Here are two brief analogies to describe Biote (BTMD):

• CrossFit for medical practices specializing in hormone optimization. (Similar to CrossFit licensing its fitness methodology and brand to independent gyms, Biote provides its proprietary method, training, and products to independent medical practices.)
• Keller Williams for medical practices specializing in hormone therapy. (Like Keller Williams empowering independent real estate agents with a system, training, and brand support, Biote equips independent medical professionals with a standardized method and products for hormone optimization.)

• Bio-identical Hormone Replacement Therapy (BHRT) Pellets: Implantable pellets containing bio-identical hormones (estrogen and testosterone) designed to restore hormonal balance.
• Nutraceuticals: A line of dietary supplements and advanced health panel tests developed to support overall health and complement hormone optimization.
• Biote Method: A comprehensive training and certification program for practitioners on the company's approach to BHRT, including pellet insertion and patient management.

Biote (symbol: BTMD) primarily sells its products and services to other companies, specifically healthcare providers, medical practices, and individual practitioners (such as physicians, nurse practitioners, and physician assistants) who then offer Biote's hormone optimization therapy to their patients.

However, Biote's customer base is highly fragmented. According to its public filings, including its Annual Report on Form 10-K, no single customer or group of related customers accounts for a significant portion of its revenue (typically defined as 10% or more). Therefore, there are no specific "major customer companies" with identifiable names and symbols to list.

Instead, Biote serves a broad network of thousands of independent healthcare practices and practitioners across the United States who adopt the Biote Method, rather than relying on a few large corporate customers.

• MedQuest Pharmacy
• Professional Compounding Centers of America (PCCA)

Bret Christensen, Chief Executive Officer

Bret Christensen is a seasoned leader known for his ability to launch innovative solutions, penetrate markets, and effectively scale businesses. He previously held commercial and general management leadership roles at Hologic (NASDAQ: HOLX), Myriad Genetics (NASDAQ: MYGN), and Insulet (NASDAQ: PODD). In these roles, he helped revolutionize treatments in women's health care, oncology, and diabetes, driving profitable growth and significant commercial success for numerous products. Bret holds a Bachelor of Science from Utah Valley University, a Master of Business Administration from the University of Utah, David Eccles School of Business, and executive certifications from the University of Chicago Booth School of Business.

Robert Peterson, Chief Financial Officer

Robert Peterson brings 25 years of domestic and international finance, accounting, and operational experience across various industries, particularly Pharmaceuticals, Medical Device, and Financial Services. He has extensive experience in high-growth businesses. Prior to joining Biote, Peterson served as Executive Vice President and Chief Financial Officer of Virbac Corporation, a subsidiary of Virbac S.A., a global veterinary pharmaceutical and wellness company. He also spent eight years at Alcon Labs/Novartis Eye Care, where he held roles of progressive responsibility, including Global Head of Business Planning and Analysis and Finance Manager Investor Relations. Peterson also has public company experience.

Marc Beer, Executive Chairman

Marc Beer possesses over 25 years of development and commercialization experience in biotechnology, pharmaceutical, device, and diagnostics. He previously served as CEO of Aegerion Pharmaceuticals, Inc. and ViaCell, and was a member of the Erytech Pharma Board of Directors. Beer has led several companies through significant capital raises and public offerings, including Renovia, LumeNXT Inc., Origami Surgical, Liftique, and Minerva Neurosciences Inc. His background includes extensive experience as a Founder, CEO, and Chairman in numerous health-related companies.

Kevin Key, Chief Digital Officer

Joel Pickering, Chief Marketing Officer

Potential increased regulatory scrutiny and restrictions by the U.S. Food and Drug Administration (FDA) on compounded hormone replacement therapies, particularly pellet formulations. The FDA has historically expressed concerns about the safety and efficacy of unapproved compounded "bioidentical" hormone replacement therapy (BHRT) drugs. The Pharmacy Compounding Advisory Committee (PCAC) of the FDA continues to deliberate on these issues, which could lead to new guidance, restrictions, or even a ban on certain compounded formulations if determined to be unsafe, ineffective, or if suitable commercially manufactured alternatives become available. Such actions would directly impact Biote's core business model, which relies on practitioners prescribing and administering these compounded pellets.

Biote (BTMD) operates primarily in the hormone optimization and nutraceuticals markets.

• Bioidentical Hormone Replacement Therapy (BHRT) / Hormone Optimization: The global bioidentical hormones market was valued at USD 9.08 billion in 2024 and is projected to reach USD 13.69 billion by 2032, with a compound annual growth rate (CAGR) of 5.26% from 2026 to 2032. In the U.S., the total market opportunity for hormone replacement therapy (HRT) products exceeded $7 billion in 2020 and is expected to grow 7% annually through 2026.
• Nutraceuticals / Dietary Supplements: The U.S. nutraceuticals market size was valued at USD 163.7 billion in 2024 and is anticipated to grow at a CAGR of 6.2% from 2025 to 2030.
• Practitioner Training and Support: null

1. Expansion of the Practitioner Network: Biote is focused on accelerating growth through new provider engagement and expanding its network of Biote-certified practitioners. This strategy aims to increase the number of clinics offering Biote's hormone optimization and therapeutic wellness programs.
2. Growth in Dietary Supplement Sales: The company anticipates continued year-over-year growth in dietary supplement sales, with a projected mid-teens percentage growth rate for fiscal year 2025. This growth is primarily driven by the e-commerce channel.
3. Maximizing Value from Top-Tier Clinics: A key strategic priority for Biote is to extract greater value from its existing top-tier clinics. This involves deepening relationships with current practitioners and optimizing their performance.
4. Launch of New Therapeutic Wellness Products: Biote expects modest contributions from new therapeutic wellness products, with a phased launch commencing in the first quarter of 2024. This expansion into new offerings within the therapeutic wellness market is intended to broaden its revenue streams.
5. Improved Commercial Organization and Sales Force Effectiveness: Following an organizational restructuring, Biote is enhancing the quality and effectiveness of its sales team. The goal is to accelerate new provider wins, strengthen relationships with existing practitioners, and drive overall sales growth.

Share Repurchases

• Biote authorized a $20 million common share repurchase program on January 25, 2024.
• In the third quarter of 2025, Biote repurchased approximately 1 million shares of Class A common stock at an average price of $3.28 per share under its authorized program, totaling roughly $3.28 million.
• In Q3 2025, Biote amended a settlement agreement with Marci Donovitz to repurchase her remaining shares, with an agreement to pay $18.5 million in January 2026 to fully settle a multiyear payment obligation.

Share Issuance

• The number of shares outstanding increased by 7.32% in one year.
• Shares valued at approximately $1.841 million were issued to acquire Simpatra.

Outbound Investments

• Biote made a strategic acquisition of Asteria Health in 2024.

Capital Expenditures

• Capital expenditures in the last 12 months amounted to approximately $6.66 million.
• Capital expenditures have focused on vertical integration, particularly of the company's 503B manufacturing facility, which has contributed to improved gross profit margins.