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biote
(NASDAQ:BTMD)
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Rating:49Neutral
Price Target:
$1.00
▼(-35.48% Downside)
Action:Reiterated
Date:10/06/26
The score is held down primarily by elevated balance-sheet risk (negative equity with meaningful debt), weakening near-term fundamentals and reduced 2026 guidance, and a clearly bearish technical setup (price below key moving averages with negative MACD). Valuation is a partial offset due to a low P/E, but it appears tied to higher perceived risk rather than clear upside.
Positive Factors
Provider-network recurring revenue model
Biote’s clinic-support model can build recurring reorder activity because enrolled providers purchase therapy products for ongoing patient procedures. Continued provider expansion and retention may therefore support repeat revenue and deepen the platform’s commercial reach over the next several quarters.
Negative Factors
Negative equity and sizable debt
Persistent negative equity and debt exceeding the asset base materially reduce financial flexibility. This structure can constrain investment, make the company more vulnerable to earnings volatility, and increase the consequences of any sustained operating downturn over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Provider-network recurring revenue model
Biote’s clinic-support model can build recurring reorder activity because enrolled providers purchase therapy products for ongoing patient procedures. Continued provider expansion and retention may therefore support repeat revenue and deepen the platform’s commercial reach over the next several quarters.
Read all positive factors
biote Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows where Biote earns its sales across countries and regions, revealing reliance on specific markets, exposure to currency and regulatory risk, and where the company has the strongest demand or growth opportunity.
Shows where Biote earns its sales across countries and regions, revealing reliance on specific markets, exposure to currency and regulatory risk, and where the company has the strongest demand or growth opportunity.
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The Fly
The Flybiote (BTMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$40.96M
Dividend YieldN/A
Average Volume (3M)168.67K
Price to Earnings (P/E)6.2
Beta (1Y)1.37
Revenue Growth-7.81%
EPS Growth-82.99%
CountryUS
Employees223
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.17
Shares Outstanding28,677,590
10 Day Avg. Volume127,320
30 Day Avg. Volume168,666
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 Cap4.37
Enterprise Value/Revenue0.98
Enterprise Value/Gross Profit1.62
Enterprise Value/Ebitda7.64
Forecast
1Y Price Target
$2.00Price Target Upside29.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.12
Revenue Forecast (FY)$180.71M
biote Business Overview & Revenue Model
Company Description
Biote Corp. is dedicated to supporting and developing medical practices that focus on hormone optimization. The company provides a comprehensive system for its Biote-certified healthcare professionals, enabling them to correct imbalances in patien...
How the Company Makes Money
Biote primarily generates revenue by selling products and related services to healthcare providers in its network rather than treating patients directly. Key revenue streams include: (1) Sales of hormone therapy products used in BHRT—most notably ...
biote Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Negative
The call contained meaningful operational progress — restored supply, normalized inventory, a stronger commercial team, positive adjusted EBITDA, and growing supplements revenue — but these positives were outweighed by significant near-term financial headwinds: total revenue fell 9.5%, procedure revenue declined 13.9% (with a $3.3M recall impact), gross margin compressed by 6.2 percentage points, SG&A rose materially (driven by legal costs), the company swung to a GAAP net loss of $7.4M, and management cut full-year guidance (revenue and adjusted EBITDA). While management expects sequential improvement in H2 2026, the magnitude of the year-over-year deterioration and the guidance reductions dominate the call's tone.Positive Updates
Operational Recovery and Supply Normalization
Asteria Health supply continuity restored; inventory levels normalized and a second production shift added to increase internal pellet manufacturing. Asteria supplied ~30% of pellets in Q2 versus >50% in Q4 2025, and management expects a lower percentage of third-party pellet sourcing in Q3, driving gradual gross margin improvement.
Negative Updates
Total Revenue Decline
Total revenue decreased 9.5% year-over-year to $44.2 million in Q2 2026, reflecting near-term commercial headwinds.
Read all updates
Q2-2026 Updates
Positive
Negative
Operational Recovery and Supply Normalization
Asteria Health supply continuity restored; inventory levels normalized and a second production shift added to increase internal pellet manufacturing. Asteria supplied ~30% of pellets in Q2 versus >50% in Q4 2025, and management expects a lower percentage of third-party pellet sourcing in Q3, driving gradual gross margin improvement.
Read all positive updates
Company Guidance
Management revised 2026 guidance, now expecting procedure revenue to improve sequentially in Q3 and Q4 but remain negative year‑over‑year for the second half due to the first‑half voluntary recall; full‑year revenue is now expected above $175 million (down from prior >$190M) and adjusted EBITDA above $25 million (prior >$38M). In Q2 revenue fell 9.5% to $44.2M, procedure revenue declined 13.9% to $30.3M (including an estimated $3.3M recall impact), dietary supplements grew 5.7% to $11.4M and are forecast to grow at a mid‑to‑high single‑digit rate for 2026; gross margin was 65.4% (vs. 71.6% a year ago) with ~$0.6M incremental recall costs, adjusted EBITDA was $5.6M (12.6% margin), SG&A rose to $32.4M (from $24.2M), net loss was $7.4M (loss per share $0.23) versus prior year net income $3.9M (EPS $0.10), operating cash flow used was -$1.2M, and cash was $11.2M at June 30 (vs. $5.3M at March 31); management noted Asteria supplied ~30% of pellets in Q2 (vs. >50% in Q4 2025), supply continuity is restored, and product‑mix/gross‑margin are expected to improve as reliance on higher‑cost third‑party pellets declines.biote Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
28
Negative
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 183.53M | 192.22M | 197.19M | 185.36M | 164.96M | 139.40M |
| Gross Profit | 110.55M | 137.36M | 139.06M | 127.48M | 110.38M | 90.58M |
| EBITDA | 23.46M | 52.22M | 15.59M | 41.74M | 7.96M | 35.98M |
| Net Income | 5.86M | 27.05M | 3.16M | 3.32M | -969.00K | 32.62M |
Balance Sheet | ||||||
| Total Assets | 101.70M | 107.61M | 122.37M | 155.29M | 111.64M | 54.33M |
| Cash, Cash Equivalents and Short-Term Investments | 11.17M | 24.12M | 39.34M | 89.00M | 79.23M | 26.77M |
| Total Debt | 128.64M | 109.92M | 110.86M | 114.87M | 120.43M | 37.34M |
| Total Liabilities | 159.89M | 158.01M | 224.57M | 191.84M | 169.92M | 50.20M |
| Stockholders Equity | -65.79M | -58.54M | -105.93M | -29.40M | -44.46M | 4.13M |
Cash Flow | ||||||
| Free Cash Flow | 19.68M | 30.18M | 38.81M | 24.17M | -10.99M | 29.91M |
| Operating Cash Flow | 24.37M | 35.19M | 45.24M | 26.88M | -9.16M | 33.72M |
| Investing Cash Flow | -6.85M | -6.86M | -18.80M | -2.71M | -1.84M | -3.81M |
| Financing Cash Flow | -25.96M | -43.55M | -76.08M | -14.38M | 63.46M | -20.34M |
biote Technical Analysis
Negative
1.55
Price Trends
1.42
Negative
1.81
Negative
1.92
Negative
Market Momentum
-0.10
Negative
27.93
Positive
34.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTMD, the sentiment is Negative. The current price of 1.55 is above the 20-day moving average (MA) of 1.22, above the 50-day MA of 1.42, and below the 200-day MA of 1.92, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 27.93 is Positive, neither overbought nor oversold. The STOCH value of 34.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
60 Neutral | $98.15M | 26.29 | 22.00% | ― | -17.84% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $40.96M | 6.19 | -9.25% | ― | -7.81% | -82.99% | |
49 Neutral | $32.24M | -0.12 | 160.54% | ― | 2.81% | 26.63% | |
46 Neutral | $33.05M | -0.16 | -115.58% | ― | -32.40% | -969.05% | |
45 Neutral | $36.28M | -19.18 | 15.84% | 13.40% | -1.96% | -314.41% | |
40 Underperform | $16.50M | -0.03 | 5.16% | 2.02% | 20.26% | 69.68% |
* Healthcare Sector Average
BTMD
biote
1.04
-1.79
-63.25%
CCM
Concord Medical Services
3.69
-2.32
-38.60%
JYNT
Joint
6.98
-1.30
-15.76%
CCEL
Cryo-Cell International
4.30
-0.24
-5.29%
DCGO
DocGo
0.31
-1.00
-76.54%
PIII
P3 Health Partners
4.03
-5.06
-55.67%
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.