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%
IRVING, Texas--(BUSINESS WIRE)--May 06, 2026--
Biote $(BTMD)$, 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.
(1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Please see "Discussion of non-GAAP Financial Measures" for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measure.
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 EBITDA(2) Above $38 million
-- Procedure revenue is expected to return to growth in the second half of
2026, unchanged from prior guidance. Based on current trends, we now
expect first half procedure revenue growth to be moderately lower than
previously forecast due to the temporary impact of the voluntary product
recall and related supply constraints.
-- 2026 Dietary supplements revenue is expected to grow at a mid to high
single digit rate from 2025, unchanged from prior guidance.
_____________________________
(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:
-- Although depreciation and amortization are non-cash charges, the assets
being depreciated and amortized may have to be replaced in the future,
and Adjusted EBITDA and Adjusted EBITDA margin do not reflect cash
capital expenditure requirements for such replacements of our assets;
-- Adjusted EBITDA and Adjusted EBITDA margin do not reflect changes in,
or cash requirements for, our working capital needs; and
-- Adjusted EBITDA and Adjusted EBITDA margin do not reflect tax payments
that may represent a reduction in cash available to us.
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
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