Business
BeautyHealth Reports Third Quarter 2022 Financial Results
Net sales beat expectations for seventh consecutive quarter Company raises 2022 net sales guidance on continued momentum and strong demand, revises adjusted
About this update from Skinhealth Systems Inc.
[{"type":"text","content":"\nNet sales beat expectations for seventh consecutive quarter\n\nCompany raises 2022 net sales guidance on continued momentum and strong demand, revises adjusted EBITDA guidance against a complex macro backdrop\n\n LONG BEACH, Calif.--(BUSINESS WIRE)--\nThe Beauty Health Company (NASDAQ: SKIN), home to flagship brand Hydrafacial, today announced financial results for the third quarter ended September 30, 2022. Net sales of $88.8 million exceeded expectations for the seventh consecutive quarter. On continued momentum and strong provider and consumer demand, the Company raised its 2022 net sales guidance to $360 million to $365 million.\n\nFor the quarter, the Company delivered adjusted EBITDA of $16.5 million on $0.1 million of GAAP net income. As a result of increasing macro pressures, including FX and China’s persistent zero Covid policy, the Company revised its full year 2022 adjusted EBITDA guidance to a range of $45.0 to $50.0 million.\n\nThird Quarter 2022 Summary\n\n\nGlobal performance:\n\n\n+30% year-over-year net sales growth to $88.8 million\n\n\n+174bps year-over-year gross margin improvement to 69.3% and +355bps year-over-year adjusted gross margin improvement to 75.1%\n\n\nNet income and adjusted net income of $0.1 million and $8.0 million in Q3 2022, compared to net loss of $215.1 million and adjusted net income of $2.5 million in Q3 2021\n\n\nAdjusted EBITDA of $16.5 million\n\n\n\n\nNet sales by region:\n\n\nAmericas: $58.4 million, +30% year-over-year, driven by solid demand for Syndeo\n\n\nAPAC: $15.1 million, +44% year-over-year, driven by strong performance during windows of re-opening in China, partly offset by foreign currency weakness\n\n\nEMEA: $15.3 million, +21% year-over-year driven by strength in provider and consumer demand, partly offset by foreign currency weakness and no contribution from Russia in Q3 2022\n\n\n\n\nDelivery systems sold year-to-date (6,447) have already eclipsed 2021’s record total year sales (6,191):\n\n\nGlobal install base stands at 24,473 systems as of September 30, 2022\n\n\n\n\nNew partnerships expanded the Hydrafacial booster portfolio, growing treatment customization options and furthering our competitive advantage as the industry’s only platform partnering with leading peers:\n\n\nHydrafacial x JLO Beauty Booster drove record consumer attention and presale sellout on the ...