Waldencast plc announced robust financial results for the third quarter ended September 30, 2024, reporting net revenue of $70.2 million. This represents a 30.8% increase on a net revenue basis and a 34.6% increase in Comparable Net Revenue Growth compared to the prior year. Both Obagi Medical and Milk Makeup brands contributed significantly, with Obagi Medical growing 45.5% and Milk Makeup growing 23.5% versus Q3 2023.
The company demonstrated substantial profitability improvements, with Adjusted EBITDA surging by 134.0% to $11.4 million in Q3 2024, expanding the Adjusted EBITDA Margin to 16.3%, a 720-basis point improvement year-over-year. Adjusted Gross Profit reached $51.4 million, or 73.2% of net revenue, marking a 400-basis point increase driven by higher-margin digital channels and product mix. Net Loss also improved to $13.1 million from $36.5 million in Q3 2023.
Looking ahead, Waldencast reaffirmed its fiscal year 2024 outlook, expecting Comparable Net Revenue Growth above the 25.7% achieved in the second quarter and an Adjusted EBITDA Margin in the mid-teens. The company reported $17.6 million in cash and cash equivalents and $154.0 million of Net Debt as of September 30, 2024, with $30 million remaining undrawn on its revolving credit facility.
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