Beauty Health hits record low after annual sales forecast cut, CEO exit

Skinhealth Systems

14/11/2023 15:31

(Updates)
    ** Skin treatment devices maker Beauty Health's  SKIN.O 
shares fall ~60% to $1.60, hitting record low 
    ** Co reports CEO Andrew Stanleick's to depart from SKIN,
effective Nov. 19 and cuts FY23 sales forecast 
    ** Marla Beck to serve as interim CEO as co seeks for a
replacement 
    ** Co posts downbeat Q3 U.S. revenue and incurs $63.1 mln in
restructuring charges for device upgrades
    ** Co managing through issue with its clogged digital Syndeo
 delivery machines, will only market and sell a 3.0 version of
the system
    ** Cuts FY23 sales forecast to $385 mln-$400 mln, from $460
mln-$480 mln and withdraws FY25 targets
    ** To provide customers options of a upgrade to earlier
device versions or a replacement for existing devices  - company
    ** At least 3 brokerage cut stock PT post results 
    ** Co posts Q3 revenue of $97.4 mln, missing analysts'
estimate of $116.20 mln, per LSEG data  
    ** Including sessions fall, stock down 82.9% YTD 

 (Reporting by Pratik Jain and Pranav Kashyap in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))