Waldencast has released its Q4 2024 and fiscal year-end financial results, reporting robust growth across its beauty and wellness portfolio. Highlights include a 29.4% comparable net revenue growth for the quarter and significant strides in operational efficiency and market expansion.
Read more: Waldencast Announces $1.2B Acquisition of Obagi and Milk Makeup
Waldenast has also announced that it will be expanding Milk Makeup into the nations largest beauty retailer, Ulta Beauty, in the spring of 2025. Popular products like the 13x "award winning" Hydro Grip Primer and the Cooling Water Jelly Tints will now be available to consumers in 600+ Ulta Beauty stores nationwide.
Tim Coolican, CEO of Milk Makeup says, "We're very proud to join the Ulta Beauty family and to be part of their Conscious Beauty initiative through our commitment to creating innovative, culturally relevant, high-performance and clean products. Ulta Beauty shares our core values of inclusivity, community and creative self-expression. This is the beginning of a beautiful long-term partnership."
Maria Salcedo, senior vice president of merchandizing, Ulta Beauty says, "We are thrilled to welcome Milk Makeup to the Ulta Beauty family and expand their reach even further by bringing their transformative, bold and expressive assortment to even more beauty enthusiasts across the U.S., Milk Makeup has been a trailblazer in the category, from incorporating efficacious ingredients, celebrating self-expression and embracing the creativity, innovation, and fun of beauty discovery through viral products and tried-and-true favorites, and we are excited to partner in this next chapter to help grow the Milk family and our community even further. We look forward to welcoming new and existing guests to discover the brand's award-winning, easy to use products in select stores and Ulta.com this spring, with new and exclusive launches to come."
Key Financial Results
Q4 2024 net revenue reached $72.1 million, a 30.8% increase compared to Q4 2023, reportedly driven by Obagi Medical’s e-commerce growth and Milk Makeup’s channel expansion.
Adjusted EBITDA doubled year-over-year to $11.2 million, representing 15.5% of Q4 net revenue, highlighted by operational leverage and cost control.
Year-end 2024 net revenue totaled $273.9 million, reflecting a 27.5% comparable net revenue growth over 2023. Adjusted EBITDA for FY 2024 grew 65.1% to $40.3 million, showcasing improved gross margins and disciplined cost management.
Michel Brousset, founder and CEO says, “2024 was a transformational year for Waldencast. We integrated strategic innovations, saw accelerated brand growth, and achieved operational improvements, enhancing our ability to invest in sales and marketing for sustainable profitability."
Brand Highlights
Obagi Medical
- Continued as the fastest-growing U.S. professional skin care brand, achieving a comparable net revenue growth of 27.7% for Q4 2024.
- Innovations included the ELASTIderm Lift Up & Sculpt Facial Moisturizer and Advanced Filler Concentrate, driving both consumer and professional traction.
- Adjusted EBITDA reached $9.8 million, a growth of 23.7% year-over-year.
Milk Makeup
- Revenues soared to $29.9 million in Q4 2024, supported by product demand and the forthcoming launch in 600+ Ulta Beauty stores in the spring of 2025.
- Milestones included the success of new products such as the Cooling Water Jelly Tint, which gained significant consumer and media attention.
- Adjusted EBITDA for Milk Makeup increased to $4.8 million, improving operational margins to 16.1%.
Waldencast’s operational strategy advanced with a new $205 million credit facility, replacing its existing structure and extending debt maturity. According to Waldencast, this aligns with the company’s goals of scaling its multi-brand platform while offering financial flexibility.
Outlook for FY 2025
Waldencast anticipates mid-teen net revenue growth in the remainder of 2025, with acceleration expected in Q2 onward driven by innovation pipeline advancements, international expansions, and Milk Makeup’s introduction at Ulta Beauty.
A continued focus on optimizing adjusted EBITDA margins is predicted to strengthen financial performance throughout the year.
