Revenue Performance - Revenues for Q3 2025 decreased by 6% to $4.3 million compared to Q3 2024, primarily due to a $0.4 million decline in the Family Safety product line [121]. - Revenues decreased to $13.4 million for the nine months ended September 30, 2025, down 14% from $15.6 million in 2024, primarily due to declines in the Family Safety product line [139]. Gross Profit and Cost of Revenues - Gross profit for Q3 2025 was $3.2 million, representing 73.9% of revenues, a slight increase from 71.6% in Q3 2024 [131]. - Cost of revenues decreased to $1.1 million in Q3 2025 from $1.3 million in Q3 2024, reflecting cost reduction efforts [130]. - Cost of revenues reduced to $3.6 million in 2025 from $4.9 million in 2024, a decrease of $1.3 million attributed to lower revenue and cost reduction efforts [140]. - Gross profit was $9.8 million, representing 73.4% of revenues for the nine months ended September 30, 2025, compared to $10.7 million or 68.5% in 2024 [141]. Operating Expenses - Operating expenses decreased by approximately $2.1 million in Q3 2025 compared to Q3 2024, driven by reductions in sales and marketing and research and development expenses [121]. - Selling and marketing expenses were reduced to $1.5 million in Q3 2025 from $2.1 million in Q3 2024, due to personnel cost reductions [132]. - Research and development expenses decreased to $2.6 million in Q3 2025 from $3.6 million in Q3 2024, also attributed to cost reduction initiatives [133]. - Selling and marketing expenses decreased to $4.8 million in 2025 from $7.2 million in 2024, a reduction of approximately $2.4 million due to decreased personnel costs [142]. - Research and development expenses were $8.2 million for the nine months ended September 30, 2025, down from $11.3 million in 2024, a decrease of approximately $3.1 million [144]. - General and administrative expenses decreased to $7.7 million in 2025 from $8.2 million in 2024, a reduction of approximately $0.6 million [145]. Net Loss and Cash Flow - The net loss attributable to common stockholders for Q3 2025 was $5.2 million, resulting in a net loss of $0.25 per share [121]. - A goodwill impairment charge of $11.1 million was recorded for the nine months ended September 30, 2025, compared to $24.0 million in 2024 [148]. - Net cash used in operating activities was $5.0 million for the nine months ended September 30, 2025, compared to $9.4 million in 2024 [158][159]. - The company generated net cash provided by investing activities of $1.2 million in 2025, primarily from the sale of ViewSpot [160]. - Net cash provided by financing activities was $2.4 million for the nine months ended September 30, 2025, compared to $3.6 million in 2024 [161][162]. Strategic Initiatives - The company expects strategic cost reductions to result in savings of approximately $1.8 million per quarter, totaling about $7.2 million for 2026 [124]. - The company completed the development of SafePath 8 and plans to launch new features, aiming to grow Family Safety revenues with Tier 1 carriers [122]. - The sale of the ViewSpot product generated total consideration of $1.3 million, with $1.0 million received at closing [121].

Financial Performance - Total revenues for Q3 2025 reached $94.876 million, a 17.5% increase from $80.630 million in Q3 2024[17] - Product revenue, net for Q3 2025 was $89.954 million, up from $79.345 million in Q3 2024, representing a 13.5% growth[17] - Net income for Q3 2025 was $26.927 million, compared to $17.594 million in Q3 2024, reflecting a 53.1% increase[20] - Total revenues for the three months ended September 30, 2025, were $94.9 million, an increase from $80.6 million in the same period of 2024, representing a growth of 17.6%[96] - Segment income for the three months ended September 30, 2025, was $26.9 million, compared to $17.6 million in the same period of 2024, indicating a significant improvement[96] - HEPLISAV-B product revenue in the U.S. for the nine months ended September 30, 2025, was $246.785 million, up from $197.377 million in the same period of 2024, indicating a growth of about 25%[97] - HEPLISAV-B product revenue increased by $10.6 million (13%) for Q3 2025 and $49.4 million (25%) for the first nine months of 2025 compared to the same periods in 2024[171] - Total revenues for the first nine months reached $258.5 million, up $53.3 million (26%) from 2024[171] Assets and Liabilities - Total current assets decreased to $814.331 million as of September 30, 2025, from $848.941 million at December 31, 2024[15] - Total liabilities increased to $412.368 million as of September 30, 2025, compared to $389.457 million at December 31, 2024[15] - Cash and cash equivalents rose to $160.247 million as of September 30, 2025, up from $95.883 million at December 31, 2024[15] - Total stockholders' equity decreased to $534.138 million as of September 30, 2025, from $596.799 million at December 31, 2024[15] - As of September 30, 2025, total cash and cash equivalents amounted to $160,247,000, an increase from $95,883,000 as of December 31, 2024[46] - Total marketable securities available-for-sale reached $487,568,000 as of September 30, 2025, compared to $617,951,000 as of December 31, 2024[47] - The total fair value of financial assets measured at fair value on a recurring basis was $629,951,000 as of September 30, 2025, down from $701,677,000 as of December 31, 2024[44] Cash Flow - Net cash provided by operating activities was $37,621,000 for the nine months ended September 30, 2025, an increase from $13,501,000 in the same period of 2024[26] - During the nine months ended September 30, 2025, the company generated $37.6 million of cash from operations, despite a net loss of $50.5 million[199] - Net cash provided by investing activities was $129.0 million for the nine months ended September 30, 2025, compared to $41.4 million used in the same period in 2024, primarily due to $135.6 million of net proceeds from marketable securities[201] - Cash used in financing activities was $103.9 million for the nine months ended September 30, 2025, including $80.9 million for debt extinguishment and $101.2 million for stock repurchases[202] Research and Development - Research and development expenses for the nine months ended September 30, 2025, totaled $55.112 million, compared to $42.881 million for the same period in 2024[17] - Research and development expenses increased by $4.7 million (33%) in Q3 2025 and $12.2 million (29%) for the first nine months, mainly due to higher costs in the shingles and plague vaccine programs[179] - The company anticipates continued increases in research and development expenses as it progresses its clinical and preclinical pipeline[180] - The company is advancing a pipeline of vaccine candidates utilizing its CpG 1018 adjuvant, targeting indications with unmet medical needs, including shingles and plague[138] Debt and Financing - The company incurred a loss on debt extinguishment of $82.095 million during the nine months ended September 30, 2025[17] - The total principal balance of outstanding convertible notes as of September 30, 2025, was $265.2 million, comprising $225.0 million of 2030 Notes and $40.2 million of remaining 2026 Notes[70] - The company recognized a loss on debt extinguishment of $82.1 million related to the refinancing transaction completed on March 13, 2025[73] - The 2030 Notes had an aggregate principal amount of $225.0 million, with a fair value of $209.2 million, classified as a long-term liability[91] Stock and Equity - The company executed a share repurchase program allowing for the repurchase of up to $200.0 million worth of common stock, completing all repurchases by September 30, 2025[164] - The share repurchase program authorized by the Board of Directors allows for the repurchase of up to $200.0 million worth of common stock, with $100.0 million already executed through an accelerated share repurchase agreement[107][108] - During the nine months ended September 30, 2025, the company repurchased 8,135,637 shares of common stock for approximately $91.7 million through open market transactions[109] - The Amended 2018 Equity Incentive Plan has 8,583,472 shares of common stock reserved for issuance as of September 30, 2025[115] Taxation - The effective income tax rate for the nine months ended September 30, 2025, was 5.3%, a decrease from 12.8% in 2024[124] - The effective income tax rate for the nine months ended September 30, 2025, was 5.3%, compared to 11.2% for the same period in 2024, with differences driven by federal, state, and foreign tax expenses offset by net operating losses utilized[189] Market and Product Information - Dynavax's first marketed product, HEPLISAV-B, is approved in the U.S., EU, and UK for the prevention of hepatitis B virus infection in adults[28] - The market opportunity for the HEPLISAV-B hepatitis B vaccine is projected to reach approximately $900.0 million in the U.S. by 2030, with an expected market share of at least 60%[137] - The company is advancing a pipeline of vaccine candidates, including programs for shingles and a plague vaccine, funded by the U.S. Department of Defense[29]

Financial Performance - Third quarter net revenue was $1.86 billion, up 2% year-over-year, with both ADI and Products & Solutions segments growing net revenue by 2%[6] - Record high gross margin of 29.8%, an increase of 110 basis points year-over-year, with margin expansion achieved for ten consecutive quarters in P&S and six consecutive quarters in ADI[6] - Record high net income of $156 million, up 680% year-over-year, compared to $20 million in the third quarter of 2024[6] - Adjusted EBITDA reached a record high of $229 million, up 21% year-over-year from $190 million in the third quarter of 2024[6] - Fully diluted earnings per share was $0.85, with Adjusted EPS of $0.89, exceeding the high-end of the outlook range and setting a new record high[6] - P&S segment delivered net revenue of $661 million, up 2% year-over-year, driven by price realization and customer demand for new products[8] - ADI segment reported net revenue of $1,203 million, up $20 million compared to the third quarter of 2024, with average daily sales growth of 3% year-over-year[11] - Net income for Q3 2025 was $156 million, significantly higher than $20 million in Q3 2024[24] - Non-GAAP adjusted net income for the three months ended September 27, 2025, was $137 million, compared to $88 million for the same period in 2024, reflecting a 55% increase[28] Cash Flow and Expenses - Cash used by operating activities was $1,571 million, with Adjusted cash provided by operations at $19 million after accounting for a $1.59 billion payment to Honeywell[13] - The company experienced a net cash used in operating activities of $(1,571) million for the three months ended September 27, 2025, compared to a cash provided of $147 million in the same period of 2024[26] - The company reported a net cash used in operating activities of $(1,571) million for the three months ended September 27, 2025[36] - Research and development expenses increased by $10 million year-over-year, reflecting planned investments for future growth[9] - Research and development expenses increased by 91% year-over-year to $44 million in Q3 2025, compared to $23 million in Q3 2024[24] - Selling, general and administrative expenses were $324 million in Q3 2025, a slight increase of 2% from $317 million in Q3 2024[24] Assets and Liabilities - Total assets as of September 27, 2025, were $8,188 million, slightly down from $8,199 million at the end of 2024[25] - Long-term debt increased to $3,169 million as of September 27, 2025, compared to $1,983 million at the end of 2024[25] - Cash and cash equivalents decreased to $345 million from $692 million at the end of 2024[25] Future Outlook - The company anticipates fourth quarter 2025 net revenue between $1,853 million and $1,893 million, and full year 2025 net revenue between $7,430 million and $7,470 million[16] Segment Performance - Net revenue for the three months ended September 27, 2025, was $661 million, a 2.5% increase from $645 million in the same period of 2024[32] - Net revenue for the ADI Global Distribution segment for the three months ended September 27, 2025, was $1,203 million, a 1.7% increase from $1,183 million in the same period of 2024[34] - Non-GAAP adjusted EBITDA for the ADI Global Distribution segment for the three months ended September 27, 2025, was $92 million, or 7.6% of net revenue, compared to 7.8% in the prior year[34] Capital Expenditures - The company reported capital expenditures of $(28) million for the three months ended September 27, 2025, compared to $(22) million in the same period of 2024[26] Other Financial Metrics - GAAP income from operations for the three months ended September 27, 2025, was $140 million, representing 21.2% of net revenue, compared to 19.8% in the prior year[32] - Non-GAAP adjusted EBITDA for the three months ended September 27, 2025, was $165 million, or 25.0% of net revenue, up from 24.3% in the same period of 2024[32]

Financial Performance - For the three months ended September 30, 2025, the company reported a net loss per share of $0.07, compared to a net loss per share of $1.30 for the previous quarter [201]. - For the three months ended September 30, 2025, the net loss was $9,528,000, compared to a net loss of $181,707,000 for the previous quarter [209]. - Distributable Earnings prior to realized gains and losses for the quarter were $5,850,000, down from $14,849,000 in the previous quarter [209]. - The company reported a Distributable Loss of $21,547,000 for the quarter, compared to a Distributable Loss of $110,061,000 for the previous quarter [209]. - The company recorded a net loss of $9.5 million for the three months ended September 30, 2025, compared to a net loss of $181.7 million in the previous quarter, representing an improvement of $172.2 million [272]. - Net loss for the nine months ended September 30, 2025, was $269.9 million, compared to a net loss of $120.6 million in the same period in 2024 [284]. Dividends and REIT Compliance - The company did not declare any dividends for the quarter ended September 30, 2025, consistent with the previous quarter [201]. - The company aims to maintain its status as a REIT by distributing at least 90% of its REIT taxable income as dividends [205]. - The company has elected to be taxed as a REIT and must distribute at least 90% of its REIT taxable income annually to maintain its status [331]. - As of September 30, 2025, the company was in compliance with all REIT requirements [332]. Book Value and Equity - As of September 30, 2025, the company's book value per share was $12.24, and the adjusted book value per share was $13.28 [200]. - The book value per share decreased to $12.24 as of September 30, 2025, from $14.12 as of December 31, 2024 [212]. - Adjusted Book Value per share was $13.28 as of September 30, 2025, down from $15.17 as of December 31, 2024 [212]. - The total equity as of September 30, 2025, was $1,748,811,000, compared to $2,008,086,000 as of December 31, 2024 [212]. Debt and Leverage Ratios - The Net Debt-to-Equity Ratio was reported at 1.9x, while the Total Leverage Ratio stood at 2.4x as of September 30, 2025 [200]. - Net debt-to-equity ratio improved to 1.9x as of September 30, 2025, down from 2.4x at the end of 2024 [301]. - Total leverage ratio decreased to 2.4x as of September 30, 2025, compared to 2.8x at the end of 2024 [301]. Loan Portfolio and Credit Losses - The company focuses on originating loans ranging from $50 million to $300 million on transitional commercial real estate assets located in U.S. markets [197]. - The unpaid principal balance of loans receivable held-for-investment at the end of the period was $4,518,241,000, down from $5,213,147,000 at the beginning of the period [224]. - The total unpaid principal balance of loans receivable held-for-investment is $4,866,018,000 as of September 30, 2025 [225]. - The weighted average loan-to-value (LTV) ratio at origination is 70.5%, excluding risk-rated 5 loans [227]. - The company recorded a provision for current expected credit losses of $254.8 million, including a $201.3 million increase in specific CECL reserves [242]. - As of September 30, 2025, the total current expected credit loss reserve was $360.4 million, reflecting potential credit losses in the loan portfolio [243]. - The weighted average risk rating of the loans receivable held-for-investment portfolio was 3.6 as of September 30, 2025, indicating moderate risk [240]. Revenue and Expenses - Total net revenue for the three months ended September 30, 2025, decreased by $5.6 million to $46.1 million, primarily due to a $9.1 million decline in net interest income [273]. - Interest and related income for the three months ended September 30, 2025, was $88.9 million, down from $108.1 million in the previous quarter, reflecting a decrease of $19.2 million [272]. - Revenue from real estate owned increased by $3.5 million to $29.0 million, attributed to multifamily properties foreclosed on in July 2025 [273]. - Operating expenses increased by $3.6 million during the three months ended September 30, 2025, primarily due to higher operating expenses from real estate owned [276]. - Total net revenue decreased by $47.1 million to $141.1 million for the nine months ended September 30, 2025, compared to the same period in 2024 [285]. - Total expenses rose by $4.2 million to $126.6 million, primarily due to a $5.6 million increase in operating expenses from real estate owned [286]. Asset Management and Risk Management - The asset management team rigorously monitors the loan portfolio, focusing on both quantitative and qualitative analyses to manage risks effectively [238]. - The company emphasizes prudent risk management with a conservative loan-to-value ratio to mitigate credit risk, focusing on extensive due diligence [355]. - The company seeks to manage risks through underwriting, loan structuring, and asset management processes to protect investor capital [370]. Market Conditions and Economic Impact - The U.S. Federal Reserve increased benchmark interest rates by 5.25% by the end of 2023, impacting interest expenses and borrower debt servicing capabilities [353]. - Future compliance with financial covenants may be impacted by macroeconomic conditions and high benchmark interest rates [263]. - Real estate market values are subject to volatility due to various factors, including interest rates and economic conditions, which could lead to losses from foreclosures or loan restructurings [370]. Liquidity and Financing - As of September 30, 2025, total sources of liquidity amounted to $353.2 million, a significant increase from $101.7 million as of December 31, 2024 [304]. - The company has a contractual obligation of $3.7 billion related to secured financings and term loan agreements, with $1.6 billion due in less than one year [320]. - The company maintains cash and liquidity to comply with minimum liquidity covenants and meet primary liquidity needs, including loan origination and acquisitions [315]. - The company has not received any margin calls under its repurchase agreements since inception through September 30, 2025 [254].

Revenue Performance - Total revenue for Q3 2025 was $700 million, a 4% decrease from $727 million in the prior year period, primarily due to lower COVID-19 and Donor Screening revenue[4]. - Non-respiratory revenue was $588 million, an increase of 5% as reported and 4% in constant currency; excluding Donor Screening, non-respiratory revenue grew 6% in constant currency[6]. - Total revenues for the three months ended September 28, 2025, were $699.9 million, down 3.7% from $727.1 million in the same period of 2024[33]. - Total revenues for the nine months ended September 28, 2025, were $2,006.6 million, a decrease of 3.3% from $2,075.1 million[39]. - Total revenue excluding COVID-19 and Donor Screening for the three months ended September 28, 2025, was $658.3 million, reflecting a growth of 5.0% from $626.9 million[43]. - Donor Screening revenue significantly declined by 57.2% to $40.8 million from $95.4 million[39]. - Molecular Diagnostics revenue increased by 4.7% to $18.0 million from $17.2 million[39]. Profitability and Loss - GAAP diluted loss per share for Q3 2025 was $10.78, compared to a diluted loss per share of $0.30 in the prior year period[5]. - GAAP net loss for Q3 2025 was $733 million, compared to a net loss of $20 million in the prior year period, including a non-cash goodwill impairment charge of $701 million[5]. - Adjusted net income for the three months ended September 28, 2025, was $54.7 million, with a diluted EPS of $0.80, compared to $57.4 million and $0.85 in the prior year[26]. - Adjusted EBITDA for Q3 2025 was $177 million, compared to $171 million in the prior year period, with an adjusted EBITDA margin of 25%[8]. - Adjusted EBITDA for the three months ended September 28, 2025, was $177.1 million, with an adjusted EBITDA margin of 25.3%[31]. Operational Changes - The company is winding down its U.S. Donor Screening portfolio, impacting overall revenue[5]. - GAAP operating expenses decreased by 6%, driven by cost-savings initiatives[6]. - Cash used for operating activities was $(26.7) million for the nine months ended September 28, 2025, compared to $19.3 million provided in the same period of 2024[23]. - Cash provided by financing activities increased to $166.9 million in the nine months ended September 28, 2025, from $117.7 million in the prior year[23]. Asset and Liability Management - Total assets decreased from $6,423.6 million in December 2024 to $5,675.1 million in September 2025, a decline of approximately 11.6%[21]. - Total current assets increased from $1,218.9 million to $1,366.7 million, representing a growth of about 12.1%[21]. - Long-term borrowings increased from $2,141.3 million in December 2024 to $2,496.5 million in September 2025, an increase of approximately 16.7%[21]. Revenue Breakdown by Region - North America revenues decreased by 12.6% to $381.4 million from $436.2 million, while EMEA revenues increased by 9.3% to $91.8 million[36]. - Respiratory revenues decreased by 32.1% to $112.3 million, while non-respiratory revenues increased by 4.6% to $587.6 million[33]. - Respiratory revenues for the nine months ended September 28, 2025, were $278.8 million, down 22.7% from $360.7 million[37]. - Non-Respiratory revenues for the same period were $1,727.8 million, showing a slight increase of 0.8% compared to $1,714.4 million[37]. Innovation and Growth - The company added high-sensitivity Troponin on its VITROS platform, indicating a focus on innovation and growth[3].

Revenue Performance - Q3 2025 revenue was $32.0 million, a decrease of 17% compared to Q3 2024's $38.6 million, attributed to the timing of revenue from contracted projects[4] - Total revenue for the three months ended September 30, 2025, was $32,000,000, down 17% from $38,584,000 in 2024[21] - The Megaproject segment revenue decreased by 37% to $18,400,000 in Q3 2025 compared to $29,009,000 in Q3 2024[21] Profitability Metrics - Gross margin for Q3 2025 was 64.2%, down 90 basis points from 65.1% in Q3 2024, primarily due to product mix costs and tariffs[5] - Operating margin decreased to 11.4% in Q3 2025 from 18.3% in Q3 2024, reflecting a 690 basis point decline[4] - Adjusted operating margin for Q3 2025 was 18.3%, down 920 basis points from 27.5% in Q3 2024[6] - Net income for Q3 2025 was $3.9 million, down 54% from $8.5 million in Q3 2024, with net income per share decreasing from $0.15 to $0.07[4] - Adjusted net income for Q3 2025 was $6.3 million, a 47% decrease from $12.0 million in Q3 2024[6] - The company reported an adjusted EBITDA of $6.8 million for Q3 2025, down from $11.6 million in Q3 2024[6] - The company reported a free cash flow of $(3,500,000) for Q3 2025, compared to $(3,200,000) in Q3 2024[26] Operating Expenses and Cash Flow - Operating expenses for Q3 2025 were $16.9 million, a decrease of 6.4% compared to Q3 2024, mainly due to lower employee costs[5] - Cash flows from operating activities for the nine months ended September 30, 2025, were $11,693,000, slightly up from $11,567,000 in 2024[20] - The company had a net cash provided by investing activities of $37,012,000 for the nine months ended September 30, 2025, compared to a net cash used of $22,171,000 in 2024[20] Balance Sheet and Assets - Cash and investments totaled $79.9 million as of September 30, 2025, down from $99.9 million at the end of 2024[16] - Total assets decreased to $209.6 million as of September 30, 2025, from $242.8 million at the end of 2024[16] Losses and Financial Position - For the nine months ended September 30, 2025, the company reported a net loss of $3,952,000 compared to a net loss of $421,000 in the same period of 2024[20] - Operating income for the nine months ended September 30, 2025, was a loss of $7,426,000, compared to a loss of $5,891,000 in the same period of 2024[22] Stock-Based Compensation - Stock-based compensation expense for Q3 2025 was $2,207,000, down from $2,412,000 in Q3 2024[24]

Financial Performance - Total revenue for Q3 2025 was $48.0 million, a decrease of 6.7% from $51.4 million in the prior year[5]. - Total revenue for Q3 2025 was $47,956,000, a decrease of 8.3% compared to $51,384,000 in Q3 2024[27]. - Product revenue decreased to $46,953,000 in Q3 2025 from $49,806,000 in Q3 2024, representing a decline of 5.7%[27]. - Net income was $9.2 million, with diluted earnings per share of $0.22, compared to $12.7 million and $0.33 in the prior year[7]. - Net income for Q3 2025 was $9,216,000, a decrease of 27.4% from $12,657,000 in Q3 2024[31]. - Net income attributable to Biote Corp. stockholders for Q3 2025 was $8,188,000, down from $10,702,000 in Q3 2024, a decrease of 23.5%[27]. - Adjusted EBITDA was $12.9 million, a decrease of 20.5% from $16.2 million, with an Adjusted EBITDA margin of 26.9%[8]. - Adjusted EBITDA for Q3 2025 was $12,881,000, representing a margin of 26.9%, compared to 31.5% in Q3 2024[31]. - Adjusted EBITDA for the nine months ended September 30, 2025 was $41,807,000, slightly down from $43,102,000 in 2024[31]. - Operating income decreased by 32.1% to $8.3 million due to reduced gross profit and higher operating expenses[6]. Revenue Breakdown - Procedure revenue declined by 10.4%, while dietary supplements revenue grew by 8.4%[5]. - The annual provider conference was shifted to Q3 2025, impacting operating expenses and procedure revenue[6][8]. Cash Flow and Assets - Cash and cash equivalents decreased to $28,048,000 as of September 30, 2025, from $39,342,000 at the end of 2024, a decline of 28.6%[28]. - Total assets decreased to $111,324,000 as of September 30, 2025, down from $122,370,000 at the end of 2024, a reduction of 9.0%[25]. - Total liabilities decreased to $176,791,000 as of September 30, 2025, compared to $224,570,000 at the end of 2024, a decrease of 21.3%[25]. - Operating cash flow for the nine months ended September 30, 2025, was $27,625,000, down from $32,875,000 in the same period of 2024, a decline of 16.9%[28]. Expenses - Selling, general and administrative expenses increased to $26,151,000 in Q3 2025 from $23,922,000 in Q3 2024, an increase of 9.6%[27]. - Interest expense for Q3 2025 was $2,733,000, a decrease from $3,542,000 in Q3 2024[31]. - Litigation expenses for Q3 2025 totaled $323,000, compared to $401,000 in Q3 2024[31]. - The company incurred $586,000 in restructuring-related expenses for the nine months ended September 30, 2025[31]. Shareholder Actions - Biote repurchased approximately one million shares of Class A common stock in Q3 2025[11]. - The company reiterated its 2025 financial outlook, forecasting revenue above $190 million and Adjusted EBITDA above $50 million[12]. - Biote continues to focus on strategic priorities to drive sustainable growth and enhance shareholder value[11].

Financial Performance - Rental income for the three months ended September 30, 2025, was $104,265,000, a significant increase of 82.5% compared to $57,153,000 for the same period in 2024[13]. - Net income attributable to CareTrust REIT, Inc. for the nine months ended September 30, 2025, was $209,248,000, compared to $72,945,000 for the same period in 2024, reflecting a growth of 186.5%[13]. - Total revenues for the three months ended September 30, 2025, reached $132,444,000, up 70.9% from $77,381,000 in the same quarter of 2024[13]. - The company reported a basic earnings per share of $0.35 for the three months ended September 30, 2025, compared to $0.21 for the same period in 2024, indicating a 66.7% increase[13]. - Net income for the quarter ending September 30, 2025, was $74,901,000, compared to $65,802,000 for the previous quarter, representing an increase of approximately 14%[18]. - The company recorded total comprehensive income of $59,583,000 for the three months ended September 30, 2025, compared to $33,441,000 for the same period in 2024, an increase of 78.1%[16]. - The total expenses for the nine months ended September 30, 2025, were $144.861 million, compared to $133.298 million in 2024, representing an 8.7% increase[168]. Asset and Equity Growth - Total assets increased to $5,088,920,000 as of September 30, 2025, up from $3,437,016,000 as of December 31, 2024, representing a growth of approximately 48.3%[11]. - Cash and cash equivalents rose to $712,480,000 as of September 30, 2025, compared to $213,822,000 as of December 31, 2024, marking an increase of 233.5%[11]. - The company’s total stockholders' equity increased to $3,994,166,000 as of September 30, 2025, up from $2,908,417,000 as of December 31, 2024, reflecting a growth of 37.3%[11]. - As of September 30, 2025, CareTrust REIT, Inc. reported total stockholders' equity of $3,994,166,000, an increase from $3,300,532,000 at June 30, 2025, reflecting a growth of approximately 21%[18]. Liabilities and Debt - Total liabilities increased to $1,071,710,000 as of September 30, 2025, from $507,633,000 as of December 31, 2024, representing a rise of 111.6%[11]. - The company has $900,000,000 in total debt as of September 30, 2025, including $400,000,000 in senior unsecured notes payable and $500,000,000 in senior unsecured term loans[132]. - The weighted average interest rate on the Company's outstanding debt as of September 30, 2025, was 4.29%[153]. Real Estate Investments - As of September 30, 2025, CareTrust REIT owned 399 skilled nursing facilities and other healthcare-related properties with a total of 36,192 operational beds and units[26]. - The total carrying value of real estate-related investments was $871.3 million, with an additional financing receivable of $98.1 million[26]. - The Care REIT Acquisition involved a cash payment of approximately $595.4 million and the assumption of liabilities totaling $290.9 million[42]. - The total consideration for the Care REIT Acquisition was $622.9 million, allocated primarily to real estate investments valued at $851.3 million[43]. - The company completed real estate acquisitions totaling $1.09 billion with an initial annual cash rent of $87.9 million for the nine months ended September 30, 2025[59]. Cash Flow and Dividends - Common dividends declared were $0.335 per share, totaling $74,806,000 for the quarter ending September 30, 2025[18]. - Cash flows from operating activities increased to $273,069 for the nine months ended September 30, 2025, up from $169,043 in 2024[24]. - The company reported a net cash used in investing activities of $901,048 for the nine months ended September 30, 2025, compared to $828,087 in 2024[24]. Market and Regulatory Environment - Major operator Ensign contributed 17% of total revenue for the three months ended September 30, 2025, down from 25% in the same period of 2024[183]. - California represented 22% of total revenue for the three months ended September 30, 2025, a decrease from 28% in the same period of 2024[184]. - The Centers for Medicare and Medicaid Services approved a 3.2% net increase in Medicare Part A payments to skilled nursing facilities for fiscal year 2026[205]. - Idaho implemented a 4% Medicaid reimbursement rate cut, while North Carolina reduced rates by 3% to 10%, potentially impacting tenant operations[201]. Stock-Based Compensation - Stock-based compensation expense for the three months ended September 30, 2025, was $2.493 million, up from $1.143 million in 2024, a 118.9% increase[164]. - The unvested balance of restricted stock awards as of September 30, 2025, was 553,979 shares, with a weighted average share price of $25.67[163]. - The company has authorized 5,000,000 shares for stock-based compensation under its Incentive Award Plan[161].

(Mark one) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ______________. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (267) 225-7416 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act ...

Financial Performance - Consolidated revenue for Q3 2025 was $841 million, a 3% increase from $817 million in Q3 2024[5] - Net income rose 78% to $114 million, with net income per share increasing 89% to $1.34 compared to the prior year[5] - Consolidated AEBITDA grew 18% to $375 million, while Adjusted NPATA increased 25% to $153 million, or $1.81 per share[5] - Third quarter consolidated revenue was $841 million, a 3% increase from $817 million in the prior year, driven by a 4% increase in Gaming revenue and a 16% increase in iGaming revenue[21] - Net income rose 78% to $114 million, compared to $64 million in the prior year, with net income per share increasing 89% to $1.34[21] - Consolidated AEBITDA increased 18% to $375 million, up from $319 million in the prior year, primarily due to revenue growth from Gaming and iGaming[21] - Adjusted NPATA increased 25% to $153 million, with adjusted NPATA per share rising 35% to $1.81[21] - Operating income increased to $229 million in Q3 2025, up from $159 million in Q3 2024, marking a 44% growth[38] - The company reported a net income margin of 14% for Q3 2025, up from 8% in Q3 2024[45] Cash Flow and Shareholder Returns - Generated $184 million in net cash from operating activities and $136 million in free cash flow, representing year-over-year growth of 55% and 64%, respectively[5] - Returned $111 million to shareholders through share repurchases during the quarter, with a total of $1.5 billion returned since March 2022[11] - Free cash flow increased to $136 million from $83 million in the prior year, driven by similar factors impacting net cash from operating activities[21] - Free cash flow for the three months ended September 30, 2025, was $136 million, compared to $83 million in the same period of 2024, an increase of 63.9%[64] Debt and Financial Position - Principal face value of debt outstanding was $5.0 billion, with a net debt leverage ratio of 3.5x as of September 30, 2025[11] - Long-term debt, excluding current portion, rose to $4,893 million as of September 30, 2025, compared to $3,847 million at the end of 2024[40] - Total debt as of September 30, 2025, was $4,942 million, an increase from $3,870 million as of December 31, 2024[59] - The net debt leverage ratio improved to 3.5 as of September 30, 2025, compared to 3.0 as of December 31, 2024[59] Revenue Breakdown - Gaming revenue increased 4% to $558 million, driven by a 38% rise in Gaming operations revenue to $241 million[5] - SciPlay revenue decreased 4% to $197 million, with average revenue per daily active user increasing 4% to $1.08[24] - iGaming revenue reached $86 million, a 16% increase, with wagers processed through the platform hitting a record $28.0 billion[24] - Total revenue for the Gaming Business Segment reached $558 million, a 3.9% increase compared to $537 million in the same quarter of 2024[50] Operational Developments - The integration of Grover Gaming into the omni-channel strategy is progressing well, with plans to participate in the Indiana charitable gaming market[7] - Transition to a sole primary listing on the ASX is on schedule, with 57% of total outstanding shares converted to ASX tradable interests[15] - The installed base of gaming operations in the U.S. and Canada increased to 47,240 units, up from 33,151 units year-over-year, reflecting a growth of 42.5%[50] - Total new unit shipments for gaming machines were 8,608, down from 13,063 in the same quarter of 2024, indicating a decrease of 33.5%[50] Financial Metrics and Guidance - The company maintains its full-year 2025 financial outlook, with Consolidated AEBITDA guidance between $1.43 billion and $1.47 billion[15] - Adjusted NPATA guidance range for fiscal year 2025 is provided, but a forward-looking quantitative reconciliation to GAAP measures is not available due to uncertainties[78] - Consolidated AEBITDA is presented as a supplemental disclosure and is reconciled to net income, highlighting its importance in evaluating operational performance[82] - Free cash flow is calculated as net cash from operating activities minus capital expenditures and adjusted for changes in restricted cash[89] Non-GAAP Measures - Management introduced the usage of Combined non-GAAP financial measures post-Grover acquisition, which includes results for both the Company and Grover[70] - Net debt leverage ratio and Combined net debt leverage ratio are used to monitor the Company's overall liquidity and financial flexibility[71] - Adjusted NPAT and Adjusted NPATA provide additional perspective on performance by eliminating effects of certain items, which are less indicative of ongoing operations[72] - Combined measures are useful for investors as they provide insights into the combined business of the Company and Grover, enhancing comparisons of liquidity and leverage[74]