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Biote Corp. (BTMD) is a high-growth company specializing in therapeutic wellness and hormone optimization. It operates a practice-building platform that supports healthcare practitioners in offering personalized hormone replacement therapy (HRT) solutions for aging patients. The company also sells Biote-branded dietary supplements and provides a range of services to help clinics implement and grow their hormone optimization programs effectively.
- Pellet Procedures - Provides hormone replacement therapy (HRT) solutions through pellet insertion, addressing symptoms of hormonal imbalances in aging patients.
- Dietary Supplements - Offers Biote-branded supplements designed to complement hormone optimization treatments and improve patient wellness.
- Disposable Trocars and Other Products - Supplies disposable medical tools and related products used in hormone therapy procedures.
- Training and Contract-Term Services - Delivers practitioner education, certification, and ongoing support, including practice management and marketing tools to enhance clinic operations.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Teresa S. Weber ExecutiveBoard | Chief Executive Officer, Board Member | Partner and Consultant at Mattioli Weber Consulting | Teresa S. Weber has served as CEO of Biote since March 2019 and joined the Board in May 2022. She has extensive experience in marketing, service, and retail consulting. | View Report → |
Mary Elizabeth Conlon Executive | VP, Business Development, General Counsel, Corporate Secretary | None mentioned | Mary Elizabeth Conlon joined Biote in June 2021. She previously founded The Conlon Law Firm and was a partner at Travis, Calhoun & Conlon, P.C. She holds a J.D. and B.A. from Baylor University. | |
Robert C. Peterson Executive | Chief Financial Officer | None mentioned | Robert C. Peterson became CFO of Biote in January 2024. He previously held executive roles at Virbac Corp. and Alcon Laboratories/Novartis Eye Care. He is a CPA with a B.B.A. and M.B.A. from Texas Christian University. | |
Andrew R. Heyer Board | Board Member | CEO of Mistral Equity Partners; Board Member at ARKO Corp., OneSpaWorld, The Lovesac Company, Worldwise, Tastemaker Acquisition Corp., AF Acquisition Corp., Coliseum Acquisition Corp.; Advisor to Ascendant Digital Acquisition Corp. III | Andrew R. Heyer has been a Board Member at Biote since May 2022. He has over 40 years of experience in finance and specializes in consumer-related investments. | |
Dana Jacoby Board | Board Member | CEO of Vector Medical Group; Board of Managers of Holdings | Dana Jacoby has been a Board Member at Biote since May 2022. She is the CEO of Vector Medical Group and has extensive experience in healthcare consulting and leadership. | |
Debra L. Morris Board | Board Member | Director at Rexford Industrial, Alternative Logistics Technologies (EverDriven) | Debra L. Morris has been a Board Member at Biote since November 2022. She has extensive financial leadership experience, including serving as CFO at Apria, Inc., and holds board positions at Rexford Industrial and EverDriven. | |
Marc D. Beer Board | Executive Chairman of the Board | Chairman of Papyrus Therapeutics, Origami Surgical, LumeNXT; Strategic Advisor at Renovia; Board Member at Minerva Neurosciences (past roles include CEO of Aegerion Pharmaceuticals and ViaCell) | Marc D. Beer has served as Executive Chairman of Biote since May 2022. He has over 25 years of experience in the healthcare industry and has held leadership roles in multiple companies. | |
S. Mark Cone Board | Board Member | Market President of Privia Health’s South Texas Market; President of Privia Medical Group Gulf Coast; Vice President of the Board of U.S. Women’s Health Alliance; Chairman of Global Women’s Health Providers; Chairman of Advisory Board for Fannin Surgicare | Dr. S. Mark Cone has been a Board Member at Biote since May 2022. He has a medical background and holds leadership roles in multiple healthcare organizations. |
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Given the temporary disruption in procedure volumes caused by the introduction of your updated Clinical Decision Support software, what specific measures are you implementing to prevent similar workflow issues in future updates and ensure a smoother transition for practitioners?
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With the integration of Asteria Health and the goal of expanding state licenses, can you elaborate on the potential risks and delays associated with obtaining licenses in all 50 states, and how these might impact your margin expansion and vertical integration benefits?
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In light of the revised 2024 revenue and adjusted EBITDA guidance due to the CDSS transition and hurricane impacts, what gives you confidence that procedure revenue growth will reaccelerate in 2025, and what are the key drivers that will support this anticipated growth?
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Considering that BioteRx currently provides a relatively small direct revenue contribution, yet you emphasize its importance in enhancing competitive offerings, when do you expect BioteRx to become a significant revenue generator, and what strategies are in place to accelerate its growth?
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Given the competitive pressures from clinics offering GLP-1 treatments and the uncertain regulatory environment around compounding these medications, how do you plan to mitigate potential risks to your practitioner network and ensure that you retain patients who might be attracted to specialized GLP-1 providers?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
F.H. Investments Inc. (Asteria Health) | 2024 | Completed on March 18, 2024, the acquisition was valued at $8.9 million (with $8.4 million cash and a $0.5 million earnout), enabling Biote to vertically integrate hormone manufacturing and improve its supply chain while acquiring assets such as inventory, customer relationships, and property/equipment. |
Simpatra, LLC | 2024 | Completed on January 2, 2024, the acquisition involved a cash payment of $1.5 million, issuance of Class A common stock plus a future earnout, and secured key intellectual property, customer relationships, and a trade name—valued using methods like MPEEM and the relief-from-royalty method. |
BioSana ID LLC | 2024 | Completed on January 29, 2024, this asset acquisition involved a cash consideration of $0.7 million with a potential future earnout of up to $0.1 million, and included the recognition of a customer relationship intangible asset valued at $0.7 million. |
Biote (Business Combination with Haymaker Acquisition Corp. III) | 2022 | Closed on May 26, 2022, this reverse recapitalization transaction resulted in a $44.1 million net cash increase and facilitated the issuance of common stock and warrants, with additional credit facilities arranged through Truist Bank, marking significant structural and financial transformation for Biote. |
Recent press releases and 8-K filings for BTMD.
- Q1 2025 revenue increased 4.7% to $49.0M with a gross margin of 74.3%
- Net income improved to $15.8M with a diluted EPS of $0.37, reversing last year's net loss
- Reaffirmed full-year guidance at $202M–$208M in revenue and $59M–$64M in adjusted EBITDA
- Dietary supplements grew 25.5%, while procedure revenue declined 3.6%
- Announced a strategic organizational restructuring to drive enhanced clinic growth and operational efficiency, including a 25% expansion in its field sales force
- Anticipated Q2 restructuring charges of $0.6–$0.8M, with an additional minor charge expected
- Investor Presentation details Q4 2024 financial performance with $197.2M revenue, $58.2M adjusted EBITDA, and a 29.5% adjusted EBITDA margin; providing key insights into the Company’s hormone optimization business.
- The presentation outlines the Q1 2025 outlook, noting expectations for moderate revenue growth and a slight decline in adjusted EBITDA compared to Q1 2024.
- It also highlights strategic capital allocation initiatives, including significant share repurchase programs and investments to fortify clinical decision support and practitioner onboarding.
- Fourth quarter revenue reached $49.8 million, up 9% year-over-year, with gross profit margin improving to 71.8% and net income at $3.5 million compared to the previous period; these figures reflect a strong operational performance.
- The company provided 2025 guidance with revenue expectations of $202–$208 million and adjusted EBITDA in the range of $59–$64 million, noting procedure revenue growth of 2%–4% and dietary supplement revenue growth of 5%–10%.
- Strategic updates included the appointment of new CEO Bret Christensen, successful integration of the Asteria Health acquisition, enhanced internal manufacturing capabilities, and the completed rollout of a new clinical decision support software platform.
- Q4 2024 highlights included total revenue of $49.8 million and procedure revenue of $36.6 million, with a gross profit margin of 71.8% and net income of $3.5 million (EPS of $0.10), reflecting a lower net income compared to the prior quarter's $12.1 million.
- Full Year 2024 results showed revenue at $197.2 million—a 6.4% increase over 2023—along with an improved net income profile, reporting a modest profit of $0.05 million (EPS of $0.09), versus a prior-year net loss of $(2.8) million.
- The company also provided fiscal 2025 outlook, with revenue guidance between $202 million and $208 million and expected adjustments in EBITDA driven by ongoing operational initiatives.