biote Corp.
biote Corp. is a U.S.-based healthcare company focused on hormone optimization through a practice-building platform for physicians and nurse practitioners. Its business combines practitioner training and certification, clinic management software, marketing support, and sales of Biote-branded dietary supplements and related hormone therapy products.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueTraining, certification, software, and marketing tools for Biote-certified practitioners.
Bioidentical hormone pellets, insertion kits, and related procedure-based fees sold to clinics.
Biote-branded supplements sold through practitioners and direct-to-consumer channels.
Products
Reported · share of revenue- Pellet Procedures Product Revenue71.3 %
- Dietary Supplements22.3 %
- Disposable Trocars Product Revenue2.5 %
- Other Service Revenue1.5 %
- Shipping Fees and Other Product Revenue1.1 %
- Other1.3 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Biote sells primarily to clinics, physicians, and nurse practitioners that join its certified practitioner network and use the Biote Method in their practices. These customers buy the platform because it helps them build a hormone optimization service line, support patient care, and operate with a recurring commercial model tied to procedures and supplement sales.
Clinics that pay fees for the Biote Method, software, training, and ongoing practice support.
Physicians and nurse practitioners who use the training and clinical workflow to treat patients.
Patients and consumers purchasing Biote-branded dietary supplements for hormone and wellness support.
Strategy
Biote’s strategy is to expand the number of certified practitioners and deepen activity within its existing clinic network. It also aims to grow supplement sales and consumer awareness by using its practitioner base, digital marketing, and brand positioning in hormone optimization.
More certified practitioners expand the installed base that uses the platform and buys products.
Higher procedure volume and broader product adoption increase revenue from the current network.
Consumer awareness can drive patient demand and support practitioner recruitment.
Geography
Q2/2026Substantially all revenue comes from clinics located in the United States, making the business highly concentrated in one market. The company’s operating footprint and practitioner recruitment efforts are also centered on U.S. healthcare providers and targeted domestic geographies.
Risks
Biote depends on acceptance of hormone optimization methods and on continued willingness of clinics and practitioners to use its platform. The business is also exposed to regulatory, reputational, intellectual property, and competitive risks because its model relies on medical adoption, branded products, and practitioner relationships.
- Market acceptance of the Biote MethodImpact: HighLikelihood: Medium
Revenue depends on clinics and practitioners adopting the training and treatment model.
Exposure: Practitioner network and patient demand
- HRT safety and reputational riskImpact: HighLikelihood: Medium
Negative publicity or perceived side effects could reduce practitioner and patient willingness to use the therapy.
Exposure: Hormone optimization treatments
- Regulatory and reimbursement pressureImpact: MediumLikelihood: Medium
Healthcare rules and reimbursement trends can change clinic economics and treatment adoption.
Exposure: U.S. medical practices
- Customer concentrationImpact: MediumLikelihood: Medium
Substantially all revenue comes from U.S. clinics, so localized disruption can affect results.
Exposure: Domestic clinic network
- Intellectual property and brand protectionImpact: MediumLikelihood: Low
Unauthorized copying of supplements, software, or trade secrets could weaken differentiation.
Exposure: Biote-branded supplements and technology
Accounting
Judgemental itemsMSAs include training, software, pellets, and support, so revenue must be allocated across multiple performance obligations.
Impact: Timing and mix of revenue between product and service lines
Pellet revenue is tied to procedure completion, while supplements are recognized on transfer of control.
Impact: Quarterly revenue can shift with procedure timing and shipments
Supplement and kit inventory must be carried at realizable value, with write-down risk if demand changes.
Impact: Gross margin and asset carrying values
Contingent consideration requires periodic remeasurement using estimates and assumptions.
Impact: Non-cash gains or losses in earnings
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Last updated: 24/09/2026