BTMD · CIK 1819253
What biote Corp. told the SEC could break it.
Biote's revenue is geographically concentrated, with about 53% in 2025 coming from ten southern and southwestern states — Texas, Oklahoma, New Mexico, Colorado, Arkansas, Louisiana, Mississippi, Alabama, Georgia and Florida — making it especially sensitive to those states' regulatory, economic and competitive conditions. Its supply is concentrated too: each of its 26 branded dietary supplements is single-source manufactured (with only contingency backups), and four vendors accounted for roughly 76% of 2025 inventory purchases. It is also exposed to FDA oversight — its supplements are subject to new-dietary-ingredient notification requirements (with no guarantee the FDA agrees its ingredients comply), and it is registered as a device repackager/relabeler for Class I trocar kits.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- 53% of revenue from 10 core southern/southwestern stateshigh
About 53% of Biote's 2025 revenue came from 10 core states (Texas, Oklahoma, New Mexico, Colorado, Arkansas, Louisiana, Mississippi, Alabama, Georgia, Florida), making it particularly sensitive to regulatory, economic and competitive conditions there.
“During the year ended December 31, 2025, approximately 53% of our revenue was generated in Texas, Oklahoma, New Mexico, Colorado, Arkansas, Louisiana, Mississippi, Alabama, Georgia and Florida. Such geographic concentration makes us particularly sensitive to regulatory, economic, environmental and competitive conditions in those states.”
SEC filing →As of 2026
Regulatory & policy
- FDA dietary-supplement (new dietary ingredient) and medical-device regulationmedium
Biote's dietary supplements are subject to FDA new-dietary-ingredient notification requirements (no guarantee the FDA agrees its ingredients comply) and it is FDA-registered as a device repackager/relabeler for Class I trocar kits — exposing it to FDA classification and compliance risk.
“There is no guarantee that the FDA will agree with us that all of our dietary ingredients comply with this requirement.”
SEC filing →As of 2026
Supplier concentration
- single-source manufacturing of dietary supplements; ~76% of inventory purchases from four vendorsmedium
Biote's 26 branded dietary supplements are each single-source manufactured by 11 US suppliers (only backup suppliers for contingencies), and four vendors accounted for ~75.8% of 2025 inventory purchases — concentrating supply risk despite no single dominant vendor.
“While all dietary supplement products are currently single source manufactured, we have back-up suppliers for contingency situations, should they arise.”
SEC filing →As of 2026
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