Core Business Update - Waldencast plc reported strong performance in H1 2025, with significant revenue growth in its core strategic channels, particularly in the U.S. and international markets [1][4][14] - The acquisition of Novaestiq Corp. is a strategic move that doubles Obagi Medical's addressable market in the U.S., marking its entry into the aesthetics space [6][17] - Milk Makeup experienced a strong retail sales performance in the U.S., with sales accelerating to the high-20s percentage growth in Q2 2025 [3][19] Financial Performance - The company anticipates net revenue growth in the low to mid-single digits for FY 2025, reflecting a more moderated industry environment [7][22] - Adjusted EBITDA margins are expected to be in the low to mid-teens, indicating strong operating discipline and cost management [7][22] Strategic Initiatives - Waldencast is conducting a strategic review to explore various alternatives aimed at maximizing shareholder value, with Lazard retained as a financial advisor [8][9] - The company is focused on refining its distribution strategy by exiting non-equity building distribution points and investing in supply chain improvements [5][6] Brand Performance - Obagi Medical achieved high single-digit growth in U.S. core strategic channels, with international growth accelerating to mid-40s in Q2 2025 [14][16] - Milk Makeup's digital presence expanded with the launch of Amazon Premium Beauty, contributing to its revenue growth [20][25] Market Challenges - The company faces challenges in international markets, including soft consumption and destocking by key retailers, which necessitates incremental investment [3][5][25] - Ongoing out-of-stock issues have limited overall growth, although improvements in stock levels are expected in the third quarter [5][6]