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Banking Partnership Helps Biote Expand Into New Markets

(Visual Description: Truist Securities

Truist title and logo

Terry Weber, CEO, Biote)

Terry Weber: I’m Terry Weber, and I’m the CEO of Biote.

Terry: Biote is really a unique company because we’re totally committed to healthy aging. We want people to feel like they did at their best. You don’t have to age the way your father or your grandfather did. You can be your best self.

(Visual Description: Irving, Texas

Headquarters of Biote)

Terry: The hormone replacement market’s a really interesting market. I think a surprising fact is that 200 million Americans suffer from hormone deficiency. Only 20% get any kind of treatment.

Doctors don’t learn this in med school. So Biote not only trains physicians, but we certify them. To date, we’ve trained about 6,400 medical providers. This is a wonderful start, but we’ve barely scratched the surface.

(Visual Description: Pete Cataldo, Truist Securities – Managing Director, Healthcare Investment Banking)

Pete Cataldo: Biote came to us really at the start of a growth phase, back when the company was contemplating pursuing a merger to become a public company.

Terry: We had real specific needs when we were looking for a banker. I think our first need was we really wanted to significantly expand our sales force. Number two was we were really looking for a path to liquidity. And then the third piece was looking at mergers and acquisitions and other ways to grow.

Pete: There are many different alternatives for them to consider, and so we help them think through those alternatives. And what’s really cool about what Truist is able to provide to a company like Biote is its full suite of services—everything from raising additional growth capital to help pursue their mission. And on the equity front, we were able to provide access to the investment community. We also provided a lot of education around getting additional exposure from a branding perspective in the public markets.

Terry: I loved their depth of the research. I loved the attention to detail. And I really thought that the solutions and options and that critical thinking was there.

(Visual Description: June 3, 2022: Biote rings the closing bell at Nasdaq.)

Terry: Truist really understood who we were and the needs we had growing. So sitting down with the Truist team and working through what each of the paths that we could choose would really put us in the years to come. So that relationship was key for us making very clear decisions at the right point.

Pete: What really started as more of a transaction has turned into a wonderful long-term relationship, and that’s really what we care about at Truist.

(Visual Description: Biote expanded service to all 50 states.

And they’re still growing.)

Terry: We’re just one year public and have completely different needs than we had a year ago. So Truist is there with solutions. They’re nimble, they’re agile. Just truly a partner by all definitions. We’re so excited about the future of Biote. Our providers are asking us for new protocols and new treatments to keep their patients younger and really live healthier and happier rest of their life.

Pete: Biote’s got a great mission, and I’m just really excited about the opportunity ahead of them.

(Visual Description: Imagine tomorrow. Build it today.

Truist Securities

See what this partnership built.)


©2023 Truist Securities, Inc., member FINRA and SPIC. Truist Securities is a federally registered service mark of Truist Financial Corporation. All rights reserved.

Healthy-aging pioneer accelerates growth into new markets

Client success story

Truist Securities’ healthcare industry expertise is helping Biote expand its product line and brand awareness.


For over a decade, Biote has been experiencing phenomenal business growth. The company, headquartered in Irving, Texas, was founded in 2012 to help men and women find relief from symptoms of age-related hormone imbalances, including fatigue, mood shifts, and sleep problems. Their therapies also help regulate blood sugar, cholesterol, and body fat to reduce the risk of chronic conditions like heart disease and diabetes.

Biote’s CEO Terry Weber selected Truist Securities as financial advisor in its successful 2022 bid to become a publicly traded company (Nasdaq ticker symbol BTMD). Subsequently, Truist Securities led an equity deal for Biote, which has provided greater access to a broader set of investors and is helping them exceed their original goals for staffing, sales, and expansion.


  • Nearly 80% of people with age-related hormone issues don’t receive help.
  • Biote wanted to accelerate growth into new markets to assist more patients.
  • The CEO of Biote was new to the publicly traded healthcare market.
  • Biote needed to educate more medical practitioners and patients to expand its trainings and distribution.


  • Biote’s team was introduced to investors and leaders in the publicly traded healthcare market.
  • Guidance was provided to help Biote develop and publicize their value proposition and brand messaging.
  • A $175 million credit facility and an additional equity infusion were provided to help Biote with expansion.
  • Proactive advice was provided to help Biote address the new challenges of being a publicly traded company.

About Biote


Irving, Texas; founded 2012


Healthcare, specifically a medical-practice-building business in the hormone optimization space


About 160


Annual Revenue
$11 million (FY 2021)




Truist client since 2017

The power of partnering with the right team at the right time

Biote is a medical-practice-building company that enables medical practitioners to establish, build, and successfully implement a hormone optimization program. As a result, each patient receives a personalized plan to address their unique age-related hormonal imbalances and the symptoms they cause.

To achieve this, Biote supplies providers with education, software, marketing tools, clinical support, and access to high-quality bioidentical hormone pellets and Biote-branded dietary supplements. The patient begins therapy by providing bloodwork to practitioners, who input the information into Biote’s proprietary software, which helps them establish an individualized dosage of bioidentical hormones. Those hormones are delivered via a pellet implanted beneath the surface of the skin. After a few months, the patient’s bloodwork is reassessed, and the process begins again.

To date, Biote has trained and certified more than 6,400 medical practitioners who currently treat over 400,000 patients at more than 2,800 clinics in the United States, Mexico, and Canada. But with more than 200 million people experiencing hormone imbalances in America alone, Biote is driven to do more.

Biote & Truist Securities: Partners in caring

Biote had been working with Truist for four years when Terry turned to Pete Cataldo, managing director of Truist Healthcare Investment Banking at Truist Securities, in 2021 to discuss her company’s goal to go public.

“We were at a crossroads. We were looking for an innovative and hardworking bank to advise us as we looked to raise capital and pursue a public listing,” says Terry.

Biote needed capital to expand their sales force, provide a path to liquidity, and raise awareness of the brand to attract the interest of more physicians and patients.

“Taking the company public is a common way for a private company to approach these goals,” says Pete. On June 3, 2022, Biote rang the closing bell at Nasdaq.

Biote and Truist have connected in many ways. Both organizations are committed to providing the right care at the right time. That means providing foundational education, reassessing needs regularly (and adapting accordingly), providing a holistic solution, and sharing a strong work ethic.

“Biote is an exceptional brand, and they’re trying to reach more practitioners. Truist was able to provide the right level of capital to help the company continue to pursue their mission, the right level of access to investors to get their name out there, and the right advice on ways to help grow their business.”

Pete Cataldo
Managing Director, Truist Securities – Healthcare Investment Banking

Begin with a foundation of education.

The public’s understanding of age-related hormone deficiency is still in its infancy, says Terry. And most doctors don’t learn about hormone optimization in medical school. That’s why a necessary first step for Biote was to raise awareness and provide education on the topic.

Terry appreciated the education that Pete and Truist provided to her and her team in a variety of areas.

“We provided a lot of education around the alternatives they could pursue as they thought about raising additional growth capital, as well as getting additional exposure from a branding perspective in the public markets,” says Pete. “As part of that education process, we listen first, and then think about the right solution.”

Reassess regularly and adapt quickly.

Effectively managing hormone levels is an involved, complex, and highly data-intensive process. Biote supports its partnered clinics in pursuing excellence in all facets of patient care by providing ongoing training and education with content that is continually reassessed and updated.

Truist Securities also helps clients like Biote reassess their needs by continuing to have conversations with them long after a transaction is complete.

“For example, when we were looking to go public, Truist put a plan together to raise a debt facility to satisfy Biote’s minimum cash requirement at closing,” says Terry. “And Truist provided a fully underwritten financing commitment of the $175 million we needed. It was important to have that creative solution.”

After Biote went public, talks between Terry and Pete shifted to the topic of liquidity. In January 2023, Truist was lead underwriter for an equity deal that helped increase Biote’s public float (the amount of shares in the hands of public investors).

“What started as more of a transaction has turned into a wonderful long-term relationship,” says Pete. “That’s really what we care about at Truist. It’s not about one particular transaction. We listen to what our clients need at the time, and we look to deliver on that.”

Provide a holistic solution.

Biote provides medical practices with a comprehensive platform and wraparound support that includes practice and inventory management software and marketing materials.

Pete says that Truist also provides a turnkey solution to clients. “As a full-service financial institution, we have all the products and services that would be relevant to a situation like this,” he explains.

Truist’s equity capital markets team found interested investors, provided financial expertise, and looked at what the appetite would be for an equity infusion. The debt capital markets team used the Truist balance sheet to provide the full $175 million needed to close the deal. The Truist M&A team provided advice around structuring and terms of the complex merger agreement. These are just a few examples of how Truist Securities delivers capital and advisory solutions.

“Some banks don’t have a balance sheet. They’re not a depository institution. There are banks that can loan money but only for a short period of time—so they take the risk, but they aren’t there for the long term,” says Pete. 

“I’ve been a CEO for decades, and I’ve never had a banking relationship like this. I get thoughtful answers. I get research follow-up. Pete anticipates my needs, and the Truist team delivers—it’s a wonderful relationship.”

Terry Weber
CEO, Biote

“What we care most about at Truist is building long-term relationships. We’re not fixated on one product or solution. We’re fixated on trying to figure out what’s best for the client—both at that moment in time and going forward.”

Find partners who share your work ethic.

“When you’re passionate about your mission, you need a banker who is moving as fast as you are,” says Terry. “Whenever I met any Truist team members, they were totally prepared. The research was done. They knew what we needed. There was never wasted time.”

“Sometimes you really need a bank that will do the work,” says Terry. “And Truist brought the right amount of energy, aggressiveness, and partnership to the process. That was critical to me.”

Pete hopes this story will help others better understand the depth and breadth of Truist’s client-focused coverage, extensive sector and product expertise, and seamless execution of well-conceived strategies.

“We look at our clients the way Biote looks at their certified practitioners,” says Pete. “We’re here to take care of the people we serve so they can focus on what they want to achieve next.”

How your business can get there

Terry’s advice: What was surprising to me was that Truist stepped in and delivered solutions that I didn’t even know I needed—that included not only help on the equity side but also on the debt side. Today we’re just one year public and have completely different needs. So Truist is there with solutions. They’re nimble. They’re agile. Just truly a partner by all definitions.

The results [U.S. map icon] Biote has expanded from 10 key U.S. markets to all 50 states—and is still growing. [DNA helix icon] The recent equity facility provided capital to help Biote expand its sales force and product offerings.

Terry Weber
CEO, Biote

“Our partnership with Truist becomes ever more important as we look to all the ways we can grow. It’s really important to us to have this trusted advisor who really runs alongside of us and takes care of us as they look out to the future as well.”

Pete Cataldo
Managing Director, Truist Securities – Healthcare Investment Banking

“What we care most about at Truist is building long-term relationships. We’re not fixated on one product or solution. We’re fixated on trying to figure out what’s best for the client—both at that moment in time and going forward.”

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