By Daniella Parra
Waldencast plc (Nasdaq: WALD) said net revenue decreased 4.1% year-over-year to $65.4 million and adjusted gross profit totaled $50.0 million, or 76.4% of net revenue, an expansion of 10 basis points compared to the prior year.
Adjusted EBITDA was $4.4 million, or 6.7% of net revenue as the YOY decline was from sales and marketing, and G&A deleverage stemming from lower revenue, they said.
“Despite a broader slowdown in the prestige beauty category in the U.S., Milk Makeup ended the quarter on a very strong note, fueled by the highly successful launch of Hydro Grip Gel Tint, which sold out shortly after release,” Michel Brousset, Waldencast Founder and CEO, said.
