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Biote (NASDAQ: BTMD) Q1 2026 results hit by recall but guidance held

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Biote Corp. reported first quarter 2026 revenue of $44.9 million, down 8.3% from $49.0 million, as procedure volumes were hurt by a voluntary recall of certain hormone pellet products. Gross margin slipped to 68.9% from 74.3%, and operating income fell to $3.2 million from $9.7 million.

Net income declined to $2.7 million (diluted EPS $0.06) from $15.8 million ($0.37), largely because the gain from changes in earnout liabilities dropped to $2.1 million from $10.7 million. Adjusted EBITDA was $8.7 million, a 36.6% decrease, with margin down to 19.4% from 28.1%.

Dietary supplements revenue grew 19.1% to $11.0 million, partly offsetting a 13.2% decline in procedure revenue to $31.3 million. Management reaffirmed 2026 guidance for revenue above $190 million and Adjusted EBITDA above $38 million, and continues to expect procedure revenue to return to growth in the second half of 2026.

Positive

  • 2026 outlook reaffirmed: Management maintained guidance for 2026 revenue above $190 million and Adjusted EBITDA above $38 million, and still expects procedure revenue to return to growth in the second half of 2026.
  • Supplements growth offset weakness: Dietary supplements revenue grew 19.1% year over year to $11.0 million, providing a growing revenue stream alongside the more pressured procedure business.

Negative

  • Profitability sharply weaker: Net income dropped to $2.7 million from $15.8 million and Adjusted EBITDA fell 36.6% to $8.7 million, with margin contracting from 28.1% to 19.4%.
  • Recall-driven disruption and margin pressure: A voluntary recall of certain hormone pellets reduced procedure revenue by contributing to a 13.2% decline and pushed gross margin down to 68.9% from 74.3%.
  • Leverage and cash position: As of March 31, 2026, total liabilities of $137.0 million exceeded total assets of $89.0 million, while cash and cash equivalents fell to $5.3 million from $24.1 million at year-end 2025.

Insights

Q1 revenue and profit declined on recall disruption, but 2026 guidance was reaffirmed.

Biote posted Q1 2026 revenue of $44.9M, down 8.3%, as procedure revenue fell 13.2% to $31.3M after a voluntary recall of certain hormone pellets. Gross margin compressed to 68.9% from 74.3% due to higher third-party sourcing costs and lower manufacturing efficiency.

Net income dropped to $2.7M from $15.8M, mainly because the gain from changes in earnout liabilities shrank to $2.1M from $10.7M. Adjusted EBITDA declined 36.6% to $8.7M, and margin fell to 19.4% from 28.1%, reflecting lower sales and higher operating expenses.

Despite weaker quarterly results and cash declining to $5.3M as of March 31, 2026, management maintained full-year 2026 guidance for revenue above $190M and Adjusted EBITDA above $38M. They also reiterated expectations for procedure revenue to return to growth in the second half of 2026, assuming recall-related headwinds ease.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenue $44.9 million Q1 2026, down 8.3% from $49.0 million
Procedure revenue $31.3 million Q1 2026, down 13.2% year over year
Dietary supplements revenue $11.0 million Q1 2026, up 19.1% year over year
Gross profit margin 68.9% Q1 2026, down from 74.3% in Q1 2025
Net income $2.7 million Q1 2026 vs $15.8 million in Q1 2025
Diluted EPS $0.06 Q1 2026, down from $0.37 in Q1 2025
Adjusted EBITDA $8.7 million Q1 2026, down 36.6% from $13.8 million
2026 revenue guidance Above $190 million Full-year 2026 outlook provided in May 2026
Cash and cash equivalents $5.3 million As of March 31, 2026, down from $24.1 million at Dec. 31, 2025
Adjusted EBITDA financial
"Adjusted EBITDA of $8.7 million decreased 36.6% from $13.8 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted EBITDA margin financial
"Adjusted EBITDA margin declined to 19.4% from 28.1%"
Adjusted EBITDA margin shows how much profit a company makes from its core operations, expressed as a percentage of its total revenue, after removing certain one-time or unusual expenses and income. It helps investors understand the company's true earning ability from regular business activities, making it easier to compare performance over time or with other companies. Think of it as measuring the efficiency of a business in turning sales into profits, excluding irregular adjustments.
earnout liabilities financial
"Net income included a gain of $2.1 million and $10.7 million ... due to changes in the fair value of the earnout liabilities"
Payments a buyer has promised to make to the seller of a business only if future milestones or financial targets are met; they are recorded as liabilities because the buyer may owe cash later. Think of it like a conditional bonus or installment that depends on the purchased business performing as expected. Investors watch these closely because they create uncertainty about future cash outflows and can change the effective price and risk of an acquisition.
TRA liability financial
"TRA liability | | | 4,190 | | | | 4,386 |"
voluntary recall financial
"First quarter financial results were impacted by supply constraints related to the voluntary recall of certain hormone pellet products"
A voluntary recall is when a company chooses to remove or fix a product that may be unsafe, defective, or mislabeled rather than waiting for a regulator to force action. For investors it matters because it's like a store pulling a damaged item from shelves: it can mean immediate costs, lost sales, repair or replacement expenses, reputational damage, and possibly increased regulatory scrutiny or legal claims that affect future earnings and stock value.
non-GAAP financial measures financial
"Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Revenue $44.9 million -8.3% YoY
Net income $2.7 million vs $15.8 million prior-year
Adjusted EBITDA $8.7 million -36.6% YoY
Adjusted EBITDA margin 19.4% down from 28.1% prior-year
Guidance

For 2026, Biote guides to revenue above $190 million and Adjusted EBITDA above $38 million, with procedure revenue expected to return to growth in the second half of 2026 and dietary supplements revenue growing at a mid to high single digit rate from 2025.

false000181925300018192532026-05-062026-05-06

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 06, 2026

 

 

biote Corp.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-40128

85-1791125

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

1875 W. Walnut Hill Ln #100

 

Irving, Texas

 

75038

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (844) 604-1246

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

 

BTMD

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 2.02. Results of Operations and Financial Condition.

On May 6, 2026, biote Corp., a Delaware corporation (the “Company”) issued a press release to report the Company’s financial results for the first quarter ended March 31, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K (the “Report”).

The information in this Item 2.02 and the attached Exhibit 99.1 are being furnished and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

 

 

Exhibit No.

 

Description

 

 

99.1

 

Press Release, dated May 6, 2026.

 

 

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

biote Corp.

 

 

 

 

Date:

May 6, 2026

By:

/s/ Bret Christensen

 

 

 

Bret Christensen
Chief Executive Officer

 


 

img137956444_0.gif

 

Biote Reports First Quarter 2026 Financial Results

Sales team expansion on track and nearing targeted level

Return to procedure growth expected in second half of 2026

First Quarter 2026 Financial Highlights

Revenue of $44.9 million
Gross profit margin of 68.9%
Net income of $2.7 million and diluted earnings per share attributable to biote Corp. stockholders of $0.06, compared to net income of $15.8 million and diluted earnings per share attributable to biote Corp. stockholders of $0.37 in the first quarter of 2025
Adjusted EBITDA1 of $8.7 million and Adjusted EBITDA margin1 of 19.4%

 

IRVING, TX–(BUSINESS WIRE)–May 6, 2026–Biote (NASDAQ: BTMD), a leader in innovative hormone optimization and healthy aging solutions that advance the healthspan of our practitioners’ patients, today announced financial results for the first quarter ended March 31, 2026.

“During the first quarter of 2026, we continued to advance our strategic priorities and remained focused on our key objective of restoring sustainable procedure revenue growth,” said Bret Christensen, Biote’s Chief Executive Officer. “Leading indicators of future performance, including the number of newly trained practitioners and new clinic growth, are moving in the right direction, reinforcing our conviction in our strategic initiatives. We remain committed to investing in our commercial organization, and I am pleased to report we are nearing our stated goal of approximately 120 sales representatives.”

Mr. Christensen continued, “First quarter financial results were impacted by supply constraints related to the voluntary recall of certain hormone pellet products. We are increasing inventory levels to ensure continuity of care throughout our clinic network. We continue to emphasize consistent operational execution, supporting our growing network of practitioners and positioning the company for durable, long-term growth.”

2026 First Quarter Financial Review

(All financial result comparisons made are against the prior-year period unless otherwise noted)

Total revenue was $44.9 million, a decrease of 8.3% from $49.0 million. Procedure revenue declined 13.2% to $31.3 million, and was impacted by the voluntary recall of certain hormone pellets shipped by Asteria Health. Dietary supplements revenue grew 19.1% to $11.0 million.

Gross profit margin was 68.9%, as compared to 74.3%, as a result of impacts from the voluntary recall, which included the sourcing of replacement products from our third-party pellet suppliers at higher costs and reduced manufacturing efficiencies at Asteria Health.

_____________________________

1Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Please see “Discussion of non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measure.

 


 

Operating income declined to $3.2 million, from $9.7 million. Operating income decreased due to lower sales and gross profit, as well as higher operating expenses.

Net income was $2.7 million and diluted earnings per share attributable to biote Corp. stockholders was $0.06, as compared to net income of $15.8 million and diluted earnings per share attributable to biote Corp. stockholders of $0.37. Net income included a gain of $2.1 million and $10.7 million for the first quarter of 2026 and 2025, respectively, due to changes in the fair value of the earnout liabilities.

Adjusted EBITDA of $8.7 million decreased 36.6% from $13.8 million, while Adjusted EBITDA margin declined to 19.4% from 28.1%. Both Adjusted EBITDA and Adjusted EBITDA margin decreased from the prior year quarter due to lower sales, reduced gross profit and higher operating expenses.

Summary and 2026 Financial Outlook

Mr. Christensen concluded, “I am pleased with the progress and structural improvements we have achieved as an organization over the trailing twelve months. Although we expect to continue to experience headwinds in the second quarter from our voluntary product recall, I believe our strategic actions and investments are laying the groundwork for improved financial performance as the year progresses. As we expect our commercial investments to begin to translate into productivity gains, we continue to anticipate a return to procedure revenue growth in the second half of the year, consistent with our 2026 guidance provided in March.”

($ in millions)

2026 Guidance

Revenue

Above $190 million

Adjusted EBITDA2

Above $38 million

 

Procedure revenue is expected to return to growth in the second half of 2026, unchanged from prior guidance. Based on current trends, we now expect first half procedure revenue growth to be moderately lower than previously forecast due to the temporary impact of the voluntary product recall and related supply constraints.
2026 Dietary supplements revenue is expected to grow at a mid to high single digit rate from 2025, unchanged from prior guidance.

_____________________________

2 Please see “Forward-Looking Non-GAAP Financial Measures" below for additional information about forward-looking Adjusted EBITDA.

Conference Call:

Biote management will host a conference call to review these results and provide a business update beginning at 5:00 p.m. ET on Wednesday, May 6, 2026. To access the conference call by telephone, please dial (844) 481-2820 (U.S toll-free) or (412) 317-0679 (International). To access a live webcast of the call, interested parties may use the following link: biote Corp. First Quarter Earnings Call. A replay of the webcast will be available on the Events page of the Biote Investor Relations website, at ir.biote.com, shortly after the event concludes.

 

Discussion of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, Biote has disclosed Adjusted EBITDA, a non-GAAP financial measure that it calculates as net income before interest, taxes

 


 

and depreciation and amortization, further adjusted to exclude stock-based compensation, litigation expenses, legal settlements, inventory fair value write-up, transaction-related expenses, restructuring-related expenses, certain other expenses, merger and acquisition expenses, fair value adjustments to certain equity instruments classified as liabilities and other expenses. Below we have provided a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure.

We present Adjusted EBITDA and Adjusted EBITDA margin because it is a key measure used by our management to evaluate our operating performance, generate future operating plans and determine payments under compensation programs. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.

Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:

Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA margin do not reflect cash capital expenditure requirements for such replacements of our assets;
Adjusted EBITDA and Adjusted EBITDA margin do not reflect changes in, or cash requirements for, our working capital needs; and
Adjusted EBITDA and Adjusted EBITDA margin do not reflect tax payments that may represent a reduction in cash available to us.

In addition, Adjusted EBITDA and Adjusted EBITDA margin are subject to inherent limitations as it reflects the exercise of judgment by Biote’s management about which expenses are excluded or included. A reconciliation is provided in the financial statement tables included below in this press release for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including net income and our other GAAP results.

Forward-Looking Non-GAAP Financial Measures

The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of certain information needed to calculate reconciling items. For example, the Company has not included a reconciliation of projected Adjusted EBITDA to GAAP net income (loss), which is the most directly comparable GAAP measure, for the periods presented in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company’s projected Adjusted EBITDA excludes certain items that are inherently uncertain and difficult to predict including, but not limited to, share-based compensation expense, income taxes, due diligence expenses and legal expenses. Due to the variability, complexity and limited visibility of the adjusting items that would be excluded from projected Adjusted EBITDA in future periods, management does not forecast them for internal use and therefore cannot create a quantitative projected Adjusted EBITDA to GAAP net income (loss) reconciliation for the periods presented without unreasonable efforts. A quantitative reconciliation of projected Adjusted EBITDA to GAAP net income (loss) for the periods presented would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. From a qualitative perspective, it is anticipated that the differences between projected Adjusted EBITDA to GAAP net income (loss) for the periods presented will consist of items

 


 

similar to those described in the financial tables later in this release, including, for example and without limitation, share-based compensation expense, income taxes, due diligence expenses and legal expenses. The timing and amount of any of these excluded items could significantly impact the Company’s GAAP net income (loss) for a particular period. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis.

About Biote

Biote advances the healthspan of our Practitioners’ patients by providing innovative hormone optimization and healthy aging solutions. Through our network of Biote certified providers, we collaborate with leading clinicians to restore vitality and promote vibrant aging.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “may,” “can,” “should,” “will,” “outlook,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “hope,” “believe,” “seek,” “target,” “continue,” “could,” “might,” “ongoing,” “potential,” “predict,” “would” and other similar expressions, are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual results or developments to differ materially from those expressed or implied by such forward-looking statements, including but not limited to: our investment in our sales and technology capabilities and its anticipated benefits on our business; anticipated benefits and successful execution of our organizational restructuring; the success of our dietary supplements to attain significant market acceptance among clinics, practitioners and their patients; our ability and the ability of certain third parties to effectively support the manufacturing of bio-identical hormones for prescribers; our and our customers’ sensitivity to regulatory, economic, environmental and competitive conditions in certain geographic regions; our ability to increase the use by practitioners and clinics of the Biote Method at the rate that we anticipate or at all; our ability to grow our business; the significant competition we face in our industry; the impact of strategic acquisitions and the implementation of our growth strategies; our ability to protect our intellectual property; the heavy regulatory oversight in our industry; changes in applicable laws or regulations; changes to international tariffs, U.S. trade policy or similar government actions; geopolitical tensions; the inability to profitably expand in existing markets and into new markets; the possibility that we may be adversely impacted by other economic, business and/or competitive factors, including the impact of hurricane and other natural disasters; and future exchange and interest rates. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and other risks and uncertainties described in the “Risk Factors” section of Biote’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2026, and other documents filed by Biote from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Biote assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Biote does not give any assurance that it will achieve its expectations.

 


 

Financial Tables

Biote Corp.

Condensed Consolidated Balance Sheets (In Thousands) (Unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,320

 

 

$

24,123

 

Accounts receivable, net

 

 

7,397

 

 

 

6,868

 

Inventory, net

 

 

19,881

 

 

 

19,064

 

Other current assets

 

 

3,758

 

 

 

4,615

 

Total current assets

 

 

36,356

 

 

 

54,670

 

Property and equipment, net

 

 

10,701

 

 

 

10,753

 

Capitalized software, net

 

 

5,074

 

 

 

4,525

 

Goodwill

 

 

5,833

 

 

 

5,833

 

Intangible assets, net

 

 

3,957

 

 

 

4,266

 

Operating lease right-of-use assets

 

 

2,558

 

 

 

2,701

 

Deferred tax assets, net

 

 

24,481

 

 

 

24,793

 

Other non-current assets

 

 

72

 

 

 

72

 

Total assets

 

$

89,032

 

 

$

107,613

 

 

 

 

 

 

 

Liabilities and Stockholders’ Deficit

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

8,236

 

 

$

6,826

 

Accrued expenses

 

 

10,282

 

 

 

9,806

 

Term loan, current

 

 

6,250

 

 

 

6,250

 

Deferred revenue, current

 

 

2,848

 

 

 

3,017

 

Operating lease liabilities, current

 

 

610

 

 

 

592

 

Share repurchase liabilities

 

 

 

 

 

18,500

 

Total current liabilities

 

 

28,226

 

 

 

44,991

 

Term loan, net of current portion

 

 

94,425

 

 

 

95,782

 

Revolving loans

 

 

5,000

 

 

 

5,000

 

Deferred revenue, net of current portion

 

 

922

 

 

 

1,097

 

Operating lease liabilities, net of current portion

 

 

2,137

 

 

 

2,298

 

Other non-current liability

 

 

124

 

 

 

344

 

TRA liability

 

 

4,190

 

 

 

4,386

 

Earnout liabilities

 

 

1,963

 

 

 

4,112

 

Total liabilities

 

 

136,987

 

 

 

158,010

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ Deficit

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

Class A common stock

 

 

3

 

 

 

3

 

Class V voting stock

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

 

 

 

 

Accumulated deficit

 

 

(46,032

)

 

 

(49,549

)

Accumulated other comprehensive loss

 

 

(27

)

 

 

(29

)

Treasury stock, at cost

 

 

(10,036

)

 

 

(8,965

)

biote Corp.’s stockholders’ deficit

 

 

(56,091

)

 

 

(58,539

)

Noncontrolling interest

 

 

8,136

 

 

 

8,142

 

Total stockholders’ deficit

 

 

(47,955

)

 

 

(50,397

)

Total liabilities and stockholders’ deficit

 

$

89,032

 

 

$

107,613

 

 

 


 

Biote Corp.

Condensed Consolidated Statements of Operations and Comprehensive Income (In Thousands, except share and per share amounts) (Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Revenue:

 

 

 

 

 

 

Product revenue

 

$

43,895

 

 

$

47,025

 

Service revenue

 

 

1,040

 

 

 

1,967

 

Total revenue

 

 

44,935

 

 

 

48,992

 

Cost of revenue

 

 

 

 

 

 

Cost of products

 

 

12,745

 

 

 

11,654

 

Cost of services

 

 

1,237

 

 

 

956

 

Cost of revenue

 

 

13,982

 

 

 

12,610

 

Selling, general and administrative

 

 

27,787

 

 

 

26,692

 

Income from operations

 

 

3,166

 

 

 

9,690

 

Other income (expense), net:

 

 

 

 

 

 

Interest expense, net

 

 

(1,972

)

 

 

(2,905

)

Gain from change in fair value of earnout liabilities

 

 

2,149

 

 

 

10,688

 

Other income (expense), net

 

 

(5

)

 

 

(18

)

Total other income (expense), net

 

 

172

 

 

 

7,765

 

Income before provision for income taxes

 

 

3,338

 

 

 

17,455

 

Income tax expense

 

 

662

 

 

 

1,616

 

Net income

 

 

2,676

 

 

 

15,839

 

Less: Net income attributable to noncontrolling interest

 

 

399

 

 

 

2,121

 

Net income attributable to biote Corp. stockholders

 

$

2,277

 

 

$

13,718

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

2

 

 

 

(4

)

Other comprehensive income (loss)

 

 

2

 

 

 

(4

)

Comprehensive income

 

$

2,678

 

 

$

15,835

 

 

 

 

 

 

 

Net income per common share

 

 

 

 

 

 

Basic

 

$

0.07

 

 

$

0.44

 

Diluted

 

$

0.06

 

 

$

0.37

 

Weighted average common shares outstanding

 

 

 

 

 

 

Basic

 

 

30,646,356

 

 

 

31,485,777

 

Diluted

 

 

35,995,490

 

 

 

36,952,961

 

 

 


 

Biote Corp.

Condensed Consolidated Statements of Cash Flows (In Thousands) (Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Operating Activities

 

 

 

 

 

 

Net income

 

$

2,676

 

 

$

15,839

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

980

 

 

 

857

 

Bad debt (recovery) expense

 

 

(433

)

 

 

773

 

Amortization of debt issuance costs

 

 

206

 

 

 

211

 

Provision for (recovery of) obsolete inventory

 

 

(1,118

)

 

 

442

 

Non-cash lease expense

 

 

143

 

 

 

133

 

Non-cash interest on share repurchase liability

 

 

 

 

 

1,065

 

Share-based compensation expense

 

 

1,758

 

 

 

2,127

 

Gain from change in fair value of earnout liabilities

 

 

(2,149

)

 

 

(10,688

)

Deferred income taxes

 

 

(206

)

 

 

508

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(96

)

 

 

(907

)

Inventory

 

 

301

 

 

 

952

 

Other assets

 

 

857

 

 

 

545

 

Accounts payable

 

 

1,410

 

 

 

(2,478

)

Deferred revenue

 

 

(344

)

 

 

(28

)

Accrued expenses

 

 

256

 

 

 

(2,665

)

Payments pursuant to TRA

 

 

(196

)

 

 

(93

)

Operating lease liabilities

 

 

(143

)

 

 

(126

)

Net cash provided by operating activities

 

 

3,902

 

 

 

6,467

 

Investing Activities

 

 

 

 

 

 

Purchases of property and equipment

 

 

(362

)

 

 

(1,630

)

Purchases of capitalized software

 

 

(806

)

 

 

(218

)

Net cash used in investing activities

 

 

(1,168

)

 

 

(1,848

)

Financing Activities

 

 

 

 

 

 

Repurchases of Class A common stock

 

 

(1,071

)

 

 

 

Borrowings on revolving loans

 

 

7,500

 

 

 

 

Repayments on revolving loans

 

 

(7,500

)

 

 

 

Principal repayments on term loan

 

 

(1,563

)

 

 

(1,563

)

Payments on repurchase liability

 

 

(18,500

)

 

 

 

Distributions

 

 

(405

)

 

 

(694

)

Net cash used in financing activities

 

 

(21,539

)

 

 

(2,257

)

Effect of exchange rate changes on cash and cash equivalents

 

 

2

 

 

 

(4

)

Net increase (decrease) in cash and cash equivalents

 

 

(18,803

)

 

 

2,358

 

Cash and cash equivalents at beginning of period

 

 

24,123

 

 

 

39,342

 

Cash and cash equivalents at end of period

 

$

5,320

 

 

$

41,700

 

Supplemental Disclosure of Cash Flow Information

 

 

 

 

 

 

Cash paid for interest

 

$

1,758

 

 

$

2,016

 

Cash paid for income taxes

 

$

120

 

 

$

2

 

 

 


 

Biote Corp.

Reconciliation of Adjusted EBITDA to Net Income (Unaudited)

 

The following table presents a reconciliation of net income to Adjusted EBITDA, as well as the calculation of net income margin and Adjusted EBITDA margin, for each of the periods indicated.

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2026

 

 

2025

 

Net income

 

$

2,676

 

 

$

15,839

 

Interest expense, net(1)

 

 

1,972

 

 

 

2,905

 

Income tax expense

 

 

662

 

 

 

1,616

 

Depreciation and amortization(2)

 

 

980

 

 

 

857

 

Share-based compensation expense(3)

 

 

1,758

 

 

 

2,127

 

Litigation expenses-former owner(4)

 

 

2

 

 

 

150

 

Litigation-other(5)

 

 

702

 

 

 

465

 

Legal settlement and related expenses(6)

 

 

525

 

 

 

36

 

Other expenses(7)

 

 

1,487

 

 

 

335

 

Merger and acquisition expenses(8)

 

 

110

 

 

 

110

 

Gain from change in fair value of earnout liabilities

 

 

(2,149

)

 

 

(10,688

)

Adjusted EBITDA

 

$

8,725

 

 

$

13,752

 

Total revenue

 

$

44,935

 

 

$

48,992

 

Net income margin(9)

 

 

6.0

%

 

 

32.3

%

Adjusted EBITDA margin(10)

 

 

19.4

%

 

 

28.1

%

(1)
Represents cash and non-cash interest on our debt obligations, commitment fees on the unused portion of our Revolving Loans, net of interest income earned on our money market account. For the three months ended March 31, 2025, interest expense, net included $1.1 million of accreted interest related to the share repurchase liability. There was no accreted interest for the three months ended March 31, 2026.
(2)
Represents depreciation expense on property and equipment, amortization expense on capitalized software and amortization expense on purchased intangible assets. Depreciation expense of $0.2 million and $0.01 million was included in cost of products for the three months ended March 31, 2026 and 2025, respectively.
(3)
Represents employee compensation expense associated with equity-based stock awards. This includes expense associated with equity incentive instruments including phantom stock awards, stock options and restricted stock units.
(4)
Represents legal expenses to defend the Company against claims asserted by the Company’s former owner.
(5)
Represents litigation expenses other than those incurred in connection with claims asserted by the Company’s former owner that are not related to the Company’s ongoing business.
(6)
Represents legal expenses incurred in connection with litigation settlement gains or losses.
(7)
Represents $1.5 million incurred during the three months ended March 31, 2026 related to the January 2026 voluntary recall and primarily consists of $0.9 million impact to cost of revenue and $0.4 million of selling, general and administrative costs. For the three months ended March 31, 2025, this represents strategic consulting and legal expenses related to the recent CEO transition of $0.3 million and a realized foreign currency loss of less than $0.01 million.
(8)
Represents legal fees totaling $0.1 million incurred during the three months ended March 31, 2026 related to strategic opportunities to expand the business. Represents legal fees and professional fees totaling $0.1 million incurred during the three months ended March 31, 2025 to finalize the purchase price allocation of Asteria Health and for other strategic opportunities to expand the business.
(9)
Net income margin is defined as net income divided by total revenue.
(10)
Adjusted EBITDA margin is defined as adjusted EBITDA divided by total revenue.

 

Investor Relations:

Eric Prouty

AdvisIRy Partners

eric.prouty@advisiry.com

Media:

Press@biote.com

 


FAQ

How did Biote (BTMD) perform financially in Q1 2026?

Biote reported Q1 2026 revenue of $44.9 million, down 8.3% year over year. Net income was $2.7 million versus $15.8 million a year earlier, and Adjusted EBITDA declined to $8.7 million, reflecting lower sales and margin pressure.

What drove the decline in Biote (BTMD) revenue and margins in Q1 2026?

Total revenue fell 8.3% as procedure revenue declined 13.2% to $31.3 million, impacted by a voluntary recall of certain hormone pellets. Gross margin dropped to 68.9% from 74.3% due to higher replacement product costs and reduced manufacturing efficiencies.

How did Biote’s (BTMD) dietary supplements business perform in Q1 2026?

Dietary supplements revenue increased 19.1% year over year to $11.0 million in Q1 2026. This growth partly offset weakness in procedure revenue and remains aligned with guidance that expects mid to high single digit supplements growth for full-year 2026.

What is Biote’s (BTMD) 2026 financial guidance after Q1 results?

Biote reaffirmed 2026 guidance for revenue above $190 million and Adjusted EBITDA above $38 million. The company continues to expect procedure revenue to return to growth in the second half of 2026, with ongoing dietary supplements growth from 2025 levels.

How did Biote’s cash and debt levels change by March 31, 2026?

Cash and cash equivalents decreased to $5.3 million at March 31, 2026 from $24.1 million at December 31, 2025. The company reported a term loan totaling $100.7 million (current and non-current) and revolving loans of $5.0 million outstanding.

What is Biote’s Adjusted EBITDA and margin for Q1 2026?

Adjusted EBITDA for Q1 2026 was $8.7 million, down from $13.8 million in Q1 2025. Adjusted EBITDA margin declined to 19.4% from 28.1%, reflecting lower revenue, reduced gross margin and higher operating expenses during the quarter.

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