biote (BTMD)
NASDAQ:BTMD
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biote
(NASDAQ:BTMD)
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Rating:58Neutral
Price Target:
$2.00
▼(-9.91% Downside)
Action:Reiterated
Date:05/19/26
The score is held back primarily by elevated financial risk from the weak balance sheet (negative equity and sizable debt) and recent revenue/profitability softening, despite solid recent cash generation. Valuation is a key offset (very low P/E), while technicals and the latest earnings call point to near-term pressure from the recall and supply constraints alongside maintained full-year guidance.
Positive Factors
Strong cash generation
Biote's recent operating and free cash flow generation is a durable strength: TTM FCF (~$28.7M) converts a high share of earnings to cash, supporting working capital, remediation efforts and discretionary investment without immediate reliance on external financing, improving operational resilience.
Negative Factors
Weak balance sheet and negative equity
Persistent negative equity and elevated debt materially weaken financial flexibility. This structural capital structure constraint raises refinancing and covenant risk, limits ability to invest or absorb shocks, and can increase funding costs, constraining durable strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Biote's recent operating and free cash flow generation is a durable strength: TTM FCF (~$28.7M) converts a high share of earnings to cash, supporting working capital, remediation efforts and discretionary investment without immediate reliance on external financing, improving operational resilience.
Read all positive factors
biote Key Performance Indicators (KPIs)
Any
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.
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.
Data provided by:
The Fly
The Flybiote (BTMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$74.79M
Dividend YieldN/A
Average Volume (3M)315.30K
Price to Earnings (P/E)4.5
Beta (1Y)1.56
Revenue Growth-5.63%
EPS Growth-29.34%
CountryUS
Employees217
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.50
Shares Outstanding30,331,425
10 Day Avg. Volume335,797
30 Day Avg. Volume315,298
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 Cap2.55
Enterprise Value/Revenue1.01
Enterprise Value/Gross Profit1.48
Enterprise Value/Ebitda5.34
Forecast
1Y Price Target
$2.50Price Target Upside12.61% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.29
Revenue Forecast (FY)$191.66M
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 we...
How the Company Makes Money
Biote makes money primarily by selling products and services to its network of providers/clinics that administer hormone optimization therapy. A core revenue stream is the sale of bioidentical hormone pellets and related therapy products used in p...
biote Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed picture: material short-term financial impacts in Q1 driven by a voluntary product recall and associated supply constraints materially reduced revenue, margins and net income. Offsetting these headwinds were notable operational and commercial progress — strong dietary supplement growth (+19.1%), a sizable expansion of the salesforce (to ~120 reps), training of 200+ new practitioners (+16.5% YoY), active remediation at Asteria (second shift and safety stock build), and maintained full-year guidance (revenue > $190M; adjusted EBITDA > $38M). Management expressed confidence that the issues are temporary and expected a return to procedure revenue growth in the second half of 2026, but acknowledged near-term persisting effects into Q2.Positive Updates
Dietary Supplement Revenue Growth
Dietary supplement revenue grew 19.1% year-over-year to $11.0 million in Q1 2026, driven largely by continued strength in the e-commerce channel; company expects dietary supplement revenue to grow at a mid- to high-single-digit rate for full-year 2026.
Negative Updates
Total Revenue Decline
Total revenue decreased 8.3% year-over-year to $44.9 million in Q1 2026; procedure revenue declined 13.2% to $31.3 million (which included an estimated $1.7 million impact related to the voluntary product recall).
Read all updates
Q1-2026 Updates
Positive
Negative
Dietary Supplement Revenue Growth
Dietary supplement revenue grew 19.1% year-over-year to $11.0 million in Q1 2026, driven largely by continued strength in the e-commerce channel; company expects dietary supplement revenue to grow at a mid- to high-single-digit rate for full-year 2026.
Read all positive updates
Company Guidance
Biote reiterated full‑year 2026 guidance for revenue above $190 million and adjusted EBITDA greater than $38 million, while forecasting dietary supplement revenue to grow at a mid‑ to high‑single‑digit rate and procedure revenue to return to growth in the second half of 2026 (with first‑half procedure growth now expected to be moderately below prior plans due to a voluntary recall that reduced Q1 revenue by an estimated $1.7 million and added roughly $1.5 million of incremental costs). Management expects Asteria supply continuity to be fully restored by the end of Q2 (Asteria produced ~30% of shipped pellets in Q1 vs. >50% in Q4 2025), cautioned that Q2 gross margin will be pressured by an elevated third‑party supply mix, and anchored the outlook to recent results of $44.9 million revenue in Q1 (down 8.3%), procedure revenue $31.3 million (down 13.2%), dietary supplement revenue $11.0 million (up 19.1%), gross margin 68.9%, adjusted EBITDA $8.7 million (19.4% margin), cash from operations $3.9 million and cash and cash equivalents $5.3 million as of March 31.biote Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
28
Negative
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 188.16M | 192.22M | 197.19M | 185.36M | 164.96M | 139.40M |
| Gross Profit | 128.80M | 134.09M | 139.06M | 127.48M | 110.38M | 90.58M |
| EBITDA | 35.77M | 42.79M | 15.59M | 39.54M | 7.96M | 35.98M |
| Net Income | 15.60M | 27.05M | 3.16M | 3.32M | -969.00K | 32.62M |
Balance Sheet | ||||||
| Total Assets | 89.03M | 107.61M | 122.37M | 155.29M | 111.64M | 54.33M |
| Cash, Cash Equivalents and Short-Term Investments | 5.32M | 24.12M | 39.34M | 89.00M | 79.23M | 26.77M |
| Total Debt | 108.42M | 109.92M | 110.86M | 114.87M | 120.43M | 37.34M |
| Total Liabilities | 136.99M | 158.01M | 224.57M | 191.84M | 169.92M | 50.20M |
| Stockholders Equity | -56.09M | -58.54M | -105.93M | -29.40M | -44.46M | 4.13M |
Cash Flow | ||||||
| Free Cash Flow | 28.69M | 30.18M | 38.81M | 24.17M | -10.99M | 29.91M |
| Operating Cash Flow | 32.63M | 35.19M | 45.24M | 26.88M | -9.16M | 33.72M |
| Investing Cash Flow | -6.18M | -6.86M | -18.80M | -2.71M | -1.84M | -3.81M |
| Financing Cash Flow | -62.84M | -43.55M | -76.08M | -14.38M | 63.46M | -20.34M |
biote Technical Analysis
Negative
2.22
Price Trends
1.85
Positive
2.02
Negative
2.46
Negative
Market Momentum
0.01
Positive
47.19
Neutral
50.96
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 2.22 is above the 20-day moving average (MA) of 2.12, above the 50-day MA of 1.85, and below the 200-day MA of 2.46, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 47.19 is Neutral, neither overbought nor oversold. The STOCH value of 50.96 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 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $127.59M | 24.15 | 16.94% | ― | -35.82% | ― | |
59 Neutral | $95.53M | 2.07 | 184.97% | ― | -0.87% | 10.51% | |
58 Neutral | $74.79M | 4.54 | -22.91% | ― | -5.63% | -29.34% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $21.32M | -0.04 | ― | ― | 20.26% | 69.68% | |
46 Neutral | $27.87M | 145.34 | 15.82% | 11.14% | -2.56% | -2181.76% | |
44 Neutral | $62.28M | -1.05 | -88.97% | ― | -42.03% | -28904.55% |
* Healthcare Sector Average
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biote Corporate Events
Executive/Board ChangesShareholder Meetings
biote shareholders elect directors and ratify Deloitte appointment
Positive
May 18, 2026
On May 12, 2026, biote Corp. held its 2026 annual meeting of stockholders, where shareholders elected Andrew R. Heyer and Dana Jacoby as Class I directors to serve until the 2029 annual meeting. The voting results showed both candidates received s...
Business Operations and StrategyFinancial Disclosures
Biote Updates April 2026 Investor Presentation on Growth
Positive
Apr 3, 2026
On April 3, 2026, Biote Corp. posted an updated investor presentation for April 2026 on its website, outlining its financial performance, market position and strategic highlights. The materials emphasize Biote’s leadership in hormone optimiz...
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.