A SPAC deal brought the Beauty Health Company SKIN to the public markets. The move was a shift from plans to sell to a different private equity firm and plans to go public with a traditional listing.
“We’ve been a really high growth company for four years,” Beauty Health Company CEO Clint Carnell told Benzinga.
Carnell said the company cleaned up its debt before going public.
About the Beauty Health Company: The company’s flagship brand, HydraFacial, partners with customers to offer skincare treatments. The company counts 65% of its customer base as physicians, according to Carnell.
The company’s largest customer globally is Sephora, owned by LVMH Moet Hennessy Louis Vuitton SA LVMUY and the company’s largest individual customer is Caesar’s Palace, owned by Vici Properties VICI in Las Vegas.
“We meet the customer where they are,” Carnell said.
The Beauty Health Company helps its partners with a highly profitable business model that rewards the company and its partners.
“We’re the natural bridge between traditional beauty brands and medical aesthetics.”
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Growth After Pandemic: The company’s flagship brand HydraFacial is seeing strong growth after the pandemic.
Carnell said skin health was a large macro trend going into the pandemic and, “Coming out of the pandemic, it’s even stronger.”
With people going back to work and having a higher discretionary income, they are looking to invest in themselves.
“Your face is your calling card,” Cantrell said.
What’s Next: The Beauty Health Company has a presence in 87 countries and gets 30% of its sales from international markets.
Carnell sees the APAC and MEA regions as a strong focus going forward with the market opportunity in the regions three to four times larger than the U.S. market.
One of the items Carnell is most excited about is a direct-to-consumer handheld device. Carnell told Benzinga the product will launch in time for the holidays.
Carnell said the device will operate similarly to a sonic toothbrush.
SKIN Price Action: Shares of the Beauty Health Company closed Monday up 3% to $17.79, hitting new highs since completing the SPAC merger. On Tuesday morning at publication, shares were up 2.02% at $18.15
For more on The Beauty Health Company, catch the full interview with Clint Carnell on Benzinga’s “Power Hour.”
(Photo: Park Street via Unsplash)
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