Business
BeautyHealth Reports Third Quarter 2023 Financial Results
Revises financial guidance on lower-than-expected U.S. revenue and incurs restructuring charges for device upgrades Delivers net sales of $97.4 million
About this update from Skinhealth Systems Inc.
[{"type":"text","content":"\nRevises financial guidance on lower-than-expected U.S. revenue and incurs restructuring charges for device upgrades\n\n\nDelivers net sales of $97.4 million driven by double digit growth in APAC and EMEA\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 third quarter ended September 30, 2023. For the quarter, net sales of $97.4 million increased +10% year-over-year, on the strength of performance in Asia-Pacific, including China, and EMEA. The quarter was overshadowed by lower-than-expected U.S. revenue and $63.1 million in restructuring charges related to device upgrades of early generation Syndeo devices.\n\n\nAs a result, the Company is revising its fiscal year 2023 net sales guidance to a range of $385 to $400 million, its fiscal year adjusted EBITDA margin guidance to a range of 5% to 6% and is suspending its long-term 2025 financial outlook.\n\n\n“We are focused on protecting Hydrafacial’s strong brand equity as we address the Syndeo provider experience challenges,” said BeautyHealth Chief Financial Officer Michael Monahan. “We are confident that, with our strategy, we will return Hydrafacial to the reliable standard that our customers have come to expect from us and keep their trust—and, with this, re-accelerate Syndeo adoption in the U.S.”\n\n\nKey Operational and Business Metrics\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended September 30,\n\n\n\n\n\n\n \n\n\n\n\n\n\nNine Months Ended September 30,\n\n\n\n\n\n\n\n\nUnaudited ($ in millions) (2)\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022(1)\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022(1)\n\n\n\n\n\n\n\n\nDelivery Systems net sales\n\n\n\n\n\n\n$\n\n\n\n\n\n\n51.0\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n49.1\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n162.0\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n155.5\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nConsumables net sales\n\n\n\n\n\n\n \n\n\n\n\n\n\n46.4\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n39.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n139.2\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n112.2\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nTotal net sales\n\...