BeautyHealth Reports Record Second Quarter 2022 Financial Results
The Beauty Health Company (NASDAQ: SKIN) reported all-time high quarterly net sales of $103.5 million for Q2 2022, marking a 55.7% increase YoY. Net income reached $7.9 million, contrasting sharply with a net loss of $139.4 million in Q2 2021. The company attributed strong results to the growing demand for its Hydrafacial products, raising its full-year net sales guidance to $340-$350 million. However, it also anticipates ongoing supply chain challenges and inflationary pressures may affect gross margins in the upcoming quarters.
- Record quarterly net sales of $103.5 million, up 55.7% YoY.
- Raised fiscal 2022 net sales guidance by $10 million.
- Gross profit of $71.7 million; net income of $7.9 million, a turnaround from previous losses.
- Gross margin decreased to 69.2% from 71.0% YoY, impacted by lower delivery system pricing and supply chain costs.
- Significant decline in APAC region sales, down 16.5% YoY due to COVID-19 lockdowns in China.
All-time high quarterly net sales of
Company raises net sales guidance and reaffirms adjusted EBITDA outlook for the year
Exceptional results driven by acceleration of Hydrafacial delivery system placements globally, with segment revenue up +
Second Quarter 2022 vs. Second Quarter 2021:
-
Global performance:
-
+
55.7% net sales growth to$103.5 million -
Net income and adjusted net income of
and$7.9 million in 2Q 2022, respectively, compared to net loss and adjusted net income of$2.2 million ( and$139.4) million in 2Q 2021, respectively$7.8 million -
+
10.9% adjusted EBITDA growth to$12.6 million
-
+
-
Net sales by region:
-
Americas : , +$75.4 million 76.6% year-over-year; driven by strong demand for Syndeo -
APAC:
, ($10.4 million 16.5% ) year-over-year; driven by COVID lockdowns inChina , partly offset by strength inAustralia -
EMEA:
, +$17.8 million 56.0% year-over-year; driven by high conversion in marketing activations across the region
-
-
Successful
U.S. rollout of Syndeo, Hydrafacial’s next generation connected delivery system, with +108.3% sequential quarterly growth inAmericas number of systems sold since the first quarter 2022, when Syndeo was launched - Growing consumer interest with all-time highs in Google Search activity and Earned Media Value
“Our spectacular results this quarter reflect the growing strength of our business, the enthusiasm of our providers and consumers, and the accelerating demand for Hydrafacial around the world,” said BeautyHealth President and Chief Executive Officer
Key Operational and Business Metrics
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
Unaudited (in millions) |
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Delivery Systems net sales |
$ |
64.8 |
|
|
$ |
34.9 |
|
|
$ |
106.4 |
|
|
$ |
60.6 |
|
|
Consumables net sales |
|
38.8 |
|
|
|
31.6 |
|
|
|
72.5 |
|
|
|
53.4 |
|
|
Total net sales |
$ |
103.5 |
|
|
$ |
66.5 |
|
|
$ |
179.0 |
|
|
$ |
114.1 |
|
|
Gross profit |
$ |
71.7 |
|
|
$ |
47.3 |
|
|
$ |
123.6 |
|
|
$ |
79.0 |
|
|
Gross margin |
|
69.2 |
% |
|
|
71.0 |
% |
|
|
69.1 |
% |
|
|
69.3 |
% |
|
Net income (loss) |
$ |
7.9 |
|
|
$ |
(139.4 |
) |
|
$ |
40.4 |
|
|
$ |
(142.7 |
) |
|
Adjusted net income (loss)* |
$ |
2.2 |
|
|
$ |
7.8 |
|
|
$ |
(6.3 |
) |
|
$ |
7.7 |
|
|
Adjusted EBITDA* |
$ |
12.6 |
|
|
$ |
11.4 |
|
|
$ |
14.9 |
|
|
$ |
18.4 |
|
|
Adjusted EBITDA margin* |
|
12.2 |
% |
|
|
17.1 |
% |
|
|
8.3 |
% |
|
|
16.1 |
% |
|
Adjusted gross profit* |
$ |
74.8 |
|
|
$ |
49.8 |
|
|
$ |
129.6 |
|
|
$ |
84.1 |
|
|
Adjusted gross margin* |
|
72.3 |
% |
|
|
74.9 |
% |
|
|
72.4 |
% |
|
|
73.8 |
% |
|
*See "Non-GAAP Financial Measures" below. |
Second Quarter 2022 Summary
-
Net sales of
increased +$103.5 million 55.7% in Q2 2022 compared to in Q2 2021, driven by record Delivery Systems net sales.$66.5 million -
Delivery Systems net sales increased to
in Q2 2022, compared to$64.8 million in Q2 2021. The Company sold 2,738 Delivery Systems during the quarter, including 1,203 trade-ups.$34.9 million -
Consumables net sales increased to
in Q2 2022, compared to$38.8 million in Q2 2021.$31.6 million -
Net sales in the
Americas region increased to in Q2 2022 compared to$75.4 million in Q2 2021, driven by strong demand for Syndeo.$42.7 million -
Net sales in the APAC region decreased to
in Q2 2022 compared to$10.4 million in Q2 2021, driven by COVID-19 related lockdowns in$12.4 million China , partly offset by continued strength inAustralia . -
Net sales in the EMEA region increased to
in Q2 2022 compared to$17.8 million in Q2 2021, driven by strong Delivery Systems net sales and high conversion of the Company’s marketing activations across the region.$11.4 million
-
Delivery Systems net sales increased to
-
Gross margin was
69.2% in Q2 2022 compared to71.0% in Q2 2021, and adjusted gross margin was72.3% in Q2 2022 compared to74.9% in Q2 2021. Gross margin was impacted by the lower average selling price of delivery systems due to intentional promotions associated with Syndeo’s launch, as well as continued pricing pressure from supply chain headwinds, particularly shipping costs. These impacts were partly offset by strength in new Syndeo system placements, margin accretion from distributor acquisitions, and fixed cost leverage from higher net sales volume. The Company expects continued headwinds from global supply chain challenges and inflationary pressures to weigh on gross margin through 2022, specifically higher shipping costs, offset by fixed cost leverage from higher sales volumes coupled with pricing initiatives, and margin accretion related to the acquired distributor inventory. -
Selling and marketing expenses were
in Q2 2022 compared to$44.9 million in Q2 2021, primarily driven by increases in planned marketing programs, personnel-related expenses, and sales commissions associated with higher revenue.$26.2 million -
Operating loss was
in Q2 2022 compared to an operating loss of$3.4 million in Q2 2021, primarily due to the lack of transaction costs incurred in Q2 2021 associated with the Business Combination. This was partly offset by increased sales commissions associated with higher revenue, increases in global planned marketing programs, increased personnel-related expenses, and increased recruiting & professional fees. The operating loss in Q2 2022 includes$26.4 million in litigation costs to vigorously protect the Company’s intellectual property and one-time costs of$1.1 million .$1.9 million -
Net income was
in Q2 2022 compared to a net loss of$7.9 million in Q2 2021, and adjusted net income was$139.4 million in Q2 2022 compared to$2.2 million in Q2 2021. The fluctuation was primarily due to the change in fair value of the warrant liability.$7.8 million -
Adjusted EBITDA is an important profitability measure that the Company uses to manage its business internally. In Q2 2022, adjusted EBITDA was
compared to adjusted EBITDA of$12.6 million in Q2 2021. Adjusted EBITDA grew due to strong demand for Syndeo, strong system sales and marketing conversions in EMEA, and fixed cost leverage, partly offset by the impact of COVID-19 lockdowns in$11.4 million China , supply chain headwinds, particularly shipping costs, increases in planned marketing programs, personnel-related expenses, and sales commissions associated with higher revenue.
Balance Sheet and Cash Flow Highlights
Cash and cash equivalents were approximately
Warrants and Shares Outstanding
The Company had approximately 7.0 million private placement warrants and approximately 151 million shares of Class A common stock outstanding as of
Outlook
BeautyHealth increased its fiscal 2022 guidance and now expects net sales in the range of
For fiscal 2022, BeautyHealth also continues to expect up to
BeautyHealth’s achievement of the anticipated results is subject to risks and uncertainties, including those disclosed in the Company’s filings with the
Conference Call
BeautyHealth will host a conference call on
Non-GAAP Financial Measures
In addition to results determined in accordance with accounting principles generally accepted in
The Company does not provide a reconciliation of its fiscal 2022 adjusted EBITDA guidance to net income (loss), the most directly comparable forward-looking GAAP financial measure, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, which cannot be done without unreasonable efforts, including adjustments that could be made for changes in fair value of warrant liabilities, integration and acquisition-related expenses, amortization expenses, non-cash stock-based compensation, gains/losses on foreign currency, and other charges reflected in our reconciliation of historic numbers, the amount of which, based on historical experience, could be significant. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. The Company's fiscal 2022 adjusted EBITDA guidance is merely an outlook and is not a guarantee of future performance. Stockholders should not rely or place an undue reliance on such forward-looking statements. See “Forward-Looking Statements” for additional information.
Adjusted Gross Profit and Adjusted Gross Margin
Management uses adjusted gross profit and adjusted gross margin to measure profitability and the ability to scale and leverage the costs of Delivery Systems and Consumables. The continued growth of Delivery Systems is expected to improve adjusted gross margin, as additional Delivery Systems sold will increase our recurring Consumables net sales, which has higher margins.
Management believes adjusted gross profit and adjusted gross margin are useful measures to the Company and its investors to assist in evaluating operating performance because they provide consistency and direct comparability with past financial performance and between fiscal periods, as the metrics eliminate the effects of amortization, depreciation, and stock-based compensation which are non-cash expenses that may fluctuate for reasons unrelated to overall continuing operating performance. Adjusted gross margin has been and will continue to be impacted by a variety of factors, including the product mix, geographic mix, direct vs. indirect mix, the average selling price on Delivery Systems, and new product launches. Management expects adjusted gross margin to fluctuate over time depending on the factors described above.
The following table reconciles gross profit to adjusted gross profit for the periods presented:
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
Unaudited (in thousands) |
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Net sales |
$ |
103,536 |
|
|
$ |
66,508 |
|
|
$ |
178,951 |
|
|
$ |
114,050 |
|
|
Cost of sales |
|
31,882 |
|
|
|
19,257 |
|
|
|
55,360 |
|
|
|
35,059 |
|
|
Gross profit |
$ |
71,654 |
|
|
$ |
47,251 |
|
|
$ |
123,591 |
|
|
$ |
78,991 |
|
|
Gross margin |
|
69.2 |
% |
|
|
71.0 |
% |
|
|
69.1 |
% |
|
|
69.3 |
% |
|
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|||||||||
Stock-based compensation expense included in cost of sales |
$ |
207 |
|
|
$ |
— |
|
|
$ |
433 |
|
|
$ |
— |
|
|
Depreciation and amortization expense included in cost of sales |
|
2,969 |
|
|
|
2,567 |
|
|
|
5,624 |
|
|
|
5,158 |
|
|
Adjusted gross profit |
$ |
74,830 |
|
|
$ |
49,818 |
|
|
$ |
129,648 |
|
|
$ |
84,149 |
|
|
Adjusted gross margin |
|
72.3 |
% |
|
|
74.9 |
% |
|
|
72.4 |
% |
|
|
73.8 |
% |
Adjusted Net Income, Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted net income, adjusted EBITDA, and adjusted EBITDA margin are key performance measures that management uses to assess the Company's operating performance. Because adjusted net income, adjusted EBITDA and adjusted EBITDA margin facilitate internal comparisons of our historical operating performance on a more consistent basis, management uses these measures for business planning purposes.
Management also believes this information will be useful for investors to facilitate comparisons of operating performance and better identify trends in the business. Management expects adjusted EBITDA margin to increase over the long-term, as the Company continues to scale its business and achieve greater operating leverage.
The Company calculates adjusted net income as net income (loss) adjusted to exclude: change in fair value of public and private placement warrants, change in fair value of earn-out shares liability, other expense, net; amortization expense; stock-based compensation expense; management fees incurred from historical private equity owners; one-time or non-recurring items such as transaction costs (including transactions costs with respect to the Business Combination); restructuring costs (including those associated with COVID-19) and the aggregate adjustment for income taxes for the tax effect of the adjustments described above.
The Company calculates adjusted EBITDA as net income (loss) adjusted to exclude: change in fair value of public and private placement warrants, change in fair value of earn-out shares liability, other expense, net; interest expense; income tax benefit (expense); depreciation and amortization expense; stock-based compensation expense; foreign currency (gain) loss; management fees incurred from historical private equity owners; one-time or non-recurring items such as transaction costs (including transactions costs with respect to the Business Combination); and restructuring costs (including those associated with COVID-19).
The following table reconciles BeautyHealth’s net income (loss) to adjusted net income (loss) and adjusted EBITDA for the periods presented:
|
Three months ended |
|
Six months ended |
|||||||||||||
Unaudited (in thousands) |
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Net income (loss) |
$ |
7,931 |
|
|
$ |
(139,378 |
) |
|
$ |
40,438 |
|
|
$ |
(142,652 |
) |
|
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|||||||||
Change in FV of warrant liability |
|
(15,185 |
) |
|
|
72,027 |
|
|
|
(67,237 |
) |
|
|
72,027 |
|
|
Change in FV of earn-out shares liability |
|
— |
|
|
|
36,525 |
|
|
|
— |
|
|
|
36,525 |
|
|
Amortization expense |
|
3,938 |
|
|
|
2,967 |
|
|
|
7,651 |
|
|
|
5,921 |
|
|
Stock-based compensation expense |
|
6,378 |
|
|
|
3,508 |
|
|
|
13,427 |
|
|
|
3,542 |
|
|
Other (income) expense |
|
(1,658 |
) |
|
|
4,307 |
|
|
|
(721 |
) |
|
|
4,314 |
|
|
Management fees (1) |
|
— |
|
|
|
82 |
|
|
|
— |
|
|
|
209 |
|
|
Transaction related costs (2) |
|
1,986 |
|
|
|
30,411 |
|
|
|
3,031 |
|
|
|
31,157 |
|
|
Other non-recurring and one-time fees (3) |
|
1,897 |
|
|
|
50 |
|
|
|
3,852 |
|
|
|
137 |
|
|
Aggregate adjustment for income taxes |
|
(3,097 |
) |
|
|
(2,671 |
) |
|
|
(6,723 |
) |
|
|
(3,434 |
) |
|
Adjusted net income (loss) |
$ |
2,190 |
|
|
$ |
7,828 |
|
|
$ |
(6,282 |
) |
|
$ |
7,746 |
|
|
Depreciation expense |
|
1,852 |
|
|
|
728 |
|
|
|
3,268 |
|
|
|
1,418 |
|
|
Interest expense |
|
3,217 |
|
|
|
2,060 |
|
|
|
6,617 |
|
|
|
7,759 |
|
|
Foreign currency (gain) loss, net |
|
2,206 |
|
|
|
(24 |
) |
|
|
1,838 |
|
|
|
232 |
|
|
Remaining benefit for income taxes |
|
3,173 |
|
|
|
801 |
|
|
$ |
9,414 |
|
|
$ |
1,258 |
|
|
Adjusted EBITDA |
$ |
12,638 |
|
|
$ |
11,393 |
|
|
$ |
14,855 |
|
|
$ |
18,413 |
|
|
Adjusted EBITDA margin |
|
12.2 |
% |
|
|
17.1 |
% |
|
|
8.3 |
% |
|
|
16.1 |
% |
__________________ | ||
(1) | Represents quarterly management fees paid to the former majority shareholder of Hydrafacial based on a pre-determined formula. Following the Business Combination, these fees are no longer paid. |
|
(2) |
For the three months and six months ended |
|
(3) |
For the three months ended |
About the Business Combination
On
About The
The
Forward-Looking Statements
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside The Beauty Health Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or outcomes include The Beauty Health Company’s ability to manage growth; The Beauty Health Company’s ability to execute its business plan; potential litigation involving The
The Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands except share and per share amounts) (Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Net sales |
$ |
103,536 |
|
|
$ |
66,508 |
|
|
$ |
178,951 |
|
|
$ |
114,050 |
|
|
Cost of sales |
|
31,882 |
|
|
|
19,257 |
|
|
|
55,360 |
|
|
|
35,059 |
|
|
Gross profit |
|
71,654 |
|
|
|
47,251 |
|
|
|
123,591 |
|
|
|
78,991 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|||||||||
Selling and marketing |
|
44,881 |
|
|
|
26,214 |
|
|
|
81,288 |
|
|
|
43,309 |
|
|
Research and development |
|
2,601 |
|
|
|
2,988 |
|
|
|
4,831 |
|
|
|
4,440 |
|
|
General and administrative |
|
27,585 |
|
|
|
44,402 |
|
|
|
53,846 |
|
|
|
55,213 |
|
|
Total operating expenses |
|
75,067 |
|
|
|
73,604 |
|
|
|
139,965 |
|
|
|
102,962 |
|
|
Loss from operations |
|
(3,413 |
) |
|
|
(26,353 |
) |
|
|
(16,374 |
) |
|
|
(23,971 |
) |
|
Other (income) expense: |
|
|
|
|
|
|
|
|||||||||
Interest expense, net |
|
3,217 |
|
|
|
2,060 |
|
|
|
6,617 |
|
|
|
7,759 |
|
|
Other (income) expense, net |
|
(1,658 |
) |
|
|
4,307 |
|
|
|
(721 |
) |
|
|
4,314 |
|
|
Change in fair value of warrant liabilities |
|
(15,185 |
) |
|
|
72,027 |
|
|
|
(67,237 |
) |
|
|
72,027 |
|
|
Change in fair value of earn-out shares liability |
|
— |
|
|
|
36,525 |
|
|
|
— |
|
|
|
36,525 |
|
|
Foreign currency transaction loss (gain), net |
|
2,206 |
|
|
|
(24 |
) |
|
|
1,838 |
|
|
|
232 |
|
|
Total other (income) expense |
|
(11,420 |
) |
|
|
114,895 |
|
|
|
(59,503 |
) |
|
|
120,857 |
|
|
Income (loss) before provision for income taxes |
|
8,007 |
|
|
|
(141,248 |
) |
|
|
43,129 |
|
|
|
(144,828 |
) |
|
Income tax expense (benefit) |
|
76 |
|
|
|
(1,870 |
) |
|
|
2,691 |
|
|
|
(2,176 |
) |
|
Net income (loss) |
$ |
7,931 |
|
|
$ |
(139,378 |
) |
|
$ |
40,438 |
|
|
$ |
(142,652 |
) |
|
Comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|||||||||
Foreign currency translation adjustments |
|
(3,687 |
) |
|
|
(276 |
) |
|
|
(3,832 |
) |
|
|
(281 |
) |
|
Comprehensive income (loss) |
$ |
4,244 |
|
|
$ |
(139,654 |
) |
|
$ |
36,606 |
|
|
$ |
(142,933 |
) |
|
Net income (loss) per share |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
0.05 |
|
|
$ |
(1.52 |
) |
|
$ |
0.27 |
|
|
$ |
(2.24 |
) |
|
Diluted |
$ |
(0.05 |
) |
|
$ |
(1.52 |
) |
|
$ |
(0.18 |
) |
|
$ |
(2.24 |
) |
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|||||||||
Basic |
|
150,731,491 |
|
|
|
91,798,837 |
|
|
|
150,665,166 |
|
|
|
63,805,807 |
|
|
Diluted |
|
151,719,451 |
|
|
|
91,798,837 |
|
|
|
152,274,394 |
|
|
|
63,805,807 |
|
The Condensed Consolidated Balance Sheets (in thousands, except for share amounts) (Unaudited) |
||||||||
|
|
|
|
|||||
ASSETS |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
820,970 |
|
|
$ |
901,886 |
|
|
Accounts receivable, net of allowances for doubtful accounts of |
|
79,918 |
|
|
|
46,824 |
|
|
Prepaid expenses and other current assets |
|
20,336 |
|
|
|
12,322 |
|
|
Income tax receivable |
|
1,008 |
|
|
|
4,599 |
|
|
Inventories |
|
73,526 |
|
|
|
35,261 |
|
|
Total current assets |
|
995,758 |
|
|
|
1,000,892 |
|
|
Property and equipment, net |
|
18,041 |
|
|
|
16,183 |
|
|
Right-of-use assets, net |
|
15,791 |
|
|
|
14,992 |
|
|
Intangible assets, net |
|
51,202 |
|
|
|
56,010 |
|
|
|
|
124,033 |
|
|
|
123,694 |
|
|
Deferred income tax assets, net |
|
312 |
|
|
|
330 |
|
|
Other assets |
|
9,823 |
|
|
|
6,705 |
|
|
TOTAL ASSETS |
$ |
1,214,960 |
|
|
$ |
1,218,806 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
36,830 |
|
|
$ |
29,049 |
|
|
Accrued payroll-related expenses |
|
27,786 |
|
|
|
28,662 |
|
|
Other accrued expenses |
|
15,385 |
|
|
|
14,722 |
|
|
Lease liabilities, current |
|
4,547 |
|
|
|
3,712 |
|
|
Income tax payable |
|
2,510 |
|
|
|
292 |
|
|
Total current liabilities |
|
87,058 |
|
|
|
76,437 |
|
|
Lease liabilities, non-current |
|
13,116 |
|
|
|
12,781 |
|
|
Deferred income tax liabilities, net |
|
3,844 |
|
|
|
3,561 |
|
|
Warrant liabilities |
|
26,579 |
|
|
|
93,816 |
|
|
Convertible senior notes, net |
|
732,028 |
|
|
|
729,914 |
|
|
TOTAL LIABILITIES |
|
862,625 |
|
|
|
916,509 |
|
|
Commitments (Note 13) |
|
|
|
|||||
Stockholders’ equity: |
|
|
|
|||||
Class A Common Stock, |
|
16 |
|
|
|
16 |
|
|
Preferred Stock, |
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
735,682 |
|
|
|
722,250 |
|
|
Accumulated other comprehensive income (loss) |
|
(5,089 |
) |
|
|
(1,257 |
) |
|
Accumulated deficit |
|
(378,274 |
) |
|
|
(418,712 |
) |
|
Total stockholders’ equity |
|
352,335 |
|
|
|
302,297 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
1,214,960 |
|
|
$ |
1,218,806 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005138/en/
Investors:
Email: BeautyHealthIR@the193.com
Press:
Email: BeautyHealth@the193.com
Source: The
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