BeautyHealth 2025 EBITDA Soars to $45.1M as Margins Expand, Sales Slump
BeautyHealth posted Q4 sales of $82.4M, a 1.3% decline, while raising gross margin to 64.4% and boosting adjusted EBITDA 67% year-on-year to $15.0M. For full-year 2025, net sales fell 10.0% to $300.8M but adjusted EBITDA surged to $45.1M, and cash reserves stood at $233M after repurchasing $21.3M of 2026 notes.
1. Fourth Quarter Results
BeautyHealth reported Q4 net sales of $82.4M, down 1.3% year-on-year due to lower delivery system revenue with placements of 1,032 units versus 1,087 a year ago. Gross margin improved to 64.4% from 62.7% on favorable consumable mix and reduced inventory charges, driving adjusted EBITDA to $15.0M versus $9.0M in Q4 2024.
2. Full-Year Performance
For 2025, net sales declined 10.0% to $300.8M and delivery system placements fell to 3,726 from 4,907, while gross margin expanded to 65.3% from 54.5% and adjusted EBITDA jumped to $45.1M from $12.3M, reflecting lower operational spend and improved product mix.
3. Balance Sheet and Guidance
Cash and equivalents stood at $233M as of December 31, 2025, down from $370M mainly due to repurchasing $21.3M of 2026 notes at a weighted-average price of 94.875%. First-quarter 2026 net sales are forecast at $63–$68M with adjusted EBITDA of $3.5–$5.5M, and full-year 2026 guidance calls for $285–$305M net sales and $35–$45M adjusted EBITDA.