IRVING, TX – biote Corp. (NASDAQ:BTMD), a medicinal chemicals and botanical products company, announced on Monday the termination of Mary Puncochar, the company's Head of Strategic Sales & Business Analytics, effective immediately. The departure, classified as other than for cause, concludes Puncochar's tenure which began as Chief Commercial Officer in May 2023 before transitioning to her most recent role in March 2024.
In conjunction with her departure, biote Corp. disclosed the terms of a Separation Agreement with Puncochar on Tuesday. Under the agreement, the company will provide Puncochar with a severance package that includes nine months' base salary totaling approximately $202,781, reimbursement for nine months of medical, dental, and vision benefits, and a prorated target bonus for the fiscal year ending 2024, amounting to $54,075.
The Separation Agreement also includes a customary release clause wherein Puncochar agrees to discharge all potential claims or damages against the company and certain affiliated individuals and entities related to her employment and separation.
Further details of the Separation Agreement will be made available in biote Corp.'s upcoming quarterly report on Form 10-Q. This development follows the company's recent changes and strategic realignments in its executive team.
In other recent news, Biote Corp has been the center of several significant developments. Roth/MKM analysts have increased the company's price target to $12.00, following Biote's announcement of a share repurchase agreement with Marci Donovitz. This agreement, along with a previous repurchase from Dr. Gary Donovitz, results in Biote repurchasing a total of 26.7 million shares and canceling 8.0 million earnout shares for $136.9 million.
The repurchase strategy is expected to increase earnings per share (EPS) in fiscal years 2024 and 2025, with a projection of surpassing $1.00 in fiscal year 2025. Truist Securities has maintained a 'Buy' rating on Biote Corp. stock, reflecting confidence in the company's financial strategy.
Biote Corp. also reported strong first-quarter 2024 results, leading Roth/MKM to maintain a 'Buy' rating and increase the stock price target to $10. This performance was marked by a sequential increase in procedure revenue and robust profit margins.
Finally, Biote Corp. reached a settlement with its founder, Dr. Gary S. Donovitz, concluding a period of litigation. The agreement includes a share repurchase plan where Biote will buy back all 18.4 million shares held by Donovitz for approximately $76.9 million. These are the recent developments in Biote Corp's financial journey.
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