biote Corp. BTMD
The business and the industry in which biote Corp. (inclusive of its consolidated subsidiaries,"Biote" "we," "us," or "our") operates is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled "Risk Factors" and elsewhere in this Annual Report. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by Biote.
We operate a high-growth practice-building business within the hormone optimization space. Similar to a franchise model, we provide the necessary components to enable Biote-certified practitioners to establish, build, and successfully implement a program designed to optimize hormone levels using personalized solutions for their patient populations. The Biote Method is a comprehensive, end-to-end practice building platform that provides Biote-certified practitioners with the following components specifically developed for practitioners in the hormone optimization space: Biote Method education, training and certification, practice management software, inventory management software, and information regarding available hormone replacement therapy ("HRT") products, as well as digital and point-of-care marketing support. We also sell a complementary Biote-branded line of dietary supplements. We generate revenues by charging the Biote-partnered clinics fees associated with the Biote Method and from the sale of Biote-branded dietary supplements. By virtue of our historical performance over the past 14 years, we believe that our business model has been successful, remains differentiated, and is well positioned for future growth.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $192.2M | $197.2M | $185.4M | $165.0M | $139.4M | — |
| SG&A | $101.8M | $107.5M | $98.8M | $171.1M | $49.1M | — |
| Operating income | $35.6M | $31.6M | $28.7M | -$60.7M | $34.6M | — |
| Pre-tax income | $37.6M | $1.0M | -$123.0K | $1.7M | $32.9M | — |
| Income tax | $6.0M | $970.0K | $2.7M | $388.0K | $286.0K | — |
| Net income | $27.0M | $3.2M | $3.3M | -$969.0K | $32.6M | — |
| EPS, basic | 0.86 | 0.09 | 0.13 | -0.12 | — | — |
| EPS, diluted | 0.74 | 0.09 | 0.13 | -0.12 | — | — |
| Shares, diluted (wtd. avg.) | 36.7M | 34.3M | 25.7M | 8.1M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $24.1M | $39.3M | $89.0M | $79.2M | $130.4K | $1.6K |
| Receivables | $6.9M | $7.6M | $6.8M | $6.9M | $5.2M | — |
| Inventory | $19.1M | $14.8M | $17.3M | $11.2M | $9.6M | — |
| Total current assets | $54.7M | $68.1M | $122.3M | $101.2M | $47.1M | $1.6K |
| Property, plant and equipment | $10.8M | $7.0M | $1.2M | $1.5M | $2.3M | — |
| Goodwill | $5.8M | $5.8M | — | — | — | — |
| Other intangibles | $4.3M | $5.5M | $0 | — | — | — |
| Total assets | $107.6M | $122.4M | $155.3M | $111.6M | $54.3M | $147.5K |
| Accounts payable | $6.8M | $5.8M | $4.2M | $4.1M | $4.3M | $0 |
| Short-term debt | $6.2M | $6.2M | $6.2M | $6.2M | $5.0M | — |
| Total current liabilities | $45.0M | $51.5M | $22.2M | $18.8M | $17.3M | $122.5K |
| Long-term debt | $95.8M | $101.2M | $106.6M | $112.1M | $32.0M | — |
| Total liabilities | $158.0M | $224.6M | $191.8M | $169.9M | $50.2M | $122.5K |
| Retained earnings | -$49.5M | -$100.3M | -$29.4M | -$44.5M | $4.2M | $0 |
| Total equity | -$58.5M | -$105.9M | -$36.5M | -$58.3M | $4.1M | -$17.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $35.2M | $45.2M | $26.9M | -$9.2M | $33.7M | — |
| Depreciation and amortisation | $3.7M | $3.6M | $3.0M | $2.2M | $1.4M | — |
| Stock-based compensation | $8.9M | $8.7M | $9.1M | $82.2M | — | — |
| Capital expenditure | $5.0M | $6.4M | $359.0K | $333.0K | $1.4M | — |
| Investing cash flow | -$6.9M | -$18.8M | -$2.7M | -$1.8M | -$3.8M | — |
| Financing cash flow | -$43.6M | -$76.1M | -$14.4M | $63.5M | -$20.3M | — |
| Dividends paid | $1.7M | $4.7M | $8.7M | $12.9M | $11.4M | — |
| Buybacks | $3.4M | $5.6M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-106099.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | $139.4M | $165.0M | $185.4M | $197.2M | $192.2M |
| Gross profit | — | — | — | — | — | — |
| Net income | — | $32.6M | -$969.0K | $3.3M | $3.2M | $27.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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