Biote Corp (NASDAQ: BTMD) is a hormone optimization company that trains and supports medical practitioners to deliver bioidentical hormone replacement therapy using subcutaneous pellets. Revenue comes primarily from fees charged to Biote-partnered clinics under master service agreements, tied to the number of hormone optimization pellet insertion procedures performed, plus sales of Biote-branded dietary supplements. The procedure-based fee structure bundles initial practitioner training, bioidentical hormone pellets sourced from 503B outsourcing facilities, inventory management software, clinical decision support software, and ongoing practice development and marketing support. Founded in Texas in 2012, Biote has expanded across the United States and as of December 31, 2025 operated with a 115-person sales force and a 108-person commercial sales team. Substantially all revenue originates from clinics located in the United States. The company does not bill third-party payors directly; clinics pay Biote directly under tiered MSA pricing that decreases management fees as new patient volumes rise.

Revenue model

Procedure-based management fees charged to Biote-partnered clinics under master service agreements, structured as tiered pricing that decreases with higher new patient volumes, plus revenue from sale of Biote-branded dietary supplements. Fees are designed to cover education, training, re-training, administrative services, and pass-through cost of pellets.

Products and services

Biote Method (bundled hormone optimization platform including practitioner certification and training), bioidentical hormone pellets sourced from 503B outsourcing facilities, inventory management software integrated with outsourcing facility ordering systems, Biote Clinical Decision Support software, practice development and marketing support, trademark licensing to partnered clinics, and Biote-branded dietary supplements.

Customers and end markets

Biote-partnered clinics and Biote-certified medical practitioners across the United States. End patients are primarily women aged 45 to 64 experiencing menopause and men over 45 affected by hypogonadism or andropause. The company targets an underserved hormone replacement therapy market.

Value-chain role

Franchisor-like platform operator sitting between 503B outsourcing facilities (which manufacture and supply hormone pellets) and independent medical clinics. Biote certifies practitioners, provides software infrastructure for DEA-compliant inventory tracking, and charges clinics fees per procedure rather than billing insurers or patients directly.

Geographic exposure

Substantially all revenue from the United States as of FY2025. Company originated in Texas in 2012 and expanded into geographically adjacent states.

Source: SEC 10-K, filed 2026-03-13

Industry: Medicinal Chemicals & Botanical Products Peers: CymaBay Therapeutics, Inc. EyePoint Inc Oramed Pharmaceuticals Inc Johnson & Johnson MARINUS PHARMACEUTICALS, INC. OptiNose, Inc. Provention Bio, Inc.