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Waldencast plc (NASDAQ: WALD) is a global multi-brand beauty and wellness platform focused on developing, acquiring, accelerating, and scaling the next generation of conscious, purpose-driven brands. The company operates through two main segments: Obagi Skincare and Milk Makeup.
Obagi Skincare is renowned for its medical-grade skincare products that deliver transformative results. Recently, Obagi announced the appointment of Dr. Suzan Obagi as its first-ever Chief Medical Director. Dr. Obagi is a world-renowned dermatologist and cosmetic surgeon, bringing extensive expertise in aesthetic dermatology and skincare to the company. Under her leadership, Obagi aims to advance its product development, research initiatives, and educational programs. Notable products in the Obagi range include the Obagi Nu-Derm® System, Professional-C®, ELASTIderm®, and Obagi Nu-Cil™, addressing skin concerns like hyperpigmentation, fine lines, hydration, brightening, and acne.
Milk Makeup is another flagship brand under Waldencast, known for its innovative and inclusive beauty products. The brand emphasizes creativity and sustainability, appealing to a diverse range of consumers. Recently, Waldencast appointed Mazdack Rassi, Co-Founder of Milk Makeup, as the Global Brand Director. He will lead the newly formed Creative Council, focusing on future trends in beauty, wellness, and culture.
Waldencast's business model is brand-led, ensuring proximity to customers, agility, and responsiveness in the market while maintaining each brand’s unique identity. The company benefits from the operational scale of a multi-brand platform and the expertise in managing global beauty brands at scale. This approach allows Waldencast to mitigate category fluctuations and achieve asset-light efficiency.
Recent achievements include the launch of the Daily Hydro-Drops® Rejuvenating Eye Gel Cream by Obagi, offering a solution for dry skin around the eyes with 24-hour hydration. Furthermore, Waldencast's financial performance has shown promising growth, with a notable increase in gross profit for Q1 2024 compared to the previous year.
For more information, visit the company’s website: Waldencast Investor Relations.
Waldencast (NASDAQ: WALD) announced it will file a Form 12b-25 with the SEC for a 15-day extension to submit its Annual Report for the fiscal year ending December 31, 2022. This delay stems from an ongoing review of year-end financial statements, particularly regarding accounting issues related to the sale of Obagi products in Vietnam. The Audit Committee is conducting an independent review to determine necessary adjustments. Additionally, Waldencast completed a 60% acquisition of its Southeast Asia distributor, clearing some accounts receivable while retaining rights to future payments. The company is also assessing internal accounting controls, facing potential challenges with the Annual Report's filing and lender engagements due to the ongoing review.
Waldencast has announced a binding letter of intent to acquire a 60% controlling interest in a newly formed entity from its Southeast Asia distributor. This acquisition targets the rapidly growing $11 billion skincare market in Southeast Asia, with the Obagi brand expected to experience accelerated growth. The deal is contingent upon due diligence and definitive agreements, with completion anticipated in the coming weeks. Additionally, Waldencast has rescheduled its fourth quarter fiscal 2022 earnings call to April 26, 2023, to assess potential adjustments in financials relating to the acquisition.
Waldencast plc (NASDAQ: WALD) announced a conference call to discuss its fourth quarter 2022 earnings results, scheduled for March 15, 2023, at 8:30 AM ET. The earnings press release will be available before the call. Investors can join the call by dialing toll-free numbers or via a live webcast accessible on Waldencast's investor relations website. The company aims to establish a leading beauty and wellness platform, leveraging its brand-led business model and operational scale to enhance brand performance and customer engagement. More details can be found on their official website.
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