Beauty Health falls after Q3 revenue miss, CEO exit

Skinhealth Systems

14/11/2023 10:45

** Shares of skin treatment services Beauty Health  SKIN.O 
plunge almost 52.6% to $1.85
    ** Stock set to hit a record low if losses hold through
market open
    ** Co says CEO Andrew Stanleick will leave the company and
Marla Beck will serve as interim CEO till a replacement is found
    ** SKIN cuts its FY23 sales forecast to $385 mln-$400 mln,
from $460 mln-$480 mln
    ** Co also withdraws FY25 targets
    ** SKIN reports Q3 revenue of $97.4 mln, well below analysts
estimates of $116.20 mln 
    ** Piper Sandler double downgrades to "underweight" from
"overweight", J.P. Morgan cuts to JPM cuts to "underweight" from
"neutral"
    ** At least three brokerages have cut their PT
    ** Without meaningful forward-looking outlook beyond FY23,
we think investors will assume the worst - JP Morgan 
    ** JPM says investors to wait for a revised outlook from new
CEO before they revisit
    ** Stock down 57.1% YTD as of Monday's close