“So much has been said or sung of beautiful young girls. Why doesn’t somebody wake up to the beauty of old women” - Harriet Beecher Stowe

Staying and looking young has always been the ultimate dream of most women. The endless search for an effective cosmetics product, eating specifically chosen food, and living a healthy life, is primarily promoted to meet the needs of those entirely devoted to it.

More and more people undergo non-invasive and patient-friendly procedures. Less painful treatment, lower risk of scarring, shorter recovery period, and more affordable procedures are preferable options nowadays.

Facing these modern requirements and the willingness to offer new and innovative solutions was the key compass of Solta Medical founder, Dr Edward Knowlton, to develop sophisticated technology with an elegant and simple design and become a key player in the industry.

A History of Innovation

Born in 1996, Solta Medical was established with one aim only. It was to bring innovation in aesthetic procedures, different from invasive and expensive treatments, to offer experience with new, less painful, and shorter recovery.

Inventor of Thermage Treatment

Dr. Edward Knowlton, a cosmetic, plastic, and reconstructive surgery specialist, is behind the company's vision. He is the principal inventor of the first brand that tightens the skin around the eyes, face, and body and treats wrinkles - Thermage. He graduated in medicine in 1973 from Washington University School of Medicine.

Edward has always been dedicated to research. He authored over 100 medical device patents and published several articles on Plastic surgery. After seven years of dedicated work in research and development, in 2002, the first commercial product, the ThermaCool TC system, later renamed Thermage, was approved by the FDA and made available on the market.

This first innovation was promising. It wasn't long before it got accepted by many dermatologists and general surgeons for its positive effects on electrocoagulation and hemostasis. It is the original, non-invasive treatment of wrinkles and fine lines. Its immediate effect after the first treatment made it a leader in Thermage's portfolio, generating over 80% of total revenues.

A Pioneer Among Aesthetic Medical Device Companies

The company didn't stop with research there. In 2009, Thermage Inc integrated with Reliant Technologies and acquired another innovative tool under its belt - the Fraxel. With both the ThermaCool and Fraxel devices, the company was striving to become the pioneer of anti-aging devices. It soon started trading under the name Solta Medical.

In 2011, eight years after the first launch, the Clear+ Brilliant system, a non-ablative laser for general skin resurfacing, was introduced to the market.

Consistent work in research over the two decades resulted in building up the longest track record in this industry for the fast-growing treatment categories in non or minimally invasive procedures.

Innovation in the Blood

Innovative thinking has reflected on the whole business. For example, there is an innovative approach to promotional activities. Thermage was the main actor in the first national direct-to-customer advertising campaign for an aesthetic device. The company was one of the first to engage on social media.

The value of innovation and its acceptance by physicians and customers positively reflects in the financial figures. Thanks to the brands created for physicians, Solta has grown to $1.3 billion in 2016. The main reasons for success are increased demand for minimally invasive treatments and technological improvement.

When Financial Issues Come on the Way

The past was not that bright for Solta Medical. Things came crashing down. In 2013, the inventor of the Thermage technology and father of the company, Edward Knowlton, announced he'd be stepping down as the Director of the company. This announcement came after some of the worst financial months of Solta Medical, where they had to lay off employees, change their strategy, and cut down on expenses.

Under the pressure of the investor Voce Capital Management LLC, and due to falling profit from the medical equipment business, Solta Medical had to explore a possible sale in December. It ended with the acquisition by Valeant Pharmaceuticals for about $236 million in cash.

At that time, this acquisition looked like a tremendous opportunity for both, said Valeant Chief Executive Michael Pearson. The broadest aesthetic portfolio in the industry got built.

But Solta wasn’t the only company that Valeant bought. For more than ten years, Valeant has achieved continuous growth based on buying, merging, and acquisitions of other pharma companies and only 3% of sales investments in Research and Development. As a Canada-based company, Valeant used that opportunity and paid low taxes.

Years later, this leadership strategy initiated financial problems for the company due to allegations from previous mergers and acquisitions. After years spent on investigation and lawsuits, it resulted in an accounting charge, a reason for the initial public offering of Solta Medical in order to pay the debt of $23.7 billion. Valeant, now renamed Bausch Health Companies Inc., announced its plan in August 2021 after reporting a net loss of $595 million for the second quarter due to accounting charges.

Solta Medical was one of two companies in the plans for an IPO. Thanks to the valuable portfolio, this global leader in the Medical Aesthetics industry attracted "significant" interest from investors.

Solta Medical Today

The past was not that bright for Solta Medical. Things came crashing down. In 2013, the inventor of the Thermage and father of the company, Edward Knowlton, announced that he'd be stepping down as the Director of Solta. This announcement came about just after some of the worst financial months of Solta Medical, where they laid off employees, changed their strategy, and cut down on expenses.

Under the pressure of the investor Voce Capital Management LLC, and due to falling profit from the medical equipment business, Solta Medical explored a possible sale in December. It ended with the acquisition by Valeant Pharmaceuticals for about $236 million in cash.

At that time, this acquisition looked like a tremendous opportunity for both, said Valeant Chief Executive Michael Pearson. The broadest aesthetic portfolio in the industry got built.

But Solta Medical was not the only company that Valeant bought. For more than ten years, Valeant has achieved continuous growth based on buying, merging, and acquisitions of other pharma companies. Only 3% of sales investments were in Research and Development. As a Canada-based company, Valeant used that opportunity and paid low taxes.

Years later, this leadership strategy initiated financial problems for Solta Medical due to allegations from previous mergers and acquisitions. After years spent on investigation and lawsuits, it resulted in an accounting charge, a reason for the initial public offering of Solta Medical in order to pay the debt of $23.7 billion. Valeant, now renamed Bausch Health Companies Inc., announced its plan in August 2021. This came after reporting a net loss of $595 million for the second quarter due to accounting charges.

Solta Medical was one of two companies in the plans for an IPO. Thanks to the valuable portfolio, Solta attracted "significant" interest from investors through this process.