Core Insights - The Beauty Health Company released Volume Three of its Skintuition Report, highlighting significant consumer-driven shifts in skin health and aesthetics for 2025 and trends for 2026 [1][17] - The report emphasizes a transition from skin correction to skin regeneration as the new beauty standard, driven by consumer preferences [2][3] Consumer Trends - 75% of consumers now prioritize treatments that enhance overall skin quality over volume-enhancing procedures, indicating a shift towards a skin-first approach [3] - There is an increasing demand for firmer, smoother, and more hydrated skin, leading to a focus on treatments that strengthen and renew the skin over time [3] - Hydrafacial introduced the HydraFillic with Pep9™ Booster in June 2025, which is clinically proven to improve fine lines, hydrate, and strengthen the skin barrier [3][4] Industry Response - Hydrafacial has been a key player in innovating treatments that align with the evolving needs of consumers, focusing on skin regeneration rather than correction [4] - The report identifies five major trends that are reshaping consumer and provider perspectives on skin health, positioning Hydrafacial as a growth driver in this new era [5] Emerging Insights - The report outlines several key trends for 2026 and beyond, including the medicalization of beauty, the rise of "notox" and "skinimalism," cumulative care, whole-body glow, and the integration of advanced technologies like peptides and microbiome solutions [13] - Hydrafacial consumers typically receive an average of 3.6 treatments per year, indicating strong customer loyalty and repeat business [13] - 50% of clients purchasing additional treatments or retail products during their visits highlights Hydrafacial's role as an entry point for deeper skin health journeys [13]

Core Viewpoint - Bausch Health Companies' stock surged over 11% following the announcement of its acquisition of Wuhan Shibo Zhenmei Technology, indicating strong investor confidence in the deal [1]. Group 1: Acquisition Details - Bausch's Solta Medical aesthetics unit has acquired Wuhan Shibo Zhenmei Technology, a distributor of Solta's products, effectively bringing distribution in-house [2]. - The acquisition is expected to enhance Solta Medical's ability to meet increasing market demand for aesthetic treatments through localized solutions and proven technologies [3]. Group 2: Financial Metrics and Market Reaction - Bausch Health's stock price increased by $0.70 to a current price of $7.05, with a market capitalization of $2 billion [4][5]. - The stock experienced a day's range between $6.53 and $7.33, with a 52-week range of $4.25 to $8.69, and a trading volume of 7.4 million shares [5]. - Despite the lack of specific financial details regarding the acquisition, investors reacted positively, valuing the strategic control over a distributor in a significant market [5].

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was RMB 387 million, up 305% year-over-year and approximately 8% above the high end of guidance [3][17] - Net loss attributable to So-Young increased to RMB 64.3 million compared to a net income of RMB 20.3 million in the same period last year [20] - Non-GAAP net loss was RMB 61.6 million compared to a non-GAAP net income of RMB 22.2 million during the same period of 2024 [20] Business Line Data and Key Metrics Changes - Revenue from the aesthetic center business reached RMB 184 million, up 305% year-over-year [3][17] - Information and reservation services revenues were RMB 117.2 million, down 34.5% year-over-year [17] - Revenues from sales of medical products and maintenance services were RMB 67 million, down 25% year-over-year [17] Market Data and Key Metrics Changes - Total number of active users of So-Young Clinic exceeded 130,000, with verified treatment visits surpassing 89,800, up 33% quarter-to-quarter [6] - The proportion of new customers acquired via referrals rose to 46% [7] - Cumulative service visits exceeded 600,000, ranking first among mass-market chain brands in China [4] Company Strategy and Development Direction - The company aims to expand its aesthetic center network to 1,000 centers, focusing on core cities and commercial hubs [15] - A disciplined approach to expansion will be maintained, emphasizing operational excellence and cost optimization [21] - The company is enhancing its membership system to increase user retention and customer lifetime value [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in stabilizing revenues from non-aesthetic center businesses in Q4 [3] - The company is focused on improving operational efficiency and service quality, with 20 centers achieving profitability in Q3 [6] - Future profitability is expected to improve as the operating model matures and customer acquisition costs are optimized [52][54] Other Important Information - The company upgraded its quality control framework, implementing a six-tier compliance system [11][44] - The launch of Miracle PLLA 3.0 was highlighted as a significant product upgrade, with strong pre-sale performance [9][36] - The company received recognition from mainstream media for its disciplined operations and compliance management [12] Q&A Session Summary Question: Plans for next year's clinic openings - Management plans to open no less than 35 new centers next year, focusing on first-tier cities and systematically establishing a presence in second-tier cities [25] Question: Membership system operations - The membership system is tiered, with core members contributing significantly to revenue and repeat purchase rates [30][32] Question: Performance of Miracle PLLA 3.0 - Miracle PLLA 3.0 has received high attention, with the first batch sold out quickly, and plans for further market penetration are in place [36][37] Question: Ensuring safety and compliance - A six-pillar compliance framework has been established to ensure safety and quality across all centers [43][46] Question: Improving profitability of the aesthetic center business - Management believes profitability will improve as the user base expands and operational efficiencies are realized [52][54]

Core Insights - So-Young International Inc. reported its unaudited financial results for Q3 2025, highlighting significant growth in aesthetic treatment services and an increase in operational efficiency despite a net loss [1][7][9]. Financial Highlights - Total revenues for Q3 2025 were RMB 386.7 million (US$ 54.3 million), a 4.0% increase from RMB 371.8 million in Q3 2024 [10]. - Aesthetic treatment services revenues surged to RMB 183.6 million (US$ 25.8 million), marking a 304.6% increase from RMB 45.4 million in the same period of 2024 [14]. - The net loss attributable to So-Young was RMB 64.3 million (US$ 9.0 million), compared to a net income of RMB 20.3 million in Q3 2024 [19]. - Non-GAAP net loss was RMB 61.6 million (US$ 8.7 million), contrasting with a non-GAAP net income of RMB 22.2 million in Q3 2024 [20]. Operational Highlights - The number of verified treatment visits to branded aesthetic centers exceeded 89,800, up from approximately 23,600 in Q3 2024 [7]. - Active users reached over 130,000, a significant increase from approximately 30,300 users in the same period last year [7]. - The company operated 39 fully functional branded aesthetic centers across ten major cities, with 20 centers achieving profitability in Q3 2025 [7][9]. Cost and Expenses - Cost of revenues increased to RMB 203.8 million (US$ 28.6 million), a 43.4% rise from RMB 142.2 million in Q3 2024 [13]. - Operating expenses totaled RMB 255.6 million (US$ 35.9 million), reflecting a 13.6% increase from RMB 225.0 million in the same quarter of 2024 [17]. Business Outlook - For Q4 2025, So-Young anticipates aesthetic treatment services revenues to be between RMB 216.0 million (US$ 30.3 million) and RMB 226.0 million (US$ 31.7 million), representing a projected increase of 165.8% to 178.1% compared to Q4 2024 [24].

Core Viewpoint - Venus Concept Inc. reported financial results for Q3 2025, highlighting challenges in the aesthetics market but showing signs of stabilization in its Energy Based Device (EBD) business. The company is focused on long-term success through cash management and targeted investments, alongside a new product launch and ongoing strategic transactions [3][5]. Financial Results Summary - Total revenue for Q3 2025 was $13.8 million, down 8% year-over-year and down 12% quarter-over-quarter, primarily due to a decline in the Hair Restoration business [5][6]. - EBD revenues showed signs of stabilization with total sales of $9.6 million, up 2% year-over-year [5]. - GAAP net loss for Q3 2025 was $22.5 million, compared to a loss of $9.3 million in Q3 2024. Adjusted EBITDA loss was $7.8 million, compared to a loss of $5.9 million in the prior year [5][11]. Revenue Breakdown - U.S. revenue decreased by $1.1 million, or 12%, year-over-year, while international revenue decreased by $0.2 million, or 3% [6][7]. - Revenue by product category showed a 12% decrease in products – systems revenue, a 15% decrease in products – other revenue, and a 5% decrease in services revenue, partially offset by a 9% increase in lease systems revenue [7]. Operating Performance - Gross profit for Q3 2025 decreased by $1.1 million, or 11%, to $8.8 million, with a gross margin of 64.0%, down from 66.1% in Q3 2024 [8]. - Operating expenses increased by $1.2 million, or 7%, to $18.3 million, driven by higher general and administrative and selling and marketing expenses [9]. Strategic Developments - The company announced FDA 510(k) clearance for the Venus NOVA, its next-generation multi-application platform, marking a significant step in its R&D strategy [5]. - The company is actively pursuing the sale of its Venus Hair Business, facing challenges with the counterparty and seeking court assistance to close the transaction [3]. Balance Sheet and Cash Flow - As of September 30, 2025, the company had cash and cash equivalents of $5.9 million and total debt obligations of approximately $30.1 million, a reduction from $39.7 million at the end of 2024 [11]. - The company executed a debt-to-equity exchange transaction totaling $11.5 million, resulting in a 24% reduction in total debt compared to December 31, 2024 [5].

Core Insights - AirSculpt Technologies reported a decline in third quarter revenue and case volume, but remains optimistic about future growth opportunities driven by market trends in aesthetics and GLP-1 usage [2][8]. Financial Performance - Third quarter 2025 revenue decreased by 17.8% to $35.0 million from $42.5 million in Q3 2024 [8]. - Case volume for Q3 2025 was 2,780, down 15.2% from 3,277 in Q3 2024 [8]. - Net loss for Q3 2025 was $9.5 million compared to a net loss of $6.0 million in Q3 2024 [8]. - Adjusted EBITDA for Q3 2025 was $3.0 million, down from $4.7 million in Q3 2024 [8]. Year-to-Date Results - For the first nine months of 2025, revenue declined 16.1% to $118.4 million from $141.2 million in the same period of 2024 [8]. - Year-to-date case volume was 9,248, a decline of 15.7% from 10,972 in the first nine months of 2024 [8]. - Net loss for the first nine months of 2025 was $13.0 million compared to $3.2 million in the same period of 2024 [8]. - Adjusted EBITDA for the first nine months of 2025 was $12.6 million, down from $18.9 million in 2024 [8]. Liquidity and Financial Position - As of September 30, 2025, the company had $5.4 million in cash and cash equivalents, with an additional $5.0 million borrowing capacity under its revolving credit facility [7]. - The company generated $5.6 million in operating cash flow for the nine months ended September 30, 2025, compared to $6.8 million for the same period in 2024 [7]. Strategic Initiatives - The CEO highlighted ongoing initiatives focused on growth opportunities, margin improvement, and debt reduction, with a positive outlook for same-store sales trends entering Q4 2025 [2]. - The company has reduced debt by $18 million and delivered positive cash flow year-to-date [2]. Management Changes - Michael Arthur has been appointed as the new Chief Financial Officer, effective January 5, 2026, bringing extensive public market experience [3].

Q3 2025 Performance - Net sales reached $70.7 million, a decrease of 10.3% year-over-year[11] - Consumables net sales were $49.8 million, a decrease of 2.6% year-over-year, but would have increased modestly excluding the China distributor transition[11] - Delivery systems net sales were $20.8 million, a decrease of 24.6% year-over-year due to macroeconomic challenges[11] - Adjusted EBITDA was $8.9 million, an increase year-over-year due to lower operational spend partially offset by lower adjusted gross profit[11] - Net loss was $(11.0) million, an improvement of $7.3 million year-over-year due to lower operational spend and higher gross margin, partially offset by lower net sales[11] Financial Guidance - The company estimates Q4 2025 net sales to be between $74.5 million and $81.5 million[14] - The company projects Q4 2025 adjusted EBITDA to be between $6.9 million and $8.9 million[14] - The company forecasts FY 2025 net sales to be between $293 million and $300 million[14] - The company anticipates FY 2025 adjusted EBITDA to be between $37 million and $39 million[14] Market Position - Hydrafacial holds the 1 market share, with 41% of aesthetic practices with microdermabrasion offering Hydrafacial[18] - Hydrafacial has a 64% market share in the U S microdermabrasion category[42]

Market Position and Growth - Evolus is gaining market share in the U S neurotoxin market, with Jeuveau's share increasing from 4% in 2019 to 14% in 2025[18] - The global addressable market for neurotoxins and fillers is expected to grow to $7 billion in 2028, with neurotoxins reaching $3.7 billion and fillers reaching $3.7 billion[20] - Evolus International is expected to achieve $100 million in revenue in 2028[23] Financial Performance and Projections - The company anticipates total net revenues for 2025 to be between $295 million and $305 million, representing an 11% to 15% increase over 2024[119] - Evolysse injectable HA gels are projected to contribute 10% to 12% of total revenue for the full year 2025[119] - Evolus projects $700 million in total net revenue and a non-GAAP operating income margin of 20% by 2028[120] Product Launches and Expansion - Evolysse Form and Evolysse Smooth HA gels launched in the U S in Q2 2025[45] - Estyme products are expected to launch internationally in the first half of 2026[119] - Evolysse Sculpt is scheduled to launch in the U S in the second half of 2026[45] Customer Engagement and Loyalty - The Evolus Rewards program has grown to over 13 million total enrollments by Q3 2025[63] - 70% of toxin consumers also use a dermal filler[74] - 37% of consumers receive both toxin and filler treatments during the same appointment[76]

Company Overview - InMode is a leading global provider of minimally-invasive aesthetic and wellness solutions [5] - The company has 10 patented technologies across 11 product families [7] - InMode sells its products in 88 countries [7] - The company has 656 employees worldwide, including 284 direct sales reps [19] Financial Performance (Q3 2025) - Q3 2025 revenue was $93.2 million [7] - Non-GAAP net income for Q3 2025 was $24.5 million [7] - Non-GAAP gross margin for Q3 2025 was 78% [7] - Non-GAAP diluted earnings per share for Q3 2025 was $0.38 [7] Technology and Market - InMode addresses the "Treatment Gap" with minimally-invasive technologies [26] - RFAL technology can achieve up to 40% soft tissue contraction [40]

Core Viewpoint - So-Young International Inc. is set to report its financial results for the third quarter of 2025 on November 17, 2025, before U.S. markets open [1]. Company Overview - So-Young International Inc. is the leading aesthetic treatment platform in China, connecting consumers with online services and offline treatments [3]. - The company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, and delivering high-quality treatments [3]. - So-Young also develops, produces, and distributes optoelectronic medical equipment and injectable products, positioning itself well for long-term growth in the medical aesthetic value chain [3]. Earnings Conference Call - The management will hold an earnings conference call on November 17, 2025, at 7:00 AM U.S. Eastern Time [2]. - Dial-in details for the conference call include international and local numbers for various regions, with a passcode provided for access [2]. - A telephone replay will be available two hours after the call, and a live and archived webcast will be accessible on the company's investor relations website [2].