Tuesday’s significant after-hours increase saw shares of Waldencast plc (NASDAQ: WALD) rise by 23.78% to $3.59. The company’s release of stronger financials, which indicated strong growth and promising prospects for the future, served as the impetus for this considerable gain.
Impressive Financial Performance in Q2 2024
For Q2 2024, Waldencast reported a noteworthy gain in net sales, hitting $63.3 million, with a comparable growth of 25.7%. The 21% growth that was achieved in the first quarter of 2024 was accelerated by this achievement. With the year off to a great start and several growth initiatives planned for the second half, the company is more optimistic about hitting its financial goals for FY 2024.
The business anticipates that its Adjusted EBITDA in the second half of 2024 will exceed that of the first, both in absolute value and margin. The company continues to strive for an Adjusted EBITDA margin in the mid-teens for the whole year.
Proceeded Expanding Brands and Making Smart Investments
The two main brands of Waldencast, Milk Makeup and Obagi Medical, are showing significant promise as they continue to develop significantly faster than their respective markets. As a young company, Waldencast remains focused on addressing past challenges and capitalizing on future opportunities.
The company is ramping up investments in brand development and community engagement, believing that this approach, alongside its high-performance product offerings, will sustain and expand its global demand.
Innovative Products and Community Engagement
The company’s strategic focus on community building and product innovation is already showing results. In H1 2024, Milk Makeup saw a 100% increase in Earned Media Value (EMV) year-over-year and rose seven ranks from 2023. Meanwhile, Obagi Medical achieved a 165% increase in EMV, marking one of the fastest growth rates for beauty brands in the U.S.
Both brands launched blockbuster products, such as Milk Makeup’s award-winning Viral Cooling Jelly Tint and Obagi Medical’s Daily Hydro-Drops Rejuvenating Eye Gel Cream, which sold out rapidly.
Positioned for Long-Term Growth
With its dynamic brand portfolio, strong community connections, and innovative product offerings, Waldencast is strategically positioned for long-term profitable growth. The company aims to build enduring iconic beauty brands while enhancing operational efficiencies through its robust platform and talented teams.