By Karen Roman
Beauty company Waldencast plc (Nasdaq: WALD) said net revenue was $70.2 million on the third quarter, growing 30.8% compared to a year prior and causing its stock to trade 13% higher after hours.
Adjusted gross profit was $51.4 million representing 73.2% of net revenue with a 400-basis point increase, the company said.
Adjusted EBITDA increased 134.0% to $11.4 million due to sales growth on both Obagi Medical and Milk Makeup brands, it said.
“We are confident in our ability to deliver on our guidance of full year Comparable Net Revenue Growth above the 25.7% growth achieved in the second quarter while delivering Adjusted EBITDA Margin in the mid-teens as we continue to leverage the power of our Waldencast platform to drive growth and enhance profitability of our market leading brands,” said Michel Brousset, the company’s founder and CEO.
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