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biote (BTMD)
NASDAQ:BTMD
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biote
(NASDAQ:BTMD)
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Select Model
Rating:63Neutral
Price Target:
$3.50
▲(17.45% Upside)
The overall stock score is driven by strong valuation due to a low P/E ratio, indicating potential undervaluation. Financial performance shows growth in revenue and profitability, but is offset by a concerning balance sheet with negative equity. Technical analysis indicates a bearish trend, and the earnings call highlights mixed results with strategic initiatives yet to impact growth.
Positive Factors
Revenue Growth
Biote's consistent revenue growth indicates strong market demand and effective sales strategies, enhancing its competitive position in the healthcare sector.
Gross Profit Margin
The improved gross profit margin reflects effective cost management and operational efficiency, supporting long-term profitability and financial health.
Cash Flow Generation
Strong cash flow generation enhances Biote's ability to reinvest in growth initiatives, manage debt, and provide a buffer against economic fluctuations.
Negative Factors
Negative Equity
Negative equity suggests financial instability, posing risks to Biote's long-term viability and limiting its ability to secure financing for growth.
Procedure Revenue Decline
Declining procedure revenue highlights challenges in expanding clinic networks and retaining clients, potentially impacting future growth prospects.
Cash and Cash Equivalents Reduction
The reduction in cash reserves limits Biote's financial flexibility, potentially constraining investment in strategic initiatives and operational resilience.
biote (BTMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$147.33M
Dividend YieldN/A
Average Volume (3M)166.99K
Price to Earnings (P/E)3.3
Beta (1Y)0.88
Revenue Growth6.32%
EPS Growth344.42%
CountryUS
Employees217
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.10
Shares Outstanding33,280,228
10 Day Avg. Volume134,310
30 Day Avg. Volume166,989
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap1.82
Enterprise Value/Revenue1.34
Enterprise Value/Gross Profit1.89
Enterprise Value/Ebitda14.74
Forecast
1Y Price Target
$4.88Price Target Upside63.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
biote Business Overview & Revenue Model
Company Descriptionbiote Corp. operates in medical practice-building business within the hormone optimization space. The company offers a platform for Biote-certified practitioners to optimize imbalances in their patient's hormone, vitamin, and mineral levels, as well as prescribe bioidentical hormone therapies and recommend dietary supplements. It also sells Biote-branded dietary supplements; and sterile pellet insertion kits for men and women. The company was founded in 2011 and is headquartered in Irvine, Texas.
How the Company Makes MoneyBiote generates revenue primarily through the sale of its hormone replacement therapy products and services. The company's revenue model is built on a subscription basis for healthcare providers who utilize Biote's training, support, and products in their practice. Key revenue streams include the direct sale of hormone therapy products, service fees for training healthcare professionals, and ongoing support services. Additionally, Biote may benefit from partnerships with healthcare providers and clinics, which can enhance its market reach and customer base, further contributing to its earnings.
biote Key Performance Indicators (KPIs)
biote Earnings Call Summary
Earnings Call Date:Aug 06, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 11, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with strong performance in dietary supplements and cost management, alongside challenges in procedure revenue and clinic attrition. The strategic reorganization is expected to drive growth, but the impacts are yet to be realized. The flat overall revenue and adjusted guidance indicate ongoing challenges.Q2-2025 Updates
Positive Updates
Dietary Supplement Sales Growth
Dietary supplement revenue increased by 30.4% to $10.7 million, primarily driven by growth in the e-commerce channel.
Improved Gross Profit Margin
Gross profit margin increased by 280 basis points to 71.6%, primarily due to cost savings from vertical integration of the 503(B) manufacturing facility.
Decreased SG&A Expenses
Selling, general, and administrative expenses decreased by 12.2% to $24.2 million, partly due to the timing shift of the annual marketing event and headcount adjustments.
Increased Adjusted EBITDA
Adjusted EBITDA increased by 19.1% to $15.2 million, with an adjusted EBITDA margin of 31.1%.
Negative Updates
Flat Overall Revenue
Second quarter revenue was approximately flat at $48.9 million, with an 8.4% decrease in procedure revenue offsetting dietary supplement growth.
Procedure Revenue Decline
Procedure revenue decreased by 8.4% due to slower growth in new clinic additions, higher-than-normal attrition of established clinics, and lower procedure volume.
Cash and Cash Equivalents Reduction
Cash and cash equivalents decreased from $41.7 million as of March 31, 2025, to $19.6 million as of June 30, 2025, reflecting payments for share repurchases.
Adjusted Fiscal 2025 Financial Outlook
Fiscal 2025 revenue guidance was adjusted to be above $190 million, with expectations of high single-digit declines in procedure revenue.
Company Guidance
During Biote's second quarter 2025 earnings call, the company provided updated guidance and strategic insights. Biote adjusted its fiscal 2025 revenue guidance to exceed $190 million, with adjusted EBITDA projected to surpass $50 million. These adjustments reflect a projected high single-digit decline in procedure revenue and mid-teens growth in dietary supplements. The company reported a 19.1% increase in adjusted EBITDA, reaching $15.2 million, and a 280 basis point improvement in gross profit margin to 71.6%. Despite a flat revenue at $48.9 million, Biote experienced an 8.4% decline in procedure revenue, partially offset by a 30.4% increase in dietary supplement sales. The company attributed the procedure revenue shortfall to slower new clinic additions, higher attrition of existing clinics, and lower procedure volumes. Strategic initiatives, including organizational restructuring, aim to enhance growth, improve commercial productivity, and strengthen relationships with practitioners, while foundational priorities focus on internal efficiency and process improvements.biote Financial Statement Overview
Summary
The company shows positive revenue growth and improved profitability, with a healthy gross profit margin. However, the balance sheet is concerning due to negative equity, indicating financial risk. Strong cash flow generation provides some stability, but the negative equity needs addressing for long-term sustainability.Income Statement
The company shows a positive trend in revenue growth, with a notable increase in total revenue from previous years. Gross profit margin is healthy at approximately 71.2% TTM. Net profit margin has improved significantly to 10.9% TTM from lower levels in previous years, indicating better cost management and operational efficiency. However, EBIT and EBITDA margins are moderate at 15.5% and 9.1% TTM, respectively, suggesting room for improvement in operational leverage.68
Positive
Balance Sheet
The balance sheet is concerning with a negative stockholders' equity indicating that liabilities exceed assets. The debt-to-equity ratio cannot be calculated due to negative equity, highlighting financial risk. Despite these challenges, the company has managed to increase its cash reserves, which could provide some liquidity buffer. The equity ratio remains negative due to the negative equity, reflecting a need for stronger financial restructuring.45
Neutral
Cash Flow
Cash flow generation is strong, with positive free cash flow and operating cash flow. The free cash flow to net income ratio indicates efficient conversion of earnings into cash. The company improved its operating cash flow to net income ratio, suggesting effective cash management. The free cash flow growth rate is substantial, reflecting improved cash generation capabilities. However, investing cash flow remains negative, which could impact future growth initiatives.74
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 199.38M | 197.19M | 185.36M | 164.96M | 139.40M | 116.57M |
| Gross Profit | 142.01M | 139.06M | 127.48M | 110.38M | 90.58M | 71.64M |
| EBITDA | 18.17M | 15.59M | 9.23M | 9.24M | 35.98M | 32.91M |
| Net Income | 21.80M | 3.16M | 3.32M | 1.32M | 32.62M | 29.16M |
Balance Sheet | ||||||
| Total Assets | 123.38M | 122.37M | 155.29M | 111.64M | 54.33M | 32.59M |
| Cash, Cash Equivalents and Short-Term Investments | 41.70M | 39.34M | 89.00M | 79.23M | 26.77M | 17.21M |
| Total Debt | 9.54M | 110.86M | 114.87M | 120.43M | 37.34M | 42.35M |
| Total Liabilities | 208.21M | 224.57M | 191.84M | 169.92M | 50.20M | 49.66M |
| Stockholders Equity | -84.83M | -105.93M | -29.40M | -44.46M | 4.13M | -17.07M |
Cash Flow | ||||||
| Free Cash Flow | 36.81M | 38.81M | 24.17M | -10.99M | 29.91M | 25.03M |
| Operating Cash Flow | 44.34M | 45.24M | 26.88M | -9.16M | 33.72M | 26.43M |
| Investing Cash Flow | -8.47M | -18.80M | -2.71M | -1.84M | -3.81M | -1.39M |
| Financing Cash Flow | -72.93M | -76.08M | -14.38M | 63.46M | -20.34M | -18.32M |
biote Technical Analysis
Negative
2.98
Price Trends
3.49
Negative
3.70
Negative
4.20
Negative
Market Momentum
-0.10
Positive
34.81
Neutral
1.90
Positive
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 2.98 is below the 20-day moving average (MA) of 3.32, below the 50-day MA of 3.49, and below the 200-day MA of 4.20, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 34.81 is Neutral, neither overbought nor oversold. The STOCH value of 1.90 is Positive, 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
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | 490.71M | 7.69 | 14.44% | ― | 2.83% | ― | |
63 Neutral | $147.33M | 3.30 | -7.92% | ― | 6.32% | 344.42% | |
54 Neutral | 142.80M | -7.87 | -6.16% | ― | -41.31% | -163.08% | |
50 Neutral | 454.54M | -29.13 | -15.92% | ― | -14.46% | -315.81% | |
47 Neutral | 518.47M | -3.06 | ― | ― | ― | 21.30% | |
45 Neutral | 336.62M | -5.32 | 733.32% | ― | 17.53% | 14.49% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
Performance Comparison
BTMD
biote
2.97
-2.48
-45.50%
TOI
Oncology Institute
3.52
3.22
1073.33%
CMPS
COMPASS Pathways
5.66
-1.25
-18.09%
DCGO
DocGo
1.39
-1.95
-58.38%
AIRS
Airsculpt Technologies
7.31
1.72
30.77%
AUNA
Auna S.A. Class A
6.71
-0.64
-8.71%
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.