Waldencast reports USD 49.4M gross profit in Q4 FY24
The positive results have been driven by strong brand growth and strategic expansion.
USA – Waldencast, an American beauty and wellness multi-brand, reported a strong performance, recording a gross profit of USD 49.4 million for the fourth quarter, which ended December 31, 2024.
The company also reported an adjusted gross profit of USD 52.6 million, accounting for 73.0% of net revenue.
Net revenue rose 30.8% to USD 72.1 million, with a 29.4% rise in comparable net revenue.
The growth was driven by Milk Makeup’s expanded distribution, Obagi Medical’s accelerated performance in the Physician Dispense channel, and the continued success of Obagi Medical’s e-commerce platforms.
Net loss improved to USD 22.6 million, down from USD 32.7 million in Q4 2023, attributed to operational growth and reduced non-recurring costs related to the restatement and SEC investigation.
Adjusted EBITDA surged to USD 11.2 million, doubling from the previous year and accounting for 15.5% of net revenue.
In Q4 FY24, the net revenue for the Milk Makeup increased to USD 29.9 million, marking a 31.9% increase from USD 22.6 million in Q4 2023.
For the full year 2024, net revenue reached USD 273.9 million, reflecting a 27.5% growth in comparable net revenue, with adjusted EBITDA totalling USD 40.3 million.
Gross profit for the year was USD 191.7 million.
Michel Brousset, Waldencast Founder and CEO, stated, “We closed a transformative year for the group, achieving outstanding growth, expanding our brands’ communities, and making significant progress on our strategic priorities.”
“Our business model is driven by a powerful flywheel effect of growth and profitability.”
In FY25, Waldencast anticipates mid-teens net revenue growth and continued expansion of its adjusted EBITDA margin into the mid-to-high teens.
Net revenue growth is projected to gain momentum throughout the year.
However, Q1 is projected to see relatively flat growth due to the anniversary of the Milk Makeup “Jellies” launch in Q1 2024 and inventory adjustments by retail partners.
Growth is projected to gain momentum in the coming quarters, fueled by innovation and the expansion of distribution channels both in the U.S. and internationally, highlighted by the upcoming launch of Milk Makeup at Ulta Beauty in March 2025.
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