Business
WW International, Inc. Announces Second Quarter 2024 Results
End of Period Subscribers of 3.8 million, including 81 thousand End of Period Clinical SubscribersRevenues of $202.1 millionGross margin of 67.9%Operating
About this update from Ww International, Inc.
[{"type":"text","content":"End of Period Subscribers of 3.8 million, including 81 thousand End of Period Clinical SubscribersRevenues of $202.1 millionGross margin of 67.9%Operating Income of $35.9 million; excluding the net impact of restructuring charges related to prior year restructuring plans, adjusted operating income of $37.9 millionProvides update to full year fiscal 2024 guidanceAnnounces 2024 Restructuring Plan that is expected to result in $100 million of annual run-rate cost savings related to strategic streamlining of the Company’s operational structure to optimize its clinical and behavioral product portfolio and to its cost-savings initiative NEW YORK, Aug. 01, 2024 (GLOBE NEWSWIRE) -- WW International, Inc. (NASDAQ: WW) (“WeightWatchers,” “WW,” or the “Company”) today announced its results for the second quarter of fiscal 2024. \"WeightWatchers has the right strategy to return the business to growth. With a rapidly changing landscape, we are taking decisive actions to navigate through this environment and completely reimagining how we operate,\" said Sima Sistani, the Company’s CEO. \"We are executing a significant streamlining of our operational structure, to focus and execute against our strategic pillars to expand care, expand access, and expand payment options for our members. These initiatives enable us to serve a broader population as the leading digital health provider of weight health, catalyzing our return to growth and positioning the Company for long-term success.\" \"We are refining our operational framework against our product roadmap, concentrating on high impact initiatives to enhance efficiency, accountability and speed. These actions are part of a comprehensive cost reduction plan, targeting $100 million in annualized savings including $20 million of savings currently reflected in our 2024 guidance,\" said Heather Stark, the Company’s CFO. \"We are committed to maximizing profitability and making strategic decisions that will best position the Company for long-term success.\" Q2 2024 Consolidated Results % Change % ChangeAdjusted forConstantCurrency(1) Three Months Ended June 29, July 1, 2024 2023 (in millions except percentages and per share amounts) Subscription Revenues, net$200.0 $212.1 (5.7%) (5.4%)Other Revenues, net(2) 2.1 14.7 (85.6%) (85.5%)Revenues, net$202.1 $226.8 (10.9%) (10.6%)Gross Profit$137.3 $143.2 (4.1%)...