Buzzy Shark Tank Update – Shark Tank Season 5
Dr. Amy Baxter Pitches Buzzy: A Pain-Free Solution for Shots
Highlights
- Dr. Amy Baxter pitched Buzzy on Shark Tank, seeking $500,000 for 5% equity.
- Buzzy uses cold and vibration to reduce pain from injections, IVs, and more.
- Despite strong sales and hospital adoption, Dr. Baxter left the Tank without a deal.
Overview
| Category | Details |
|---|---|
| Business Name | Buzzy |
| Founder | Dr. Amy Baxter |
| Industry | Medical Devices, Pain Management |
| Product | Pain relief device using cold and vibration |
| Deal Status | No deal secured |
| Investment Asked | $500,000 for 5% equity |
| Valuation | $10 million (at the time of the Shark Tank pitch) |
Dr. Amy Baxter pitches Buzzy, a pain blocking device that takes the sting out of getting a shot, in Shark Tank Season 5 Episode 18 on February 28. Dr. Baxter launched the product in 2009 with start-up grants from the May Fund, the National Institute of Health, and Kimberly-Clark. The product, which is shaped like a bee, uses cold and vibration to ease the pain of getting shots and vaccinations.
Check out other Shark Tank Season 5 Episodes.
Dr. Baxter has Buzzy in over 1200 hospitals and boasts over 35,000 users. She’s listed as one of Inc. Magazine’s Top Women in Tech to Watch. This isn’t just for kids, either. According to their website, “in addition to injections and IVs, Buzzy can be used for Allergies, Dermatology, Diabetes, and much more.”
Basically, Buzzy vibrates and applies concentrated cold. Reusable ice “wings” get stored in the freezer and clip onto the Buzzy bee. The bee then straps on near the injection site. The combination of the cold and vibration dulls the pain of a shot.
Dr. Baxter is likely looking for a Shark partner to help with big-box distribution.
Buzzy Shark Tank Recap
Dr. Baxter comes into the Shark Tank seeking an investment of $500,000 in return for 5% of the company. She explains the concept behind Buzzy. The product’s been tested in clinical trials. It reduces pain between 50% and 80%. It’s already in 1,200 hospitals and clinics. She holds several patents on the product.
The current year’s sales are $1 million, and Buzzy is on track to sell $2.5 million in the next year. 30,000 have been sold so far. She has six part-time employees, but no sales reps. Even with no active sales efforts, she’s managed to clear a profit of $660,000 in gross profit, with $270,000 net profit.
Kevin O’Leary points out that she’s asking for an investment that’s more than her net profit in the previous year. Dr. Amy brings up Ava the Elephant as an example, but Barbara Corcoran counters, telling her that she ended up investing much more than the initial deal before Ava made it to market, and that the consumer medical device market is extremely difficult to break into.
Did Buzzy Get a Deal on Shark Tank?
The tactic backfires. Barbara has already “climbed a mountain” with Ava the Elephant, and is unwilling to take on another medical consumer product. She’s out.
Kevin O’Leary is unimpressed with the valuation and with Dr. Amy’s lack of a cohesive sales strategy. Dr. Amy needs the money to scale. She wants to move Buzzy into big box stores, but Kevin O’Leary thinks this is a mistake.
Lori Greiner agrees with O’Leary’s assessment and tells Dr. Amy that she should sell directly to doctors, not consumers. She’s out.
O’Leary makes an offer; $500,000, for 20%. Robert Herjavec is willing to partner with O’Leary on the offer.
Dr. Amy believes it’s too much equity.
Mark Cuban makes the same offer, of $500,000 for 20%.
Barbara Corcoran tells Dr. Amy, “I’m afraid your arrogance is going to make you walk out these doors because you think you can do it yourself.”
She’s right. The Doctor sticks to her valuation and turns down the offers. She leaves the Tank without a Shark deal.
Buzzy Shark Tank Update
Since turning down the offers on Shark Tank, Dr. Amy has continued to sell her Buzzy pain reliever directly to families, hospitals, and clinics for an average cost of about $40. She estimates that Buzzy is now in about 5,000 hospitals and clinics.
Buzzy may be making sales, but it hasn’t reduced the sting of marketing her own product without a Shark backer. Dr. Amy’s pride and determination to keep her valuation high may have cost her a good deal of time and money.
With a Shark behind her, Buzzy surely would have become a household name, but going it alone, all while running her full-time medical practice, keeps sales smaller and her reach limited. She provides details of her post-Tank experiences in the book Shark Bites.
Rebranded as Pain Care Labs
Dr. Baxter added Vibracool compression wraps to the line and rebranded the business as Pain Care Labs. The Vibracool wraps come in four styles: for the wrist, elbow, and ankle; for the knee, calf, ACL, and hamstring; for the back, shoulder, neck, and hip; and for the foot. The products are available in over 700 CVS stores nationwide. As of 2023, Buzzy was still running and continues to gain $1 million in annual revenue.
Buzzy initially focused on pediatric injections but now caters to adults and patients with chronic conditions. Strategic partnerships and distribution deals have brought the device to big-box retailers and healthcare providers worldwide.
With FDA 510K clearance and proven in over 60 clinical trials, Buzzy is validated as a neuromodulation device that could reduce pain up to 88% with its vibrating case and ice pack technology. It is used as an opioid alternative and is perfect for immunization visits.
Buzzy is now used in over 6,000 hospitals and clinics worldwide, with more than 114 million needle procedures supported, spanning 28 countries.
Shark Tank Blog will follow up on any more recent updates as and when they are available!
Posts About Buzzy on Shark Tank Blog
Buzzy Information
Buzzy Video
Curious to know about other businesses that appeared on Shark Tank Season 5 Episode 18? Check out their business updates!
