The Beauty Health Company SKIN shares are trading higher in the morning session on Wednesday.
Yesterday, after the closing bell, the company reported a fourth-quarter loss per share of $(0.07), which is in line with the analyst consensus.
Quarterly sales of $96.80 million beat the street view of $87.626 million.
In a separate release, the company said that it has approved Marla Beck as its permanent President and Chief Executive Officer. Beck has been Interim CEO since November 20, 2023, in addition to serving on the company’s Board of Directors.
Sales fell 1.3% year over year, with challenges in the Americas primarily offset by growth in APAC and EMEA.
Adjusted gross margin was 54.6% in the quarter under review, compared to 73.6% in the year-ago period.
Higher inventory-related charges and higher product and warranty costs adversely impacted the adjusted gross margin.
Adjusted EBITDA was $3.4 million in the fourth quarter compared to $17.6 million in the year-ago period, primarily due to gross margin pressures.
The company placed 1,551 delivery systems during the quarter compared to 2,067 in the prior year period.
The Beauty Health Company exited the quarter with cash and equivalents of approximately $523.0 million.
Outlook: The company sees first-quarter revenue of $77 million-$83 million versus an estimate of $85.53 million.
The Beauty Health Company expects FY24 revenue to grow flat to low-single-digit percentage.
Price Action: SKIN shares are trading higher by 31.89% to $4.73 on the last check Wednesday.
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