HydraFacial has announced that its preliminary net sales for 2020 are approximately $119 million. The company has not yet completed the year-end audit and expects to report full results at a future date.
Previously: L’Oréal Q4, Full-year 2020 Results
According to HydraFacial, it previously expected net sales to be approximately $115 million.
Meanwhile, HydraFacial and Vesper Healthcare will enter into a definitive merger agreement pursuant to which HydraFacial and Vesper Healthcare will combine, and after which HydraFacial will become a public company.
In December 2020, the companies announced that HydraFacial was valued at $1.1 billion.
The business venture is said to be completed in the first half of 2021.
Upon completion of the transaction, the combined company expects to be listed on the NASDAQ exchange.
Clint Carnell, HydraFacial CEO, said: “I am proud of our team for their collective efforts, passion and dedication in 2020, which allowed us to continue building the HydraFacial brand, despite the impact of COVID-19 related closures, and generate net sales which came in ahead of the guidance we had provided in December 2020. The resilience of the brand is demonstrated by the fact that we added more than 2,000 new delivery systems globally since the pandemic related stay-at-home orders started in March 2020, we strengthened the recurring consumable revenue, which is expected to represent more than 50% of total sales at year end, and we added and expanded several key brand and retail partnerships, including Dr. Murad, Sephora and Clinique. We are excited to become a public company and to build this business globally.”
Brent Saunders, CEO and co-founder of Vesper Healthcare Acquisition Corp., said: “I am very pleased with the solid topline results that HydraFacial delivered in 2020, against a challenging backdrop of COVID-19. HydraFacial has tremendous opportunities both in the U.S. and globally and we look forward to deploying our strategy to create a leading company in the category of beauty-health.”
