The BeautyHealth Company, home to beauty treatment brand Hydrafacial, has reported strong second quarter 2023 results.
Net sales have soared 13% year-over-year, with revenue reaching US$117.5m by the quarter ended 30 June.
This has beaten the beauty company’s original consensus of $116.08m.
It continues “a trend of double-digit quarterly growth”, said a statement from the brand.
Net income came in at $3.4m, while the company’s adjusted EBITDA margin is 15.1%.
Strong demand for Hydrafacial – a microdermabrasion beauty device which delivers cleansing, exfoliation, extraction and hydration treatments for face and body – from service providers is said to be behind the boost in revenue.
Not to mention an increased strength in consumables.
Consumables net sales soared 34% year-on-year, driven by strong volumes “as demand for Hydrafacial treatments continues”, said the brand’s statement.
Delivery system net sales growth for the quarter, meanwhile, were up 1% compared to last year’s figures.
Hydrafacial secured $23.3m in trade-up demand with service providers thanks to the launch of its Syndeo device in the US – a ‘next gen’ system designed with automation and optimisation for customisation.
Excluding trade-up demand, the company’s delivery systems net sales growth for the quarter was 30%.
“In the second quarter we recommitted to our core and, in doing so, delivered consistent double-digit, top-line performance and profitability in line with expectations,” said The BeautyHealth Company President and CEO Andrew Stanleick.
“At the same time, we are readying the organisation for the next phase of growth.
“With a fortified executive team, robust innovation pipeline and disciplined approach to harnessing the enormous global market opportunity in front of us.”
The BeautyHealth Company has reiterated its full-year 2023 net sales guidance of $460m to $480m, with a consensus of $461.57m.
It has also refined its adjusted EBITDA margin outlook down from 18% to 20% to 18% to 19% due to factors such as marketing expenses.
The company’s future plans include continuing to expand Hydrafacial's presence in US beauty retailer Sephora.
“With new doors in Australia and Malaysia anticipated in the second half of the year,” said the brand’s statement.
The BeautyHealth Company has also partnered with US aesthetic clinic chain LaserAway.
It is supplying its Hydrafacial Syndeo device to more than 125 locations and “any new practice sites [will be] opened through 2025”.
The company has also unveiled a custom Dior by Hydrafacial Syndeo delivery system at Dior Spa Cruise 2023 for exclusive use at select Dior spas worldwide.
Not to mention launching its re-imagined GLOWvolution campaign in New York and Los Angeles.
This has generated more than 1,200% growth in earned media value so far compared to last year's programme, reported the brand.
The Beauty Health Company has also shaken up its C-suite, appointing Michael Monahan CFO, effective 10 August.
He succeeds Liyuan Woo, who will remain as an advisor until 1 September to assist with the transition.
"Michael joins BeautyHealth as we bring to life our vision of a multi-brand ecosystem company, with a significant and untapped runway ahead,” commented Stanleick.
“He is a highly regarded CFO with a strong blend of financial expertise and strategic vision who will continue to enhance our financial strategy, planning and reporting capabilities.”
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