Yesterday, Waldencast plc, a multi-brand beauty company, reported a robust financial performance for the second quarter of 2024. Net revenue surged by 25.7% year-over-year, reaching $63.3 million. The company also recorded a significant increase in gross profit, which rose to $44.6 million from $31.2 million in the same period in 2023.
The company’s adjusted EBITDA improved to $6.3 million, with an adjusted EBITDA margin of 10%, up from $3.9 million and a 7.8% margin in the previous year. Waldencast anticipates even stronger financial results in the second half of the year, expecting net revenue growth and adjusted EBITDA to surpass first-half figures.
CEO Michel Brousset expressed confidence in the company’s ability to exceed its FY 2024 outlook, citing strong performances from its Milk Makeup and Obagi Medical brands. Milk Makeup saw a 20% increase in revenue, driven largely by the popularity of its viral blush sticks, while Obagi achieved a 30.9% growth in comparable sales, bolstered by the success of its newly launched Daily Hydro-Drops Rejuvenating Eye Gel Cream.
It is reported that Milk Makeup surpassed the $100 million mark in net revenue in 2023 and achieved $63.2 million in net revenue in the first half of 2024. Obagi Medical’s revenue for the same period was $68.4 million.
Despite these successes, Brousset acknowledged challenges related to inventory management, noting that the company could have achieved even higher sales if not for stock shortages. Nonetheless, Waldencast remains optimistic about its growth trajectory for the remainder of the year.
