biote Corp.

Listed Company

BTMDCIK 0001819253NasdaqAcceleratedSmaller ReportingEmerging GrowthMedicinal Chemicals & Botanical ProductsFY ends Dec 31

Period

FY 2025

Revenue

$192.22M

Net Income

$27.05M

Total Assets

$107.61M

Equity

$-58.54M

Shares Out

58.22M

Op. Cash Flow

$35.19M

Business

biote Corp. operates a practice-building business focused on hormone optimization, providing a comprehensive end-to-end platform that certifies and supports clinicians in delivering bioidentical hormone therapy. It offers education, training and certification, clinical decision support and practice management software (BioTracker and CDSS), inventory and supply integration, marketing support, procedure‑based service agreements, trocar convenience kits, access to 503B compounding facilities, and a private‑label line of Biote‑branded dietary supplements. The company operates as one reporting segment generating revenue from long‑term service agreements and supplement sales. It distributes through a network of Biote‑certified practitioners and partnered clinics, a dedicated sales force, third‑party logistics, and direct‑to‑patient eCommerce channels in the U.S. and select international markets.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	192	197	185	165	139
Cost of revenue	55	58	58	55	49
Selling, general, and administrative	102	107	99	171	49
Income from operations	36	32	29	−61	35
Interest expense, net	−11	−11	−6	−4	−2
Gain (loss) from change in fair value of earnout liabilities	13	−20	−9	62	—
Other income (expense), net	−29,000	11,000	−16,000	29,000	—
Total other income (expense), net	2	−31	−29	62	−2
Income before provision for income taxes	38	1	−123,000	2	33
Income tax expense	6	970,000	3	388,000	286,000
Net income	32	46,000	−3	1	33
Less: Net income (loss) attributable to noncontrolling interest	5	−3	−6	2	—
Net income attributable to biote Corp. stockholders	27	3	3	−969,000	11
Foreign currency translation adjustments	6,000	−15,000	8,000	−1,000	−17,000
Other comprehensive income (loss)	6,000	−15,000	8,000	−1,000	−17,000
Comprehensive income attributable to biote Corp. stockholders	32	31,000	−3	1	33
Basic (per share)	0.86	0.09	0.13	−0.12	—
Diluted (per share)	0.74	0.09	0.13	−0.12	—
Basic (shares)	31	34	26	8	—
Diluted (shares)	37	34	26	8	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-08-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	24	39	—	89	79
Accounts receivable, net	7	8	—	7	7
Inventory, net	19	15	—	17	11
Other current assets	5	6	—	9	4
Total current assets	55	68	—	122	101
Property and equipment, net	11	7	—	1	2
Capitalized software, net	5	4	—	5	5
Goodwill	6	6	—	—	—
Intangible assets, net	4	6	—	—	—
Operating lease right-of-use assets	3	3	1	2	2
Deferred tax assets, net	25	29	—	25	2
Other non-current assets	72,000	72,000	—	—	—
Total assets	108	122	—	155	112
Accounts payable	7	6	—	4	4
Accrued expenses	10	11	—	8	6
Term loan, current	6	6	—	6	6
Deferred revenue, current	3	3	—	3	2
Earnout liabilities, current	—	100,000	—	—	—
Operating lease liabilities, current	592,000	523,000	40,000	311,000	165,000
Share repurchase liabilities, current	19	25	—	—	—
Total current liabilities	45	52	—	22	19
Term loan, net of current portion	96	101	—	107	112
Revolving loans	5	—	—	—	—
Deferred revenue, net of current portion	1	2	—	1	926,000
Operating lease liabilities, net of current portion	2	3	1	2	2
Share repurchase liabilities, net of current portion	—	44	—	—	—
Other non-current liability	344,000	2	—	—	—
TRA liability	4	4	—	19	—
Earnout liabilities, net of current portion	4	17	—	41	32
Total liabilities	158	225	—	192	170
Commitments and contingencies (See Note 19)	—	—	—	—	—
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued or outstanding as of December 31, 2025 and 2024, respectively	—	—	—	—	—
Additional paid-in capital	0	0	—	0	0
Accumulated deficit	−50	−100	—	−29	−44
Accumulated other comprehensive loss	−29,000	−35,000	—	−12,000	−5,000
Treasury stock, at cost	−9	−6	—	—	—
biote Corp.'s stockholders' deficit	−59	−106	—	−29	−44
Noncontrolling interest	8	4	—	−7	−14
Total stockholders' deficit	−50	−102	—	−37	−58
Total liabilities and stockholders' deficit	108	122	—	155	112

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	4	4	3	2	1
Bad debt expense	2	1	663,000	−155,000	240,000
Amortization of debt issuance costs	833,000	819,000	794,000	589,000	222,000
Provision for obsolete inventory	2	503,000	−26,000	140,000	471,000
Non-cash lease expense	545,000	815,000	499,000	240,000	226,000
Non-cash interest on share repurchase liability	3	3	—	—	—
Share-based compensation expense	9	9	9	82	—
(Gain) loss from change in fair value of earnout liabilities	−13	20	9	−62	—
Deferred income taxes	4	−3	721,000	−743,000	—
Accounts receivable	−958,000	−2	−505,000	−2	−752,000
Inventory	−6	4	−6	−2	−6
Other assets	2	3	−5	−2	34,000
Accounts payable	1	2	−165,000	416,000	2
Deferred revenue	−400,000	190,000	1	384,000	−373,000
Accrued expenses	−3	5	2	−31	4
Payments pursuant to TRA	−93,000	—	—	—	—
Operating lease liabilities	−523,000	−762,000	−397,000	−219,000	−239,000
Net cash provided by operating activities	35	45	27	−9	34
Purchases of property and equipment	−5	−6	−359,000	−333,000	−1
Purchases of capitalized software	−2	−526,000	−2	−2	−2
Acquisitions, net of cash acquired	—	−12	—	—	—
Net cash used in investing activities	−7	−19	−3	−2	−4
Repurchases of Class A common stock	−3	−6	—	—	—
Borrowings on revolving loans	5	—	—	—	—
Principal repayments on term loan	−6	−6	−6	−4	−5
Payments on repurchase liability	−38	−62	—	—	—
Proceeds from exercise of stock options	226,000	2	420,000	—	—
Issuance of stock under purchase plan	142,000	282,000	144,000	—	—
Distributions	−2	−5	−9	−13	−11
Net cash used in financing activities	−44	−76	−14	63	−20
Effect of exchange rate changes on cash and cash equivalents	6,000	−22,000	−19,000	—	−12,000
Net decrease in cash and cash equivalents	−15	−50	10	52	10
Cash paid for interest	8	10	9	4	1
Cash paid for income taxes	3	3	4	282,000	171,000
Capital expenditures and capitalized software included in accounts payable	—	50,000	208,000	49,000	282,000
Shares issued to acquire Simpatra	—	2	—	—	—

Filings

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