SkinHealth Systems Inc.

Listed Company

SKINCIK 0001818093NasdaqAcceleratedSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$300.79M

Net Income

$-9.52M

Total Assets

$499.80M

Equity

$61.06M

Shares Out

127.77M

Op. Cash Flow

$37.48M

Business

Beauty Health Co designs, develops, manufactures, markets, and sells esthetic technologies and products that deliver skin health experiences bridging medical esthetics and beauty. Its main offerings include Hydrafacial Delivery Systems (Syndeo, Elite, Allegro) and associated single‑use consumables and serums, SkinStylus microneedling and nanoneedling systems, Keravive scalp treatments, Boosters co‑developed with skincare partners, and the MyBeautyHealth mobile app plus provider training and loyalty programs. The company operates through branded business units—Hydrafacial, SkinStylus, and Keravive—and across product categories of Delivery Systems, Consumables/Boosters, software, and provider services, supported by R&D and manufacturing. It sells globally via a mix of direct sales, distributors and hybrid models into professional medical channels, estheticians, spas, hotels, and retail partners while pursuing omnichannel consumer engagement.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	301	334	398	366	260
Cost of sales	104	152	243	117	82
Gross profit	196	182	155	249	179
Selling and marketing	94	118	144	160	112
Research and development	6	6	10	8	8
General and administrative	118	125	131	106	99
Total operating expenses	217	250	286	275	218
Loss from operations	−21	−68	−131	−26	−40
Interest expense	19	10	14	13	—
Interest income	−9	−17	−23	−9	−39,000
Other income, net	−19	−34	−5	2	4
Change in fair value of warrant liabilities	−487,000	−3	−12	−78	277
Foreign currency transaction (gain) loss, net	−6	5	−2	1	69,000
Loss before provision for income taxes	−6	−30	−102	45	−381
Income tax expense (benefit)	4	−452,000	−2	1	−2
Net loss	−10	−29	−100	44	−379
Foreign currency translation adjustments	6	−4	1	−3	−1
Comprehensive loss	−4	−33	−99	41	−380
Basic (in dollars per share)	−0.08	−0.23	−0.76	0.3	−3.71
Diluted (in dollars per share)	−0.16	−0.36	−0.76	−0.23	−3.71
Basic (in shares)	126	124	132	148	102
Diluted (in shares)	136	142	132	149	102

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, cash equivalents, and restricted cash	233	370	523	568	902
Accounts receivable, net of allowances for estimated credit losses of $6,022 and $9,597 at December 31, 2025 and December 31, 2024, respectively	22	28	55	76	47
Inventories	48	69	91	110	35
Income tax receivable	2	818,000	332,000	1	5
Prepaid expenses and other current assets	5	9	29	28	12
Total current assets	310	477	698	783	1,001
Property and equipment, net	3	6	14	18	16
Right-of-use assets, net	12	14	12	16	15
Intangible assets, net	36	48	62	46	56
Goodwill	127	123	126	125	124
Deferred income tax assets, net	2	4	531,000	815,000	330,000
Other assets	12	14	16	14	7
TOTAL ASSETS	500	686	929	1,003	1,219
Current portion of convertible senior notes, net	124	0	—	—	—
Accounts payable	16	22	45	28	29
Accrued payroll-related expenses	25	18	22	22	29
Lease liabilities, current	5	5	5	5	4
Income tax payable	1	3	3	1	292,000
Other accrued expenses	15	20	20	15	15
Total current liabilities	186	68	115	72	76
Lease liabilities, non-current	9	11	9	13	13
Deferred income tax liabilities, net	393,000	396,000	702,000	2	4
Convertible senior notes, net	240	552	738	734	730
Other long-term liabilities	2	2	3	0	0
Total liabilities	439	634	870	836	917
Commitments and Contingencies (Note 8)	—	—	—	—	—
Class A Common Stock, $0.0001 par value; 320,000,000 shares authorized; 127,520,823 and 124,924,185 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	13,000	12,000	12,000	14,000	16,000
Additional paid-in capital	580	567	541	550	722
Accumulated other comprehensive loss	−1	−7	−3	−5	−1
Accumulated deficit	−517	−508	−479	−379	−419
Total stockholders equity	61	52	59	167	298
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	500	686	929	1,003	1,219

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation	15	27	23	28	12
Amortization of intangible assets	17	20	21	15	13
Depreciation of property and equipment	4	10	11	7	4
Amortization of other assets	5	4	2	857,000	147,000
Amortization of debt issuance costs	4	3	4	4	—
Inventory write-down	7	28	18	5	1
Syndeo inventory write-down	0	0	20	0	0
Provision for estimated credit losses	2	5	5	2	854,000
Gain on exchange and repurchases of convertible senior notes, net	−18	−33	0	0	—
Deferred income taxes	2	−4	−1	−2	—
Other, net	−107,000	16	7	12	6
Accounts receivable	5	21	17	−32	−31
Inventories	16	−11	−23	−84	−7
Prepaid expenses, other current assets, and income tax receivable	3	15	−7	−14	−5
Accounts payable, accrued expenses, and income tax payable	−7	−44	44	−3	—
Other, net	−7	−9	−8	−12	−8
Net cash provided by operating activities	37	16	22	−107	−28
Cash paid for intangible assets	−5	−6	−9	−7	−4
Cash paid for property and equipment	−303,000	−756,000	−4	−11	−11
Cash paid for asset acquisitions	0	0	−18	−1	0
Net cash used for investing activities	−5	−7	−32	−19	−38
Repurchase of 2026 Notes in connection with exchange	−393	0	0	—	—
Issuance of 2028 Notes in connection with exchange, net	238	0	0	0	750
Repurchase of 2026 Notes	−18	−156	0	0	—
Payment of tax withholdings on vested stock awards	−2	−2	−3	−927,000	0
Repurchase of common stock	0	0	−30	−160	0
Payment of accelerated share repurchases	0	0	−2	0	0
Payment of contingent considerations related to acquisitions	0	0	−2	−4	0
Other, net	0	−302,000	0	0	0
Net cash used for financing activities	−175	−158	−37	−205	959
Net change in cash, cash equivalents, and restricted cash	−143	−149	−47	−331	893
Effect of foreign currency translation on cash	5	−4	2	−3	−543,000
Cash paid for interest	14	8	9	10	10

Filings

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