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biote Corp. operates in practice-building business within the hormone optimization space. It trains physicians and nurse practitioners in hormone optimization using bioidentical hormone replacement pellet therapy in men and women experiencing hormonal imbalance. The company offers Biote Method, a comprehensive end-to-end practice building platform that provides Biote-certified practitioners with the components developed for practitioners in the hormone optimization space comprising Biote Method education, training, and certification; practice management software that allows Biote-certified practitioners to order, track, and manage hormone optimization product inventory and meet other administrative requirements; inventory management software to facilitate ordering and inventory control; and information regarding available hormone replacement therapy products, as well as digital and point-of-care marketing support. It also sells dietary supplements under the Biote brand; and sterile pellet insertion kits that is used with hormone optimization therapies for male and female patients. The company was founded in 2012 and is headquartered in Irving, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $192M | $52M | $27M | $28M | -46.2% | -2.5% | 756.7% |
| 2024 | $197M | $16M | $3M | $38M | -3.0% | 6.4% | -4.8% |
| 2023 | $185M | $9M | $3M | $24M | -11.3% | 12.4% | -442.2% |
| 2022 | $165M | $8M | $-1M | $-11M | 2.2% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 164.96 | 185.36 | 197.19 | 192.22 |
| Operating Revenue | - | 164.96 | 185.36 | 197.19 | 192.22 |
| Cost Of Revenue | - | 54.58 | 57.88 | 58.13 | 54.86 |
| Gross Profit | - | 110.38 | 127.48 | 139.06 | 137.36 |
| Operating Expense | - | 171.10 | 98.83 | 107.45 | 101.81 |
| Selling General And Administration | - | 171.10 | 98.83 | 107.45 | 101.81 |
| Total Expenses | - | 225.68 | 156.70 | 165.58 | 156.67 |
| Operating Income | - | -60.72 | 28.66 | 31.61 | 35.55 |
| Total Operating Income As Reported | - | -60.72 | 28.66 | 31.61 | 35.55 |
| EBITDA | - | 7.96 | 9.23 | 15.59 | 52.22 |
| Normalized EBITDA | - | -58.49 | 31.64 | 35.20 | 39.19 |
| EBIT | - | 5.76 | 6.24 | 12.02 | 48.54 |
| Interest Expense | - | 4.05 | 6.36 | 11 | 10.96 |
| Net Interest Income | - | -4.05 | -6.36 | -11 | -10.96 |
| Other Non Operating Income Expenses | - | 0.03 | -0.02 | 0.01 | -0.03 |
| Other Income Expense | - | 66.48 | -22.42 | -19.59 | 12.99 |
| Interest Expense Non Operating | - | 4.05 | 6.36 | 11 | 10.96 |
| Net Non Operating Interest Income Expense | - | -4.05 | -6.36 | -11 | -10.96 |
| Pretax Income | - | 1.71 | -0.12 | 1.02 | 37.58 |
| Tax Provision | - | 0.39 | 2.68 | 0.97 | 5.99 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 15.06 | -4.70 | -4.12 | 2.07 |
| Net Income Continuous Operations | - | 1.32 | -2.80 | 0.05 | 31.60 |
| Net Income From Continuing And Discontinued Operation | - | -0.97 | 3.32 | 3.16 | 27.04 |
| Net Income From Continuing Operation Net Minority Interest | - | -0.97 | 3.32 | 3.16 | 27.04 |
| Net Income | - | -0.97 | 3.32 | 3.16 | 27.04 |
| Net Income Common Stockholders | - | -0.97 | 3.32 | 3.16 | 27.04 |
| Net Income Including Noncontrolling Interests | - | 1.32 | -2.80 | 0.05 | 31.60 |
| Normalized Income | - | -52.36 | 21.01 | 18.64 | 16.09 |
| Diluted NI Availto Com Stockholders | - | -0.97 | 3.32 | 3.16 | 27.04 |
| Basic Average Shares | 7.57 | 8.06 | 25.71 | 34.27 | - |
| Diluted Average Shares | 7.57 | 8.06 | 25.71 | 34.27 | - |
| Reconciled Depreciation | - | 2.20 | 2.99 | 3.57 | 3.67 |
| Reconciled Cost Of Revenue | - | 54.58 | 57.88 | 58.13 | 54.86 |
| Total Unusual Items | - | 66.45 | -22.40 | -19.60 | 13.02 |
| Total Unusual Items Excluding Goodwill | - | 66.45 | -22.40 | -19.60 | 13.02 |
| Minority Interests | - | -2.29 | 6.12 | 3.11 | -4.55 |
| Special Income Charges | - | 61.32 | -8.99 | -19.60 | 13.02 |
| Other Special Charges | - | 0.44 | - | - | - |
| Restructuring And Mergern Acquisition | - | -61.77 | 8.99 | 19.60 | -13.02 |
| Gain On Sale Of Security | - | 5.13 | -13.41 | - | - |
| General And Administrative Expense | 49.05 | 165.50 | - | - | - |
| Other Gand A | 49.05 | 165.50 | - | - | - |
| Other Operating Expenses | 2.06 | 0.97 | - | - | - |
| Selling And Marketing Expense | 4.91 | 4.63 | - | - | - |
| Otherunder Preferred Stock Dividend | 0 | - | - | - | - |
| Average Dilution Earnings | 0 | - | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| biote Corp.this co. | BTMD | $84M | 3.10 | -1.43 | -46.2% | 3.25 |
| Neuronetics, Inc. | STIM | $102M | -2.61 | 4.54 | -174.3% | -5.84 |
| OptimizeRx Corporation | OPRX | $101M | 19.67 | 0.79 | 4.0% | 6.26 |
| Definitive Healthcare Corp. | DH | $96M | -0.69 | 0.34 | -49.4% | -0.74 |
| Heron Therapeutics, Inc. | HRTX | $92M | - | 6.39 |
| - |
| - |
| - |
| - |
| -141.0% |
| - |
| Outset Medical, Inc. | OM | $88M | -1.07 | 0.69 | -64.3% | -2.46 |
| Aardvark Therapeutics, Inc. | AARD | $86M | -1.49 | 0.81 | -54.0% | -0.63 |
| Pulmonx Corporation | LUNG | $68M | - | 1.26 | -99.8% | - |
| LENSAR, Inc. | LNSR | $68M | -1.98 | -2.61 | 131.7% | -2.88 |
| Peer Median | - | -1.28 | 0.80 | -59.2% | -1.60 | |