UK’s Waldencast posts flat Q4 revenue on Milk Makeup weakness, withholds outlook

Overview

• UK beauty platform's Q4 revenue flat yr/yr as Obagi growth offset Milk Makeup softness

• Adjusted EBITDA for Q4 fell sharply yr/yr due to lower margins and launch investments

• Company completed Obagi Japan trademark sale and refinanced credit facility to reduce leverage

Outlook

• Company will not provide fiscal 2026 outlook due to ongoing strategic review

• Obagi Medical sees continued revenue acceleration from transformation efforts and brand momentum

• Company plans increased investment in Milk Makeup's international markets and brand marketing in 2026

Result Drivers

• OBAGI MEDICAL GROWTH - Co said Obagi Medical revenue accelerated due to international demand, U.S. direct-to-consumer success, and product innovation

• MILK MAKEUP WEAKNESS - Co said Milk Makeup revenue declined due to softer international consumption, despite U.S. distribution expansion

• LAUNCH AND SUPPLY CHAIN COSTS - Co said lower margins and profit were partly due to inventory adjustments at Obagi Medical and increased holiday promotions at Milk Makeup, as well as investments in new product launches

Company press release: ID:nGNX36x9yS

Key Details

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