Biote (NASDAQ: BTMD) posts 2025 results and guides to lower 2026 Adjusted EBITDA
Rhea-AI Filing Summary
Biote Corp. reported 2025 revenue of $192.2 million, down 2.5% from 2024, as procedure revenue declined 8.8% while dietary supplements grew 19.1%. Gross margin improved to 71.5%, and operating income rose 12.5% to $35.6 million helped by lower operating expenses from a sales reorganization.
Net income jumped to $31.6 million (diluted EPS $0.74) from $0.05 million (EPS $0.09), largely influenced by a $13.0 million gain from changes in earnout liabilities. Adjusted EBITDA declined 8.1% to $53.5 million, with margin slipping to 27.8%. For 2026, Biote guides revenue to above $190 million and Adjusted EBITDA above $38 million, reflecting a planned step-up in sales and technology investments, with procedure revenue expected to fall in the first half before returning to growth in the second half.
Positive
- None.
Negative
- 2026 profitability guidance materially lower: Revenue is guided only above $190 million versus $192.2 million in 2025, and expected Adjusted EBITDA above $38 million is significantly below 2025’s $53.5 million, reflecting a sizeable margin compression from planned expense increases and near‑term procedure revenue declines.
Insights
Biote trades near-term earnings pressure for longer-term growth investments.
Biote delivered slightly lower 2025 revenue but better gross margin and higher operating income, aided by cost controls. The sharp rise in net income stems partly from a $13.0 million favorable earnout revaluation, while core profitability softened as Adjusted EBITDA fell to $53.5 million.
Management plans to significantly increase spending on sales and technology in 2026, guiding revenue just above $190 million and Adjusted EBITDA above $38 million, well below 2025. They also expect procedure revenue to decline at a mid to high single-digit rate in the first half of 2026 before returning to growth later in the year.
This indicates a deliberate shift from margin strength to growth investment. Actual outcomes will depend on how effectively the expanded commercial organization converts higher operating expenses into renewed procedure growth and sustained dietary supplement expansion through the second half of 2026 and beyond.
8-K Event Classification
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02. Results of Operations and Financial Condition.
On March 11, 2026, biote Corp., a Delaware corporation (the “Company”) issued a press release to report the Company’s financial results for the fourth quarter and fiscal year ended December 31, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K (the “Report”).
The information in this Item 2.02 and the attached Exhibit 99.1 are being furnished and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
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Description |
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99.1 |
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Press Release, dated March 11, 2026. |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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biote Corp. |
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Date: |
March 11, 2026 |
By: |
/s/ Bret Christensen |
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Bret Christensen |
Biote Reports Fourth Quarter and Full Year 2025 Financial Results
Executing efficiently on strategic priorities
Continued salesforce expansion to capture large growth opportunity
Anticipate a return to procedure revenue growth in the second half of 2026
Fourth Quarter 2025 Financial Highlights
Full Year 2025 Financial Highlights
IRVING, TX–(BUSINESS WIRE)–March 11, 2026–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 fourth quarter and full year ended December 31, 2025.
“Over the past twelve months, Biote has focused on our strategic priorities which are designed to drive sustainable profitable growth and create long-term value for stockholders,” said Bret Christensen, Biote’s Chief Executive Officer. “Through our decisive actions, we are rebuilding and expanding our commercial sales coverage, strengthening our relationships with top-tier providers and instilling a high-performance culture that empowers our team to scale our business efficiently. While our commercial transition impacted our overall financial performance in 2025 as we expected, we anticipate a return to procedure revenue growth in the second half of 2026.”
Mr. Christensen continued, “Our fourth quarter financial results reflected our disciplined execution as we implemented enhancements to our business operations. While I am pleased with the progress we have achieved so far, we still have work to do to optimize our performance and reach our strategic
_____________________________
1Adjusted 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.
objectives. I remain confident we are on the right path to further strengthen our capabilities, advance patient health and wellness, and drive sustainable long-term growth.”
2025 Fourth Quarter Financial Review
(All financial result comparisons made are against the prior-year period unless otherwise noted)
Total revenue was $46.4 million, a decrease of 6.9% from $49.8 million. Procedure revenue of $31.8 million declined 13.0%, partially offset by 16.0% growth in dietary supplements revenue of $11.7 million.
Gross profit margin was 68.0%, as compared to 71.8%, primarily due to a $1.3 million charge to inventory during the fourth quarter of 2025 as a result of the voluntary recall of specific lots of hormone pellets shipped by Asteria Health. Without this charge, our gross profit margin reflects the benefit of efficiencies gained from the vertical integration of our 503B manufacturing facility and effective cost management.
Operating income increased 146.8% to $6.8 million from $2.8 million due to lower operating expenses, related to legal matters and a temporary decrease in headcount from our sales reorganization.
Net income was $2.6 million and diluted earnings per share attributable to biote Corp. stockholders was $0.06, as compared to net income of $3.5 million and diluted earnings per share attributable to biote Corp. stockholders of $0.10. Net income for the fourth quarter of 2025 included a gain of $1.2 million, while net income for the fourth quarter of 2024 included a loss of $0.8 million due to changes in the fair value of the earnout liabilities for the respective periods.
Adjusted EBITDA of $11.7 million decreased 22.8% from $15.1 million, while Adjusted EBITDA margin declined to 25.2% from 30.3%. Both Adjusted EBITDA and Adjusted EBITDA margin decreased from the prior-year quarter due to lower sales and reduced gross profit, partially offset by lower operating expenses as a result of our sales reorganization.
2025 Full Year Financial Review
(All financial result comparisons made are against the prior year unless otherwise noted)
Revenue for 2025 was $192.2 million, a decrease of 2.5% from $197.2 million in 2024. Procedure revenue of $137.0 million declined 8.8%, partially offset by 19.1% growth in dietary supplements revenue of $42.9 million.
Gross profit margin for 2025 was 71.5% compared to 70.5% for 2024 primarily due to a $1.3 million charge to inventory during the fourth quarter of 2025 as a result of the voluntary recall of specific lots of hormone pellets shipped by Asteria Health referenced above. Without this charge our gross profit margin reflects efficiencies gained from the vertical integration of our 503B manufacturing facility and effective cost management.
Operating income for 2025 was $35.6 million, an increase of 12.5% compared to operating income of $31.6 million for 2024. Operating income improved in 2025 primarily due to a temporary decrease in headcount from our sales reorganization.
Net income for 2025 was $31.6 million and diluted earnings per share attributable to biote Corp. stockholders was $0.74, compared to net income of $0.05 million and diluted earnings per share attributable to biote Corp. shareholders of $0.09 in 2024.
Adjusted EBITDA for 2025 was $53.5 million, a decrease of 8.1% from $58.2 million, while Adjusted EBITDA margin declined to 27.8% from 29.5%. Both Adjusted EBITDA and Adjusted EBITDA margin declined from the prior year primarily due to lower sales and gross profit, partially offset by lower operating expenses.
Summary and 2026 Financial Outlook
Mr. Christensen concluded, “Because of the actions we took over the past year, Biote enters 2026 as a more agile and more disciplined organization that is better positioned to capture the growth opportunity in the hormone therapy and therapeutic wellness market. In order to realize our full potential, we plan to continue to significantly invest in our sales and technology capabilities in 2026, further expanding our commercial team to drive increased and sustainable long-term growth. While this strategic initiative will contribute to a meaningful step-up in operating expenses in 2026, we believe this investment is essential to accelerate growth from new providers, expand our market opportunity and deepen engagement with existing practitioners. As we begin to realize the benefits of our planned sales investments, we anticipate a return to growth in the second half of 2026, despite an anticipated procedure revenue decrease in the first half of 2026.”
($ in millions) |
2026 Guidance |
Revenue |
Above $190 million |
Adjusted EBITDA2 |
Above $38 million |
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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, March 11, 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 Fourth Quarter and Full Year 2025 Earnings Conference 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 customers’ reliance on certain third parties to 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, 2024, filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2025, as supplemented by Biote’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025, 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)
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December 31, |
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December 31, |
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2025 |
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2024 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
24,123 |
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$ |
39,342 |
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Accounts receivable, net |
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6,868 |
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7,631 |
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Inventory, net |
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19,064 |
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14,845 |
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Other current assets |
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4,615 |
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6,309 |
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Total current assets |
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54,670 |
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68,127 |
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Property and equipment, net |
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10,753 |
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6,973 |
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Capitalized software, net |
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4,525 |
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3,877 |
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Goodwill |
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5,833 |
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5,833 |
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Intangible assets, net |
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4,266 |
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5,500 |
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Operating lease right-of-use assets |
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2,701 |
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3,246 |
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Deferred tax assets, net |
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24,793 |
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28,742 |
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Other non-current assets |
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72 |
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72 |
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Total assets |
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$ |
107,613 |
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$ |
122,370 |
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Liabilities and Stockholders’ Deficit |
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Current liabilities: |
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Accounts payable |
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$ |
6,826 |
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$ |
5,813 |
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Accrued expenses |
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9,806 |
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11,293 |
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Term loan, current |
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6,250 |
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6,250 |
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Deferred revenue, current |
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3,017 |
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2,961 |
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Earnout liabilities, current |
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— |
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100 |
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Operating lease liabilities, current |
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592 |
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523 |
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Share repurchase liabilities, current |
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18,500 |
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24,574 |
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Total current liabilities |
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44,991 |
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51,514 |
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Term loan, net of current portion |
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95,782 |
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101,199 |
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Revolving loans |
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5,000 |
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— |
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Deferred revenue, net of current portion |
|
|
1,097 |
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|
|
1,553 |
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Operating lease liabilities, net of current portion |
|
|
2,298 |
|
|
|
2,890 |
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Share repurchase liabilities, net of current portion |
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— |
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44,300 |
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Other non-current liability |
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344 |
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1,500 |
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TRA liability |
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4,386 |
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4,479 |
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Earnout liabilities, net of current portion |
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4,112 |
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17,135 |
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Total liabilities |
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158,010 |
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224,570 |
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Commitments and contingencies |
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Stockholders’ Deficit |
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Preferred stock |
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— |
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— |
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Class A common stock |
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3 |
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3 |
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Class V voting stock |
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1 |
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1 |
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Additional paid-in capital |
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— |
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— |
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Accumulated deficit |
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(49,549 |
) |
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(100,297 |
) |
Accumulated other comprehensive loss |
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(29 |
) |
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(35 |
) |
Treasury stock, at cost |
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(8,965 |
) |
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(5,600 |
) |
biote Corp.’s stockholders’ deficit |
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(58,539 |
) |
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(105,928 |
) |
Noncontrolling interest |
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8,142 |
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3,728 |
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Total stockholders’ deficit |
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(50,397 |
) |
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(102,200 |
) |
Total liabilities and stockholders’ deficit |
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$ |
107,613 |
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$ |
122,370 |
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Biote Corp.
Condensed Consolidated Statements of Operations and Comprehensive Income (In Thousands, except share and per share amounts) (Unaudited)
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Three Months Ended December 31, |
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Year Ended December 31, |
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2025 |
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2024 |
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2025 |
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2024 |
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Revenue: |
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Product revenue |
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$ |
45,289 |
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$ |
48,288 |
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$ |
186,924 |
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$ |
192,240 |
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Service revenue |
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1,119 |
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|
1,546 |
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|
|
5,295 |
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|
4,951 |
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Total revenue |
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|
46,408 |
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|
|
49,834 |
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|
|
192,219 |
|
|
|
197,191 |
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Cost of revenue |
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|
|
|
|
|
|
|
|
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Cost of products |
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|
13,889 |
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|
|
13,163 |
|
|
|
51,149 |
|
|
|
55,087 |
|
Cost of services |
|
|
946 |
|
|
|
876 |
|
|
|
3,709 |
|
|
|
3,043 |
|
Cost of revenue |
|
|
14,835 |
|
|
|
14,039 |
|
|
|
54,858 |
|
|
|
58,130 |
|
Selling, general and administrative |
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24,744 |
|
|
|
33,028 |
|
|
|
101,810 |
|
|
|
107,450 |
|
Income from operations |
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|
6,829 |
|
|
|
2,767 |
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|
35,551 |
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|
|
31,611 |
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Other income (expense), net: |
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Interest expense, net |
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|
(2,471 |
) |
|
|
(3,222 |
) |
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(10,961 |
) |
|
|
(11,001 |
) |
Gain (loss) from change in fair value of earnout liabilities |
|
|
1,247 |
|
|
|
(780 |
) |
|
|
13,023 |
|
|
|
(19,605 |
) |
Other income (expense), net |
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|
(2 |
) |
|
|
15 |
|
|
|
(29 |
) |
|
|
11 |
|
Total other income (expense), net |
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|
(1,226 |
) |
|
|
(3,987 |
) |
|
|
2,033 |
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|
|
(30,595 |
) |
Income (loss) before provision for income taxes |
|
|
5,603 |
|
|
|
(1,220 |
) |
|
|
37,584 |
|
|
|
1,016 |
|
Income tax (benefit) expense |
|
|
2,986 |
|
|
|
(4,703 |
) |
|
|
5,987 |
|
|
|
970 |
|
Net income |
|
|
2,617 |
|
|
|
3,483 |
|
|
|
31,597 |
|
|
|
46 |
|
Less: Net income (loss) attributable to noncontrolling interest |
|
|
663 |
|
|
|
(220 |
) |
|
|
4,552 |
|
|
|
(3,111 |
) |
Net income attributable to biote Corp. stockholders |
|
$ |
1,954 |
|
|
$ |
3,703 |
|
|
$ |
27,045 |
|
|
$ |
3,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation adjustments |
|
|
1 |
|
|
|
(5 |
) |
|
|
6 |
|
|
|
(15 |
) |
Other comprehensive income (loss) |
|
|
1 |
|
|
|
(5 |
) |
|
|
6 |
|
|
|
(15 |
) |
Comprehensive income |
|
$ |
2,618 |
|
|
$ |
3,478 |
|
|
$ |
31,603 |
|
|
$ |
31 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Net income per common share |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.86 |
|
|
$ |
0.09 |
|
Diluted |
|
$ |
0.06 |
|
|
$ |
0.10 |
|
|
$ |
0.74 |
|
|
$ |
0.09 |
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
30,697,868 |
|
|
|
31,281,693 |
|
|
|
31,283,245 |
|
|
|
34,270,809 |
|
Diluted |
|
|
30,826,891 |
|
|
|
37,290,059 |
|
|
|
36,666,766 |
|
|
|
34,270,809 |
|
Biote Corp.
Condensed Consolidated Statements of Cash Flows (In Thousands) (Unaudited)
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Operating Activities |
|
|
|
|
|
|
||
Net income |
|
$ |
31,597 |
|
|
$ |
46 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
3,670 |
|
|
|
3,574 |
|
Bad debt expense |
|
|
1,721 |
|
|
|
1,490 |
|
Amortization of debt issuance costs |
|
|
833 |
|
|
|
819 |
|
Provision for obsolete inventory |
|
|
2,023 |
|
|
|
503 |
|
Non-cash lease expense |
|
|
545 |
|
|
|
815 |
|
Non-cash interest on share repurchase liability |
|
|
3,184 |
|
|
|
2,620 |
|
Share-based compensation expense |
|
|
8,921 |
|
|
|
8,735 |
|
(Gain) loss from change in fair value of earnout liabilities |
|
|
(13,023 |
) |
|
|
19,605 |
|
Deferred income taxes |
|
|
3,975 |
|
|
|
(2,898 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(958 |
) |
|
|
(2,267 |
) |
Inventory |
|
|
(6,242 |
) |
|
|
3,714 |
|
Other assets |
|
|
1,694 |
|
|
|
2,882 |
|
Accounts payable |
|
|
1,013 |
|
|
|
1,545 |
|
Deferred revenue |
|
|
(400 |
) |
|
|
190 |
|
Accrued expenses |
|
|
(2,743 |
) |
|
|
4,632 |
|
Payments pursuant to TRA |
|
|
(93 |
) |
|
|
— |
|
Operating lease liabilities |
|
|
(523 |
) |
|
|
(762 |
) |
Net cash provided by operating activities |
|
|
35,194 |
|
|
|
45,243 |
|
Investing Activities |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(5,015 |
) |
|
|
(6,430 |
) |
Purchases of capitalized software |
|
|
(1,849 |
) |
|
|
(526 |
) |
Acquisitions, net of cash acquired |
|
|
— |
|
|
|
(11,842 |
) |
Net cash used in investing activities |
|
|
(6,864 |
) |
|
|
(18,798 |
) |
Financing Activities |
|
|
|
|
|
|
||
Repurchases of Class A common stock |
|
|
(3,365 |
) |
|
|
(5,599 |
) |
Borrowings on revolving loans |
|
|
5,000 |
|
|
|
— |
|
Principal repayments on term loan |
|
|
(6,250 |
) |
|
|
(6,250 |
) |
Payments on repurchase liability |
|
|
(37,581 |
) |
|
|
(62,162 |
) |
Proceeds from exercise of stock options |
|
|
226 |
|
|
|
2,390 |
|
Issuance of stock under purchase plan |
|
|
142 |
|
|
|
282 |
|
Distributions |
|
|
(1,727 |
) |
|
|
(4,744 |
) |
Net cash used in financing activities |
|
|
(43,555 |
) |
|
|
(76,083 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
6 |
|
|
|
(22 |
) |
Net decrease in cash and cash equivalents |
|
|
(15,219 |
) |
|
|
(49,660 |
) |
Cash and cash equivalents at beginning of period |
|
|
39,342 |
|
|
|
89,002 |
|
Cash and cash equivalents at end of period |
|
$ |
24,123 |
|
|
$ |
39,342 |
|
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
|
||
Cash paid for interest |
|
$ |
7,877 |
|
|
$ |
9,535 |
|
Cash paid for income taxes |
|
$ |
2,752 |
|
|
$ |
2,593 |
|
Non-cash investing and financing activities |
|
|
|
|
|
|
||
Capital expenditures and capitalized software included in accounts payable |
|
$ |
— |
|
|
$ |
50 |
|
Shares issued to acquire Simpatra |
|
$ |
— |
|
|
$ |
1,841 |
|
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 |
|
|
Year Ended |
|
||||||||||
|
|
December 31, |
|
|
December 31, |
|
||||||||||
(in thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net income |
|
$ |
2,617 |
|
|
$ |
3,483 |
|
|
$ |
31,597 |
|
|
$ |
46 |
|
Interest expense, net(1) |
|
|
2,471 |
|
|
|
3,222 |
|
|
|
10,961 |
|
|
|
11,001 |
|
Income tax (benefit) expense |
|
|
2,986 |
|
|
|
(4,703 |
) |
|
|
5,987 |
|
|
|
970 |
|
Depreciation and amortization(2) |
|
|
951 |
|
|
|
1,138 |
|
|
|
3,670 |
|
|
|
3,574 |
|
Share-based compensation expense(3) |
|
|
2,198 |
|
|
|
1,886 |
|
` |
|
8,921 |
|
|
|
8,735 |
|
Litigation expenses-former owner(4) |
|
|
14 |
|
|
|
261 |
|
|
|
314 |
|
|
|
972 |
|
Litigation-other(5) |
|
|
387 |
|
|
|
2,195 |
|
|
|
1,602 |
|
|
|
2,688 |
|
Legal settlement and related expenses(6) |
|
|
— |
|
|
|
5,000 |
|
|
|
(226 |
) |
|
|
5,018 |
|
Inventory fair value write-up(7) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,324 |
|
Transaction-related expenses(8) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
82 |
|
Restructuring-related expenses(9) |
|
|
(14 |
) |
|
|
— |
|
|
|
572 |
|
|
|
— |
|
Other expenses(10) |
|
|
1,311 |
|
|
|
1,837 |
|
|
|
2,996 |
|
|
|
3,191 |
|
Merger and acquisition expenses(11) |
|
|
— |
|
|
|
24 |
|
|
|
110 |
|
|
|
1,019 |
|
(Gain) loss from change in fair value of earnout liabilities |
|
|
(1,247 |
) |
|
|
780 |
|
|
|
(13,023 |
) |
|
|
19,605 |
|
Adjusted EBITDA |
|
$ |
11,674 |
|
|
$ |
15,123 |
|
|
$ |
53,481 |
|
|
$ |
58,225 |
|
Total revenue |
|
$ |
46,408 |
|
|
$ |
49,834 |
|
|
$ |
192,219 |
|
|
$ |
197,191 |
|
Net income margin(12) |
|
|
5.6 |
% |
|
|
7.0 |
% |
|
|
16.4 |
% |
|
|
0.0 |
% |
Adjusted EBITDA margin(13) |
|
|
25.2 |
% |
|
|
30.3 |
% |
|
|
27.8 |
% |
|
|
29.5 |
% |
Investor Relations:
Eric Prouty
AdvisIRy Partners
eric.prouty@advisiry.com
Media:
Press@biote.com