Biote Corp. Reports Weak Q4 Results and Significantly Lowered 2026 Adjusted EBITDA Guidance

summarizeSummary

Biote Corp. reported declining Q4 2025 financial results and issued significantly lower Adjusted EBITDA guidance for 2026, projecting a 29% decrease from 2025 levels and a decline in H1 2026 procedure revenue.

check_boxKey Events

• Q4 2025 Financial Performance Declined

  Fourth-quarter revenue decreased 6.9% to $46.4 million, net income fell to $2.6 million from $3.5 million, and diluted EPS dropped to $0.06 from $0.10 year-over-year. Adjusted EBITDA also declined 22.8% to $11.7 million.

• Gross Margin Impacted by Inventory Recall

  Gross profit margin for Q4 2025 was 68.0%, down from 71.8%, primarily due to a $1.3 million inventory charge related to a voluntary recall of hormone pellets.

• Full Year 2025 Adjusted EBITDA Decreased

  Full-year 2025 revenue decreased 2.5% to $192.2 million, and Adjusted EBITDA declined 8.1% to $53.5 million. Net income increased significantly due to a $13.0 million gain from earnout liabilities, offsetting operational declines.

• Weak 2026 Adjusted EBITDA Guidance Issued

  The company projects 2026 revenue to be above $190 million (flat to slightly down from 2025) and Adjusted EBITDA to be above $38 million, representing a substantial 29% decrease from 2025's Adjusted EBITDA.

auto_awesomeAnalysis

Biote Corp. reported a challenging fourth quarter and provided a significantly weaker outlook for 2026 Adjusted EBITDA. Fourth-quarter revenue, net income, EPS, and Adjusted EBITDA all declined year-over-year, with gross profit margin impacted by a $1.3 million inventory charge from a voluntary recall. While full-year 2025 net income and EPS showed substantial growth, this was primarily driven by a large non-operating gain from earnout liabilities, masking underlying operational declines in revenue and Adjusted EBITDA. The 2026 guidance projects flat to slightly lower revenue and a substantial 29% decrease in Adjusted EBITDA compared to 2025, alongside an anticipated decline in procedure revenue in the first half of 2026. This weak guidance, coupled with ongoing investments in sales and technology, signals continued operational headwinds and a significant hit to profitability expectations for a company already trading near its 52-week low.