biote (BTMD) AI Stock Analysis

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biote

(NASDAQ:BTMD)

Select Model

Neutral 47 (OpenAI - 4o)

Rating:47Neutral

Price Target:

$2.50

▼(-11.97% Downside)

Biote's overall stock score reflects significant financial challenges, bearish technical indicators, and mixed earnings call results. The strong gross profit margin and undervaluation provide some positives, but declining revenue, high leverage, and liquidity concerns weigh heavily on the score.

Positive Factors

Gross Profit Margin

The improvement in gross profit margin indicates strong cost management and operational efficiency, which can support long-term profitability.

Dietary Supplement Sales Growth

Significant growth in dietary supplement sales suggests successful product diversification and potential for sustained revenue streams.

Adjusted EBITDA Growth

Rising adjusted EBITDA reflects improved operational performance and profitability, enhancing financial stability and growth prospects.

Negative Factors

Declining Revenue

Negative revenue growth indicates difficulty in sustaining market demand, which could hinder long-term business expansion and market position.

High Leverage

High leverage and negative equity pose financial risks, limiting the company's ability to invest in growth and weather economic downturns.

Cash Flow Challenges

Negative free cash flow growth suggests liquidity issues, potentially impacting the company's capacity to fund operations and strategic initiatives.

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

Market Cap

$143.37M

Dividend YieldN/A

Average Volume (3M)117.78K

Price to Earnings (P/E)3.1

Beta (1Y)0.94

Revenue Growth6.32%

EPS Growth344.42%

CountryUS

Employees217

SectorHealthcare

Sector Strength45

IndustryMedical - Care Facilities

Share Statistics

EPS (TTM)0.10

Shares Outstanding33,280,228

10 Day Avg. Volume96,873

30 Day Avg. Volume117,782

Financial Highlights & Ratios

PEG Ratio-2.30

Price to Book (P/B)-2.00

Price to Sales (P/S)1.07

P/FCF Ratio5.46

Enterprise Value/Market Cap1.87

Enterprise Value/Revenue1.35

Enterprise Value/Gross Profit1.87

Enterprise Value/Ebitda4.76

Forecast

1Y Price Target

$4.49

Price Target Upside58.10% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering6

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 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 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:

Main Street Data

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 strong revenue growth and profitability improvements, with a healthy gross profit margin of 71.2% TTM and a net profit margin of 10.9% TTM. However, the balance sheet is concerning due to negative equity, indicating liabilities exceed assets, which poses a financial risk. Cash flow is robust, with strong free cash flow generation, but negative investing cash flow could impact future growth.

Income Statement

Neutral

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

Negative

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

Neutral

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	199.07M	197.19M	185.36M	164.96M	139.40M	116.57M
Gross Profit	143.11M	139.06M	127.48M	110.38M	90.58M	71.64M
EBITDA	56.24M	15.59M	9.23M	9.24M	35.98M	32.91M
Net Income	31.31M	3.16M	3.32M	1.32M	32.62M	29.16M
Balance Sheet
Total Assets	104.80M	122.37M	155.29M	111.64M	54.33M	32.59M
Cash, Cash Equivalents and Short-Term Investments	19.60M	39.34M	89.00M	79.23M	26.77M	17.21M
Total Debt	107.89M	110.86M	114.87M	120.43M	37.34M	42.35M
Total Liabilities	183.64M	224.57M	191.84M	169.92M	50.20M	49.66M
Stockholders Equity	-78.84M	-105.93M	-29.40M	-44.46M	4.13M	-17.07M
Cash Flow
Free Cash Flow	34.98M	38.81M	24.17M	-10.99M	29.91M	25.03M
Operating Cash Flow	41.48M	45.24M	26.88M	-9.16M	33.72M	26.43M
Investing Cash Flow	-7.09M	-18.80M	-2.71M	-1.84M	-3.81M	-1.39M
Financing Cash Flow	-41.19M	-76.08M	-14.38M	63.46M	-20.34M	-18.32M

biote Technical Analysis

Technical Analysis Sentiment

Negative

Last Price2.84

Price Trends

50DMA

3.11

Negative

100DMA

3.56

Negative

200DMA

3.95

Negative

Market Momentum

MACD

-0.11

Negative

RSI

40.92

Neutral

STOCH

49.62

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 2.84 is below the 20-day moving average (MA) of 2.95, below the 50-day MA of 3.11, and below the 200-day MA of 3.95, indicating a bearish trend. The MACD of -0.11 indicates Negative momentum. The RSI at 40.92 is Neutral, neither overbought nor oversold. The STOCH value of 49.62 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

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CCEL	54 Neutral	$36.25M	380.00	93.38%	8.79%	-0.29%	94.56%
DCGO	54 Neutral	$119.33M	12.68	-5.98%	―	-41.31%	-163.08%
JYNT	52 Neutral	$127.20M	―	-16.16%	―	-40.65%	85.56%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PIII	48 Neutral	$64.54M	―	-138.17%	―	4.20%	-54.16%
BTMD	47 Neutral	$143.37M	3.15	-7.92%	―	6.32%	344.42%
CCM	44 Neutral	$25.44M	―	14.03%	―	-22.38%	56.66%

* Healthcare Sector Average

Performance Comparison

BTMD

biote

2.84

-2.33

-45.07%

CCM

Concord Medical Services

5.31

-2.59

-32.78%

JYNT

Joint

8.23

-3.40

-29.23%

CCEL

Cryo-Cell International

4.55

-1.13

-19.89%

DCGO

DocGo

1.16

-2.26

-66.08%

PIII

P3 Health Partners

8.65

-12.73

-59.54%

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: Oct 13, 2025