IPO-pedia | Bausch Health's aesthetics devicemaker Solta files for IPO

Bausch Health Companies said on Febrary 8th that its wholly owned subsidiary, Solta Medical Corp., filed for an initial public offering with the U.S. Securities and Exchange Commission.

It plans to list on the Nasdaq under the symbol SLTA. Morgan Stanley and Goldman Sachs will lead the deal.

Solta Medical is a leading global aesthetic medical device company focused on the development, manufacture and sale of innovative technologies that provide aesthetic and therapeutic benefits.

It built a portfolio of over 200 patents worldwide. In 2002, the company developed and launched its first Thermage® product, the first RF device approved by the FDA for skin tightening and treating wrinkles.

It has four main category-leading brands: Thermage®, Clear + Brilliant®, Fraxel® and VASER®, all of which are well-respected and well-known to consumers of skin and body aesthetic treatments.

It builds deep longstanding relationships with dermatologists, plastic surgeons, aesthetic physicians and medical spa practitioners across the globe.

Solta has an extensive commercial network, including a direct market presence in over 15 countries and a global commercial team of approximately 200 employees, which is built to cultivate localized, partnership-oriented relationships with these customers.

The global market for aesthetic medical devices is significant and growing. The American Society for Aesthetic Plastic estimates that within the U.S. alone, consumers spent more than $8 billion on a total of over 4.5 million surgical and non-surgical aesthetic medical procedures in 2019.

According to Data Bridge Market Research, the global aesthetic medical market is expected to grow at a CAGR of approximately 12% from 2019 to 2026.

Solta Medical is a division of Bausch Health Companies Inc. On August 3, 2021, its parent company, BHC, announced its intention to separate the global aesthetic medical device business into an independent publicly traded entity from the remainder of BHC.

From the year ended December 31, 2018 through the year ended December 31, 2020, the company's revenue grew from $135.2 million to $252.6 million, representing overall growth of 87%, or a compound annual growth rate of 37%.

The solid revenue growth continued into 2021, as the revenues for the nine months ended September 30, 2021 were $218.7 million as compared to $165.5 million for the nine months ended September 30, 2020, representing revenue growth of 32%.

It generated net profit of $72.8 million as of nine months ended 2021, compared with $45.3 million of that in 2020.