Business
Waldencast plc, Announces Third Quarter Fiscal Year 2022 Financial Results
Q3 2022 Net Sales of $78.9 millionQ3 2022 Gross margin of 62.4% and adjusted gross margin of 71.9%Q3 2022 Net loss of $16.8 millionQ3 2022 Adjusted EBITDA of
About this update from Waldencast Plc
[{"type":"text","content":"Q3 2022 Net Sales of $78.9 millionQ3 2022 Gross margin of 62.4% and adjusted gross margin of 71.9%Q3 2022 Net loss of $16.8 millionQ3 2022 Adjusted EBITDA of $15.3 million, or 19.4% of net salesCompany reaffirms guidance NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Waldencast plc, (NASDAQ: WALD) (“Waldencast”), a global multi-brand beauty and wellness platform, today announced results for the third quarter ended September 30, 2022. Michel Brousset, Waldencast Founder and CEO, said: “We are pleased with our third quarter performance, which continued the positive momentum for our brands from the first half of the year, highlighted by increased sales and profitability. We are excited about our opportunities as we enter the final quarter of the year, and while cognizant of the broader macro-economic environment, the beauty category remains strong. In addition, our business and our brands continue to deliver strong growth and profitability, which is reflected in our reaffirmation of guidance. Our long-term ambition is to build a global best-in-class beauty and wellness multi-brand platform by scaling the next generation of high growth purpose driven brands. We look forward to delivering on this objective for the benefit of all Waldencast stakeholders.” Results for the quarter ended September 30, 2022 (1) Business Combination On July 27, 2022 (the “Closing Date”), Waldencast consummated the business combination with Obagi Global Holdings Limited (“Obagi Skincare”) and Milk Makeup LLC (“Milk Makeup”). In accounting for the business combination, Waldencast was deemed to be the accounting acquirer, and Obagi Skincare was deemed to be the predecessor entity for purposes of financial reporting. Under the acquisition method of accounting, Waldencast’s assets and liabilities retained their carrying values and the assets and liabilities associated with Obagi Skincare and Milk Makeup were recorded at their fair values measured as of the acquisition date, which created a new basis of accounting. Basis of Presentation When reading our financial statements, you should note there is a clear division between the “predecessor” periods that include financials up to the Closing Date and “successor” periods that include all periods after the acquisition date. The predecessor and successor results shown are not comparable, as the successor period include...