biote (BTMD) investor relations material

Executive summary

• 2025 marked a pivotal year with significant organizational changes, commercial team restructuring, and a focus on sustainable growth in hormone replacement and wellness markets.

• Strategic objectives included accelerating new clinic growth, maximizing value from top-tier clinics, and strengthening accountability and discipline.

• Expanded salesforce and commercial coverage to capture growth opportunities, with anticipated return to procedure revenue growth in H2 2026.

• Investments in sales and technology are planned for 2026 to drive long-term growth and improve practitioner experience.

• Implemented business operation enhancements and sales reorganization to optimize performance.

Financial highlights

• Q4 2025 revenue was $46.4M, down 6.9% year-over-year; full year 2025 revenue was $192.2M, down 2.5%.

• Q4 2025 gross profit margin was 68.0%, impacted by a $1.3M inventory charge due to a voluntary recall; full year margin was 71.5%.

• Q4 2025 net income was $2.6M ($0.06 EPS); full year net income was $31.6M ($0.74 EPS).

• Adjusted EBITDA for Q4 2025 was $11.7M (25.2% margin), down from $15.1M (30.3% margin) year-over-year; full year Adjusted EBITDA was $53.5M (27.8% margin), down 8.1%.

• Operating income for 2025 increased 12.5% to $35.6M due to lower operating expenses.

Outlook and guidance

• 2026 will see increased investment in sales and technology, expanding sales personnel from 90 to 120.

• Procedure revenue expected to decline mid to high-single digits in H1 2026, with growth returning in H2.

• Dietary supplement revenue forecasted to grow mid to high-single digits in 2026.

• 2026 revenue guidance is above $190M, with adjusted EBITDA expected to exceed $38M.

• Significant investments planned in sales and technology, leading to higher operating expenses in 2026.