{"id":61881,"date":"2024-11-21T00:05:17","date_gmt":"2024-11-21T00:05:17","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2024\/11\/21\/waldencast-reports-q3-2024-financial-results\/"},"modified":"2024-11-21T00:05:17","modified_gmt":"2024-11-21T00:05:17","slug":"waldencast-reports-q3-2024-financial-results","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/waldencast-reports-q3-2024-financial-results\/","title":{"rendered":"Waldencast Reports Q3 2024 Financial Results"},"content":{"rendered":"
\n

$70.2 million of Net Revenue Q3 2024
+34.6% Comparable Net Revenue Growth
Both brands accelerating from Q2 2024
+45.5% Obagi Medical and +23.5% Milk Makeup vs Q3 2023
Adjusted EBITDA of $11.4 million, up +134.0% vs Q3 2023<\/p>\n

LONDON, Nov. 20, 2024 (GLOBE NEWSWIRE) — Waldencast plc (NASDAQ: WALD) (\u201cWaldencast\u201d or the \u201cCompany\u201d), a global multi-brand beauty and wellness platform, today reported operating results for the three months ended September 30, 2024 (\u201cQ3 2024\u201d) and nine months ended September 30, 2024 (“Nine Months 2024”) on Form 6-K to the U.S. Securities and Exchange Commission, which are also available on the Company’s investor relations site at http:\/\/ir.waldencast.com\/.<\/p>\n

Michel Brousset, Waldencast Founder and CEO, said: \u201cWe are pleased to report another quarter of strong results, with Comparable Net Revenue Growth of 34.6% and continued gross margin and Adjusted EBITDA expansion. This reflects the strength of both our Obagi Medical and Milk Makeup brands, driven by increased consumer demand, the introduction of strong innovation in both brands, and improved stock availability. In Q3 2024, our Adjusted EBITDA Margin rose to 16.3%, a 720-basis point improvement over last year. We are confident in our ability to deliver on our guidance of full year Comparable Net Revenue Growth above the 25.7% growth achieved in the second quarter while delivering Adjusted EBITDA Margin in the mid-teens as we continue to leverage the power of our Waldencast platform to drive growth and enhance profitability of our market leading brands.\u201d<\/p>\n

Q3 2024 Results Overview & FY 2024 Outlook<\/u><\/strong><\/p>\n

Please refer to the definitions and reconciliations set out further in this release with respect to certain adjusted non-GAAP measures discussed below which are included to provide an easier understanding of the underlying performance of the business, but should not be seen as a substitute for the U.S. GAAP numbers presented in this release.<\/em><\/p>\n

For the three months ended September 30, 2024 compared to the three months ended September 30, 2023:<\/p>\n

Net Revenue <\/strong>for Q3 2024 was $70.2 million, a +30.8% increase on a net revenue basis and a +34.6% increase in Comparable Net Revenue Growth. This strong performance reflects the impact of our strategic focus on strengthening the brand equity of both Milk Makeup and Obagi Medical, accelerating the pace of innovation, and expanding the reach of both brands domestically and internationally.<\/p>\n

Gross Profit <\/strong>was $48.1 million, compared to Gross Profit of $35.9 million in Q3 2023. Adjusted Gross Profit was $51.4 million, or 73.2% of net revenue, a 400-basis point increase. This increase was driven by growth in higher-margin digital channels, lower inventory adjustments, and product mix.<\/p>\n

Net Loss <\/strong>improved from $36.5 million in Q3 2023 to $13.1 million in Q3 2024, driven by improvements in Adjusted Gross Margin, and fair value adjustment for warrants.<\/p>\n

Adjusted EBITDA<\/strong> for Q3 2023 was $11.4 million, compared with $4.9 million in Q3 2024, an increase of 134.0%. Adjusted EBITDA Margin was 16.3% of net revenue, a 720-basis point expansion reflecting sales growth and strong operational leverage that has more than offset increased investment in marketing, and the international structure we put in place to support growth.<\/p>\n

Liquidity: <\/strong>The business maintained strong cash conversion during Q3 2024 supported by effective working capital management and limited capital expenditure thanks to our asset light business model. However, the Company continues to incur significant non-recurring costs associated with legal and advisory fees. As of September 30, 2024, the Group had $17.6 million in cash and cash equivalents and $154.0 million of Net Debt. In addition, $30 million remains undrawn on the Company’s $45 million revolving credit facility as of September 30, 2024.<\/p>\n

Outstanding Shares<\/strong>: As of November 15, 2024, the Company had 122,850,904 ordinary shares outstanding, consisting of 112,084,376 Class A ordinary shares outstanding and 10,766,528 Class B ordinary shares outstanding. As of December 31, 2023, the Company had 122,076,410 ordinary shares outstanding, consisting of 101,228,857 Class A ordinary shares outstanding, and 20,847,553 Class B ordinary shares outstanding. Fully Diluted Shares decreased from 129,695,296 at December 31, 2023 to 128,328,987 as of November 15, 2024, primarily driven by forfeitures of unvested shares and lower in-the-money dilutive instruments. All contractual lock-ups with shareholders have now expired.<\/p>\n

Fiscal 2024 Outlook: <\/strong>We expect to deliver on our guidance of full year Comparable Net Revenue Growth above the 25.7% growth achieved in the second quarter while delivering Adjusted EBITDA Margin in the mid-teens.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(In millions, except for percentages)<\/em><\/td>\n\u00a0<\/td>\nQ3 2024<\/strong><\/td>\n\u00a0<\/td>\n% Sales<\/strong><\/td>\n\u00a0<\/td>\n% Growth<\/strong><\/td>\n\u00a0<\/td>\n% Comp Growth<\/strong><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nQ3 2023<\/strong><\/td>\n\u00a0<\/td>\n% Sales<\/strong><\/td>\n<\/tr>\n
Waldencast<\/strong><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Revenue<\/td>\n\u00a0<\/td>\n70.2<\/td>\n\u00a0<\/td>\n100.0%<\/td>\n\u00a0<\/td>\n30.8%<\/td>\n\u00a0<\/td>\n34.6%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n53.7<\/td>\n\u00a0<\/td>\n100.0%<\/td>\n<\/tr>\n
Adjusted Gross Profit<\/td>\n\u00a0<\/td>\n51.4<\/td>\n\u00a0<\/td>\n73.2%<\/td>\n\u00a0<\/td>\n38.3%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37.2<\/td>\n\u00a0<\/td>\n69.2%<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n\u00a0<\/td>\n11.4<\/td>\n\u00a0<\/td>\n16.3%<\/td>\n\u00a0<\/td>\n134.0%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.9<\/td>\n\u00a0<\/td>\n9.1%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Obagi Medical<\/strong><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Revenue<\/td>\n\u00a0<\/td>\n38.7<\/td>\n\u00a0<\/td>\n100.0%<\/td>\n\u00a0<\/td>\n37.4%<\/td>\n\u00a0<\/td>\n45.5%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28.2<\/td>\n\u00a0<\/td>\n100.0%<\/td>\n<\/tr>\n
Adjusted Gross Profit<\/td>\n\u00a0<\/td>\n30.4<\/td>\n\u00a0<\/td>\n78.6%<\/td>\n\u00a0<\/td>\n57.6%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19.3<\/td>\n\u00a0<\/td>\n68.5%<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n\u00a0<\/td>\n7.5<\/td>\n\u00a0<\/td>\n19.3%<\/td>\n\u00a0<\/td>\n129.7%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.3<\/td>\n\u00a0<\/td>\n11.6%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Milk Makeup<\/strong><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Revenue<\/td>\n\u00a0<\/td>\n31.5<\/td>\n\u00a0<\/td>\n100.0%<\/td>\n\u00a0<\/td>\n23.5%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25.5<\/td>\n\u00a0<\/td>\n100.0%<\/td>\n<\/tr>\n
Adjusted Gross Profit<\/td>\n\u00a0<\/td>\n21.0<\/td>\n\u00a0<\/td>\n66.6%<\/td>\n\u00a0<\/td>\n17.5%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17.9<\/td>\n\u00a0<\/td>\n70.0%<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n\u00a0<\/td>\n8.5<\/td>\n\u00a0<\/td>\n27.1%<\/td>\n\u00a0<\/td>\n99.6%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.3<\/td>\n\u00a0<\/td>\n16.7%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Obagi Medical:<\/u><\/p>\n