biote (BTMD)
NASDAQ:BTMD
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biote
(NASDAQ:BTMD)
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Rating:55Neutral
Price Target:
$1.50
▼(-5.66% Downside)
Action:ReiteratedDate:04/04/26
BTMD’s score is held back primarily by balance-sheet risk (negative equity) and weak technical momentum (below key moving averages with a negative MACD). Offsetting these are a very low P/E valuation and improving operating performance/cash generation, while the latest earnings call points to credible long-term targets but meaningful near-term headwinds in procedure volumes, margins, and expense step-ups.
Positive Factors
High Gross Margins
Sustained gross margins near 65–71% indicate durable unit economics for Biote's product and service mix. High product-level margins provide a structural cushion against cost shocks, enable reinvestment in sales/tech, and support recurring profitability even if procedure volumes fluctuate.
Negative Factors
Negative Equity / Balance-Sheet Risk
Persistently negative stockholders' equity materially reduces financial flexibility and raises solvency risk. It constrains the company's ability to absorb operational shocks, limits borrowing capacity on favorable terms, and makes longer-term strategic investments more balance-sheet sensitive.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margins
Sustained gross margins near 65–71% indicate durable unit economics for Biote's product and service mix. High product-level margins provide a structural cushion against cost shocks, enable reinvestment in sales/tech, and support recurring profitability even if procedure volumes fluctuate.
Read all positive factors
biote (BTMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$62.89M
Dividend YieldN/A
Average Volume (3M)299.63K
Price to Earnings (P/E)3.0
Beta (1Y)1.23
Revenue Growth1.34%
EPS Growth185.03%
CountryUS
Employees217
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.06
Shares Outstanding32,300,865
10 Day Avg. Volume320,318
30 Day Avg. Volume299,626
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 Cap2.48
Enterprise Value/Revenue0.81
Enterprise Value/Gross Profit1.14
Enterprise Value/Ebitda3.98
Forecast
1Y Price Target
$3.13Price Target Upside96.86% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.4
Revenue Forecast (FY)$196.19M
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 primarily makes money by selling products and services to healthcare providers that participate in its Biote Method program. Key revenue streams include: (1) sales of BHRT-related products used by providers in patient care (e.g., bioidentica...
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 Earnings Call Summary
Earnings Call Date:Mar 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
Balanced results: the company demonstrated meaningful operational progress (commercial team expansion, strong e-commerce supplement growth, cost reductions, positive operating cash flow and a clear recovery plan) while facing material near-term headwinds in its core procedure business (13% procedure revenue decline), margin pressure from a $1.3M recall-related inventory charge, higher clinic attrition, and lower adjusted EBITDA versus the prior year. Management provided constructive 2026 targets and plans to invest in sales and technology to drive a return to procedure growth, but near-term guidance anticipates mid-to-high single-digit pressure on procedure revenue and a step-up in expenses.Positive Updates
Revenue — Dietary Supplements Growth
Dietary supplement revenue increased 16% year-over-year to $11.7M in Q4 2025, driven primarily by continued growth of the e-commerce channel; management expects dietary supplement revenue to grow at a mid- to high-single-digit rate in 2026.
Negative Updates
Total Revenue Decline
Fourth quarter revenue was $46.4M, a decline of 6.9% year-over-year, reflecting weakness in the core procedure business.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue — Dietary Supplements Growth
Dietary supplement revenue increased 16% year-over-year to $11.7M in Q4 2025, driven primarily by continued growth of the e-commerce channel; management expects dietary supplement revenue to grow at a mid- to high-single-digit rate in 2026.
Read all positive updates
Company Guidance
Management guided 2026 revenues above $190.0M and adjusted EBITDA greater than $38.0M, while expecting procedure revenue to decline mid- to high-single-digits year-over-year (with an anticipated return to year-over-year procedure growth later in 2026) and dietary supplement revenue to grow at a mid- to high-single-digit rate; to support this plan they will expand sales headcount from >90 to ~120 and invest in their technology platform, acknowledging a near-term step-up in operating expenses that will pressure adjusted EBITDA. Management also flagged potential recall-related impacts to revenue, profit and gross margin (Q4 gross margin 68.0% vs 71.8% prior, including a $1.3M inventory charge), using Q4/2025 baselines of total revenue $46.4M (procedure $31.8M, -13% y/y; supplements $11.7M, +16% y/y), Q4 adjusted EBITDA $11.7M (25.2% margin vs $15.1M and 30.3% prior), FY2025 operating cash flow $35.2M and year-end cash $24.1M.biote Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
34
Negative
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 192.22M | 197.19M | 185.36M | 164.96M | 139.40M |
| Gross Profit | 137.36M | 139.06M | 127.48M | 110.38M | 90.58M |
| EBITDA | 39.22M | 15.59M | 39.54M | 7.96M | 35.98M |
| Net Income | 27.05M | 3.16M | 3.32M | -969.00K | 32.62M |
Balance Sheet | |||||
| Total Assets | 107.61M | 122.37M | 155.29M | 111.64M | 54.33M |
| Cash, Cash Equivalents and Short-Term Investments | 24.12M | 39.34M | 89.00M | 79.23M | 26.77M |
| Total Debt | 109.92M | 110.86M | 114.87M | 120.43M | 37.34M |
| Total Liabilities | 158.01M | 224.57M | 191.84M | 169.92M | 50.20M |
| Stockholders Equity | -58.54M | -105.93M | -29.40M | -44.46M | 4.13M |
Cash Flow | |||||
| Free Cash Flow | 30.18M | 38.81M | 24.17M | -10.99M | 29.91M |
| Operating Cash Flow | 35.19M | 45.24M | 26.88M | -9.16M | 33.72M |
| Investing Cash Flow | -6.86M | -18.80M | -2.71M | -1.84M | -3.81M |
| Financing Cash Flow | -43.55M | -76.08M | -14.38M | 63.46M | -20.34M |
biote Technical Analysis
Neutral
1.59
Price Trends
1.82
Negative
2.17
Negative
2.77
Negative
Market Momentum
-0.08
Negative
49.70
Neutral
52.89
Neutral
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 1.59 is above the 20-day moving average (MA) of 1.45, below the 50-day MA of 1.82, and below the 200-day MA of 2.77, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 49.70 is Neutral, neither overbought nor oversold. The STOCH value of 52.89 is Neutral, 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $62.89M | 3.01 | -35.31% | ― | 1.34% | 185.03% | |
53 Neutral | $123.22M | 45.39 | -3.70% | ― | -54.93% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $51.33M | -0.16 | -71.45% | ― | -47.03% | -274.41% | |
47 Neutral | $18.32M | -0.08 | -257.39% | ― | -2.15% | -6.72% | |
44 Neutral | $17.15M | -0.11 | ― | ― | -22.38% | 56.66% | |
43 Neutral | $27.95M | -13.22 | 15.27% | 11.14% | -0.29% | 94.56% |
* Healthcare Sector Average
BTMD
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1.59
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-56.44%
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biote Corporate Events
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.