biote Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw a 9.5% revenue decline due to a product recall, with procedure revenue down 13.9% and dietary supplements up 5.7%. Gross margin and adjusted EBITDA fell, while legal expenses spiked but are expected to decrease. Full-year guidance was revised downward.
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Revenue declined 8.3% year-over-year due to a voluntary recall, impacting both sales and margins, but dietary supplement revenue grew 19.1%. Management expects supply normalization and sales force expansion to drive a return to growth in the second half of 2026.
Fiscal Year 2025
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Revenue declined in Q4 2025 due to higher clinic attrition and a voluntary recall, but dietary supplement sales grew strongly. Investments in sales and technology are expected to drive a return to procedure revenue growth in the second half of 2026, with full-year revenue forecast above $190M.
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Q3 2025 revenue declined 6.7% year-over-year, with procedure revenue down 10.4% and dietary supplements up 8.4%. Gross margin improved, but adjusted EBITDA fell 20.5%. Strategic initiatives and sales force ramp-up are expected to drive future growth.
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Q2 2025 saw flat revenue as procedure sales declined but dietary supplements grew over 30%. Organizational restructuring and new sales strategies are underway, with 2025 guidance set above $190M revenue and $50M adjusted EBITDA. Cash flow remains strong despite share repurchases.
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Q1 2025 saw revenue rise 4.7% year-over-year, driven by strong dietary supplement growth, while procedure revenue declined due to lower new clinic additions and CDSS rollout effects. Management reaffirmed full-year guidance and announced a major commercial restructuring to accelerate growth.
Fiscal Year 2024
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Q4 revenue grew 9% year-over-year to $49.8M, with gross margin up to 71.8% and adjusted EBITDA rising 11.4%. 2025 guidance projects revenue of $202–$208M and adjusted EBITDA of $59–$64M, with growth driven by new practitioner onboarding and expanded product offerings.
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Q3 2024 saw double-digit revenue and adjusted EBITDA growth, margin expansion, and strong cash flow, despite temporary headwinds from software upgrades and hurricanes. Enhanced clinical software and vertical integration position the business for accelerated growth in 2025.
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Q2 2024 saw flat total revenue but strong sequential procedure growth and improved gross margin. Strategic investments in marketing and integration of Asteria Health continued, while significant share repurchases reduced cash. 2024 guidance was reiterated.
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A leading platform in hormone optimization and therapeutic wellness, the business achieved strong double-digit growth in 2023 and is expanding into new wellness categories. With proprietary technology, a capital-light model, and a growing provider network, it targets a vast, underpenetrated U.S. market.