biote Corp. (BTMD) · Nov 4, 2026 · Earnings
Miss — Revenue $43.3M vs ~$44.0M consensus; EPS $0.01 vs roughly -$0.01 to -$0.05 consensus
Biote’s third-quarter earnings show a revenue miss and steep profit decline as the post-recall recovery remains slow, despite unchanged 2026 guidance.
Biote is trying to rebuild procedure volumes after its January 2026 hormone-pellet recall and related supply and commercial disruption; earlier filings described lower clinic volumes and temporary inventory constraints as the main drag on the business.
The recovery is not yet showing up in the core business. Third-quarter revenue fell 9.6% year over year to $43.3 million, led by a 15.1% decline in procedure revenue to $28.9 million, while supplements grew 7.3% to $12.0 million. The company itself says its “return to growth is progressing more slowly than anticipated.” 〔0〕
| Metric | Q3 2026 | Q3 2025 | Consensus |
|---|---|---|---|
| Revenue (Financial Review) | $43.3M (-9.6%) | $48.0M | ~$44.0M |
| Procedure revenue (Financial Review) | $28.9M (-15.1%) | — | — |
| Dietary supplements revenue (Financial Review) | $12.0M (+7.3%) | — | — |
| Adjusted EBITDA (Financial Review) | $5.1M (-60.5%) | $12.9M | — |
| Diluted EPS (Financial Review) | $0.01 | $0.22 | roughly -$0.01 to -$0.05 |
| Gross profit margin (Financial Review) | 67.7% | 71.8% | — |
Profitability deteriorated much faster than sales. Adjusted EBITDA dropped to $5.1 million from $12.9 million, while gross margin fell to 67.7% from 71.8% because Biote is still using lower-margin third-party pellets after the recall.
Holding guidance is not the same as demonstrating recovery. Biote kept its 2026 targets above $175 million of revenue and above $25 million of Adjusted EBITDA, but nine-month revenue is already $132.5 million and nine-month Adjusted EBITDA is $19.4 million. That requires more than $42.5 million of fourth-quarter revenue and more than $5.6 million of fourth-quarter Adjusted EBITDA merely to clear the stated thresholds, while management is acknowledging that the return to growth is taking longer than expected.
The EPS comparison flatters the quarter. Diluted EPS of $0.01 was better than the roughly negative analyst expectation, but the underlying operating result was sharply weaker: operating income fell to $2.5 million from $8.3 million, and net income attributable to Biote stockholders fell to $0.4 million from $8.2 million. The EPS beat therefore does not offset the revenue miss and continued pressure on the core procedure business.
Bottom line: This is a modest setback to Biote’s turnaround, not a new crisis: supplements are growing and guidance survived, but the main procedure engine remains in decline and margins are still impaired by the recall aftermath. The quarter lands below the market’s operating expectations and leaves the recovery story dependent on a stronger fourth quarter than management has delivered so far.
Q4 results and initial 2027 outlook
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