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The Beauty Health Company (NASDAQ:SKIN) is down ~38% in after-hourS trading Monday after lowering its fiscal 2023 net sales guidance due to lower-than-expected U.S. revenue and restructuring charges for device upgrades.
In addition, the skin care company said it was suspending its long-term 2025 financial outlook.
Also, CEO Andrew Stanleick will be departing the company on Nov 19.
Beauty Health (SKIN) now sees net sales guidance of $385M to $400M. Consensus is $461.3M.
The company noted that part of the reason for the 2023 guidance change is $63.1M in restructuring charges related to device upgrades of early-generation Syndeo devices.
The Americas is the largest market for Beauty Health (SKIN). Unlike Europe and EMEA, where net sales increased year-over-year in Q3, in the Americas it dropped to $51.7M from $58.4M.
Total delivery systems sold also declined year over year in the Americas, compared to Europe and EMEA where it rose significantly.
Beauty Health (SKIN) also said it would be filing its 10Q quarterly report late.
In Q3, the company missed on both lines.