Business
BeautyHealth Reports Second Quarter 2024 Financial Results
Delivers second quarter net sales of $90.6 million; Year-over-year operating expense improvement of nearly $18 million or 22%; Revises full year financial
About this update from Skinhealth Systems Inc.
[{"type":"text","content":"\nDelivers second quarter net sales of $90.6 million;\n\n\nYear-over-year operating expense improvement of nearly $18 million or 22%;\n\n\nRevises full year financial guidance\n\n\n LONG BEACH, Calif.--(BUSINESS WIRE)--\nThe Beauty Health Company (NASDAQ: SKIN) (“BeautyHealth”), home to flagship brand Hydrafacial, today announced financial results for the second quarter ended June 30, 2024 (\"Q2 2024\"). For the quarter, net sales of $90.6 million decreased (22.9)% relative to the same period in 2023. Second quarter results reflect lower equipment sales partially offset by steady growth in consumables net sales.\n\n\n“Our second quarter results reflect continued demand for Hydrafacial treatments with growth in consumables sales, offset by a slower-than-expected recovery in device sales, as macroeconomic pressures persist, particularly outside the U.S.,” said BeautyHealth Chief Executive Officer Marla Beck. “We have taken aggressive action to address these challenges, including offering our providers lower-priced device options and additional financing solutions. We also continue to make significant progress on our strategic priorities, including enhancing our sales capabilities, driving operational excellence through quality and process improvements, and gaining further expense leverage to improve profitability. Excluding the impact of unanticipated write-off charges related to our continued work in addressing inventory issues, Adjusted EBITDA would have been well-above the high-end of our guidance range, as we continue to drive efficiency and substantial expense savings across the business.”\n\n\nMs. Beck added, “Although the impact of marketplace dynamics has changed our 2024 outlook, we remain confident in Hydrafacial’s growth potential and are leaning in. Hydrafacial is the market leader and category creator for minimally invasive skin health treatments with a brand that consumers ask for by name across the globe. We are also a revenue generator for our providers, which is why we enjoy one of the largest install bases in the world. Our team is doing the work and making the decisions necessary to return to profitable growth as soon as possible. Looking ahead, we remain on plan to exit the year with greater sales efficacy, improved inventory, and lower costs. This will ensure we have the capacity to introduce new product innov...