Updated:
biote
Terry Weber leads biote, a publicly traded hormone therapy company with over 6,000 affiliated practitioners and a growing direct-to-consumer diagnostic...
biote
biote traces its roots to 2012, when it was founded to commercialize bioidentical hormone replacement therapy (BHRT) through standardized pellet-based treatments. The company went public in 2022 via a merger with Haymaker Acquisition Corp. III, a SPAC that valued the combined entity at roughly $700 million. Under CEO Terry Weber, biote operates both a medical practice network and a direct-to-consumer diagnostic business that ships at-home test kits for hormone levels. biote's revenue model is built on recurring practitioner purchases of hormone pellets and related supplies, booking $186 million in revenue for fiscal year 2023. The company does not operate clinics itself; it trains and supplies independent medical providers — predominantly in family medicine, obstetrics and gynecology, and wellness — who then administer treatments in-office. In December 2023, biote expanded its consumer reach by launching a telehealth platform that connects patients directly with affiliated practitioners following the purchase of an at-home lab test kit. The company is headquartered in Irving, Texas, with a centralized laboratory facility that handles proprietary pellet compounding and diagnostic processing. biote exited 2023 with 965 active clinic locations and disclosed a long-term target of reaching 6,000 total locations, though quarterly growth has been uneven. The firm added 567 new providers in 2023 while churning through some existing accounts — a dynamic that reflects the challenges of medical training adoption rather than capital-allocation strategy. biote is structurally distinct from a traditional family office or investment firm: it is an operating company with its own balance sheet, R&D pipeline, and a compliance footprint governed by FDA pharmacy compounding rules and CLIA lab certification. The company's expansion rests on a licensing model — practitioners pay for training and commit to purchasing supplies exclusively from biote — which creates both high-margin recurring revenue and regulatory concentration risk if the FDA shifts its enforcement posture on compounded hormones.
General information
Firm type
Other
Year founded
2012
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Irving
Corporate office
Irving, TX, United States
Principals
Terry Weber
Chief Executive Officer
Sector focus
Frequently asked questions
What does biote actually sell to medical practitioners?
biote sells proprietary bioidentical hormone pellets — small, custom-compounded subcutaneous implants — along with training on insertion technique and ongoing practice-support materials. The pellets are purchased on a recurring basis by practitioners who enroll in biote's provider network. The company does not charge a franchise fee; its revenue is generated entirely from recurring product and supply sales.
How did biote become a public company?
biote went public in May 2022 through a de-SPAC transaction with Haymaker Acquisition Corp. III. The merger valued the combined entity at roughly $700 million at closing. Founder and former CEO Gary Donovitz retained a significant minority stake alongside institutional investors including Deerfield Management and Haymaker sponsor entities.
What regulatory exposure does biote face?
As a compounder of bioidentical hormones, biote operates under FDA guidance for pharmacy compounding — a regulatory framework that could change. The FDA has historically permitted compounding of hormone pellets when prescribed for individual patients, but any reclassification of pellet-based BHRT could disrupt biote's supply chain. The company's direct-to-consumer lab testing arm also operates under CLIA certification requirements administered by CMS.
Does biote operate its own medical clinics?
No. biote does not own or operate any physical clinics. It licenses its trademark and training to independent practitioners — primarily physicians in family medicine, obstetrics and gynecology, and wellness practices — who then buy biote-compounded hormone pellets and administer treatments to patients in their own offices.
Who competes with biote in the hormone therapy market?
biote competes with traditional pharmaceutical hormone therapies manufactured by companies like AbbVie (which markets FDA-approved hormone replacement products), as well as with smaller regional compounding pharmacies that offer customized BHRT. In the telehealth space, biote overlaps with digital hormone-health platforms such as Hers (Hims & Hers Health) and Alloy, though those firms typically prescribe FDA-regulated oral or topical treatments rather than compounded pellet implants.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: