Q2 2024 Beauty Health Co Earnings Call Transcript
Key Points
- The Beauty Health Co (SKIN) has implemented a quality improvement program for its Syndeo system, resulting in improved performance and customer satisfaction.
- The company has completed its global Syndeo replacement program, ensuring all providers operate on the latest 3.0 standard device.
- Consumable sales grew by 6.7% to $55.4 million, indicating strong demand for Hydrafacial products.
- The company has significantly reduced operating expenses by $24 million in the first half of 2024 compared to the previous year.
- The Beauty Health Co (SKIN) is launching a new Hydrafacial booster supported by extensive clinical claims, with plans for a skincare line in 2025.
- Second quarter revenue was below guidance at $91 million, representing a 23% year-over-year decline.
- The company experienced a 46% decline in global equipment sales, contributing to the overall revenue drop.
- Adjusted EBITDA showed a loss of $5.2 million, compared to a $12.4 million gain in the second quarter of 2023.
- The company incurred unanticipated inventory-related write-offs totaling approximately $17 million.
- The macroeconomic environment, including interest rate pressures and financing challenges, has negatively impacted sales, particularly outside the United States.
Good afternoon, and welcome to the Beauty Health Company's second quarter 2024 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded, and I would like to now turn the conference over to Norberto Aja for Investor Relations. Please go ahead.
Thank you, operator, and good afternoon, everyone. Thank you for joining the Beauty Health Compay's conference call to discuss our second quarter 2024 financial results, which were released earlier this afternoon and which can be found on our corporate website at beautyhealth.com. Leading the call today is Beauty Health, Chief Executive Officer, Marla Beck; and our Chief Financial Officer and Mike Monahan.
Before we begin, however, I would like to remind everyone of the company's safe harbor language. Management may make forward-looking statements, including guidance and underlying assumptions. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially.
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