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Q4 net revenue was $72.1 million with a 29.4% comparable net revenue growth and $11.2 million of adjusted EBITDA, doubling from Q4 2023.
March 19, 2025
By: Lianna Albrizio
Associate Editor
Waldencast plc reported operating results for the three months ended December 31, 2024 (Q4 2024) and the year ended December 31, 2024 (the year ended 2024) on Form 6-K to the US Securities and Exchange Commission.
Q4 net revenue increased 30.8% to $72.1 million with a 29.4% comparable net revenue growth and $11.2 million of adjusted EBITDA, doubling from Q4 2023. Officials attribute the comparable net revenue growth to Milk Makeup channel expansion, Obagi Medical accelerated growth in the Physician Dispense channel and continued success in Obagi Medical e-commerce channels.
Net Loss improved from $32.7 million in Q4 2023 to $22.6 million in Q4 2024, driven by operational growth and a reduction in non-recurring costs associated with the restatement and SEC investigation.
FY 2024 net revenue was $273.9 million, a 27.5% comparable net revenue growth and $40.3 million of adjusted EBITDA.
“We closed a transformative year for the group, achieving outstanding growth, expanding our brands’ communities, and making significant progress on our strategic priorities,” said Waldencast Founder and CEO Michel Brousset. “Our business model is driven by a powerful flywheel effect of growth and profitability. This begins with the unique strength of our brands, which is amplified by our ability to enhance operational efficiency. As a result, we can effectively increase investments in sales and marketing to drive profitable growth. In 2024, we achieved a 27.5% increase in Comparable Net Revenue and a 65.1% rise in Adjusted EBITDA, demonstrating our proven ability to expand gross margins and optimize our cost base as we grow.”
Waldencast has entered into a new $205 million five-year credit facility, comprising a $175 million Term Loan and a $30 million RCF, that replaces its existing facility. This agreement supports the company’s strategic priorities by enhancing financial flexibility and extending its debt maturity profile well ahead of the current facilities expiration in July 2026.
Net revenue for Milk Makeup reached $29.9 million, up 31.9% from $22.6 million in Q4 2023. Milk Makeup’s Q4 2024 growth reflected the initial shipments to Ulta Beauty in support of the brand’s spring 2025 launch along with increased demand driven by our growing awareness, the continued delivery of sought-after innovation, and international expansion.
For the year ended December 31, 2024 compared to the year ended December 31, 2023, net revenue was $273.9 million, a 27.5% increase in comparable net revenue growth.
Net revenue for Obagi Medical reached $42.2 million, from $32.5 million in Q4 2023 with comparable net revenue growth of 27.7%.
Obagi Medical’s strong net revenue growth continued to be driven by increased brand awareness, stronger selling and marketing investments, and continued innovation. The brand continued expanding its international footprint and growing e-commerce sales through its direct website and the move to a first party model with its main e-commerce distributor, implemented in late 2023, with benefits tapering off by Q1 2025.
Obagi Medical was reportedly among the fastest-growing professional skin care brands among the top 10 in the US in 2024. Officials say the achievement underscores the strength of its enhanced go-to-market strategy, which successfully balances growth in the Physician Dispense channel with the acceleration of our digital channels.
Looking into 2025, Waldencast says it expects to deliver mid-teens net revenue growth and further expansion of adjusted EBITDA margin into the mid-to-high teens.
Net revenue growth is expected to accelerate throughout the year, starting with relatively flat growth in Q1 due to the anniversary of the highly successful Milk Makeup “Jellies” launch from Q1 2024, as well as inventory adjustment in some of our retail partners.
Growth is expected to accelerate progressively in the following quarters, driven by its innovation pipeline and the continued expansion of our distribution footprint in the US and internationally, including the launch of Milk Makeup at Ulta Beauty in March 2025.
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