The 10-year-old company goes public Friday, hoping a cash injection will be a springboard for accelerated growth as it aims for $166 million in revenue this...
The firm, which begins trading Friday, uses a franchise-like model to partner with over 5,000 practitioners at clinics around the U.S., providing them with training and pellets for hormone replacement therapy.
The SPAC raised $317 million in its March initial public offering. On Tuesday, stockholders approved the combination, with the newly formed company trading on Nasdaq under the ticker symbol BTMD. Biote said its implied initial equity value is about $737 million. The company operates in a controversial market that has required it to do its own studies to combat past research that showed a linkage between hormone replacement and breast cancer. Biote said its studies show that pellets that mimic the effects of hormones in a patient’s body are not only safe but can help reduce the chances of breast cancer.
Steven Heyer, who was also formerly CEO of Starwood Hotels & Resorts Worldwide, said he and his brother were drawn to Biote because it’s profitable and has no close competitors. Its No. 1 competitor, Dallas-based Evexipel, has 300 clinic locations while Biote has more than 2,800, according to Biote. It isn’t lost on Weber that the SPAC market, which was on fire last summer, has since reversed. Data shows 2021 had 613 SPAC IPOs while 2022 has had just 68 so far, according to tracking site. But Weber said Biote is confident in its choice as the Heyer brothers are on board with the company’s mission and want to see it grow long-term.
Biote started to sign up a few clinics in Dallas and grew from there. The partnership is attractive because it’s low-cost to start, requiring only a $3,500 training fee, Donovitz said. Many revenue streams for clinics carry large capital costs, such as buying expensive equipment for laser hair removal.
. Weber said she expects to add 60 positions this year, mostly in sales and support to help it expand outside of its core states and internationally. Similar to Donovitz, Rice said he got a call from a colleague in Dallas raving about the training he attended on pellet therapy. The friend said he learned more in one Biote training weekend than in the 20 years he had been practicing, Rice said.
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