Core Insights - Waldencast plc reported a net revenue of $70.2 million for Q3 2024, reflecting a 34.6% increase in comparable net revenue growth compared to Q3 2023 [1][4] - The company achieved an adjusted EBITDA of $11.4 million, representing a 134.0% increase year-over-year [1][6] - Both Obagi Medical and Milk Makeup brands showed strong performance, with Obagi Medical achieving a 45.5% growth and Milk Makeup a 23.5% growth compared to Q3 2023 [1][12][13] Financial Performance - Q3 2024 net revenue increased by 30.8% on a net revenue basis compared to Q3 2023 [4] - Gross profit for Q3 2024 was $48.1 million, up from $35.9 million in Q3 2023, with an adjusted gross profit margin of 73.2%, a 400-basis point increase [5][11] - The net loss improved significantly from $36.5 million in Q3 2023 to $13.1 million in Q3 2024, driven by better adjusted gross margins [5][30] Brand Performance - Obagi Medical's net revenue reached $38.7 million, with a comparable net revenue growth of 45.5% and adjusted EBITDA of $7.5 million, a 129.7% increase from Q3 2023 [12] - Milk Makeup's net revenue was $31.5 million, up 23.5%, with adjusted EBITDA doubling from Q3 2023 to $8.5 million [13] - Both brands benefited from increased consumer demand, innovation, and improved stock availability [2][12][13] Outlook - The company expects to achieve full-year comparable net revenue growth above the 25.7% growth achieved in Q2 2024, with adjusted EBITDA margins in the mid-teens [9][2] - Waldencast aims to leverage its multi-brand platform to enhance profitability and drive growth [2][35] Liquidity and Capital Structure - As of September 30, 2024, Waldencast had $17.6 million in cash and cash equivalents and $154.0 million in net debt, with $30 million remaining undrawn on its revolving credit facility [7][33] - The company maintained strong cash conversion supported by effective working capital management [7] Shareholder Information - As of November 15, 2024, Waldencast had 122,850,904 ordinary shares outstanding, with a decrease in fully diluted shares from 129,695,296 at the end of 2023 [8]

NEW YORK, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Waldencast plc (NASDAQ: WALD) ("Waldencast" or the "Company"), a global multi-brand beauty and wellness platform, announced today that Hind Sebti, Kelly Brookie and Roberto Thompson have been appointed to its board of Directors (the "Board"), effective September 26, 2024. These executives bring extensive professional experience further enhancing the breadth of talent and expertise possessed by the Board. Ms. Brookie will replace Sarah Brown who has informed the Bo ...

$63.3 million of Net Revenue Q2 2024 +25.7% net revenue Comparable Growth: +30.9% Obagi Medical and +20.0% Milk Makeup vs Q2 2023 Adjusted EBITDA of $6.3 million, up +64.5% vs Q2 2023 NEW YORK, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Waldencast plc (NASDAQ: WALD) ("Waldencast" or the "Company"), a global multi-brand beauty and wellness platform, today reported operating results for the three months ended June 30, 2024 ("Q2 2024") and six months ended June 30, 2024 ("H1 2024") on Form 6-K to the U.S. Securities an ...

NEW YORK, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Waldencast plc, (NASDAQ: WALD) ("Waldencast"), a global multi-brand beauty and wellness platform, provided second quarter and first half fiscal 2024 earnings conference call and webcast information. As previously announced, the Company will report second quarter and first half fiscal 2024 earnings on August 27th, after the close of the U.S. stock market. The Company will conduct a conference call to discuss its earnings results on Wednesday, August 28, 2024 at 8:3 ...

In the Zacks Cosmetics industry, companies are facing challenges from inflationary pressures, which have been compounded by a general decline in discretionary spending stemming from higher cost of living and elevated interest rates. These factors have impacted consumer demand across the sector. Nevertheless, initiatives aimed at enhancing digital capabilities and fostering innovation have proven beneficial for firms such as Coty Inc. (COTY) , Inter Parfums, Inc. (IPAR) , Waldencast plc (WALD) and Olaplex Ho ...

WHITE PLAINS, N.Y., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Waldencast plc (NASDAQ: WALD) ("Waldencast" or the "Company"), a global multi-brand beauty and wellness platform, today announced that the Company will participate in the Canaccord Genuity 44th Annual Growth Conference being held at the InterContinental Boston Hotel in Boston, Massachusetts. Michel Brousset, Founder and Chief Executive Officer, will participate in a fireside chat presentation on Wednesday, August 14, 2024 at 12:30 p.m. Eastern Standard T ...

Waldencast plc (NASDAQ:WALD) Q1 2024 Earnings Conference Call May 22, 2024 8:30 AM ET Company Participants Allison Malkin - Investor Relations, ICR Michel Brousset - Founder & Chief Executive Officer Manuel Manfredi - Chief Financial Officer Conference Call Participants Jonna Kim - TD Cowen Dana Telsey - Telsey Advisory Group Linda Bolton Weiser - D.A. Davidson Operator Greetings. Welcome to Waldencast's First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A ...

Exhibit 99.1 Waldencast Reports Fiscal Year 2023 Financial Results 2023 Net Revenue of $218.1 million Group Combined Comparable Revenue of $212.5 million, a 15.3% increase vs 2022 Group Combined Adjusted EBITDA of $24.4 million, up from ($8.8) million in 2022 April 30, 2024 – White Plains, New York – Waldencast plc (NASDAQ: WALD) ("Waldencast" or the "Company"), a global multi-brand beauty and wellness platform, today announced that it furnished its results for the year ended 2023 ("FY2023 Financials") on F ...

SEC Investigation and Compliance Risks - The company is subject to an ongoing SEC investigation due to prior restatements of financial results and identified material weaknesses in internal controls over financial reporting [47]. - The company has incurred substantial costs related to the SEC investigation and anticipates continued expenses regardless of the outcome [48]. - The company is currently subject to an SEC investigation, which may impact its business operations and financial results [81]. - The company received a notice from Nasdaq regarding non-compliance with listing standards due to late filing of financial reports, risking delisting of its securities [99]. - The company regained compliance with Nasdaq's filing requirements as of March 21, 2024, following the publication of interim financial statements for the period ended June 30, 2023 [100]. - The company is subject to a "Mandatory Panel Monitor" for one year, which could lead to delisting if compliance with Nasdaq's standards is not maintained [101]. - Legal proceedings and investigations could be costly and time-consuming, potentially harming the company's financial condition and reputation [80]. - The company may incur significant legal fees and expenses related to potential securities litigation and shareholder activism, which could divert management's attention [84]. - The company is subject to anti-corruption laws, and any violations could lead to severe penalties and disrupt operations [89]. Financial Performance and Growth Strategies - Future growth and profitability of the Obagi Skincare and Milk Makeup businesses depend on successful implementation of growth strategies, which may require significant investments [55]. - The company acknowledges that achieving growth targets may result in short-term cost increases with net sales materializing over a longer horizon [56]. - The company plans to expand its Obagi Skincare and Milk Makeup businesses through acquisitions and new product launches, which will increase operational demands and costs [61]. - The company anticipates increased expenses related to developing localized products for international markets, which may impact its financial condition [69]. - The historical financial results of the company's Obagi Skincare and Milk Makeup businesses may not be indicative of future performance due to significant costs incurred from the business combination and public company reporting [94]. - The company expects capital and operating expenditures to rise as it expands its infrastructure and international footprint, with a recent private placement raising $70 million through the issuance of 14 million Class A ordinary shares at $5.00 each [70]. - The company may face challenges in acquiring additional businesses, including management distraction and integration difficulties, which could adversely affect its operations [75]. - The company anticipates variability in quarterly operating results due to factors such as consumer spending, manufacturing costs, and competition [90]. - The company may experience significant risks associated with international business, including political instability and regulatory compliance challenges [69]. Market and Competitive Landscape - The competitive landscape for Obagi Skincare is intense, with significant competition from well-established companies, which may limit sales growth [129]. - The company faces risks from global conflicts and trade restrictions, particularly in expanding sales of Obagi and Milk products in China [117]. - The company may face challenges in maintaining relationships with key customers and distributors, which could adversely affect sales [58]. - The company is focused on enhancing brand recognition and reputation for Obagi and Milk brands, which is critical for competing in the skincare and cosmetics industries [63]. - The business is highly dependent on Sephora, which accounted for a large majority of net revenue, and the loss of this reseller could materially impact future operating results [212]. - The cosmetics industry is highly competitive, with significant risks from large multinational companies that may offer products at lower prices, potentially affecting profitability [215]. Regulatory and Compliance Challenges - Regulatory actions from authorities such as the FDA could impact the company's product offerings and market performance [59]. - The company is dependent on third-party logistics providers for distribution, with no long-term contracts in place, posing risks to supply chain stability [146]. - The company relies on third-party contract manufacturers for all Obagi products, exposing it to risks such as capacity constraints and regulatory compliance issues [135]. - Compliance with the FDA's current Good Manufacturing Practices (cGMPs) is mandatory for drug products, and new regulations under the MoCRA will be enforced by December 29, 2025, potentially increasing manufacturing costs [194]. - The company must navigate complex healthcare regulations, including the federal Anti-Kickback Statute and False Claims Act, which could expose it to legal challenges and penalties [209]. - Regulatory changes affecting the formulation and marketing of products could increase operational costs and impact product launches, potentially harming financial performance [157]. - The FDA may require premarket approval for products marketed as cosmetics, which could necessitate lengthy clinical trials and significant resources [163]. - The FDA's OTC drug monograph regulates certain products, and non-compliance could lead to costly reformulations or halting sales [165]. - The company faces risks if foreign regulatory authorities impose bans or restrictions on certain ingredients, which could hinder product marketing [207]. Product Development and Supply Chain - The company modified business practices in response to COVID-19, including launching a redesigned Obagi website and creating an e-commerce platform for physician customers [120]. - The company is establishing its own distribution resources in Southeast Asia, requiring initial investments in facilities and personnel, with potential delays in product sales due to regulatory approvals [62]. - The management of inventory is critical, as misestimating demand could lead to excess inventory or stockouts, adversely affecting financial results [149]. - The ability to launch new products may be hindered by supply chain delays or manufacturing issues, impacting sales objectives [220]. - The company relies on licensing agreements for certain products, and any breach or termination of these agreements could negatively impact gross margins and operational results [151]. International Operations and Market Expansion - International sales of Obagi Skincare products are increasingly significant, with a majority interest acquired in Obagi Vietnam in March 2023, although revenue in Vietnam decreased in 2023 compared to prior periods [62]. - The company aims to expand Obagi product sales in international markets, which requires obtaining separate regulatory approvals that can be lengthy and complex [201]. - In June 2023, Obagi Vietnam received necessary approvals to distribute products in Vietnam after a prolonged delay [202]. - The company acknowledges that its success in new markets will depend on its ability to secure necessary licenses and develop relationships with local partners [64]. - The company faces challenges in successfully integrating acquired businesses and technologies, which could adversely affect revenue and operating results [78]. Financial Risks and Shareholder Concerns - There is a risk of dilution of ownership interests due to potential future issuance of additional securities [40]. - The company may issue additional securities without shareholder approval, which could dilute ownership interests and depress market prices [103]. - Outstanding warrants to purchase 29,533,282 Class A ordinary shares at an exercise price of $11.50 per share could lead to further dilution for existing shareholders [107]. - The company may incur additional operating losses in the future due to significant investments required for product development and marketing [218]. - Future economic conditions, including inflation and rising interest rates, may negatively impact consumer spending on beauty and wellness products, affecting sales and profitability [114].

Exhibit 99.1 OBAGI GLOBAL HOLDINGS LIMITED TABLE OF CONTENTS | Unaudited Condensed Consolidated Balance Sheets as of March 31, 2022 (restated) and December 31, 2021 | F-2 | | --- | --- | | Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March | | | 31, 2022 (restated) and March 31, 2021 (restated) | F-3 | | Unaudited Condensed Consolidated Statements of Shareholder's Equity for the three months ended March 31, 2022 | | | (restated) and March 31, 20 ...