Biote (BTMD)
Market Price (6/26/2026): $1.95 | Market Cap: $59.8 MilSector: Health Care | Industry: Health Care Facilities
Biote (BTMD)
Market Price (6/26/2026): $1.95Market Cap: $59.8 MilSector: Health CareIndustry: Health Care Facilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 27%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 22%, FCF Yield is 44% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Personalized Diagnostics, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -105%, 3Y Excs Rtn is -135% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 172% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.6%, Rev Chg QQuarterly Revenue Change % is -8.3% Key risksBTMD key risks include [1] vulnerability to regulatory changes impacting hormone therapy and [2] a significant dependency on its network of Biote-certified healthcare practitioners. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 27%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 22%, FCF Yield is 44% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Personalized Diagnostics, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -105%, 3Y Excs Rtn is -135% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 172% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.6%, Rev Chg QQuarterly Revenue Change % is -8.3% |
| Key risksBTMD key risks include [1] vulnerability to regulatory changes impacting hormone therapy and [2] a significant dependency on its network of Biote-certified healthcare practitioners. |
Qualitative Assessment
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Biote (BTMD) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Revenue decline in fiscal Q1 2026, largely due to a voluntary product recall. Biote reported a total revenue of $44.9 million for fiscal Q1 2026 (which ended March 31, 2026), an 8.3% decrease year-over-year, missing consensus estimates. This decline was primarily driven by a 13.2% drop in procedure revenue, totaling $31.3 million, directly impacted by a voluntary recall of certain hormone pellet products, which resulted in an estimated $1.7 million revenue loss. The recall also contributed to a decrease in gross profit margin to 68.9% from 74.3% in the prior year's quarter, due to higher costs for replacement products. Management anticipates this impact will extend into fiscal Q2 2026.
2. Significant year-over-year deterioration in net income and Adjusted EBITDA during fiscal Q1 2026. In addition to the revenue challenges, Biote's net income for fiscal Q1 2026 was $2.7 million, a substantial decrease compared to $15.8 million in fiscal Q1 2025. Diluted earnings per share (EPS) for fiscal Q1 2026 stood at $0.06, missing the consensus estimate of $0.09. Adjusted EBITDA also fell by 36.6% to $8.7 million in fiscal Q1 2026, down from $13.8 million in the prior-year period.
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Biote (BTMD) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Revenue decline in fiscal Q1 2026, largely due to a voluntary product recall. Biote reported a total revenue of $44.9 million for fiscal Q1 2026 (which ended March 31, 2026), an 8.3% decrease year-over-year, missing consensus estimates. This decline was primarily driven by a 13.2% drop in procedure revenue, totaling $31.3 million, directly impacted by a voluntary recall of certain hormone pellet products, which resulted in an estimated $1.7 million revenue loss. The recall also contributed to a decrease in gross profit margin to 68.9% from 74.3% in the prior year's quarter, due to higher costs for replacement products. Management anticipates this impact will extend into fiscal Q2 2026.
2. Significant year-over-year deterioration in net income and Adjusted EBITDA during fiscal Q1 2026. In addition to the revenue challenges, Biote's net income for fiscal Q1 2026 was $2.7 million, a substantial decrease compared to $15.8 million in fiscal Q1 2025. Diluted earnings per share (EPS) for fiscal Q1 2026 stood at $0.06, missing the consensus estimate of $0.09. Adjusted EBITDA also fell by 36.6% to $8.7 million in fiscal Q1 2026, down from $13.8 million in the prior-year period.
3. Leadership transition at the CEO level created uncertainty. On May 28, 2026, Biote announced that Bret Christensen would step down as CEO, effective June 8, 2026, for personal reasons, though he remains on the Board of Directors. Bob Peterson, the company's Chief Financial Officer and Chief Business Officer, was appointed Interim CEO. While the company reaffirmed its full-year 2026 guidance for revenue above $190 million and Adjusted EBITDA above $38 million, such leadership changes can introduce a degree of investor apprehension, especially during periods of operational challenges.
4. Analyst price target reductions reflecting concerns over short-term growth. Following Biote's Q1 2026 results and ongoing operational issues, several analysts adjusted their price targets for the stock. For instance, in March and April 2026, analysts from B. Riley Securities, TD Cowen, and Truist Securities trimmed their price targets, with B. Riley reducing its target from $3 to $2, and TD Cowen from $3 to $2.5. These adjustments indicate a more cautious outlook on the company's near-term growth trajectory and profitability due to the recall and expected continued investments.
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Stock Movement Drivers
Fundamental Drivers
The -7.5% change in BTMD stock from 2/28/2026 to 6/25/2026 was primarily driven by a -43.7% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.12 | 1.96 | -7.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 196 | 188 | -3.8% |
| Net Income Margin (%) | 14.7% | 8.3% | -43.7% |
| P/E Multiple | 2.3 | 3.8 | 66.9% |
| Shares Outstanding (Mil) | 31 | 31 | 2.2% |
| Cumulative Contribution | -7.5% |
Market Drivers
2/28/2026 to 6/25/2026| Return | Correlation | |
|---|---|---|
| BTMD | -7.5% | |
| Market (SPY) | 7.3% | 27.0% |
| Sector (XLV) | -2.5% | 6.9% |
Fundamental Drivers
The -27.5% change in BTMD stock from 11/30/2025 to 6/25/2026 was primarily driven by a -43.7% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.71 | 1.96 | -27.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 196 | 188 | -3.8% |
| Net Income Margin (%) | 14.7% | 8.3% | -43.7% |
| P/E Multiple | 2.9 | 3.8 | 30.8% |
| Shares Outstanding (Mil) | 31 | 31 | 2.2% |
| Cumulative Contribution | -27.5% |
Market Drivers
11/30/2025 to 6/25/2026| Return | Correlation | |
|---|---|---|
| BTMD | -27.5% | |
| Market (SPY) | 8.1% | 30.7% |
| Sector (XLV) | -0.5% | 9.8% |
Fundamental Drivers
The -43.4% change in BTMD stock from 5/31/2025 to 6/25/2026 was primarily driven by a -25.7% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.46 | 1.96 | -43.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 199 | 188 | -5.6% |
| Net Income Margin (%) | 10.6% | 8.3% | -21.4% |
| P/E Multiple | 5.2 | 3.8 | -25.7% |
| Shares Outstanding (Mil) | 31 | 31 | 2.7% |
| Cumulative Contribution | -43.4% |
Market Drivers
5/31/2025 to 6/25/2026| Return | Correlation | |
|---|---|---|
| BTMD | -43.4% | |
| Market (SPY) | 26.0% | 27.1% |
| Sector (XLV) | 19.4% | 21.6% |
Fundamental Drivers
The -64.2% change in BTMD stock from 5/31/2023 to 6/25/2026 was primarily driven by a -75.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312023 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.47 | 1.96 | -64.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 145 | 188 | 29.8% |
| Net Income Margin (%) | 22.8% | 8.3% | -63.7% |
| P/E Multiple | 1.3 | 3.8 | 207.8% |
| Shares Outstanding (Mil) | 8 | 31 | -75.3% |
| Cumulative Contribution | -64.2% |
Market Drivers
5/31/2023 to 6/25/2026| Return | Correlation | |
|---|---|---|
| BTMD | -64.2% | |
| Market (SPY) | 82.6% | 28.2% |
| Sector (XLV) | 28.0% | 18.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTMD Return | -2% | -62% | 32% | 25% | -58% | -19% | -79% |
| Peers Return | -4% | -17% | -38% | -14% | -17% | 39% | -51% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| BTMD Win Rate | 33% | 50% | 67% | 42% | 25% | 50% | |
| Peers Win Rate | 35% | 48% | 42% | 46% | 38% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BTMD Max Drawdown | - | -66% | -43% | -40% | -61% | -50% | |
| Peers Max Drawdown | -75% | -66% | -64% | -52% | -68% | -37% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TXMD, OGN, EOLS, VERU.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/25/2026 (YTD)
How Low Can It Go
| Event | BTMD | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.0% | -9.5% |
| % Gain to Breakeven | 44.9% | 10.5% |
| Time to Breakeven | 128 days | 24 days |
In The Past
Biote's stock fell -31.0% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 44.9% gain to breakeven.
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| Event | BTMD | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.0% | -9.5% |
| % Gain to Breakeven | 44.9% | 10.5% |
| Time to Breakeven | 128 days | 24 days |
In The Past
Biote's stock fell -31.0% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 44.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Biote (BTMD)
Biote (BTMD) is structured as a special purpose acquisition company (SPAC), operating under its former name, Haymaker Acquisition Corp. III. In its current form, the company does not have any significant operational activities or an established core business that generates revenue.
The primary business of BTMD involves identifying, acquiring, and subsequently operating a suitable target business. This acquisition focus is specifically directed towards companies within the consumer and consumer-related products sector. Consequently, Biote (BTMD) does not offer any products or services directly to end customers at this time.
Incorporated in 2020 and based in New York, New York, the company's sole purpose is to complete a business combination with an existing private company, thereby bringing that operating business to the public market.
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- Bio-identical Hormone Pellets: Specially compounded pellets containing bio-identical hormones used for hormone replacement therapy in both men and women.
- Nutraceuticals: A line of dietary supplements formulated to complement hormone optimization and support general health and wellness.
- Provider Training & Education: Comprehensive programs that train medical practitioners on the Biote Method for hormone optimization and practice integration.
- Practice Support Services: Services encompassing marketing, business development, and patient management tools to assist healthcare providers in building and growing their Biote practices.
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Major Customers of Biote (BTMD)
Biote (BTMD) sells primarily to other companies in the healthcare sector, specifically medical practices and healthcare providers. These customers integrate Biote's preventative health solutions, including hormone optimization therapy, into their services.
Their customer base primarily includes the following categories of healthcare businesses:
- Physician Practices: Doctors' offices, including general practitioners, gynecologists, urologists, and other specialists, who receive training and products from Biote to offer hormone optimization and preventative health solutions to their patients.
- Medspas and Wellness Clinics: Facilities focused on aesthetic, anti-aging, and general wellness services that incorporate Biote's hormone therapy as part of their comprehensive offerings.
- Nurse Practitioners and Physician Assistants: Licensed healthcare providers who operate independent practices or work within larger groups and adopt the Biote method to provide hormone optimization therapy.
These customer companies are generally private practices and clinics across the United States, and therefore do not have public stock symbols.
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Bret Christensen
Chief Executive Officer
Bret Christensen was appointed Chief Executive Officer of Biote in February 2025. He is a distinguished executive with over two decades of leadership experience in women's health and the broader healthcare sector. Mr. Christensen has a history of advancing healthcare offerings into industry standards and has demonstrated an outstanding ability to launch innovative solutions, penetrate markets, and effectively scale businesses. His prior roles include commercial and general management leadership positions at Hologic (HOLX), Myriad Genetics (MYGN), and Insulet (PODD), where he contributed to revolutionizing treatments in women's health care, oncology, and diabetes, generating profitable growth and achieving significant commercial success. He possesses deep expertise spanning the diagnostic, therapeutic, and medical device healthcare sectors.
Robert Peterson
Chief Financial Officer and Chief Business Officer
Robert Peterson was appointed Chief Financial Officer of Biote, effective January 8, 2024. In this role, he leads Biote's finance operations, including accounting, financial planning and analysis, financial reporting, internal audit, tax, treasury, and investor relations. Mr. Peterson brings 15 years of experience in the health and wellness industry and has a background with public companies. Before joining Biote, he served as Executive Vice President, Chief Financial Officer of Virbac Corporation, a subsidiary of Virbac S.A., a global veterinary pharmaceutical and wellness company, from September 2017 to January 2024. He also spent eight years at Alcon Laboratories/Novartis Eye Care, where he held various roles including Global Head of Business Planning and Analysis and Finance Manager Investor Relations.
Kevin Key
Chief Digital Officer
Kevin Key serves as the Chief Digital Officer for Biote. He is recognized for his leadership in launching innovative solutions, penetrating markets, and effectively scaling businesses within the digital realm.
Joel Pickering
Chief Marketing Officer
Joel Pickering holds the position of Chief Marketing Officer at Biote. He is a seasoned executive with experience in developing and implementing marketing strategies to advance healthcare offerings and drive business growth.
Marybeth Conlon
VP, Business Development and General Counsel
Marybeth Conlon serves as the Vice President of Business Development and General Counsel for Biote. Her role involves overseeing business development initiatives and providing legal guidance to the company.
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1. Dependence on a Niche Market, Slowing Procedure Volumes, and Intense Competition
Biote's business is heavily concentrated in hormone pellet therapy, a niche market. This specialization exposes the company to significant risks, including intense competition from compounding pharmacies and general practitioners offering alternative hormone therapies. Recent financial reports indicate a decline in core pellet procedure revenue and slowing procedure volumes, raising concerns about market saturation and pricing pressure. Furthermore, patient demand for Biote's offerings can be highly sensitive to changes in insurance reimbursement policies and general consumer discretionary spending, which could further limit growth potential.
2. Regulatory Risk
The hormone optimization industry in which Biote operates is subject to extensive and evolving regulatory oversight. Any changes in existing laws, regulations, or the introduction of new guidelines, such as the National Academies of Sciences, Engineering, and Medicine (NASEM) recommendations for compounded hormones, could materially impact Biote's business model, its product and service offerings, and overall revenues. The regulatory landscape introduces uncertainty and potential for significant operational and financial adjustments.
3. Financial Stability Concerns
Biote has reported negative free cash flow, which could lead to liquidity challenges and necessitate the raising of additional capital through equity or debt, potentially on unfavorable terms. A significant concern for investors is the disclosed material weakness in Biote's internal controls over financial reporting, which has resulted in the restatement of previously issued financial statements. This weakness undermines confidence in the accuracy and reliability of the company's financial reporting. Additionally, the company faces settlement obligations, including a requirement to repurchase a substantial amount of shares, which represents a notable cash drain.
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Biote (NASDAQ: BTMD) operates primarily in the hormone optimization and wellness space, offering bioidentical hormone replacement therapy (BHRT) and a line of dietary supplements.
The main products and services for Biote, and their addressable market sizes, are as follows:
- Hormone Replacement Therapy (HRT) and Bioidentical Hormone Therapy (BHT) (U.S. and Global):
- The global hormone replacement therapy market was estimated at USD 24.75 billion in 2024 and is projected to reach USD 47.29 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.69% from 2025 to 2034. The U.S. hormone therapy (retail side) market alone was estimated at USD 11.63 billion in 2024 and is projected to reach USD 19.22 billion by 2033, growing at a CAGR of 5.83% from 2025 to 2033.
- Specifically for bioidentical hormones, the global market size was valued at USD 3,276.67 million in 2025 and is expected to increase to USD 5,543.24 million by 2032, with a CAGR of 7.8%. Another report indicates the bioidentical hormones market size grew from USD 7.97 billion in 2025 to USD 8.47 billion in 2026 at a CAGR of 6.3%, and is expected to reach USD 10.49 billion in 2030 at a CAGR of 5.5%. North America was the largest region in the bioidentical hormones market in 2025.
- For implantable hormone pellets, which are a key delivery method for Biote, the global market size was valued at USD 0.20 billion in 2024 and is predicted to reach USD 0.37 billion by 2034, growing at a 6.3% CAGR from 2025 to 2034. North America is expected to have the highest market share in revenue for implantable hormone pellets.
- Nutraceuticals/Dietary Supplements (Global):
- The global nutraceutical market was estimated at USD 451.8 billion in 2024. It is expected to grow from USD 480.4 billion in 2025 to USD 746.6 billion in 2034, at a CAGR of 5%. North America is the largest market for nutraceuticals.
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Here are 3-5 expected drivers of future revenue growth for Biote (symbol: BTMD) over the next 2-3 years:
- Expansion of Sales Force: Biote plans a significant investment in expanding its commercial sales operations, increasing its sales personnel from over 90 at the end of 2025 to approximately 120 in 2026. This expansion is aimed at accelerating new clinic growth and enhancing engagement with existing practitioners, which is anticipated to drive procedure revenue growth, particularly in the second half of 2026.
- Investment in Technology Platform: The company is making a sizable investment in its leading-edge technology platform in 2026. This initiative is designed to create a more efficient and seamless practitioner journey, improve long-term practitioner retention, and support the expansion of Biote-branded dietary supplements and other healthy aging solutions.
- Growth in Dietary Supplement Revenue: Biote has observed strong growth in its dietary supplement revenue, which increased by 16% in the fourth quarter of 2025, driven significantly by its e-commerce channel. Management expects this revenue stream to continue growing at a mid-to-high single-digit rate in 2026, providing a complementary market growth opportunity.
- Return to Procedure Revenue Growth: Following a period of decline in procedure revenue in 2025 and an anticipated decrease in the first half of 2026 (partially due to a product recall and clinic attrition), Biote projects a return to year-over-year procedure growth in the second half of 2026. This turnaround is expected as the expanded sales force and enhanced practitioner support initiatives gain traction.
- Stabilization and Growth in Clinic Additions and Retention: Biote's strategic objectives include accelerating new clinic growth and maximizing value from existing top-tier clinics. The company reported stabilizing clinic attrition and an acceleration in practitioner training attendance since mid-November 2025, which are considered leading indicators for future procedure growth and overall revenue generation.
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Share Repurchases
- Biote's Board of Directors authorized a $20 million share repurchase program on January 25, 2024, marking the company's first such authorization.
- As part of a litigation settlement, Biote is obligated to repurchase $10 million of its shares by June 28, 2026.
- In Q2 2025, cash and cash equivalents were reduced due to payments for previously announced share repurchases related to the company's founder and affiliated parties.
Share Issuance
- Biote became a public company trading under the symbol BTMD on May 27, 2022, following its business combination with Haymaker Acquisition Corp. III, implying significant share issuance during this de-SPAC transaction.
- The initial equity value of the business combination was approximately $737 million, with existing Biote equity holders rolling the majority of their equity into the combined company.
- On June 5, 2023, a secondary offering of 5,217,392 shares of Class A common stock was priced at $5.35 per share by one of the company's stockholders; Biote itself did not receive any proceeds from this sale.
Inbound Investments
- Upon closing of the business combination in May 2022, the combined company was projected to have approximately $195 million in cash on its balance sheet, derived from $317.5 million held in Haymaker's trust account and proceeds from committed debt financing.
- The transaction to go public was supported by committed debt financing from Truist Bank and Truist Securities, Inc.
Capital Expenditures
- In Q3 2025, Biote reported capital expenditures of $499K.
- For the full year 2025, capital expenditures and capitalized software totaled $50 (presumably in thousands).
- Management plans to significantly increase spending on sales and technology in 2026, which includes a sizable investment in its technology platform to support practitioner experience and retention.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Biote Earnings Notes | 12/16/2025 | |
| With Biote Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 2.94 |
| Mkt Cap | 0.1 |
| Rev LTM | 188 |
| Op Inc LTM | -4 |
| FCF LTM | 3 |
| FCF 3Y Avg | -3 |
| CFO LTM | 3 |
| CFO 3Y Avg | -3 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.7% |
| Rev Chg 3Y Avg | 7.8% |
| Rev Chg Q | 1.6% |
| QoQ Delta Rev Chg LTM | 0.4% |
| Op Inc Chg LTM | 4.5% |
| Op Inc Chg 3Y Avg | 17.0% |
| Op Mgn LTM | 2.5% |
| Op Mgn 3Y Avg | 1.0% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 15.6% |
| CFO/Rev 3Y Avg | 1.5% |
| FCF/Rev LTM | 11.8% |
| FCF/Rev 3Y Avg | -1.9% |
Price Behavior
| Market Price | $1.96 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 04/28/2021 | |
| Distance from 52W High | -56.9% | |
| 50 Days | 200 Days | |
| DMA Price | $2.16 | $2.36 |
| DMA Trend | down | up |
| Distance from DMA | -9.3% | -16.8% |
| 3M | 1YR | |
| Volatility | 72.9% | 65.2% |
| Downside Capture | 115.16 | 240.99 |
| Upside Capture | 194.37 | 94.62 |
| Correlation (SPY) | 25.4% | 25.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.57 | 1.31 | 1.82 | 1.88 | 1.59 | 1.30 |
| Up Beta | 3.68 | 1.16 | 1.32 | 1.86 | 1.59 | 1.35 |
| Down Beta | -1.76 | -0.03 | 2.04 | 1.75 | 1.03 | 0.97 |
| Up Capture | -76% | 234% | 153% | 137% | 121% | 114% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 8 | 21 | 27 | 53 | 116 | 345 |
| Down Capture | 141% | 42% | 230% | 209% | 176% | 111% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 19 | 33 | 64 | 123 | 376 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTMD | |
|---|---|---|---|---|
| BTMD | -48.6% | 65.2% | -0.75 | - |
| Sector ETF (XLV) | 17.9% | 15.1% | 0.88 | 21.1% |
| Equity (SPY) | 22.1% | 12.4% | 1.33 | 25.6% |
| Gold (GLD) | 20.8% | 27.7% | 0.67 | -6.1% |
| Commodities (DBC) | 23.3% | 18.5% | 0.99 | -11.3% |
| Real Estate (VNQ) | 11.6% | 13.8% | 0.55 | 22.6% |
| Bitcoin (BTCUSD) | -42.9% | 42.5% | -1.20 | 11.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTMD | |
|---|---|---|---|---|
| BTMD | -21.9% | 66.1% | -0.13 | - |
| Sector ETF (XLV) | 6.2% | 14.8% | 0.23 | 10.0% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 16.6% |
| Gold (GLD) | 17.4% | 18.3% | 0.77 | -5.8% |
| Commodities (DBC) | 7.9% | 19.5% | 0.30 | -0.6% |
| Real Estate (VNQ) | 2.8% | 18.9% | 0.05 | 13.3% |
| Bitcoin (BTCUSD) | 9.8% | 54.1% | 0.38 | 11.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTMD | |
|---|---|---|---|---|
| BTMD | -11.7% | 65.8% | -0.13 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 10.0% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 16.6% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | -5.8% |
| Commodities (DBC) | 5.9% | 18.0% | 0.25 | -0.6% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 13.2% |
| Bitcoin (BTCUSD) | 56.4% | 66.5% | 0.97 | 11.2% |
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Returns Analyses
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -5.0% | -7.7% | 6.4% |
| 3/11/2026 | -10.5% | -20.9% | -7.6% |
| 11/5/2025 | -3.1% | -9.9% | -12.6% |
| 8/6/2025 | -24.4% | -20.5% | -10.4% |
| 5/7/2025 | 12.0% | 18.0% | 14.7% |
| 3/12/2025 | -25.1% | 2.9% | -18.3% |
| 11/12/2024 | 21.7% | 10.3% | 18.5% |
| 8/8/2024 | -18.9% | -10.6% | -8.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 7 | 9 |
| # Negative | 11 | 10 | 8 |
| Median Positive | 8.6% | 3.1% | 10.8% |
| Median Negative | -13.4% | -12.7% | -11.5% |
| Max Positive | 21.7% | 20.4% | 18.5% |
| Max Negative | -25.1% | -23.5% | -24.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -5.0% | -7.7% | 6.4% |
| 3/11/2026 | -10.5% | -20.9% | -7.6% |
| 11/5/2025 | -3.1% | -9.9% | -12.6% |
| 8/6/2025 | -24.4% | -20.5% | -10.4% |
| 5/7/2025 | 12.0% | 18.0% | 14.7% |
| 3/12/2025 | -25.1% | 2.9% | -18.3% |
| 11/12/2024 | 21.7% | 10.3% | 18.5% |
| 8/8/2024 | -18.9% | -10.6% | -8.7% |
| 5/7/2024 | 5.2% | 3.1% | 16.6% |
| 3/12/2024 | 14.9% | 20.4% | 13.0% |
| 1/17/2024 | -13.6% | -17.1% | 0.6% |
| 11/7/2023 | -23.8% | -14.1% | -5.3% |
| 8/10/2023 | -13.4% | -23.5% | -24.2% |
| 5/9/2023 | -10.8% | -11.3% | -14.4% |
| 11/8/2022 | 1.1% | -0.4% | 6.0% |
| 8/10/2022 | 0.0% | 0.0% | 10.8% |
| 6/9/2022 | -2.8% | 0.8% | 2.8% |
| SUMMARY STATS | |||
| # Positive | 6 | 7 | 9 |
| # Negative | 11 | 10 | 8 |
| Median Positive | 8.6% | 3.1% | 10.8% |
| Median Negative | -13.4% | -12.7% | -11.5% |
| Max Positive | 21.7% | 20.4% | 18.5% |
| Max Negative | -25.1% | -23.5% | -24.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 09/30/2021 | 03/29/2023 | 10-Q/A |
| 06/30/2021 | 03/29/2023 | 10-Q/A |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 190.00 Mil | 0 | Affirmed | Guidance: 190.00 Mil for 2026 | |||
| 2026 Adjusted EBITDA | 38.00 Mil | 0 | Affirmed | Guidance: 38.00 Mil for 2026 | |||
| Q1 2026 Procedure revenue growth | -7.0% | 0 | 0 | Affirmed | Guidance: -7.0% for Q1 2026 | ||
| 2026 Dietary supplements revenue growth | 7.0% | 0 | 0 | Affirmed | Guidance: 7.0% for 2026 | ||
Prior: Q4 2025 Earnings Reported 3/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Procedure revenue growth | -9.0% | -7.0% | 0 | 0 | Same New | Actual: -7.0% for 2025 | |
| 2026 Revenue | 190.00 Mil | 0 | Same New | Actual: 190.00 Mil for 2025 | |||
| 2026 Adjusted EBITDA | 38.00 Mil | -24.0% | Lower New | Actual: 50.00 Mil for 2025 | |||
| 2026 Dietary supplements revenue growth | 5.0% | 7.0% | -53.3% | -8.0% | Lower New | Actual: 15.0% for 2025 | |
External Quote Links
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| FinViz |
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