 2025

On June 2, 2025, Steven J. Heyer resigned from the Board of Directors of biote Corp. with immediate effect. His resignation was not due to any disagreements with the company’s operations or policies, and the Board has yet to appoint a replacement.

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: Aug 19, 2025