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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 | -53.7% | -2.5% | 756.7% |
| 2024 | $197M | $16M | $3M | $38M | -3.1% | 6.4% | -4.8% |
| 2023 | $185M | $9M | $3M | $24M | -9.1% | 12.4% | - |
| 2022 | $165M | $8M | $-1M | $-11M | 1.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | -60.72 | 28.66 | 31.61 | 35.55 |
| EBITDA | 7.96 | 9.23 | 15.59 | 52.22 |
| EBIT | 5.76 | 6.24 | 12.02 | 48.55 |
| Pretax Income | 1.71 | -0.12 | 1.02 | 37.58 |
| Tax Provision | 0.39 | 2.68 | 0.97 | 5.99 |
| Net Income | -0.97 | 3.32 | 3.16 | 27.05 |
| Net Income Common Stockholders | -0.97 | 3.32 | 3.16 | 27.05 |
| Total Expenses | 225.68 | 156.70 | 165.58 | 156.67 |
| Interest Expense | 4.05 | 6.36 | 11 | 10.96 |
| Selling General And Administration | 171.10 | 98.83 | 107.45 | 101.81 |
| Normalized EBITDA | -58.49 | 31.64 | 35.20 | 39.19 |
| Normalized Income | -52.36 | 21.01 | 18.64 | 16.09 |
| Basic EPS | -0.12 | 0.13 | 0.09 | 0 |
| Diluted EPS | -0.12 | 0.13 | 0.09 | 0 |
| Tax Effect Of Unusual Items | 15.06 | -4.70 | -4.12 | 2.07 |
| Tax Rate For Calcs | 0.23 | 0.21 | 0.21 | 0.16 |
| Total Unusual Items | 66.45 | -22.40 | -19.61 | 13.02 |
| Total Unusual Items Excluding Goodwill | 66.45 | -22.40 | -19.61 | 13.02 |
| Net Income From Continuing Operation Net Minority Interest | -0.97 | 3.32 | 3.16 | 27.05 |
| Reconciled Depreciation | 2.20 | 2.99 | 3.57 | 3.67 |
| Reconciled Cost Of Revenue | 54.58 | 57.88 | 58.13 | 54.86 |
| Net Interest Income | -4.05 | -6.36 | -11 | -10.96 |
| Net Income From Continuing And Discontinued Operation | -0.97 | 3.32 | 3.16 | 27.05 |
| Total Operating Income As Reported | -60.72 | 28.66 | 31.61 | 35.55 |
| Diluted Average Shares | 8.06 | 25.71 | 34.27 | 0 |
| Basic Average Shares | 8.06 | 25.71 | 34.27 | 0 |
| Diluted NI Availto Com Stockholders | -0.97 | 3.32 | 3.16 | 27.05 |
| Average Dilution Earnings | 0 | 0 | 0 | 0 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Minority Interests | -2.29 | 6.12 | 3.11 | -4.55 |
| Net Income Including Noncontrolling Interests | 1.32 | -2.81 | 0.05 | 31.60 |
| Net Income Continuous Operations | 1.32 | -2.81 | 0.05 | 31.60 |
| Other Income Expense | 66.48 | -22.42 | -19.59 | 12.99 |
| Other Non Operating Income Expenses | 0.03 | -0.02 | 0.01 | -0.03 |
| Special Income Charges | 61.33 | -8.99 | -19.61 | 13.02 |
| Other Special Charges | 0.45 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | -61.77 | 8.99 | 19.61 | -13.02 |
| Gain On Sale Of Security | 5.13 | -13.41 | 0 | 0 |
| Net Non Operating Interest Income Expense | -4.05 | -6.36 | -11 | -10.96 |
| Interest Expense Non Operating | 4.05 | 6.36 | 11 | 10.96 |
| Other Operating Expenses | 0.97 | 0 | 0 | 0 |
| Selling And Marketing Expense | 4.63 | 0 | 0 | 0 |
| General And Administrative Expense | 165.50 | 0 | 0 | 0 |
| Other Gand A | 165.50 | 0 | 0 | 0 |
| Operating Revenue | 164.96 | 185.36 | 197.19 | 192.22 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| biote Corp.this co. | BTMD | $83M | 3.00 | -1.16 | -53.7% | 4.32 |
| Health Catalyst, Inc. | HCAT | $93M | - | 0.37 | -72.4% | -32.70 |
| Aldeyra Therapeutics, Inc. | ALDX | $90M | - | 2.04 | -76.5% | -1.02 |
| MaxCyte, Inc. | MXCT | $87M | - | 0.51 | -26.0% | -0.06 |
| Gossamer Bio, Inc. | GOSS | $82M | - | -0.67 |
| 138.8% |
| -0.91 |
| Outset Medical, Inc. | OM | $77M | - | 0.60 | -64.3% | -0.14 |
| aTyr Pharma, Inc. | ATYR | $75M | - | 1.11 | -110.2% | -0.11 |
| DocGo Inc. | DCGO | $70M | - | 0.48 | -144.9% | -0.41 |
| Actuate Therapeutics, Inc. Common stock | ACTU | $68M | - | 8.45 | -280.5% | - |
| Peer Median | - | - | 0.55 | -74.5% | -0.41 | |