biote (BTMD) Q1 2025 earnings summary

Executive summary

• Achieved Q1 2025 revenue of $49.0 million, up 4.7% year-over-year, driven by 25.5% growth in dietary supplements revenue and improved gross margin from vertical integration, offsetting softness in procedure revenue.

• Net income reached $15.8 million (EPS $0.37), reversing a net loss of $(5.7) million in Q1 2024, aided by a $10.7 million gain from earnout liability fair value changes and cost savings.

• Announced a strategic organizational restructuring in May 2025 to drive sustainable, profitable growth, increase new provider wins, and enhance operational accountability.

• Completed the acquisition of Asteria Health and continued vertical integration to enhance supply chain control and reduce costs.

• Bret Christensen was appointed CEO effective February 1, 2025, with Teresa S. Weber transitioning to a strategic advisor role.

Financial highlights

• Q1 2025 revenue increased 4.7% year-over-year to $49.0 million; dietary supplement revenue rose 25.5% to $9.3 million, while procedure revenue declined 3.6% to $36.0 million.

• Gross profit margin improved by 300 basis points to 74.3% due to vertical integration and cost management.

• Adjusted EBITDA was $13.8 million (28.1% margin), down from $14.2 million (30.4% margin) in Q1 2024 due to increased SG&A and sales/marketing spend.

• Cash and cash equivalents stood at $41.7 million as of March 31, 2025, with $50 million available under the revolving credit facility.

• Net income margin was approximately 32% for Q1 2025.

Outlook and guidance

• Maintains 2025 guidance: revenue of $202–$208 million and adjusted EBITDA of $59–$64 million.

• Q2 2025 revenue and adjusted EBITDA expected to be similar to or slightly higher than Q2 2024.

• Expects a one-time restructuring charge of $0.6–$0.8 million in Q2 2025.

• Procedure revenue growth for 2025 guided at 2%–4%, dietary supplements at 5%–10%, with management acknowledging execution risk.

• Liquidity is sufficient to fund operations and debt service for at least the next 12 months.