Revenue growth remains under pressure with an 8.3% YoY decline in 2026Q1, though the firm maintains a resilient 68.9% gross margin profile.
| Sales/Revenue | 188.16M | 192.22M | 197.19M | 185.36M | 164.96M | 139.4M | 116.57M | 109.98M |
| Revenue Growth % | -5.63% | -2.52% | 6.38% | 12.37% | 18.34% | 19.58% | 5.99% | - |
| Cost of Goods Sold | 56.23M | 54.86M | 58.13M | 57.88M | 54.58M | 48.82M | 44.93M | 43.56M |
| COGS % of Revenue | - | 28.54% | 29.48% | 31.22% | 33.08% | 35.02% | 38.54% | 39.61% |
| Gross Profit | 131.93M | 137.36M | 139.06M | 127.48M | 110.38M | 90.58M | 71.64M | 66.41M |
| Gross Margin % | 70.12% | 71.46% | 70.52% | 68.78% | 66.92% | 64.98% | 61.46% | 60.39% |
| Gross Profit Growth % | - | -1.22% | 9.08% | 15.49% | 21.86% | 26.44% | 7.87% | - |
| Operating Expenses | 102.91M | 101.81M | 107.45M | 98.83M | 171.1M | 56.02M | 39.86M | 42.88M |
| OpEx % of Revenue | - | 52.97% | 54.49% | 53.32% | 103.73% | 40.19% | 34.19% | 38.99% |
| Selling, General & Admin | 102.91M | 101.81M | 107.45M | 0 | 171.1M | 53.96M | 37.43M | 39.29M |
| SG&A % of Revenue | - | 52.97% | 54.49% | - | 103.73% | 38.71% | 32.11% | 35.73% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 98.83M | 0 | 2.06M | 2.43M | 3.59M |
| Operating Income | 29.03M | 35.55M | 31.61M | 28.66M | -60.72M | 34.56M | 31.78M | 23.53M |
| Operating Margin % | 15.43% | 18.5% | 16.03% | 15.46% | -36.81% | 24.79% | 27.26% | 21.39% |
| Operating Income Growth % | - | 12.46% | 10.31% | 147.19% | -275.7% | 8.75% | 35.08% | - |
| EBITDA | 31.84M | 39.22M | 35.19M | 29.45M | -58.52M | 35.96M | 32.92M | 24.36M |
| EBITDA Margin % | 16.92% | 20.4% | 17.84% | 15.89% | -35.48% | 25.8% | 28.24% | 22.15% |
| EBITDA Growth % | -6.78% | 11.47% | 19.47% | 150.32% | -262.74% | 9.24% | 35.14% | - |
| D&A (Non-Cash Add-back) | 2.81M | 3.67M | 3.57M | 794K | 2.2M | 1.4M | 1.14M | 832K |
| EBIT | 18.36M | 35.55M | 12.02M | 38.74M | 5.76M | 34.58M | 31.78M | 23.46M |
| Net Interest Income | -6.08M | -10.96M | -11M | -6.36M | -4.05M | -1.67M | -2.42M | -2.08M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.08M | 10.96M | 11M | 6.36M | 4.05M | 1.67M | 2.42M | 2.08M |
| Other Income/Expense | -5.56M | 2.03M | -30.59M | -28.78M | 62.43M | -1.66M | -2.43M | -2.15M |
| Pretax Income | 23.47M | 37.58M | 1.02M | -123K | 1.71M | 32.91M | 29.35M | 21.38M |
| Pretax Margin % | 12.47% | 19.55% | 0.52% | -0.07% | 1.04% | 23.61% | 25.18% | 19.44% |
| Income Tax | 5.03M | 5.99M | 970K | 2.68M | 388K | 286K | 189K | 93K |
| Effective Tax Rate % | 21.45% | 15.93% | 95.47% | -2180.49% | 22.66% | 0.87% | 0.64% | 0.43% |
| Net Income | 15.6M | 27.05M | 3.16M | 3.32M | -969K | 32.62M | 29.16M | 21.29M |
| Net Margin % | 8.29% | 14.07% | 1.6% | 1.79% | -0.59% | 23.4% | 25.02% | 19.36% |
| Net Income Growth % | -28.43% | 756.67% | -4.79% | 442.21% | -102.97% | 11.85% | 36.99% | - |
| Net Income (Continuing) | 18.04M | 31.6M | 46K | -2.81M | 1.32M | 32.62M | 29.16M | 21.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 8.14M | 8.14M | 3.73M | -7.15M | -13.81M | 0 | 0 | 0 |
| EPS (Diluted) | 0.43 | 0.74 | 0.09 | 0.13 | 0.16 | -0.87 | 3.85 | 2.81 |
| EPS Growth % | -27.23% | 703.47% | -29.15% | -18.75% | 118.39% | -122.6% | 37.01% | - |
| EPS (Basic) | - | 0.86 | 0.09 | 0.13 | 0.16 | -0.87 | 3.85 | 2.81 |
| Diluted Shares Outstanding | 36M | 36.67M | 34.27M | 25.71M | 8.06M | 7.57M | 7.57M | 7.57M |
| Basic Shares Outstanding | 30.65M | 31.28M | 34.27M | 25.71M | 8.06M | 7.57M | 7.57M | 7.57M |
| Dividend Payout Ratio | - | 6.39% | 150.27% | 262.18% | - | 34.96% | 45.67% | 266.05% |
Regulatory compounding supply disruption
As indicated by the most recent quarterly data, Biote Corp. experienced a year-over-year revenue decline of 8.3% in 2026Q1, marking a continuation of the negative growth trend that has persisted since 2025Q2, suggesting potential saturation within the company's core practitioner network and broader market adoption challenges.
The consistent deceleration in top-line performance suggests that the initial momentum of the Biote Method may be encountering friction in new clinic acquisition. Investors should monitor whether this contraction reflects a structural plateau in the practitioner base or a temporary reduction in patient utilization rates for hormone therapy.
Despite broader revenue volatility, the company has maintained a resilient gross margin profile, with 2026Q1 figures showing a 68.9% margin, which remains consistent with historical performance and underscores the firm's ability to command premium pricing for its proprietary pellet delivery system and integrated clinical support protocols.
The stability of these margins implies that the company retains significant leverage over its practitioner network, likely due to the high switching costs inherent in the Biote ecosystem. However, any future regulatory shifts impacting the cost of bioidentical hormone procurement could threaten this structural advantage.
Based on the provided financial statements, operating margins have fluctuated significantly, dropping to 7.0% in 2026Q1 from a peak of 23.7% in 2024Q3, which highlights a lack of consistent operating leverage as the company struggles to scale its fixed cost base alongside declining revenue trends.
The volatility in operating income suggests that management has yet to achieve a stable cost structure, with SG&A expenses appearing to consume a disproportionate share of gross profit during periods of revenue contraction. This lack of scalability warrants further investigation into the fixed nature of the company's training and compliance infrastructure.
As reported in recent filings, net income has exhibited extreme sensitivity to operational shifts, with EPS falling to $0.06 in 2026Q1 from a high of $0.37 in 2025Q1, reflecting the impact of non-operating items and inconsistent expense management on the company's bottom-line profitability.
The wide variance in quarterly net income suggests that reported earnings may be subject to significant noise, potentially masking the underlying cash-generating capability of the business. Investors should be cautious of relying on EPS as a stable indicator of performance given the historical swings in profitability and tax-related anomalies.
Quick answers to the most common questions about buying BTMD stock.
For fiscal year 2025, biote Corp. (BTMD) reported total revenue of $192.2M. This represents a 74.8% increase compared to $110.0M in 2019.
biote Corp. (BTMD) is profitable, generating $27.0M in net income for the fiscal year ending 2025 with a net profit margin of 14.1%.
biote Corp. (BTMD) reported an operating income of $35.6M, resulting in an operating profit margin of 18.5%. This margin reflects the operational efficiency of the business before interest and taxes.
biote Corp. (BTMD) generated $137.4M in gross profit for the year, representing a gross profit margin of 71.5%. This demonstrates the company's core pricing power and production efficiency.