Biote Corp (NASDAQ: BTMD) swings to Q2 2026 loss as recall hits sales
Rhea-AI Filing Summary
Biote Corp. reported second quarter 2026 revenue of $44.2 million, down 9.5% from $48.9 million a year earlier. Procedure revenue declined 13.9% to $30.3 million, reflecting impacts from the January 2026 voluntary recall of certain hormone pellets shipped by Asteria Health, while dietary supplements revenue grew 5.7% to $11.4 million.
Gross profit margin fell to 65.4% from 71.6%, driving an operating loss of $3.5 million versus $10.8 million of income, and a net loss of $7.4 million, or $(0.23) per diluted share, compared with $3.9 million and $0.10. Adjusted EBITDA was $5.6 million with a 12.6% margin, down from $15.2 million and 31.1%. Recall-related costs totaled $0.8 million in the quarter and $2.2 million year-to-date. As of June 30, 2026, cash was $11.2 million, total liabilities were $159.9 million, and stockholders’ deficit was $58.2 million. For 2026, Biote now guides to revenue above $175 million and Adjusted EBITDA above $25 million, expecting sequential improvement but continued year-over-year declines in procedure revenue, with dietary supplements growing at a mid to high single-digit rate.
Positive
- None.
Negative
- Quarterly performance weakened, with revenue down 9.5% to $44.2 million and a shift from $3.9 million of net income to a $7.4 million net loss year over year.
- Profitability compressed as gross margin declined to 65.4% from 71.6% and Adjusted EBITDA fell to $5.6 million (12.6% margin) from $15.2 million (31.1% margin).
- The January 2026 voluntary product recall and related costs of $0.8 million in Q2 and $2.2 million year-to-date are pressuring revenue, margins and delaying a return to year-over-year procedure revenue growth.
- The balance sheet shows total liabilities of $159.9 million against a stockholders’ deficit of $58.2 million and $11.2 million of cash, indicating leverage and a limited equity cushion.
Filing Explained
This August 5 Form 8-K furnishes Biote’s second-quarter results and outlook through Exhibit 99.1, but the Item 2.02 information and exhibit are furnished—not filed under Section 18 or incorporated by reference unless expressly stated.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
voluntary product recall regulatory
earnout liabilities financial
TRA liability financial
noncontrolling interest financial
Earnings Snapshot
For full-year 2026, Biote expects revenue above $175 million and Adjusted EBITDA above $25 million. Management anticipates sequential improvement in procedure revenue in the third and fourth quarters, though year-over-year procedure revenue will remain negative, and projects mid to high single-digit dietary supplements revenue growth versus 2025.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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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
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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:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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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 August 5, 2026, biote Corp., a Delaware corporation (the “Company”) issued a press release to report the Company’s financial results for the second quarter ended June 30, 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.
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Exhibit No. |
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Description |
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99.1 |
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Press Release, dated August 5, 2026. |
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104 |
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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.
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biote Corp. |
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Date: |
August 5, 2026 |
By: |
/s/ Robert C. Peterson |
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Robert C. Peterson |
Biote Reports Second Quarter 2026 Financial Results
Continued progress in advancing strategic initiatives
Updates full-year outlook
Second Quarter 2026 Financial Highlights
IRVING, TX–(BUSINESS WIRE)–August 5, 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 second quarter ended June 30, 2026.
“Over the past year Biote has achieved meaningful progress in advancing our strategic initiatives, driving fundamental improvements that we believe position the Company to achieve sustainable procedure revenue growth,” said Bob Peterson, Biote’s interim Chief Executive Officer. “While not yet evident in our financial results, these foundational improvements have strengthened the core of our business and enhanced our resiliency, which we expect will drive improved financial performance in the second half.”
Mr. Peterson continued, “Our second quarter results primarily reflect continued impacts from the voluntary product recall, which affected revenue and margin. Underpinned by our leadership position and continued innovation, we remain focused on driving growth.”
2026 Second Quarter Financial Review
(All financial result comparisons made are against the prior-year period unless otherwise noted)
Total revenue was $44.2 million, a decrease of 9.5% from $48.9 million. Procedure revenue declined 13.9% to $30.3 million, and was impacted by the voluntary recall initiated in January 2026 of certain hormone pellets shipped by Asteria Health. Dietary supplements revenue grew 5.7% to $11.4 million.
Gross profit margin was 65.4%, as compared to 71.6%, 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.
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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 (loss) declined to a loss of $(3.5) million, from income of $10.8 million. Operating income (loss) decreased due to lower revenue and gross profit, as well as higher operating expenses.
Net loss was $(7.4) million and diluted loss per share attributable to biote Corp. stockholders was $(0.23), as compared to net income of $3.9 million and diluted earnings per share attributable to biote Corp. stockholders of $0.10. Net income (loss) included a loss of $(0.8) million and $(1.8) million for the second quarter of 2026 and 2025, respectively, due to changes in the fair value of the earnout liabilities.
Adjusted EBITDA of $5.6 million decreased from $15.2 million and Adjusted EBITDA margin decreased to 12.6% from 31.1%. Both Adjusted EBITDA and Adjusted EBITDA margin decreased due to lower revenue, reduced gross profit and higher operating expenses.
Summary and 2026 Financial Outlook
Mr. Peterson concluded, “Our strategic initiatives program continues to guide the Company, and we are confident the foundational work completed over the past year has strengthened our business. As we enter the second half of 2026, we are moving into the next phase of our strategic roadmap, which is designed to drive deeper operational improvements that restore growth and improve the consistency of our financial performance. Key areas of focus include enhancing the practitioner experience; accelerating sales productivity; and driving growth across our network.
In terms of our 2026 outlook, we expect procedure revenue to show sequential improvement in both the third and fourth quarters, benefiting from a return to normalized inventory levels at Asteria Health. However, the impacts from the voluntary product recall earlier in the year have delayed our expected return to year-over-year procedure revenue growth. As a result, we are revising our full‑year financial outlook to reflect our first half performance and our current expectations for the remainder of the year. We remain focused on executing our strategy with discipline and continuing to advance the long‑term fundamentals of the business.”
($ in millions) |
2026 Guidance |
Revenue |
Above $175 million |
Adjusted EBITDA2 |
Above $25 million |
_____________________________
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, August 5, 2026. To access the conference call by telephone, please dial (646) 307-1963 (U.S toll-free) or (800) 715-9871 (International) and reference conference ID:
1792102. To access a live webcast of the call, interested parties may use the following link: biote Corp. Second 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 (loss) 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 (loss), 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:
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 (loss) 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; including the impact of the voluntary product recall of certain hormone pellets and our continued reliance on third-party pellet suppliers; 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; our ability to achieve the financial guidance provided in this press release or the possibility that we may need to further revise such guidance; and 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, as supplemented by Biote's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 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)
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June 30, |
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December 31, |
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2026 |
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2025 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
11,168 |
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$ |
24,123 |
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Accounts receivable, net |
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7,810 |
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6,868 |
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Inventory, net |
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18,331 |
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19,064 |
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Other current assets |
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5,731 |
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4,615 |
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Total current assets |
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43,040 |
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54,670 |
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Property and equipment, net |
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12,847 |
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10,753 |
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Capitalized software, net |
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4,897 |
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4,525 |
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Goodwill |
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5,833 |
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5,833 |
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Intangible assets, net |
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3,649 |
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4,266 |
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Operating lease right-of-use assets |
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6,846 |
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2,701 |
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Deferred tax assets, net |
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24,515 |
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24,793 |
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Other non-current assets |
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72 |
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72 |
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Total assets |
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$ |
101,699 |
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$ |
107,613 |
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Liabilities and Stockholders’ Deficit |
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Current liabilities: |
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Accounts payable |
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$ |
6,576 |
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$ |
6,826 |
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Accrued expenses |
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14,321 |
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9,806 |
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Term loan, current |
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3,125 |
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6,250 |
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Deferred revenue, current |
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2,623 |
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3,017 |
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Earnout liabilities, current |
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2,750 |
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— |
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Operating lease liabilities, current |
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705 |
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592 |
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Share repurchase liabilities |
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— |
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18,500 |
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Total current liabilities |
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30,100 |
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44,991 |
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Term loan, net of current portion |
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118,377 |
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95,782 |
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Revolving loans |
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— |
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5,000 |
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Deferred revenue, net of current portion |
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791 |
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1,097 |
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Operating lease liabilities, net of current portion |
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6,433 |
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2,298 |
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Other non-current liability |
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— |
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344 |
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TRA liability |
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4,190 |
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4,386 |
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Earnout liabilities |
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— |
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4,112 |
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Total liabilities |
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159,891 |
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158,010 |
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Commitments and contingencies |
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Stockholders’ Deficit |
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Preferred stock |
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— |
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— |
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Class A common stock |
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3 |
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3 |
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Class V voting stock |
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1 |
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1 |
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Additional paid-in capital |
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— |
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— |
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Accumulated deficit |
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(50,941 |
) |
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(49,549 |
) |
Accumulated other comprehensive loss |
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(25 |
) |
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(29 |
) |
Treasury stock, at cost |
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(14,828 |
) |
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(8,965 |
) |
biote Corp.’s stockholders’ deficit |
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(65,790 |
) |
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(58,539 |
) |
Noncontrolling interest |
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7,598 |
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8,142 |
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Total stockholders’ deficit |
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(58,192 |
) |
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(50,397 |
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Total liabilities and stockholders’ deficit |
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$ |
101,699 |
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$ |
107,613 |
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Biote Corp.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (In Thousands, except share and per share amounts) (Unaudited)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue: |
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Product revenue |
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$ |
43,381 |
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$ |
47,657 |
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$ |
87,276 |
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$ |
94,682 |
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Service revenue |
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851 |
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1,206 |
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1,891 |
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3,173 |
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Total revenue |
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44,232 |
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48,863 |
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|
89,167 |
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97,855 |
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Cost of revenue |
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Cost of products |
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14,301 |
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12,811 |
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27,046 |
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24,465 |
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Cost of services |
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|
1,013 |
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|
1,064 |
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|
2,250 |
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|
2,020 |
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Cost of revenue |
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15,314 |
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|
|
13,875 |
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29,296 |
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26,485 |
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Selling, general and administrative |
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32,426 |
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24,223 |
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60,213 |
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50,915 |
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Income (loss) from operations |
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(3,508 |
) |
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10,765 |
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(342 |
) |
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20,455 |
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Other income (expense), net: |
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Interest expense, net |
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(2,183 |
) |
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(2,852 |
) |
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(4,155 |
) |
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(5,757 |
) |
Loss on extinguishment of debt |
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(648 |
) |
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|
— |
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(648 |
) |
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— |
|
Gain (loss) from change in fair value of earnout liabilities |
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(787 |
) |
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|
(1,832 |
) |
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|
1,362 |
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|
8,856 |
|
Other income (expense), net |
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(6 |
) |
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(6 |
) |
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|
(11 |
) |
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|
(24 |
) |
Total other income (expense), net |
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(3,624 |
) |
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|
(4,690 |
) |
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|
(3,452 |
) |
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|
3,075 |
|
Income (loss) before provision for income taxes |
|
|
(7,132 |
) |
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|
6,075 |
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|
|
(3,794 |
) |
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23,530 |
|
Income tax expense |
|
|
296 |
|
|
|
2,150 |
|
|
|
958 |
|
|
|
3,766 |
|
Net income (loss) |
|
|
(7,428 |
) |
|
|
3,925 |
|
|
|
(4,752 |
) |
|
|
19,764 |
|
Less: Net income (loss) attributable to noncontrolling interest |
|
|
(865 |
) |
|
|
740 |
|
|
|
(466 |
) |
|
|
2,861 |
|
Net income (loss) attributable to biote Corp. stockholders |
|
$ |
(6,563 |
) |
|
$ |
3,185 |
|
|
$ |
(4,286 |
) |
|
$ |
16,903 |
|
|
|
|
|
|
|
|
|
|
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|
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Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
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|
||||
Foreign currency translation adjustments |
|
|
2 |
|
|
|
9 |
|
|
|
4 |
|
|
|
5 |
|
Other comprehensive income |
|
|
2 |
|
|
|
9 |
|
|
|
4 |
|
|
|
5 |
|
Comprehensive income (loss) |
|
$ |
(7,426 |
) |
|
$ |
3,934 |
|
|
$ |
(4,748 |
) |
|
$ |
19,769 |
|
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Net income (loss) per common share |
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|
|
||||
Basic |
|
$ |
(0.23 |
) |
|
$ |
0.10 |
|
|
$ |
(0.14 |
) |
|
$ |
0.54 |
|
Diluted |
|
$ |
(0.23 |
) |
|
$ |
0.10 |
|
|
$ |
(0.14 |
) |
|
$ |
0.46 |
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
28,626,136 |
|
|
|
31,625,485 |
|
|
|
29,630,665 |
|
|
|
31,556,017 |
|
Diluted |
|
|
28,626,136 |
|
|
|
31,743,162 |
|
|
|
29,630,665 |
|
|
|
36,959,274 |
|
Biote Corp.
Condensed Consolidated Statements of Cash Flows (In Thousands) (Unaudited)
|
|
Six Months Ended June 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Operating Activities |
|
|
|
|
|
|
||
Net income (loss) |
|
$ |
(4,752 |
) |
|
$ |
19,764 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
1,943 |
|
|
|
1,767 |
|
Bad debt (recovery) expense |
|
|
(771 |
) |
|
|
962 |
|
Amortization of debt issuance costs |
|
|
378 |
|
|
|
412 |
|
Provision for (recovery of) obsolete inventory |
|
|
(1,388 |
) |
|
|
1,100 |
|
Non-cash lease expense |
|
|
340 |
|
|
|
268 |
|
Non-cash interest on share repurchase liability |
|
|
— |
|
|
|
1,986 |
|
Share-based compensation expense |
|
|
3,728 |
|
|
|
4,313 |
|
Gain from change in fair value of earnout liabilities |
|
|
(1,362 |
) |
|
|
(8,856 |
) |
Loss on extinguishment of debt |
|
|
648 |
|
|
|
— |
|
Deferred income taxes |
|
|
340 |
|
|
|
1,285 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(171 |
) |
|
|
(2,406 |
) |
Inventory |
|
|
2,121 |
|
|
|
1,613 |
|
Other assets |
|
|
(1,116 |
) |
|
|
(2,387 |
) |
Accounts payable |
|
|
(250 |
) |
|
|
(1,950 |
) |
Deferred revenue |
|
|
(700 |
) |
|
|
(60 |
) |
Accrued expenses |
|
|
4,171 |
|
|
|
(3,910 |
) |
Payments pursuant to TRA |
|
|
(196 |
) |
|
|
(93 |
) |
Operating lease liabilities |
|
|
(237 |
) |
|
|
(255 |
) |
Net cash provided by operating activities |
|
|
2,726 |
|
|
|
13,553 |
|
Investing Activities |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(2,919 |
) |
|
|
(3,439 |
) |
Purchases of capitalized software |
|
|
(873 |
) |
|
|
(371 |
) |
Net cash used in investing activities |
|
|
(3,792 |
) |
|
|
(3,810 |
) |
Financing Activities |
|
|
|
|
|
|
||
Repurchases of Class A common stock |
|
|
(5,863 |
) |
|
|
— |
|
Borrowings on revolving loans |
|
|
12,500 |
|
|
|
— |
|
Repayments on revolving loans |
|
|
(17,500 |
) |
|
|
— |
|
Principal repayments on term loan |
|
|
(1,563 |
) |
|
|
(3,125 |
) |
Borrowings on term loan |
|
|
125,000 |
|
|
|
— |
|
Extinguishment of debt |
|
|
(101,562 |
) |
|
|
— |
|
Debt issuance costs |
|
|
(3,431 |
) |
|
|
— |
|
Payments on repurchase liability |
|
|
(18,500 |
) |
|
|
(25,081 |
) |
Proceeds from exercise of stock options |
|
|
— |
|
|
|
226 |
|
Issuance of stock under purchase plan |
|
|
47 |
|
|
|
72 |
|
Distributions |
|
|
(1,021 |
) |
|
|
(1,581 |
) |
Net cash used in financing activities |
|
|
(11,893 |
) |
|
|
(29,489 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
4 |
|
|
|
5 |
|
Net decrease in cash and cash equivalents |
|
|
(12,955 |
) |
|
|
(19,741 |
) |
Cash and cash equivalents at beginning of period |
|
|
24,123 |
|
|
|
39,342 |
|
Cash and cash equivalents at end of period |
|
$ |
11,168 |
|
|
$ |
19,601 |
|
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
|
||
Cash paid for interest |
|
$ |
2,774 |
|
|
$ |
4,022 |
|
Cash paid for income taxes |
|
$ |
1,726 |
|
|
$ |
2,508 |
|
Biote Corp.
Reconciliation of Adjusted EBITDA to Net Income (Loss) (Unaudited)
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA, as well as the calculation of net income (loss) margin and Adjusted EBITDA margin, for each of the periods indicated.
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net income (loss) |
|
$ |
(7,428 |
) |
|
$ |
3,925 |
|
|
$ |
(4,752 |
) |
|
$ |
19,764 |
|
Interest expense, net(1) |
|
|
2,183 |
|
|
|
2,852 |
|
|
|
4,155 |
|
|
|
5,757 |
|
Income tax expense |
|
|
296 |
|
|
|
2,150 |
|
|
|
958 |
|
|
|
3,766 |
|
Depreciation and amortization(2) |
|
|
963 |
|
|
|
910 |
|
|
|
1,943 |
|
|
|
1,767 |
|
Share-based compensation expense(3) |
|
|
1,970 |
|
|
|
2,186 |
|
|
|
3,728 |
|
|
|
4,313 |
|
Litigation expenses-former owner(4) |
|
|
— |
|
|
|
82 |
|
|
|
2 |
|
|
|
232 |
|
Litigation-other(5) |
|
|
83 |
|
|
|
427 |
|
|
|
785 |
|
|
|
892 |
|
Legal settlement and related expenses(6) |
|
|
5,065 |
|
|
|
(262 |
) |
|
|
5,590 |
|
|
|
(226 |
) |
Restructuring-related expenses(7) |
|
|
— |
|
|
|
555 |
|
|
|
— |
|
|
|
555 |
|
Other expenses(8) |
|
|
957 |
|
|
|
517 |
|
|
|
2,444 |
|
|
|
852 |
|
Merger and acquisition expenses(9) |
|
|
37 |
|
|
|
— |
|
|
|
147 |
|
|
|
110 |
|
Loss on extinguishment of debt(10) |
|
|
648 |
|
|
|
— |
|
|
|
648 |
|
|
|
— |
|
Loss (gain) from change in fair value of earnout liabilities |
|
|
787 |
|
|
|
1,832 |
|
|
|
(1,362 |
) |
|
|
(8,856 |
) |
Adjusted EBITDA |
|
$ |
5,561 |
|
|
$ |
15,174 |
|
|
$ |
14,286 |
|
|
$ |
28,926 |
|
Total revenue |
|
$ |
44,232 |
|
|
$ |
48,863 |
|
|
$ |
89,167 |
|
|
$ |
97,855 |
|
Net income (loss) margin(11) |
|
|
-16.8 |
% |
|
|
8.0 |
% |
|
|
-5.3 |
% |
|
|
20.2 |
% |
Adjusted EBITDA margin(12) |
|
|
12.6 |
% |
|
|
31.1 |
% |
|
|
16.0 |
% |
|
|
29.6 |
% |
executing the Amended Credit Agreement with Truist Bank.
Investor Relations:
Eric Prouty
AdvisIRy Partners
eric.prouty@advisiry.com
Media:
Press@biote.com