Waldencast reports 1H EPS ($4.60) vs. ($2.21) last year

Reports 1H revenue $109.3M vs. $68.3M last year. Michel Brousset, Waldencast Founder and CEO, said: “2023 was a year of transition during which we accelerated Milk Makeup’s performance, while making transformative changes to the Obagi Skincare business. Over the first half of 2023, on a comparable basis, Milk Makeup delivered strong Combined Milk Net Revenue growth of +35.7% and Milk Adjusted EBITDA of $12.7M, compared with $8.1M in the first half of 2022, a trend we saw continue into the second half of 2023. Obagi Skincare’s performance was mixed with Net Revenue growth in the core U.S. physician dispensed business overshadowed by lower Net Revenue from the planned restructuring of certain channels in the U.S. and from operations in Southeast Asia due to the previously announced delays in obtaining product registrations. Shipments in Southeast Asia resumed in the second half of 2023, however, the ramp in revenue was slower than originally anticipated. That said, we are very excited about the growth prospects for the region as we establish a new and more robust go-to market structure for Obagi Skincare’s business in Southeast Asia that will ramp up over the next 18 months.”