biote Corp. Class A (BTMD)

Biote Corp.'s stock price has been impacted by earnings reports and a product recall, declining 34.42% over the past year to $2.21 per share as of May 5, 2026. Q3 2025 revenue was $48.0 million, down 6.7% year-over-year, with a net income of $9.2 million. Q4 2025 revenue was $46.4 million, and full-year revenue was $192.2 million, with a net income of $31.6 million. A voluntary product recall in January 2026 significantly impacted procedure revenue and gross profit margin. Q1 2026 revenue was $44.9 million, down 8.3% year-over-year, with a net income of $2.7 million.

There is no explicit mention of significant demand seasonality for Biote Corp.'s products and services. The focus of recent reports has been on factors like practitioner growth, procedure revenue, dietary supplement sales, and the impact of the product recall, rather than seasonal fluctuations in demand. This suggests that demand for hormone optimization therapies and related supplements may be relatively stable throughout the year.

Biote Corp. operates in the healthcare sector, focusing on hormone optimization and therapeutic wellness. It provides the Biote Method, a practice-building platform that trains and certifies practitioners in bioidentical hormone replacement pellet therapy. The company's offerings include the Biote Method, bioidentical hormone pellets, Biote-branded dietary supplements, and sterile pellet insertion kits. The business model is capital-light and high-margin, with revenue primarily from service fees and supplement sales; pellet procedures accounted for 76% of 2025 revenues.

Biote Corp.'s operations are primarily in the United States, with 10 core states generating approximately 55% of the company's revenue as of December 31, 2024. The company has a network of over 8,600 practitioners in more than 4,700 clinics, with approximately five million hormone optimization procedures performed to date. Biote plans to expand its U.S. footprint and is exploring international expansion opportunities in Latin America, Europe, and Asia.

Biote Corp.'s brand reputation has faced challenges due to a short-seller report and concerns regarding its products and business practices. A J Capital Research report raised concerns about Biote's products and business, alleging adverse effects and inadequate testing. A key supplier has received reports of adverse events related to the pellets. The voluntary product recall also negatively impacted the company's reputation. The company has changed CFOs twice since 2022, which can negatively affect perception. Biote emphasizes its training and support for practitioners, which contributes positively to its reputation among its network of certified providers.

Biote Corp. has a mix of institutional and individual owners. As of May 7, 2026, there are 89 institutional owners holding 15,664,299 shares. Major institutional owners include 325 Capital Llc, Bandera Partners LLC, BlackRock, Inc., and Vanguard Group Inc. Gary Steven Donovitz is the largest individual shareholder, owning 56.88% of the company. Guines LLC also has significant ownership. Institutional ownership stands at 59.34%, individuals hold 2.01%, and insiders hold 73.09% of the stock.