Biote (BTMD) Earnings Date & Reports

Key Takeaways

• Biote reported third quarter 2026 revenue of $43.3 million, down 9.6% from $48.0 million in the prior-year period.
• Diluted earnings per share (EPS) came in at $0.01, beating the Zacks Consensus Estimate of a $0.05 loss, while revenue slightly missed consensus.
• Procedure revenue fell 15.1% to $28.9 million, reflecting lingering effects of a January 2026 voluntary recall, while dietary supplements revenue grew 7.3% to $12.0 million.
• The company maintained its full-year 2026 outlook of revenue above $175 million and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) above $25 million.
• Adjusted EBITDA declined to $5.1 million, with an adjusted EBITDA margin of 11.7%, compared with $12.9 million a year earlier.
• For more context, explore Biote's Major News, Today's Price Move, Price Targets, and Forecast on additional pages.
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Earnings Context and Why It Matters

Biote Corp. (NASDAQ: BTMD) is a provider of hormone optimization and healthy aging solutions, and its third quarter results offer a direct read on whether demand is stabilizing after a disruptive period. The company has been navigating the fallout from a January 2026 voluntary recall that pressured procedure volumes and gross margins. With revenue declining year over year and procedure trends only beginning to improve, investors are closely watching whether management can return to growth. The report is also significant because it tests the credibility of Biote's full-year guidance at a time when the stock has traded sharply lower through 2026.

Reported Results

For the third quarter ended September 30, 2026, Biote reported total revenue of $43.3 million, a 9.6% decrease from $48.0 million in the prior-year quarter. Procedure revenue declined 15.1% to $28.9 million, while dietary supplements revenue grew 7.3% to $12.0 million, aided by continued strength in e-commerce.

Diluted EPS attributable to Biote Corp. stockholders was $0.01, compared with $0.22 a year earlier. Net income was $0.6 million, down from $9.2 million, and included a $1.0 million gain from a change in the fair value of earnout liabilities. Adjusted EBITDA fell to $5.1 million, with an adjusted EBITDA margin of 11.7%, versus $12.9 million in the prior year.

Relative to expectations, EPS beat the Zacks Consensus Estimate of a $0.05 loss, while revenue of $43.3 million came in below consensus figures that ranged from roughly $44.0 million to $45.0 million. Gross margin declined to 67.7% from 71.8%, though it improved sequentially as the company shifted back toward internally manufactured pellets.

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Market Reaction and Investor Sentiment

Biote's shares have been under significant pressure in 2026, and the third quarter print reflected a mixed message for the market. The earnings beat on EPS was offset by a revenue miss and a continued year-over-year decline in procedure volume. Management acknowledged that the return to growth is "progressing more slowly than anticipated," while noting that a recent improvement in procedure volume provides early evidence of stabilization in underlying demand.

Investor sentiment remains cautious, with attention focused on whether gross margin can keep recovering sequentially as internally manufactured pellets from Asteria Health return to pre-recall levels. The company's decision to maintain full-year guidance signals confidence, but execution on procedure volume and practitioner engagement will likely determine near-term sentiment.

Forward Outlook and Key Factors to Monitor

Looking ahead, Biote has reaffirmed its full-year 2026 guidance of revenue above $175 million and adjusted EBITDA above $25 million, unchanged from the second quarter. Management continues to expect dietary supplements revenue to grow at a mid- to high-single-digit rate for the full year.

One of the most important factors to watch is procedure volume. The company reported modest increases in average daily procedure volume during the quarter, but it must demonstrate sustained improvement across its network. Key drivers include new customer growth, same-store sales, and minimizing practitioner attrition.

Margin recovery is another central theme. Gross margin improved sequentially by 231 basis points as the pellet mix shifted back toward internally manufactured products. Management expects further sequential improvement as Asteria Health returns to pre-recall supply levels, which should reduce reliance on lower-margin third-party pellets.

Finally, investors should monitor cost discipline and sales productivity. Selling, general, and administrative expenses rose 2.6% year over year but fell sharply on a sequential basis, reflecting reduced legal expenses. The company's focus on face-to-face practitioner engagement and improving rep productivity will be critical to converting early stabilization into sustainable revenue growth.

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