BeautyHealth launches cost-cutting program targeting $35M+ annual savings, $100M buyback

SkinHealth Systems Inc.

Phase 1 expected to generate >$20M annualized cost savings in Q1 2024; Phase 2 >$15M in Q2 2024.
Board authorized $100M share repurchase program; funded from existing cash, via Rule 10b5-1 plan in Q3 2023.
Company re-affirms 2025 guidance: $600-$700M net sales, up to 500 bps gross margin expansion vs FY2021, 25-30% EBITDA margin.
Cost reductions from streamlining go-to-market, process automation, and manufacturing efficiencies; no large M&A anticipated.
Update on transformation program expected during Q3 2023 earnings call in November 2023.

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