BTMD

Biote Corp. is a hormone optimization company providing bioidentical hormone replacement therapy (BHRT) through a network of certified healthcare practitioners. Headquartered in Irving, Texas, Biote operates a practice-centric business model, training and certifying physicians, nurse practitioners, and other healthcare providers in the Method—Biote's proprietary approach to bioidentical hormone therapy using subcutaneous pellets. The company supplies proprietary hormone pellets to certified practitioners and provides practice management support, marketing tools, and educational resources. Biote's hormone therapy involves inserting bio-identical hormone pellets (estradiol and testosterone) subcutaneously, typically in the hip area, providing steady hormone levels for several months before requiring replacement. This pellet delivery method differs from oral, topical, or injection hormone replacement methods, offering convenience and consistent hormone levels. Biote positions its therapy as addressing hormonal imbalances and deficiencies associated with aging, menopause, andropause, and other conditions, with claimed benefits including improved energy, mood, sleep, sexual function, and overall quality of life. The company generates revenue primarily through selling proprietary hormone pellets and related supplies to certified practitioners, along with training fees and ongoing practice support subscriptions. Biote has built a network of thousands of certified practitioners across the United States. The company went public via SPAC merger in 2022. Biote competes in the hormone replacement therapy market against pharmaceutical companies offering traditional HRT products, compounding pharmacies, and other hormone therapy providers. The company has faced scrutiny regarding efficacy evidence, insurance reimbursement limitations requiring patients to pay cash, regulatory considerations, and competitive pressures. Success depends on growing the practitioner network, increasing therapy adoption rates, defending intellectual property around formulations and methods, navigating regulatory environment for hormone therapies, demonstrating clinical outcomes, and competing against established pharmaceutical HRT options and compounding alternatives. Biote benefits from aging demographics driving hormone therapy demand but must address questions about evidence standards, insurance coverage, and cost-effectiveness versus alternatives.