olivLaw · US equity research
biote Corp. BTMD
Medicinal Chemicals & Botanical Products · SIC 2833 · Vertical: Medicinal Chemicals & Botanical Products (SIC 2833)
biote Corp. (NASDAQ: BTMD) runs a practice-building platform for physicians and nurse practitioners in hormone optimization, earning fees per procedure and selling dietary supplements. The company reported revenue of 192.2 million USD in fiscal 2025 and a 9.5% revenue decline in the second quarter of 2026 after a voluntary pellet recall, which puts the trajectory of procedures in focus for investors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, biote Corp. (BTMD) stock was 1.23 USD (+9.82% on the day), with market capitalisation 71.6 m USD, P/E 11.8 on diluted EPS of 0.10 USD over the last 12 months, dividend yield 1.63%, beta 1.37, 52-week range 1.03–2.93 USD. Latest reported quarter (Q2 2026): revenue of 44.2 m USD (−9.5% YoY), net income of -6.6 m USD (−306.1% YoY), diluted EPS -0.23 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.8
- neutral
- Bollinger (20, 2)
- 1.02 – 1.22
- above the upper band · %B 1.06 · band width 17.4%
- SMA 50 / 200
- 1.28 / 1.82
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.8% | −1.1% | +10.9 pp | — |
| 3 months | −45.6% | −0.5% | −45.1 pp | — |
| 6 months | −44.1% | +4.4% | −48.5 pp | — |
| Year to date | −52.7% | +12.3% | −65.0 pp | — |
| 1 year | −57.0% | +13.5% | −70.5 pp | −35.8% |
| 3 years | −78.0% | +76.4% | −154.4 pp | −14.7% |
| 5 years | −87.5% | +63.7% | −151.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 51.4 m | 49.8 m | 49.0 m | 48.9 m | 48.0 m | 46.4 m | 44.9 m | 44.2 m |
| Cost of revenue | 15.3 m | 14.0 m | 12.6 m | 13.9 m | 13.5 m | 14.8 m | 14.0 m | 15.3 m |
| SG&A | 23.9 m | 33.0 m | 26.7 m | 24.2 m | 26.2 m | 24.7 m | 27.8 m | 32.4 m |
| Operating income | 12.2 m | 2.8 m | 9.7 m | 10.8 m | 8.3 m | 6.8 m | 3.2 m | -3.5 m |
| Depreciation & amortisation | 810.0 k ≈ | 1.1 m | 857.0 k | 910.0 k ≈ | 952.0 k ≈ | 951.0 k | 980.0 k | 963.0 k ≈ |
| Pre-tax income | 15.9 m | -1.2 m | 17.5 m | 6.1 m | 8.5 m | 5.6 m | 3.3 m | -7.1 m |
| Income tax | 3.2 m | -4.7 m | 1.6 m | 2.2 m | -765.0 k | 3.0 m | 662.0 k | 296.0 k |
| Net income | 10.7 m | 3.7 m | 13.7 m | 3.2 m | 8.2 m | 2.0 m | 2.3 m | -6.6 m |
| Diluted EPS | 0.33 | 0.10 ≈ | 0.37 | 0.10 | 0.22 | 0.05 ≈ | 0.06 | -0.23 |
| Operating cash flow | 15.6 m ≈ | 12.4 m | 6.5 m | 7.1 m ≈ | 14.1 m ≈ | 7.6 m | 3.9 m | -1.2 m ≈ |
| Capex | 1.6 m ≈ | 1.7 m | 1.6 m | 1.8 m ≈ | 499.0 k ≈ | 1.1 m | 362.0 k | 2.6 m ≈ |
| Dividends paid | 453.0 k ≈ | 88.0 k | 694.0 k | 887.0 k ≈ | 8.0 k ≈ | 138.0 k | 405.0 k | 616.0 k ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | — | 0 | 1.1 m | 4.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 10-quarter history (min 3.1, median 11.9, max 62.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 139.4 m | 165.0 m | 185.4 m | 197.2 m | 192.2 m |
| Revenue YoY | unavailable | +18.3% | +12.4% | +6.4% | −2.5% |
| Net income | 11.1 m | -969.0 k | 3.3 m | 3.2 m | 27.0 m |
| Net income YoY | unavailable | −108.7% | unavailable | −4.8% | +756.7% |
| Diluted EPS | unavailable | -0.12 | 0.13 | 0.09 | 0.74 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −30.8% | +722.2% |
| net % | 8.0% | -0.6% | 1.8% | 1.6% | 14.1% |
| Free cash flow | 32.3 m | -9.5 m | 26.5 m | 38.8 m | 30.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 24.1 m USD
- Financial debt
- 102.0 m USD
- Net debt
- 77.9 m USD
- Equity
- -50.4 m USD
- Total assets
- 107.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.22x
- ROE
- unavailable
- ROA
- 23.5%
- FCF margin
- 15.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 139.4 m | 165.0 m | 185.4 m | 197.2 m | 192.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Cost of revenue | 48.8 m | 54.6 m | 57.9 m | 58.1 m | 54.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Gross profit | 90.6 m ≈ | 110.4 m ≈ | 127.5 m ≈ | 139.1 m ≈ | 137.4 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| SG&A | 49.1 m | 171.1 m | 98.8 m | 107.5 m | 101.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Operating income | 34.6 m | -60.7 m | 28.7 m | 31.6 m | 35.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Depreciation & amortisation | 1.4 m | 2.2 m | 3.0 m | 3.6 m | 3.7 m | SEC (XBRL)· 13 Mar 2026verified |
| EBITDA | 36.0 m ≈ | -58.5 m ≈ | 31.7 m ≈ | 35.2 m ≈ | 39.2 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Pre-tax income | 32.9 m | 1.7 m | -123.0 k | 1.0 m | 37.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | 286.0 k | 388.0 k | 2.7 m | 970.0 k | 6.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Net income | 11.1 m | -969.0 k | 3.3 m | 3.2 m | 27.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | — | -0.12 | 0.13 | 0.09 | 0.74 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | — | 8.1 m | 25.7 m | 34.3 m | 36.7 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 130.4 k | 79.2 m | 89.0 m | 39.3 m | 24.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Receivables | 5.2 m | 6.9 m | 6.8 m | 7.6 m | 6.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | 9.6 m | 11.2 m | 17.3 m | 14.8 m | 19.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 47.1 m | 101.2 m | 122.3 m | 68.1 m | 54.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 2.3 m | 1.5 m | 1.2 m | 7.0 m | 10.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Goodwill | — | — | — | 5.8 m | 5.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | 0 | 5.5 m | 4.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 54.3 m | 111.6 m | 155.3 m | 122.4 m | 107.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 4.3 m | 4.1 m | 4.2 m | 5.8 m | 6.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Short-term debt | 5.0 m | 6.3 m | 6.3 m | 6.3 m | 6.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Long-term debt | 32.0 m | 112.1 m | 106.6 m | 101.2 m | 95.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Current liabilities | 17.3 m | 18.8 m | 22.2 m | 51.5 m | 45.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | 50.2 m | 169.9 m | 191.8 m | 224.6 m | 158.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 4.1 m | -58.3 m | -36.5 m | -102.2 m | -50.4 m | SEC (XBRL)· 13 Mar 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 33.7 m | -9.2 m | 26.9 m | 45.2 m | 35.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 1.4 m | 333.0 k | 359.0 k | 6.4 m | 5.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | 32.3 m ≈ | -9.5 m ≈ | 26.5 m ≈ | 38.8 m ≈ | 30.2 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | -3.8 m | -1.8 m | -2.7 m | -18.8 m | -6.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | -20.3 m | 63.5 m | -14.4 m | -76.1 m | -43.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Dividends paid | 11.4 m | 12.9 m | 8.7 m | 4.7 m | 1.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Share repurchases | — | — | — | 5.6 m | 3.4 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 71.6 m USD
Key indicators
Coverage and freshness
Score by group
75% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.2% | 80 (vs peers) | 8% |
| FCF conversion · Quality | 339.3% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 5.2% | 44 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 5.9x | 0 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 52 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 11.8x | 83 (on a fixed band) | 14% |
| EV/EBITDA · Valuation | 9.8x | 47 (on a fixed band) | 14% |
| FCF yield · Valuation | 27.7% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 6.3% | 90 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 5.9% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet15/100 · 2/3 factors with a value
- Growth· partial44/100 · 1/2 factors with a value
- Quality90/100 · 2/3 factors with a value
- Returns94/100 · 2/2 factors with a value
- Valuation75/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
biote Corp. (BTMD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 192.2 m USD in 2025; YoY growth -2.5%; net margin 3.2%; net debt/EBITDA 5.9x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 3.2%
- FCF conversion: 339.3%
- P/E (TTM): 11.8x
- FCF yield: 27.7%
- Shareholder yield (distributions): 6.3%
- Payout ratio (FCF): 5.9%
What contradicts it
- Net debt / EBITDA: 5.9x
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Interest coverage.
Versus the vertical median
Medicinal Chemicals & Botanical Products (SIC 2833) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TRLVTrulieve Cannabis Corp. | 2.2 bn | — | -48.2% | -41.8% | −0.4% | +115% / +109% |
| TLRYTilray Brands, Inc. | 437.5 m | — | -10.4% | -17.1% | +11.5% | −63% / −84% |
| USNAUsana Health Sciences, Inc. | 264.8 m | — | -4.2% | -2.4% | unavailable | −28% / −70% |
| NAGENiagen Bioscience, Inc. | 199.6 m | 21.3 | 13.3% | 8.4% | +29.9% | −63% / +81% |
| MDWDMediwound Ltd. | 182.3 m | — | -63.9% | -140.8% | −16.1% | −21% / +59% |
| FTLFFitlife Brands, Inc. | 76.8 m | 13.1 | 14.1% | 6.2% | +26.4% | −56% / −15% |
| BTMDbiote Corp. | 71.6 m | 11.8 | — | 3.2% | −2.5% | −57% / −78% |
| NAIINatural Alternatives International, Inc. | 24.3 m | — | -35.0% | -14.5% | +9.7% | −70% / −81% |
| MTEXMannatech Inc | 16.7 m | — | -1,490.1% | -6.9% | −8.3% | −8% / −3% |
| BONBon Natural Life Limited | 4.4 m | — | -3.9% | -10.7% | −21.7% | −39% / −99% |
| GLASGlass House Brands Inc. | — | — | -31.2% | -16.3% | −9.4% | −57% / −45% |
| CGCCanopy Growth Corp | — | — | -39.9% | -79.2% | +5.8% | −36% / −87% |
| ACBAurora Cannabis Inc | — | — | 0.3% | 0.5% | +27.3% | +14% / +14% |
| IMCCIM Cannabis Corp. | — | — | -1,496.2% | -20.7% | +1.3% | −99% / −99% |
| SNDLSNDL Inc. | — | — | -1.4% | -1.7% | +2.8% | −20% / −1% |
| CRONCronos Group Inc. | — | — | 6.5% | 39.1% | +24.6% | +42% / +74% |
1- and 3-year price returns: for BTMD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.71 Total return -43% · Per year -43% | 1.25 Total return 2% · Per year 2% | 1.88 Total return 53% · Per year 53% |
| 3 years | 0.70 Total return -43% · Per year -17% | 1.38 Total return 12% · Per year 4% | 2.29 Total return 86% · Per year 23% |
| 5 years | 0.69 Total return -44% · Per year -11% | 1.53 Total return 25% · Per year 4% | 2.78 Total return 126% · Per year 18% |
- Exit P/E± 0.35
- Net margin± 0.24
- Annual revenue growth± 0.20
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
biote Corp. (NASDAQ: BTMD) runs a practice-building platform for physicians and nurse practitioners in hormone optimization, earning fees per procedure and selling dietary supplements. The company reported revenue of 192.2 million USD in fiscal 2025 and a 9.5% revenue decline in the second quarter of 2026 after a voluntary pellet recall, which puts the trajectory of procedures in focus for investors.
SWOT
Strengths
- The company has a large network of certified practitioners, a reported high retention rate and brand recognition among physicians and patients.
- The per-procedure and cash-paid model limits reimbursement risk and offers more predictable revenue for clinics and the company.
- Vertical integration through the acquisition of a 503B facility gives more control over the supply of pellets.
Weaknesses
- Revenue is geographically concentrated, which makes the company vulnerable to regional regulatory or economic changes.
- The company relies on third-party compounding facilities it does not directly control, creating quality and continuity risks.
- The 2026 voluntary recall hurt revenue and margins, and replacement sourcing at higher cost reduced manufacturing efficiency.
Opportunities
- If the number of partnered clinics grows, the company could expand procedure volumes and supplement sales.
- Markets in Canada, Puerto Rico, Mexico and the Dominican Republic are cited as international growth directions.
- Developing relationships with new 503B or 503A facilities could reduce reliance on current suppliers.
Threats
- Regulatory changes for compounded pharmaceuticals could restrict the distribution of hormone pellets.
- A patient safety event linked to compounded drugs could lead to liability and reputational harm.
- Economic pressure and higher costs could reduce patients' willingness to pay for hormone treatments.
Risks
- Product recall in January 2026high
The voluntary recall of certain pellet lots hurt revenue and margins, and additional costs are expected in future periods.
- Dependence on 503B facilitieshigh
The company does not control the compounding of third-party facilities, and a disruption at those facilities could affect practitioners.
- Geographic concentration of revenuemedium
Most revenue comes from a small group of states, making the company sensitive to local conditions.
- Physician adoption of the methodmedium
If practitioners do not adopt the method broadly, growth could be slower than previously expected.
- Regulation and product liabilitymedium
Possible regulatory actions or damage claims linked to compounded preparations could have significant financial effects.
Investment thesis
What would need to be true (bull case)
- If the 2026 recall remains an isolated episode and procedures return to growth, the company could recover margins and support steadier profitability.
- A large network of certified practitioners and a high retention rate could provide a solid base for growth in fees and supplement sales.
- International expansion and vertical integration could improve cost control and open new revenue sources.
What would break the thesis
- If procedures keep declining and the recall weighs on later quarters, the company could remain below its earlier revenue and margin levels.
- Reliance on third-party suppliers and on regulation of compounded preparations could limit the company's control over quality and costs.
- The net loss in the second quarter of 2026 and the lowered outlook could signal greater difficulty in returning to growth than anticipated.
What to watch
- Procedure revenue trend in the third and fourth quarters against the revised outlookQ3 2026
- Delivery of the revenue outlook above 175 million USD and adjusted EBITDA above 25 million USD2026
- Additional costs tied to the January 2026 recall and their effect on marginsQ3 2026
- Stability of agreements with 503B facilities and any changes in regulationnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
biote gives certified practitioners an end-to-end practice platform covering education, training, practice management and inventory software, plus marketing support. Revenue comes from fees paid by partnered clinics for the Biote Method and from sales of Biote-branded dietary supplements, which represent approximately 22% of annual revenues. The company says it contracts with over 9200 practitioners and had approximately 400000 active patients as of December 31, 2025.
The model is described as similar to a franchise, with clinics paying per procedure, which the company says provides predictability and minimal reimbursement risk because patients pay in cash. Pellets are made by its 503B facility Asteria Health, acquired in March 2024, and by third-party facilities such as AnazaoHealth and Carie Boyd's, whose compounding processes the company does not control.
The company operates as one segment, with substantially all revenue from long-term service agreements and supplement sales. Revenue is geographically concentrated, with approximately 53% generated in ten southern and south-eastern states, which makes it sensitive to regional conditions.
Market context
The company estimates the US hormone replacement therapy market exceeds 7 billion USD in opportunity and could grow 7% annually through 2026, according to its 10-K. Growth drivers cited include aging demographics and rising demand for hormone-related treatment options, despite a large gap in diagnosis and treatment.
The hormone optimization procedure market remains fragmented, and physician adoption depends on education and perceived patient benefit, which remains a key variable for the company's growth.
Competitive position
biote differentiates through certified training, its proprietary practice software and partnered clinics operating on a cash basis. The company notes that pellet therapy is chosen by a share of male patients over gels and injections, which points to competition between methods rather than between companies.
The market also includes synthetic hormone suppliers and 503A compounding pharmacies alongside 503B facilities. The company observes that some of these operations have cooperative relationships with its competitors, which may limit the exclusivity of its arrangements.
- Asteria Health
A 503B facility owned by the company that produces part of its pellets, and also a provider in the indirect competitive landscape of distribution.
- AnazaoHealth Corporation
A third-party 503B facility supplying pellets to partnered clinics, under a service agreement extended through the end of 2027.
- Carie Boyd's Prescription Shop
A third-party 503B facility supplying hormone pellets, part of the company's supply network.
- 503A compounding pharmacies
Pharmacies that can prepare bioidentical hormones for practitioners, serving as alternatives to the 503B facilities the company works with.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report (amendment)17 Jun 2026Departure or appointment of officers
- Current report02 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report18 May 2026Shareholder vote
- Quarterly report11 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Current report03 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Proxy statement02 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / biote Corp. · 13 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / biote Corp. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / biote Corp. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.