biote (BTMD) AI Stock Analysis

• Market Cap: $98.63M
• Dividend Yield: N/A
• Average Volume (3M): 146.61K
• Price to Earnings (P/E): 2.7
• Beta (1Y): 0.98
• Revenue Growth: 1.34%
• EPS Growth: 185.03%
• Country: US
• Employees: 217
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): 0.22
• Shares Outstanding: 32,268,460
• 10 Day Avg. Volume: 155,824
• 30 Day Avg. Volume: 146,609
• PEG Ratio: -2.30
• Price to Book (P/B): -2.00
• Price to Sales (P/S): 1.07
• P/FCF Ratio: 5.46
• Enterprise Value/Market Cap: 1.85
• Enterprise Value/Revenue: 0.93
• Enterprise Value/Gross Profit: 1.29
• Enterprise Value/Ebitda: 3.94
• 1Y Price Target: $3.67
• Price Target Upside: 68.35% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.4
• Revenue Forecast (FY): $196.19M

• Rating: 47 Neutral
• Price Target: $2.00 ▼(-8.26% Downside)

The overall stock score reflects significant financial challenges, particularly in revenue growth and balance sheet stability. Technical indicators suggest bearish momentum, while valuation metrics indicate potential undervaluation. The earnings call provided mixed signals, with positive developments in dietary supplements offset by declining procedure revenue and ongoing restructuring impacts.

Positive Factors

High Gross Margin from Vertical Integration

Sustained ~72% gross margins driven by vertical integration materially improves unit economics and shields profitability from revenue variability. Lower COGS from in-house 503(B) production supports durable margin sustainability, competitive pricing flexibility, and reinvestment or cash return opportunities.

Strong Cash Generation and Conversion

High cash conversion rates show the business turns accounting profits into cash efficiently, supporting capex, debt servicing, or strategic initiatives without immediate equity raises. This cash resilience improves long-term optionality despite near-term revenue headwinds.

Product Diversification and E‑commerce Growth

Shifting mix toward supplements and e‑commerce reduces reliance on provider‑delivered procedures. A scalable direct channel with mid‑teens growth potential diversifies revenue, enhances recurring consumer cash flow, and mitigates clinic network or procedural demand risks over the medium term.

Negative Factors

Negative Stockholders' Equity and Balance Sheet Stress

Negative equity signals cumulative losses or capital structure issues that weaken financial flexibility. This structural balance sheet weakness can increase funding costs, limit borrowing capacity, and constrain strategic investments or M&A, raising long‑term solvency and governance risks.

Declining Procedure Revenue and Slowing Topline

Procedures are a core, higher‑margin revenue stream tied to provider network health. Persistent declines and negative overall revenue growth indicate network activation and patient demand issues that erode operating leverage, making sustained margin and earnings growth harder without structural fixes.

Commercial Team Turnover and Elevated Attrition

High attrition and recent sales team turnover create execution risk in enrolling and supporting clinics. Disruption to commercial capabilities can prolong slower clinic additions and lower procedure volumes, reducing revenue visibility and undermining medium‑term network expansion plans.

biote Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Biote generates revenue primarily through the sale of its hormone replacement therapy products and services. The company's revenue model is built on a subscription basis for healthcare providers who utilize Biote's training, support, and products in their practice. Key revenue streams include the direct sale of hormone therapy products, service fees for training healthcare professionals, and ongoing support services. Additionally, Biote may benefit from partnerships with healthcare providers and clinics, which can enhance its market reach and customer base, further contributing to its earnings.

biote Financial Statement Overview

Summary

The company demonstrates strong profitability with a high gross profit margin of 72.23% and a net profit margin of 14.72%. However, challenges include declining revenue growth at -1.72% and significant balance sheet issues, such as negative stockholders' equity and a negative debt-to-equity ratio.

Income Statement

The company has shown a decline in revenue growth with a negative growth rate of -1.72% in the TTM period. However, it maintains a strong gross profit margin of 72.23% and a net profit margin of 14.72%, indicating good profitability. The EBIT and EBITDA margins are also healthy at 21.71% and 24.62%, respectively. Despite the profitability, the declining revenue growth is a concern.

Balance Sheet

The balance sheet reveals significant challenges with a negative stockholders' equity, leading to a negative debt-to-equity ratio. The return on equity is also negative, indicating inefficiencies in generating returns from equity. The equity ratio is not available due to negative equity, highlighting financial instability.

Cash Flow

The cash flow statement shows a slight decline in free cash flow growth at -2.6% in the TTM period. However, the company maintains a strong free cash flow to net income ratio of 87.45%, suggesting efficient cash generation relative to net income. The operating cash flow to net income ratio is also robust at 71.03%, indicating good cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	195.65M	197.19M	185.36M	164.96M	139.40M	116.57M
Gross Profit	141.32M	139.06M	127.48M	110.38M	90.58M	71.64M
EBITDA	46.33M	15.59M	39.54M	7.96M	35.98M	32.91M
Net Income	28.79M	3.16M	3.32M	-969.00K	32.62M	29.16M
Balance Sheet
Total Assets	111.32M	122.37M	155.29M	111.64M	54.33M	32.59M
Cash, Cash Equivalents and Short-Term Investments	28.05M	39.34M	89.00M	79.23M	26.77M	17.21M
Total Debt	106.41M	110.86M	114.87M	120.43M	37.34M	42.35M
Total Liabilities	176.79M	224.57M	191.84M	169.92M	50.20M	49.66M
Stockholders Equity	-72.75M	-105.93M	-29.40M	-44.46M	4.13M	-17.07M
Cash Flow
Free Cash Flow	34.78M	38.81M	24.17M	-10.99M	29.91M	25.03M
Operating Cash Flow	39.99M	45.24M	26.88M	-9.16M	33.72M	26.43M
Investing Cash Flow	-5.81M	-18.80M	-2.71M	-1.84M	-3.81M	-1.39M
Financing Cash Flow	-44.36M	-76.08M	-14.38M	63.46M	-20.34M	-18.32M

biote Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.18
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 2.18 is below the 20-day moving average (MA) of 2.42, below the 50-day MA of 2.54, and below the 200-day MA of 3.24, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 32.53 is Neutral, neither overbought nor oversold. The STOCH value of 15.77 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BTMD.

biote Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
JYNT	49 Neutral	$151.78M	76.92	-1.37%	―	-54.93%	―
DCGO	48 Neutral	$78.64M	-1.67	-17.32%	―	-47.03%	-274.41%
BTMD	47 Neutral	$98.63M	2.75	―	―	1.34%	185.03%
CCM	44 Neutral	$19.97M	-0.81	―	―	-22.38%	56.66%
CCEL	44 Neutral	$27.55M	-58.45	―	11.14%	-0.29%	94.56%
PIII	44 Neutral	$18.37M	-0.06	-257.39%	―	-2.15%	-6.72%