biote (BTMD) investor relations material

Executive summary

• Revenue for Q2 2026 declined 9.5% year-over-year to $44.2 million, primarily due to a voluntary recall of hormone pellets and lower procedure volumes at clinics.

• Net loss for Q2 2026 was $7.4 million, or $0.23 per diluted share, compared to net income of $3.9 million and $0.10 per share in Q2 2025, driven by higher legal and recall-related expenses.

• Adjusted EBITDA for Q2 2026 was $5.6 million (12.6% margin), down from $15.2 million (31.1% margin) in Q2 2025.

• Dietary supplements revenue grew 5.7% to $11.4 million, partially offsetting the decline in procedure revenue.

• CEO transition occurred in June 2026, with Robert C. Peterson appointed as Interim CEO.

Financial highlights

• Gross margin fell to 65.4% from 71.6%, mainly due to recall-related costs and higher third-party sourcing.

• Operating loss was $3.5 million, down from operating income of $10.8 million in Q2 2025.

• SG&A expenses rose to $32.4 million from $24.2 million, reflecting higher legal and settlement expenses.

• Cash and cash equivalents were $11.2 million as of June 30, 2026.

• Interest expense decreased to $2.2 million due to the elimination of share repurchase liability accretion.

Outlook and guidance

• Full-year 2026 revenue now estimated above $175 million and adjusted EBITDA above $25 million, revised down from prior guidance of $190 million and $38 million, respectively.

• Procedure revenue expected to improve sequentially in Q3 and Q4 as inventory normalizes, but year-over-year growth delayed due to recall impacts.

• Dietary supplements revenue projected to grow at a mid to high single-digit rate for 2026.

• No formal financial guidance was provided for the remainder of 2026.