biote (BTMD) Q2 2025 earnings summary

Executive summary

• Q2 2025 was marked by a pivotal organizational restructuring, including leadership changes and a new sales compensation structure, aimed at driving sustainable growth and operational efficiency.

• Revenue for Q2 2025 was $48.9 million, down 0.6% year-over-year, with net income of $3.9 million (EPS $0.10), compared to a net loss of $10.4 million (EPS $(0.21)) in Q2 2024.

• Dietary supplement revenue grew 30.4% year-over-year, offsetting an 8.4% decline in procedure revenue due to fewer new clinics and lower procedure volumes.

• Cost savings from vertical integration and restructuring improved profitability, with a $0.6 million one-time restructuring charge in Q2 2025.

• Adjusted EBITDA rose 19.1% to $15.2 million, with margin expanding to 31.1% from 25.9% in Q2 2024.

Financial highlights

• Q2 2025 revenue was $48.9 million, with product revenue at $47.7 million and service revenue at $1.2 million.

• Gross profit margin improved by 280 basis points to 71.6%, driven by cost savings from vertical integration.

• Net income margin for Q2 2025 was 8.0%, compared to a net loss margin of (21.1%) in Q2 2024.

• Cash and cash equivalents at June 30, 2025 were $19.6 million, with $50 million available under revolving loans.

• Cash flow from operations was $7.1 million for Q2 and $13.6 million for the first half of 2025.

Outlook and guidance

• Fiscal 2025 revenue guidance was revised to above $190 million, with adjusted EBITDA expected above $50 million.

• Full-year forecast includes high single-digit declines in procedure revenue and mid-teens percent growth in dietary supplements.

• Second-half trends in procedure revenue expected to mirror Q2, with strong but moderating supplement sales.

• Management expects continued growth in dietary supplements and service revenue, with ongoing cost control and supply chain optimization.

• The company believes current liquidity and cash flow are sufficient to fund operations and debt service for at least the next 12 months.