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biote (BTMD)
NASDAQ:BTMD
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biote
(NASDAQ:BTMD)
54Neutral
Positive Factors
Competitive Advantage
The software enhancements can provide competitive advantages and solidify BTMD's competitive position.
Consumer Loyalty
The market opportunity remains attractive and the end consumer remains loyal to BTMD's products even in a choppy macro backdrop.
Leadership and Strategy
With the new CEO at the helm, BTMD will focus on refining execution around creating higher efficiency with existing clinics and acquiring/onboarding new clinics.
Negative Factors
Business Disruptions
BTMD faced business disruptions from software enhancements & Hurricane Helene, which should also affect 4Q24, but the magnitude of the guide down was relatively modest.
Sales Force Allocation
New clinic growth suffered during the quarter as the sales force was dedicated to top-tier clinics to smooth the transition to the new software.
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. S&P 500 (SPY)
Market Cap
$184.37M
Dividend YieldN/A
Average Volume (3M)146.83K
Price to Earnings (P/E)18.7
Beta (1Y)1.08
Revenue Growth6.38%
EPS GrowthN/A
CountryUS
Employees217
SectorHealthcare
Sector Strength60
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.37
Shares Outstanding33,073,277
10 Day Avg. Volume101,820
30 Day Avg. Volume146,827
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap2.03
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit2.69
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$7.50Price Target Upside122.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
biote Business Overview & Revenue Model
Company DescriptionBiote (BTMD) is a healthcare company operating in the biotechnology sector, primarily focused on providing hormone optimization treatments. The company develops and offers hormone replacement therapies, particularly targeting age-related conditions, to enhance the quality of life for individuals experiencing hormonal imbalances. Biote utilizes a network of certified practitioners who deliver its proprietary hormone optimization solutions to patients.
How the Company Makes MoneyBiote makes money through the sale of its hormone optimization therapies and related medical products. The company's revenue model primarily involves partnerships with healthcare practitioners who are certified to administer Biote's treatments. These practitioners purchase Biote's products and services, which are then provided to patients, generating revenue for the company. Additionally, Biote may engage in training and certification programs for medical professionals, contributing to its earnings. Significant partnerships with healthcare providers and clinics help expand its market reach, further driving revenue growth.
biote Financial Statement Overview
Summary
The company shows strong revenue growth and efficient cash flow management. However, its high leverage and negative equity pose significant risks. While operational performance is strong, net profitability remains a challenge. Improvement in equity and debt reduction could enhance financial stability.Income Statement
The company has shown consistent revenue growth over the years, with a notable increase from 2023 to 2024. The gross profit margin remains strong, highlighting efficient cost management. However, the net profit margin is quite low, indicating challenges in translating revenue growth into substantial net profits. Additionally, EBIT and EBITDA margins show moderate improvement, but there is room for further operational efficiency.―
Balance Sheet
The company's balance sheet reflects high leverage, as indicated by a negative stockholders' equity, which is a significant risk factor. The debt-to-equity ratio is unfavorable due to negative equity. Despite these concerns, the company maintains a reasonable equity ratio and positive total assets, which could stabilize with improved equity management.45
Cash Flow
Cash flow analysis shows a robust operating cash flow with significant improvement in free cash flow over the years, especially from 2023 to 2024. The operating cash flow to net income ratio is healthy, indicating strong cash generation relative to net income. The free cash flow to net income ratio supports the sustainability of cash flows for future investments and debt servicing.―
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 197.19M | 185.36M | 164.96M | 139.40M | 116.57M | Gross Profit |
| 139.06M | 127.48M | 110.38M | 90.58M | 71.64M | EBIT |
| 31.61M | 28.66M | -60.72M | 34.56M | 31.78M | EBITDA |
| 31.61M | 9.23M | 9.24M | 35.98M | 32.91M | Net Income Common Stockholders |
| 3.16M | 3.32M | 1.32M | 32.62M | 29.16M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 39.34M | 89.00M | 79.23M | 26.77M | 17.21M | Total Assets |
| 122.37M | 155.29M | 111.64M | 54.33M | 32.59M | Total Debt |
| 9.66M | 114.87M | 120.43M | 37.34M | 42.35M | Net Debt |
| -29.68M | 25.87M | 41.20M | 10.57M | 25.15M | Total Liabilities |
| 224.57M | 191.84M | 169.92M | 50.20M | 49.66M | Stockholders Equity |
| -102.20M | -29.40M | -44.46M | 4.13M | -17.07M |
| Cash Flow | Free Cash Flow | |||
| 38.81M | 24.17M | -10.99M | 29.91M | 25.03M | Operating Cash Flow |
| 45.24M | 26.88M | -9.16M | 33.72M | 26.43M | Investing Cash Flow |
| -18.80M | -2.71M | -1.84M | -3.81M | -1.39M | Financing Cash Flow |
| -76.08M | -14.38M | 63.46M | -20.34M | -18.32M |
biote Technical Analysis
Negative
3.37
Price Trends
3.70
Negative
4.65
Negative
5.34
Negative
Market Momentum
-0.10
Negative
45.90
Neutral
41.66
Neutral
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 3.37 is below the 20-day moving average (MA) of 3.41, below the 50-day MA of 3.70, and below the 200-day MA of 5.34, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 45.90 is Neutral, neither overbought nor oversold. The STOCH value of 41.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BTMD.
biote Risk Analysis
biote disclosed 65 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 (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $512.17M | 18.91 | 7.44% | ― | 12.77% | ― | |
63 Neutral | $230.87M | 12.73 | 6.43% | ― | -1.24% | 196.79% | |
56 Neutral | $212.11M | ― | -174.88% | ― | 21.33% | 23.37% | |
54 Neutral | $184.37M | 18.71 | -7.92% | ― | 6.38% | ― | |
52 Neutral | $176.90M | ― | -21.30% | ― | -12.96% | -1199.26% | |
52 Neutral | $5.24B | 3.76 | -41.88% | 2.85% | 17.01% | 0.78% | |
47 Neutral | $249.87M | ― | -81.56% | ― | ― | 3.88% |
* Healthcare Sector Average
Performance Comparison
BTMD
biote
3.37
-2.40
-41.59%
TOI
Oncology Institute
2.61
1.73
196.59%
CMPS
COMPASS Pathways
3.64
-4.90
-57.38%
DCGO
DocGo
2.34
-1.22
-34.27%
AIRS
Airsculpt Technologies
2.30
-3.45
-60.00%
AUNA
Auna S.A. Class A
7.00
0.33
4.95%
biote Earnings Call Summary
Earnings Call Date:May 07, 2025
(Q4-2024)
| % Change Since: -17.80%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted several positive aspects, such as revenue growth, improved gross profit margins, and successful integration of acquisitions. However, these were countered by notable challenges, including a decline in net income, slowed new customer growth, increased SG&A expenses, and modest procedural revenue growth expectations. The balance of positive and negative elements results in a neutral sentiment.Q4-2024 Updates
Positive Updates
Revenue Growth
Fourth quarter revenue was $49.8 million, up 9% from the prior year period. Procedure revenue growth increased 5%, and dietary supplement revenue increased 10.2% year-over-year.
Gross Profit Margin Improvement
Fourth quarter gross profit margin was 71.8%, a 247 basis point increase from the fourth quarter of 2023, reflecting cost savings from vertical integration and effective cost management.
Adjusted EBITDA Growth
Adjusted EBITDA increased 11.4% to $15.1 million, with an adjusted EBITDA margin of 30.3%, reflecting the operating leverage of the business model.
Successful Acquisition Integration
The acquisition of Asteria Health strengthened control over the supply chain, improved product quality, and generated cost efficiencies by vertically integrating internal manufacturing.
Introduction of BioteRx Platform
The phased launch of BioteRx wellness platform is a key competitive differentiator, providing practitioners with a seamless platform for product ordering, inventory management, and technical support.
Negative Updates
Net Income Decline
Net income was $3.5 million, compared to $12.1 million in the fourth quarter of 2023. Fourth quarter 2024 net income was $0.10 per diluted share, compared to $0.18 per diluted share in the fourth quarter of 2023.
Slowed New Customer Growth
New customer growth has slowed as the company focused on serving existing practitioners during the transition to the new clinical decision support software.
Increased SG&A Expenses
Selling, general, and administrative costs were $33.0 million, compared to $26.2 million in the fourth quarter of 2023, due to employee-related investments and additional legal expenses.
Procedural Revenue Growth Challenges
Guidance for 2025 procedure revenue to increase by only 2% to 4%, impacted by the transition to the new software and increased investment in sales and marketing to drive new customer growth.
Company Guidance
During the Biote Fourth Quarter 2024 Earnings Conference Call, financial guidance for 2025 was provided with several key metrics. The company anticipates revenue between $202 million and $208 million and adjusted EBITDA ranging from $59 million to $64 million. Procedure revenue is projected to grow by approximately 2% to 4%, while dietary supplement revenue is expected to see an increase of 5% to 10% from 2024 levels. For the first quarter of 2025, Biote forecasts a slight increase in revenue compared to the first quarter of 2024, despite an expected 5% decline in adjusted EBITDA due to elevated sales and marketing expenses aimed at boosting new customer growth. The call also highlighted a 9% revenue increase to $49.8 million in Q4 2024, with a 71.8% gross profit margin, up 247 basis points year-over-year, and an adjusted EBITDA margin of 30.3%. The company ended fiscal year 2024 with cash and cash equivalents of $39.3 million.biote Corporate Events
Executive/Board Changes
Biote Reduces Marc Beer’s Salary Amid Transition
Neutral
Apr 24, 2025
On April 1, 2025, Marc Beer, Executive Chairman of biote Corp., transitioned from full-time to part-time employment as part of the Board of Directors’ leadership transition plan. Consequently, on April 22, 2025, the Compensation Committee reduced his annual base salary from $490,000 to $196,000, effective retroactively from the transition date, with an expectation for him to become Non-Executive Chairman by the end of the third quarter of 2025.
Spark’s Take on BTMD Stock
According to Spark, TipRanks’ AI Analyst, BTMD is a Neutral.
BTMD’s overall stock score reflects strong revenue growth and cash flow management but is offset by high leverage and negative equity. Technical indicators suggest a bearish trend, while valuation presents a reasonably fair value. Earnings call sentiment is neutral, and recent corporate events provide a slight positive outlook.
To see Spark’s full report on BTMD stock, click here.
Business Operations and StrategyFinancial Disclosures
Biote Releases Updated Investor Presentation for 2025
Positive
Mar 17, 2025
On March 17, 2025, Biote Corp. released an updated Investor Presentation on its website, outlining its financial performance and strategic positioning. The presentation highlighted Biote’s leadership in hormone optimization, with significant revenue and adjusted EBITDA figures for 2024, emphasizing its role as a trusted provider in a growing market. The company’s strategic focus includes expanding its practitioner network and enhancing its comprehensive healthcare approach, which could strengthen its market position and impact stakeholders positively.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.