Biote Corp. · NASDAQ:BTMD
Biote — Haymaker Acquisition Corp. III — SPAC Merger (December 2021)
32 slides from Biote's SPAC merger presentation, Dec 13, 2021
Slide 1: December 2021 Corporate Presentation
Exhibit 99.2 December 2021 Corporate Presentation Confidential Material – Do Not Distribute
Slide 2: Disclaimer
Disclaimer About this Company Presentation This investor presentation (this “Presentation”) is for informational purposes only to assist interested parties in making their own evaluation with respect to the proposed business combination (the “Business Combination”) between Haymaker Acquisition Corp.
Slide 3: Presenters
Jonathan Sackner Terry Weber Marc Beer Steven Heyer Andrew Heyer CEO Chairman Chairman and CEO President and Director Bernstein, MD Biote Medical Biote Medical Haymaker Acquisition Corp III Haymaker Acquisition Corp III Chief Medical Officer Biote Medical 25+ years of experience as 25+ years of expe
Slide 4: Why We Like Biote
Why We Like Biote Haymaker III Investment Criteria Biote $750M – $2bn consumer, retail, media, or hospitality Market leader in health & wellness category driving rapid, business with channel advantages profitable growth through highly attractive physician channel Proprietary operating model yielding
Slide 5: Biote's Numbers Speak for Themselves
Biote’s Numbers Speak for Themselves $46M—$50M $160M—$166M ~29% 2022E 2022E 2022E EBITDA Margin EBITDA Revenue • >11x Next-Largest (1) Competitor ~20% ~20% >90% • $17bn+ Anti-Aging 2020A – 2022E 2020A – 2022E 2020A – 2022E Market Net Revenue CAGR EBITDA CAGR FCF Conversion • Accelerated Growth • Exc
Slide 6: Transforming Healthy Aging
Transforming Healthy Aging • Innovative, personalized hormone therapy delivered by Biote- certified providers with 10-year track record of patient satisfaction • High-growth, profitable, health & wellness company with continued growth potential in the US and globally • Commercial expertise with 4,70
Slide 7: How Hormone Deficiency is Related to Risky and Debilitating Diseases
How Hormone Deficiency is Related to Risky and Debilitating Diseases (1) Hormone Deficiency Symptoms Related Diseases After the age of 40, many of us begin to face these… People with hormone deficiency are at increased risk of… (2)(3) • Low energy• Irritability • Heart disease (4)(5) • Insomnia• Dep
Slide 8: Hormone Therapy is Proven to Provide Symptom Relief
Hormone Therapy is Proven to Provide Symptom Relief (1) (1) (2) Symptom Prevalence Complete Relief Change in Symptom Severity (%) (%) (%) 81.7 Hot flashes / sweats 90.8 ↓ 69 73.5 Insomnia 61.4 ↓ 62 50.0 Dyspareunia 71.6 ↓ 76 83.3 Loss of libido 67.0 ↓ 73 84.2 Irritability 73.3 ↓ 66 79.2 Depression 7
Slide 9: Hormone Deficiency Affects 200M Americans with ~80% Untreated
Hormone Deficiency Affects 200M Americans (1) (2) with ~80% Untreated (8) $17bn+ Market Addressable Patient Population Anti-Aging $17bn+ Female Male (8) +5% CAGR Sleep, Anxiety, Skin, Hair, Cellular Repair •Women's estradiol •Men experience a 44% levels decline 67% from reduction of the mid 40s to t
Slide 10: Biote Offers Providers a Convenient Hormone Therapy Solution in a Clinical Setting
Biote Offers Providers a Convenient Hormone Therapy Solution in a Clinical Setting Medically prescribed by Over-the-Counter Pills providers × Not medically prescribed Personalized dosage with × One-size-fits all approach sustained release × Self-administered × Risk of inconsistent compliance Conveni
Slide 11: Complementary Portfolio of Treatments for Providers
Complementary Portfolio of Treatments for Providers to Address Clear Consumer Health Needs Biote Method Nutraceuticals Revenue % of ‘21 Revenue ($ in millions) $160-$166 • Proprietary BioTracker Practice • Differentiated formulations that are 1% Management Software complementary to pellet therapy $1
Slide 12: Scaled Market Leader with Differentiated Provider Business Model
Scaled Market Leader with Differentiated Provider Business Model and Unparalleled Operating Experience Customer Support Staff Sales Marketing Training • 80+ national field sales team• In-house full-service marketing and • 1 national training center• 10+ in-house customer support analytics capabiliti
Slide 13: Biote Has An Exceptional Financial Profile
Biote Has An Exceptional Financial Profile Financial Summary Key Stats Revenue ($ in millions) 22% 300k+ $160-166 ’16-’20 Revenue Active Patients of $136 CAGR $116 Providers on Therapy $110 $99 $77 $53 2016A 2017A 2018A 2019A 2020A 2021E 2022E ~29% EBITDA 90% 2022E Margin Clinic Retention Rate EBITD
Slide 14: Underserved TAM and Affordable Treatment Option
Underserved TAM and Affordable Treatment Option (1) (2) 200M Americans with ~80% Untreated 18-34 18-34 (2) $17bn+ Market 3% 65-74 4% 75+ 35-44 10% 2% 17% 35-44 Anti-Aging 65+ 45-64 45-64 15% $17bn 17% 70% 62% (3) +5% CAGR Sleep, Anxiety, Skin, Hair, Cellular Repair Female Age Male Age ~80% of Patien
Slide 15: Provider-Focused Model Designed to Take Hormone Therapy Mainstream
Provider-Focused Model Designed to Take Hormone Therapy Mainstream Biote Proprietary Business Model + + + + + = Brand High Quality Practice Training Didactic and Clinical Mentors Proprietary Practice Practice Retention Awareness and Clinical Certification Therapy Line Hormone Pellets Management and
Slide 16: Compelling Value Proposition for Providers
Compelling Value Proposition for Providers Number of Clinics 2,606 2,166 1,616 1,112 2017A 2018A 2019A 2020A Annual Certified Clinic Financials Profit per Average Procedure Profit Ancillary Profit Clinic Profit Procedure Procedures + = Average Clinic $240 310 $74,400 $25,215 $99,615 x = Average Top
Slide 17: Proven Model Poised for Significant Growth
Proven Model Poised for Significant Growth Opportunity to expand our universe of targeted providers Total providers in U.S. Including Physicians and NPs involved in Patient Care 1,200,000 Providers with relevant specialties Including IM, GP, FP, OB-GYN, Urology 260,000 Currently targeted specialty g
Slide 18: Geographic Scalability
Geographic Scalability Geographic scalability of the business is both predictable and capital efficient with a solid base of certified providers and their patients in current core states Today Future Near-Term Expansion Markets • Mid West (10 States) • Current core states include TX, OK, NM, CO, AR,
Slide 19: Impressive Financial Performance with Strong Growth, Profitability and Cash Flow
Impressive Financial Performance with Strong Growth, Profitability and Cash Flow Revenue EBITDA ($ in millions) ($ in millions) $160-166 $46-50 $136 $38 $116 $110 $99 $33 $24 $24 2018A 2019A 2020A 2021E 2022E 2018A 2019A 2020A 2021E 2022E % Gross Margin % Margin 60% 60% 62% 65% 67% 24% 22% 28% ~28%
Slide 20: Exceptional Leadership Team with a Proven Track Record
Exceptional Leadership Team with a Proven Track Record in Managing High Growth Businesses Gary Donovitz, MD Terry Weber Marc Beer Jonathan Sackner Robb Gibbins Founder Chief Executive Officer Chairman Bernstein, MD Chief Financial Officer Chief Medical Officer Joe Butler Cary Paulette Marybeth Conlo
Slide 21: Transaction Overview
Transaction Overview 21 Confidential Material – Do Not Distribute
Slide 22: Transaction Overview
Transaction Overview ($ in millions, except share price) Sources of Funds Uses of Funds (1) (2) HYAC Cash in Trust $318 Biote Equity Rollover $356 (3) Estimated Existing Balance Sheet Cash Prior to Closing 29 Secondary Proceeds 199 (2) Biote Equity Rollover 356 Cash to the Balance Sheet 195 (4) HYAC
Slide 23: Public Comparables Operational Benchmarking
Public Comparables Operational Benchmarking Consumer-oriented Healthcare Consumer Wellness 2021E – 2022E Sales CAGR Median: 28.4% Median: 7.9% 75.5% 55.5% 31.9% 31.2% 25.7% 23.5% 23.0% 22.1% ~19.9% 11.2% 7.9% 6.6% k 2021E – 2022E EBITDA CAGR Median: 20.9% Median: 9.2% 35.1% 28.6% ~26.3% 26.1% 20.9%
Slide 24: Public Comparables Operational Benchmarking
Public Comparables Operational Benchmarking Consumer-oriented Healthcare Consumer Wellness 2022E EBITDA Margin Median: 32.3% Median: 20.7% 46.4% 33.9% 30.8% ~29.0% 22.7% 20.7% 18.9% 12.9% NM NM NM NM (1) 2022E FCF Conversion Median: 82.6% Median: 97.6% 99.5% 98.7% 97.6% ~93.8% 87.0% 85.1% 80.1% 53.9
Slide 25: Public Comparables Valuation Benchmarking
Public Comparables Valuation Benchmarking Consumer-oriented Healthcare Consumer Wellness FV / 2022E Sales Median: 9.3x Median: 3.8x 16.0x 14.7x 10.6x 10.2x 8.4x 4.0-4.2x 4.1x 3.9x 3.8x 3.5x 3.1x 2.7x FV / 2022E EBITDA Median: 33.9x Median: 16.8x 114.1x 34.5x 33.2x 18.8x 16.8x 16.5x 13.3-14.5x 12.0x
Slide 26: Thank You
Thank You 26 Confidential Material – Do Not Distribute
Slide 27: Overview Haymaker III
Overview Haymaker III 27 Confidential Material – Do Not Distribute
Slide 28: Overview of Haymaker III
Overview of Haymaker III Haymaker Acquisition Corp. III is a $318M SPAC with a mandate to transact in the consumer and consumer-related products, media, hospitality and services industries. Haymaker III Overview Peerless Management Team • Haymaker III is a $318 million Special Purpose Acquisition Co
Slide 29: Risk Factors
Risk Factors The list below of risk factors has been prepared solely for purposes of the proposed private placement transaction (the • Highly Competitive Markets and Competition. The business and industry in which we participate are highly competitive, “Private Placement”) as part of the proposed bu
Slide 30: Risk Factors: Risks Related to our Business and our Industry (Continued)
Risk Factors Risks Related to our Business and our Industry (Continued)• Health Care Fraud and Abuse. Our success depends on our relationships with third-party providers and, therefore, our operations are subject to federal and state health care fraud and abuse, referral and reimbursement laws and r
Slide 31: Risk Factors: Risks Related to Ownership of the Combined Company's Common Stock
Risk Factors Risks Related to Ownership of the Combined Company’s Common Stock • Key Personnel. The ability to successfully effect the Business Combination and the Combined Company’s ability • Market Price of Common Stock. Sales of substantial amounts of the Combined Company’s common stock in the to
Slide 32: Risk Factors: Risks Related to the Business Combination (Continued)
Risk Factors Risks Related to the Business Combination (Continued) • Warrant Liability. Haymaker’s warrants are accounted for as liabilities, which are remeasured at each reporting period, and the changes in value of such warrants could have a material effect on the Combined Company’s financial resu
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