Biote Reports First Quarter 2026 Financial Results
BTMD
Sales team expansion on track and nearing targeted level Return to procedure growth expected in second half of 2026 First Quarter 2026 Financial Highlights Revenue of $44.9 million Gross profit margin of 68.9% Net income of $2.7 million and diluted earnings per share attributable to biote Corp. stockholders of $0.06, compared to net income of $15.8 million and diluted earnings per share attributable to biote Corp. stockholders of $0.37 in the first quarter of 2025 Adjusted EBITDA1 of $8.7 million and Adjusted EBITDA margin1 of 19.4%
Published on 05/06/2026 at 04:13 pm EDT
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 first quarter ended March 31, 2026.
“During the first quarter of 2026, we continued to advance our strategic priorities and remained focused on our key objective of restoring sustainable procedure revenue growth,” said Bret Christensen, Biote’s Chief Executive Officer. “Leading indicators of future performance, including the number of newly trained practitioners and new clinic growth, are moving in the right direction, reinforcing our conviction in our strategic initiatives. We remain committed to investing in our commercial organization, and I am pleased to report we are nearing our stated goal of approximately 120 sales representatives.”
Mr. Christensen continued, “First quarter financial results were impacted by supply constraints related to the voluntary recall of certain hormone pellet products. We are increasing inventory levels to ensure continuity of care throughout our clinic network. We continue to emphasize consistent operational execution, supporting our growing network of practitioners and positioning the company for durable, long-term growth.”
2026 First Quarter Financial Review
(All financial result comparisons made are against the prior-year period unless otherwise noted)
Total revenue was $44.9 million, a decrease of 8.3% from $49.0 million. Procedure revenue declined 13.2% to $31.3 million, and was impacted by the voluntary recall of certain hormone pellets shipped by Asteria Health. Dietary supplements revenue grew 19.1% to $11.0 million.
Gross profit margin was 68.9%, as compared to 74.3%, 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.
Operating income declined to $3.2 million, from $9.7 million. Operating income decreased due to lower sales and gross profit, as well as higher operating expenses.
Net income was $2.7 million and diluted earnings per share attributable to biote Corp. stockholders was $0.06, as compared to net income of $15.8 million and diluted earnings per share attributable to biote Corp. stockholders of $0.37. Net income included a gain of $2.1 million and $10.7 million for the first quarter of 2026 and 2025, respectively, due to changes in the fair value of the earnout liabilities.
Adjusted EBITDA of $8.7 million decreased 36.6% from $13.8 million, while Adjusted EBITDA margin declined to 19.4% from 28.1%. Both Adjusted EBITDA and Adjusted EBITDA margin decreased from the prior year quarter due to lower sales, reduced gross profit and higher operating expenses.
Summary and 2026 Financial Outlook
Mr. Christensen concluded, “I am pleased with the progress and structural improvements we have achieved as an organization over the trailing twelve months. Although we expect to continue to experience headwinds in the second quarter from our voluntary product recall, I believe our strategic actions and investments are laying the groundwork for improved financial performance as the year progresses. As we expect our commercial investments to begin to translate into productivity gains, we continue to anticipate a return to procedure revenue growth in the second half of the year, consistent with our 2026 guidance provided in March.”
($ in millions)
2026 Guidance
Revenue
Above $190 million
Adjusted EBITDA2
Above $38 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, May 6, 2026. To access the conference call by telephone, please dial (844) 481-2820 (U.S toll-free) or (412) 317-0679 (International). To access a live webcast of the call, interested parties may use the following link: biote Corp. First 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 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, 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 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; 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; 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, 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)
March 31,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
5,320
$
24,123
Accounts receivable, net
7,397
6,868
Inventory, net
19,881
19,064
Other current assets
3,758
4,615
Total current assets
36,356
54,670
Property and equipment, net
10,701
10,753
Capitalized software, net
5,074
4,525
Goodwill
5,833
5,833
Intangible assets, net
3,957
4,266
Operating lease right-of-use assets
2,558
2,701
Deferred tax assets, net
24,481
24,793
Other non-current assets
72
72
Total assets
$
89,032
$
107,613
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable
$
8,236
$
6,826
Accrued expenses
10,282
9,806
Term loan, current
6,250
6,250
Deferred revenue, current
2,848
3,017
Operating lease liabilities, current
610
592
Share repurchase liabilities
—
18,500
Total current liabilities
28,226
44,991
Term loan, net of current portion
94,425
95,782
Revolving loans
5,000
5,000
Deferred revenue, net of current portion
922
1,097
Operating lease liabilities, net of current portion
2,137
2,298
Other non-current liability
124
344
TRA liability
4,190
4,386
Earnout liabilities
1,963
4,112
Total liabilities
136,987
158,010
Commitments and contingencies
Stockholders’ Deficit
Preferred stock
—
—
Class A common stock
3
3
Class V voting stock
1
1
Additional paid-in capital
—
—
Accumulated deficit
(46,032
)
(49,549
)
Accumulated other comprehensive loss
(27
)
(29
)
Treasury stock, at cost
(10,036
)
(8,965
)
biote Corp.’s stockholders’ deficit
(56,091
)
(58,539
)
Noncontrolling interest
8,136
8,142
Total stockholders’ deficit
(47,955
)
(50,397
)
Total liabilities and stockholders’ deficit
$
89,032
$
107,613
Biote Corp.
Condensed Consolidated Statements of Operations and Comprehensive Income (In Thousands, except share and per share amounts) (Unaudited)
Three Months Ended March 31,
2026
2025
Revenue:
Product revenue
$
43,895
$
47,025
Service revenue
1,040
1,967
Total revenue
44,935
48,992
Cost of revenue
Cost of products
12,745
11,654
Cost of services
1,237
956
Cost of revenue
13,982
12,610
Selling, general and administrative
27,787
26,692
Income from operations
3,166
9,690
Other income (expense), net:
Interest expense, net
(1,972
)
(2,905
)
Gain from change in fair value of earnout liabilities
2,149
10,688
Other income (expense), net
(5
)
(18
)
Total other income (expense), net
172
7,765
Income before provision for income taxes
3,338
17,455
Income tax expense
662
1,616
Net income
2,676
15,839
Less: Net income attributable to noncontrolling interest
399
2,121
Net income attributable to biote Corp. stockholders
$
2,277
$
13,718
Other comprehensive income (loss):
Foreign currency translation adjustments
2
(4
)
Other comprehensive income (loss)
2
(4
)
Comprehensive income
$
2,678
$
15,835
Net income per common share
Basic
$
0.07
$
0.44
Diluted
$
0.06
$
0.37
Weighted average common shares outstanding
Basic
30,646,356
31,485,777
Diluted
35,995,490
36,952,961
Biote Corp.
Condensed Consolidated Statements of Cash Flows (In Thousands) (Unaudited)
Three Months Ended March 31,
2026
2025
Operating Activities
Net income
$
2,676
$
15,839
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
980
857
Bad debt (recovery) expense
(433
)
773
Amortization of debt issuance costs
206
211
Provision for (recovery of) obsolete inventory
(1,118
)
442
Non-cash lease expense
143
133
Non-cash interest on share repurchase liability
—
1,065
Share-based compensation expense
1,758
2,127
Gain from change in fair value of earnout liabilities
(2,149
)
(10,688
)
Deferred income taxes
(206
)
508
Changes in operating assets and liabilities:
Accounts receivable
(96
)
(907
)
Inventory
301
952
Other assets
857
545
Accounts payable
1,410
(2,478
)
Deferred revenue
(344
)
(28
)
Accrued expenses
256
(2,665
)
Payments pursuant to TRA
(196
)
(93
)
Operating lease liabilities
(143
)
(126
)
Net cash provided by operating activities
3,902
6,467
Investing Activities
Purchases of property and equipment
(362
)
(1,630
)
Purchases of capitalized software
(806
)
(218
)
Net cash used in investing activities
(1,168
)
(1,848
)
Financing Activities
Repurchases of Class A common stock
(1,071
)
—
Borrowings on revolving loans
7,500
—
Repayments on revolving loans
(7,500
)
—
Principal repayments on term loan
(1,563
)
(1,563
)
Payments on repurchase liability
(18,500
)
—
Distributions
(405
)
(694
)
Net cash used in financing activities
(21,539
)
(2,257
)
Effect of exchange rate changes on cash and cash equivalents
2
(4
)
Net increase (decrease) in cash and cash equivalents
(18,803
)
2,358
Cash and cash equivalents at beginning of period
24,123
39,342
Cash and cash equivalents at end of period
$
5,320
$
41,700
Supplemental Disclosure of Cash Flow Information
Cash paid for interest
$
1,758
$
2,016
Cash paid for income taxes
$
120
$
2
Biote Corp.
Reconciliation of Adjusted EBITDA to Net Income (Unaudited)
The following table presents a reconciliation of net income to Adjusted EBITDA, as well as the calculation of net income margin and Adjusted EBITDA margin, for each of the periods indicated.
Three Months Ended
March 31,
(in thousands)
2026
2025
Net income
$
2,676
$
15,839
Interest expense, net(1)
1,972
2,905
Income tax expense
662
1,616
Depreciation and amortization(2)
980
857
Share-based compensation expense(3)
1,758
2,127
Litigation expenses-former owner(4)
2
150
Litigation-other(5)
702
465
Legal settlement and related expenses(6)
525
36
Other expenses(7)
1,487
335
Merger and acquisition expenses(8)
110
110
Gain from change in fair value of earnout liabilities
(2,149
)
(10,688
)
Adjusted EBITDA
$
8,725
$
13,752
Total revenue
$
44,935
$
48,992
Net income margin(9)
6.0
%
32.3
%
Adjusted EBITDA margin(10)
19.4
%
28.1
%
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