Biote Corp. (BTMD) reported fourth‑quarter 2025 revenue of $46.4 million, a 0.5 percent decline from the $46.190 million analysts had expected. The company posted earnings per share of $0.06, beating the consensus estimate of $0.05 and marking a 20 percent beat against that estimate. While some analysts had projected a higher consensus of $0.09, the consensus that the company surpassed was $0.05, confirming a modest earnings beat.
Revenue decline was driven by a 13 percent drop in the pellet‑procedure segment, which generated $31.8 million in the quarter, versus $36.0 million a year earlier. In contrast, the dietary‑supplement business grew 16 percent to $11.7 million, offsetting the procedural loss and contributing to the overall earnings beat. Gross profit margin fell to 68.0 percent from 71.8 percent in Q4 2024, largely due to a $1.3 million inventory charge related to a voluntary recall of hormone pellets shipped by Asteria Health.
The recall charge reduced gross margin, but the company’s integration of Asteria Health and cost‑control initiatives helped maintain profitability. Management attributed the margin compression to the recall inventory write‑down while noting that, without the charge, the margin would have reflected the efficiencies gained from vertical integration.
For 2026, Biote reiterated guidance of revenue above $190 million and adjusted EBITDA greater than $38 million. The company plans to expand its sales force from roughly 90 to about 120 personnel and to invest in a new technology platform to streamline practitioner onboarding and clinic operations. These investments are expected to support a return to procedure‑revenue growth in the second half of 2026.
"2025 was a pivotal and productive year for Biote Corp., marked by important changes to the Biote Corp. team, our processes, and our culture," said CEO Bret Christensen. "Through our decisive actions, we achieved progress against our strategic plan, and I believe we became a more resilient, more disciplined, more effective organization. These qualities position Biote Corp. to drive increased and sustainable growth in the large and underserved market of hormone replacement and therapeutic wellness," he added. CFO Bob Peterson noted, "Fourth quarter revenue was $46.4 million, a decrease of 6.9%. Procedure revenue declined 13% to $31.8 million, while dietary supplement revenue grew 16% to $11.7 million."
Analysts responded to the results with mixed sentiment. TD Cowen lowered its price target to $2.50 from $3.00, citing the Q4 earnings beat but noting that FY2026 guidance fell below some estimates. Roth/MKM cut its target to $3.00 from $4.50, highlighting uncertainty around procedure revenue and the impact of the recall. Despite the cautious outlook, the company’s guidance for 2026 remains above analyst expectations for revenue and adjusted EBITDA, suggesting management confidence in the long‑term strategy.
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