Key Highlights

• Q3 2026 Revenue was $43.3 million, a 9.6% decrease from $48.0 million in the prior-year quarter

• Procedure revenue declined 15.1% to $28.9 million, while dietary supplements revenue grew 7.3% to $12.0 million

• Gross Profit Margin was 67.7%, down from 71.8%, reflecting the impact of the January 2026 voluntary recall

• Adjusted EBITDA was $5.1 million, down from $12.9 million in Q3 2025

Biote Corp(NASDAQ:BTMD), a leader in hormone optimization and healthy aging solutions, reported its third quarter 2026 financial results on November 4, 2026, revealing continued pressure on its core procedure Business as the company works through the aftermath of a voluntary product recall earlier in the year. The company, headquartered in Irving, Texas, provides hormone optimization therapies through a nationwide network of trained practitioners.

Revenue and Procedure Volume Dynamics

Total revenue for Q3 2026 was $43.3 million, a 9.6% decline from $48.0 million in the corresponding period of 2025. Procedure revenue, which represents the largest portion of the company's top line, fell 15.1% to $28.9 million. The decline reflects lingering effects from the voluntary recall in January 2026, which prompted increased reliance on lower-margin third-party pellets. Interim CEO Bob Peterson acknowledged that the return to growth is progressing more slowly than anticipated, though he pointed to a recent improvement in procedure volume as early evidence of Demand stabilization.

The dietary supplements segment offered a brighter picture, with revenue growing 7.3% to $12.0 million during the quarter. This segment has continued to expand as the company diversifies beyond its core pellet-based hormone therapy offerings.

Profitability Under Pressure

Gross profit margin contracted to 67.7% from 71.8% in Q3 2025, a decline attributed primarily to the residual impact of the January recall, which led the company to source lower-margin third-party pellets. Operating Income fell to $2.5 million from $8.3 million in the prior year, while Net Income was $0.6 million, or $0.01 per diluted share, compared to $9.2 million, or $0.22 per share, a year earlier.

Net income for both periods included gains from changes in the Fair Value of earnout liabilities — $1.0 million in Q3 2026 and $2.9 million in Q3 2025. Adjusted EBITDA was $5.1 million, compared to $12.9 million in the year-ago period, representing an Adjusted EBITDA margin of 11.7%.

Clinical and Practitioner Engagement Initiatives

Chief Medical Officer Dr. Komal Bajaj, who joined Biote in June 2026, has been leading efforts to deepen engagement with the company's network of trained practitioners. These efforts focus on applying Biote's clinical education and support within individual practices, reinforcing quality and consistency of care. The company has identified improving sales productivity and practitioner engagement as immediate strategic priorities.

Outlook and the Road Ahead

Biote maintained its 2026 financial outlook, signaling that management views the current trajectory as consistent with its prior expectations despite the quarterly revenue decline. The company continues to focus on three central priorities: enhancing the practitioner experience, increasing sales productivity, and working toward a return to revenue growth. With the recall-related disruptions gradually receding and the supplements business expanding, the pace at which procedure volumes recover will be a key metric to monitor in the coming quarters.