Fourth Quarter 2025 Financial Highlights (Form 8-K)

Fourth Quarter 2025 Financial Highlights

Full Year 2025 Financial Highlights

IRVING, TX-(BUSINESS WIRE)-March 11, 2026-Biote (NASDAQ: BTMD), a leader in innovative hormone optimization and healthy aging solutions that advance the healthspan of our practitioners' patients, today announced financial results for the fourth quarter and full year ended December 31, 2025.

"Over the past twelve months, Biote has focused on our strategic priorities which are designed to drive sustainable profitable growth and create long-term value for stockholders," said Bret Christensen, Biote's Chief Executive Officer. "Through our decisive actions, we are rebuilding and expanding our commercial sales coverage, strengthening our relationships with top-tier providers and instilling a high-performance culture that empowers our team to scale our business efficiently. While our commercial transition impacted our overall financial performance in 2025 as we expected, we anticipate a return to procedure revenue growth in the second half of 2026."

Mr. Christensen continued, "Our fourth quarter financial results reflected our disciplined execution as we implemented enhancements to our business operations. While I am pleased with the progress we have achieved so far, we still have work to do to optimize our performance and reach our strategic

_____________________________

1Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Please see "Discussion of non-GAAP Financial Measures" for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measure.

objectives. I remain confident we are on the right path to further strengthen our capabilities, advance patient health and wellness, and drive sustainable long-term growth."

2025 Fourth Quarter Financial Review

(All financial result comparisons made are against the prior-year period unless otherwise noted)

Total revenue was $46.4 million, a decrease of 6.9% from $49.8 million. Procedure revenue of $31.8 million declined 13.0%, partially offset by 16.0% growth in dietary supplements revenue of $11.7 million.

Gross profit margin was 68.0%, as compared to 71.8%, primarily due to a $1.3 million charge to inventory during the fourth quarter of 2025 as a result of the voluntary recall of specific lots of hormone pellets shipped by Asteria Health. Without this charge, our gross profit margin reflects the benefit of efficiencies gained from the vertical integration of our 503B manufacturing facility and effective cost management.

Operating income increased 146.8% to $6.8 million from $2.8 million due to lower operating expenses, related to legal matters and a temporary decrease in headcount from our sales reorganization.

Net income was $2.6 million and diluted earnings per share attributable to biote Corp. stockholders was $0.06, as compared to net income of $3.5 million and diluted earnings per share attributable to biote Corp. stockholders of $0.10. Net income for the fourth quarter of 2025 included a gain of $1.2 million, while net income for the fourth quarter of 2024 included a loss of $0.8 million due to changes in the fair value of the earnout liabilities for the respective periods.

Adjusted EBITDA of $11.7 million decreased 22.8% from $15.1 million, while Adjusted EBITDA margin declined to 25.2% from 30.3%. Both Adjusted EBITDA and Adjusted EBITDA margin decreased from the prior-year quarter due to lower sales and reduced gross profit, partially offset by lower operating expenses as a result of our sales reorganization.

2025 Full Year Financial Review

(All financial result comparisons made are against the prior year unless otherwise noted)

Revenue for 2025 was $192.2 million, a decrease of 2.5% from $197.2 million in 2024. Procedure revenue of $137.0 million declined 8.8%, partially offset by 19.1% growth in dietary supplements revenue of $42.9 million.

Gross profit margin for 2025 was 71.5% compared to 70.5% for 2024 primarily due to a $1.3 million charge to inventory during the fourth quarter of 2025 as a result of the voluntary recall of specific lots of hormone pellets shipped by Asteria Health referenced above. Without this charge our gross profit margin reflects efficiencies gained from the vertical integration of our 503B manufacturing facility and effective cost management.

Operating income for 2025 was $35.6 million, an increase of 12.5% compared to operating income of $31.6 million for 2024. Operating income improved in 2025 primarily due to a temporary decrease in headcount from our sales reorganization.

Net income for 2025 was $31.6 million and diluted earnings per share attributable to biote Corp. stockholders was $0.74, compared to net income of $0.05 million and diluted earnings per share attributable to biote Corp. shareholders of $0.09 in 2024.

Adjusted EBITDA for 2025 was $53.5 million, a decrease of 8.1% from $58.2 million, while Adjusted EBITDA margin declined to 27.8% from 29.5%. Both Adjusted EBITDA and Adjusted EBITDA margin declined from the prior year primarily due to lower sales and gross profit, partially offset by lower operating expenses.

Summary and 2026 Financial Outlook

Mr. Christensen concluded, "Because of the actions we took over the past year, Biote enters 2026 as a more agile and more disciplined organization that is better positioned to capture the growth opportunity in the hormone therapy and therapeutic wellness market. In order to realize our full potential, we plan to continue to significantly invest in our sales and technology capabilities in 2026, further expanding our commercial team to drive increased and sustainable long-term growth. While this strategic initiative will contribute to a meaningful step-up in operating expenses in 2026, we believe this investment is essential to accelerate growth from new providers, expand our market opportunity and deepen engagement with existing practitioners. As we begin to realize the benefits of our planned sales investments, we anticipate a return to growth in the second half of 2026, despite an anticipated procedure revenue decrease in the first half of 2026."

_____________________________

2 Please see "Forward-Looking Non-GAAP Financial Measures" below for additional information about forward-looking Adjusted EBITDA.

Conference Call:

Biote management will host a conference call to review these results and provide a business update beginning at 5:00 p.m. ET on Wednesday, March 11, 2026. To access the conference call by telephone, please dial (844) 481-2820 (U.S toll-free) or (412) 317-0679 (International). To access a live webcast of the call, interested parties may use the following link: Biote Fourth Quarter and Full Year 2025 Earnings Conference Call. A replay of the webcast will be available on the Events page of the Biote Investor Relations website, at ir.biote.com, shortly after the event concludes.

Discussion of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, Biote has disclosed Adjusted EBITDA, a non-GAAP financial measure that it calculates as net income before interest, taxes and depreciation and amortization, further adjusted to exclude stock-based compensation, litigation expenses, legal settlements, inventory fair value write-up, transaction-related expenses, restructuring-related expenses, certain other expenses, merger and acquisition expenses, fair value adjustments to certain equity instruments classified as liabilities and other expenses. Below we have provided a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure.

We present Adjusted EBITDA and Adjusted EBITDA margin because it is a key measure used by our management to evaluate our operating performance, generate future operating plans and determine payments under compensation programs. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.

Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:

In addition, Adjusted EBITDA and Adjusted EBITDA margin are subject to inherent limitations as it reflects the exercise of judgment by Biote's management about which expenses are excluded or included. A reconciliation is provided in the financial statement tables included below in this press release for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including net income and our other GAAP results.

Forward-Looking Non-GAAP Financial Measures

The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of certain information needed to calculate reconciling items. For example, the Company has not included a reconciliation of projected Adjusted EBITDA to GAAP net income (loss), which is the most directly comparable GAAP measure, for the periods presented in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company's projected Adjusted EBITDA excludes certain items that are inherently uncertain and difficult to predict including, but not limited to, share-based compensation expense, income taxes, due diligence expenses and legal expenses. Due to the variability, complexity and limited visibility of the adjusting items that would be excluded from projected Adjusted EBITDA in future periods, management does not forecast them for internal use and therefore cannot create a quantitative projected Adjusted EBITDA to GAAP net income (loss) reconciliation for the periods presented without unreasonable efforts. A quantitative reconciliation of projected Adjusted EBITDA to GAAP net income (loss) for the periods presented would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. From a qualitative perspective, it is anticipated that the differences between projected Adjusted EBITDA to GAAP net income (loss) for the periods presented will consist of items similar to those described in the financial tables later in this release, including, for example and without limitation, share-based compensation expense, income taxes, due diligence expenses and legal expenses. The timing and amount of any of these excluded items could significantly impact the Company's GAAP net income (loss) for a particular period. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis.

About Biote

Biote advances the healthspan of our Practitioners' patients by providing innovative hormone optimization and healthy aging solutions. Through our network of Biote certified providers, we collaborate with leading clinicians to restore vitality and promote vibrant aging.