Business
BeautyHealth Reports Full Year and Fourth Quarter 2022 Financial Results
Delivers +41% year-over-year topline growth for the year and exceeds market expectations for eighth consecutive quarter Increases adjusted EBITDA +46%
About this update from Skinhealth Systems Inc.
[{"type":"text","content":"\n\nDelivers +41% year-over-year topline growth for the year and exceeds market expectations for eighth consecutive quarter\n\n\n\nIncreases adjusted EBITDA +46% year-over-year, landing within guided annual range\n\n\n\nSets 2023 profitable growth targets on strategy to increase operating leverage and accelerate in China, confirms long-range 2025 guidance\n\n\n LONG BEACH, Calif.--(BUSINESS WIRE)--\nThe Beauty Health Company (NASDAQ: SKIN), home to flagship brand Hydrafacial, today announced financial results for the full year and fourth quarter ended December 31, 2022. Full year 2022 net sales of $365.9 million increased +41% relative to 2021, and fourth quarter net sales of $98.1 million increased +26%, revealing consistent mid-to-high double-digit quarterly growth year-over-year.\n\nThe Company delivered net income of $44.4 million and adjusted EBITDA of $47.7 million for the full year, up +46% relative to 2021, and net income of $3.8 million and adjusted EBITDA of $16.3 million for the fourth quarter, up +92% relative to the fourth quarter of 2021. Fiscal year 2022 adjusted EBITDA was within the previously guided $45 million to $50 million range, despite a slower than expected reopening and delayed return on planned investment in China.\n\nOn continued momentum and demand for its differentiated offering, BeautyHealth expects 2023 net sales of $450 million to $470 million, and affirms its 2023 18% to 20% adjusted EBITDA margin target. BeautyHealth also confirms its long-range 2025 guidance of $600 million to $700 million in net sales and 25% to 30% adjusted EBITDA margin introduced during its Investor Day in September 2022.\n\n“I am proud of the significant progress our team made this year. We achieved strong annual sales growth, launched Hydrafacial Syndeo, our innovative next generation delivery system, and continued to build the world’s premiere skincare booster portfolio,” said BeautyHealth President and Chief Executive Officer Andrew Stanleick. “We enter 2023 from a position of strength, having invested to expand our global capabilities and scale. As planned, we are now turning our focus to driving profitable growth and flawlessly executing our international Syndeo launch in the second quarter.”\n\nFull Year 2022 Summary\n\n\nGlobal performance:\n\n\nRecord global net sales of $365.9 million, +41% relative to 2021\n\n\n$...