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Biote Announces Strategic Partnership with IMAC Holdings, Inc.
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Biote Corp. (Nasdaq: BTMD) has partnered with IMAC Holdings (Nasdaq: BACK) to introduce Biote's hormone optimization services in IMAC's outpatient clinics. This collaboration aims to enhance patient care by integrating innovative treatments for obesity and chronic pain. Training for IMAC professionals on the Biote Method is set to begin in September. Biote specializes in building medical practices focused on hormone optimization, while IMAC provides regenerative rehabilitation for musculoskeletal and neurological conditions.
Positive
Strategic partnership with IMAC expected to enhance service offerings in outpatient clinics.
Training of IMAC staff in Biote Method to begin September, indicating a swift implementation.
Negative
Dependence on third parties for manufacturing bio-identical hormones raises operational risk.
The market acceptance of Biote's services is uncertain, posing a growth risk.
Biote Method to be available in IMAC outpatient medical clinics
IRVING, Texas--(BUSINESS WIRE)--
biote Corp. (Nasdaq: BTMD) (“Biote” or the “Company”), a high growth, differentiated medical practice-building business within the hormone optimization space, today announced that it has entered into a partnership with IMAC Holdings, Inc. (Nasdaq: BACK) (“IMAC”) a regenerative rehabilitation company focused on treating musculoskeletal and neurodegenerative disease. Through this partnership, IMAC will add certain Biote services to its network of outpatient clinics that deliver orthopedic, regenerative, and advanced, non-surgical medical procedures.
“As leaders in hormone optimization and regenerative health and wellness, respectively, we believe Biote and IMAC are well-positioned to make an exponential impact on the lives of individuals who are hoping to live fuller, pain-free, and healthy lives through all stages of aging. We are honored to embark on this strategic partnership with a company whose mission aligns so well with ours,” said Terry Weber, Biote Chief Executive Officer. “We believe the future is incredibly bright for Biote, IMAC, and all those who will benefit from our partnership.”
“We are excited to add Biote’s services to IMAC clinics, which will be used to implement innovative weight loss and hormone optimization therapy within our current patient population,” said Jeff Ervin, IMAC Founder and Chief Executive Officer. “Where IMAC has a focus on evidence-based regenerative applications, Biote brings a similar focus to hormone optimization which we see as a complementary service line to our existing patient base. We believe the Biote Method will be a powerful treatment tool for our clinics to help alleviate certain aspects of obesity, which is a leading cause of chronic illness and back pain.”
The Company has begun training IMAC medical professionals in the Biote Method for launching the treatments at select IMAC Regeneration Centers in September.
About Biote
Biote is a woman-led company operating a high growth, differentiated medical practice-building business within the hormone optimization space. Similar to a franchise model, Biote provides the necessary components to enable practitioners to establish, build, and successfully operate a hormone optimization center to treat patients appropriate for therapy. Biote trains practitioners how to identify and treat early indicators of hormone-related aging conditions.
About IMAC Holdings
IMAC Holdings owns and manages health and wellness centers that deliver sports medicine, orthopedic care, and restorative joint and tissue therapies for movement restricting pain and neurodegenerative diseases. IMAC is comprised of three business segments: outpatient medical centers, The Back Space, and a clinical research division. With treatments to address both young and aging populations, IMAC Holdings owns or manages outpatient medical clinics that deliver regenerative rehabilitation services as a minimally invasive approach to acute and chronic musculoskeletal and neurological health problems. IMAC’s The Back Company retail spinal health and wellness treatment centers deliver chiropractic care within Walmart locations. IMAC’s research division is currently conducting a Phase I clinical trial evaluating a mesenchymal stem cell therapy candidate for bradykinesia due to Parkinson’s disease. For more information visit www.imacholdings.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “may,” “can,” “should,” “will,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “hope,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “might,” “ongoing,” “potential,” “predict,” “would” and other similar expressions, are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual results or developments to differ materially from those expressed or implied by such forward-looking statements, including but not limited to: the success of our dietary supplements to attain significant market acceptance among clinics, practitioners and their patients; our customers’ reliance on certain third parties to support the manufacturing of bio-identical hormones for prescribers; our and our customers’ sensitive to regulatory, economic, environmental and competitive conditions in certain geographic regions; our ability to increase the use by practitioners and clinics of the Biote Method at the rate that we anticipate or at all; our ability to grow our business; the significant competition we face in our industry; our limited operating history; our ability to protect our intellectual property; the unpredictability of the effects of the COVID-19 pandemic; the heavy regulatory oversight in our industry; changes in applicable laws or regulations; the inability to profitably expand in existing markets and into new markets; the possibility that we may be adversely impacted by other economic, business and/or competitive factors and future exchange and interest rates. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Biote’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and other documents filed by Biote from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Biote assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Biote does not give any assurance that it will achieve its expectations.
