biote (BTMD) Jefferies 2024 Global Healthcare Conference summary

Business overview and strategy

• Positioned at the intersection of consumer, healthcare, and technology, focusing on hormone optimization and therapeutic wellness.

• Achieved $185 million in revenue and $55 million adjusted EBITDA in 2023, with a 30% margin and over 7,300 providers.

• Operates a capital-light, annuity business model aiming to be the leading provider of evidence-based wellness solutions.

• Expanding into weight loss, thyroid health, sexual health, preventive wellness, and aesthetic dermatology.

• U.S. therapeutic wellness market estimated at $400 billion with 5%-10% CAGR; hormone replacement market at $7 billion with 7% CAGR.

Market opportunity and growth

• 47 million U.S. women affected by menopausal symptoms, only 28% treated; 20 million men over 45 with low testosterone, 10%-12% treated.

• Only 20% of 200 million Americans with hormone deficiency are treated, indicating significant growth potential.

• Geographic expansion to all 50 states, with 1,500 new practitioners certified in 2023 and more expected in 2024.

• Target base of 260,000 practitioners, with current penetration just over 2%.

• 94% annual clinic retention rate, with high standards maintained through ongoing training and protocols.

Technology and operations

• Proprietary software manages transactions, inventory, regulatory compliance, and clinical decision support.

• Algorithms recommend therapies based on patient data and evidence, supporting personalized care.

• Practice management tools help providers grow and efficiently run their clinics.

• Capital-light structure maintained by leveraging internal expertise for software and systems updates.

• Franchise-like model ensures quality and scalability across the provider network.