Health and beauty platform Waldencast plc (NASDAQ: WALD) reported a 24% increase in second-quarter revenue, driven by strength across its portfolio.
Net sales for the quarter reached $77.1 million versus $62.3 million in the 2021 second quarter. Adjusted Ebitda rose 39% to $21.9 million with a pro forma adjusted margin of 28.4%.
“Our performance reflects the successful execution of our growth strategies which position well our Obagi and Milk Makeup brands to extend their leadership within the beauty industry,” said Michel Brousset, Waldencast Founder and CEO. “We expect the Waldencast platform to build upon Obagi and Milk Makeup’s strong brand affinity and core strengths to further accelerate profitable growth. Despite the broader macro environment, the beauty market continues to be very dynamic and we remain very excited about our outlook as we build awareness for our award-winning brands, launch compelling innovation, and continue our footprint expansion.”
The company also reiterated 2022 guidance, including net sales of $256.3 million, gross profit of $189.8 million and adjusted Ebitda of $49.6 million.
Waldencast recently completed its merger with fast-growing skin care brands Obagi Global Holdings Limited and Milk Makeup LLC, after which it began trading on Nasdaq. Waldencast, whose name derives from Henry David Thoreau’s seminal book on self-reliance Walden, was a special purpose acquisition company that raised cash which was used to purchase Obagi Skincare and Milk Makeup.