Here are a couple of analogies for Beauty Health (SKIN):

1. Align Technology (Invisalign) for non-invasive skin treatments. (Both sell a proprietary system of devices and recurring consumables through professionals for aesthetic enhancements.)

2. Keurig for professional skincare devices. (Both utilize a "razor and blade" model, selling a core device and then generating recurring revenue from proprietary consumables.)

• HydraFacial Delivery Systems: Professional aesthetic devices used by estheticians and dermatologists to perform multi-step facial treatments.
• HydraFacial Consumables: Proprietary serums, tips, and other single-use products essential for performing HydraFacial treatments.
• Perk Skincare System: A two-in-one treatment and take-home product system designed for the eyes and lips, often used in conjunction with HydraFacial.

The Beauty Health Company (SKIN) primarily sells its products and services to other businesses (B2B) rather than directly to individuals. Its major customers are professional aesthetic providers who then offer treatments to end-consumers.

Based on the company's public filings, its customer base is highly fragmented. Therefore, specific names of major customer companies that are publicly traded or represent a significant portion of Beauty Health's revenue are not disclosed. The company's 2023 Annual Report on Form 10-K states that sales to its largest customer represented less than 10% of consolidated net sales, indicating no single dominant customer. As such, no specific public company symbols can be provided for major customers.

The types of businesses that constitute Beauty Health's customer base include:

• Physician offices (such as dermatologists and plastic surgeons)
• Medical spas (medspas)
• Independent aesthetic practices and licensed aestheticians
• Other businesses offering aesthetic treatments

Additionally, Beauty Health sells its products internationally through a network of independent distributors, who also serve as B2B customers.

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Pedro Malha, President and Chief Executive Officer

Pedro Malha brings over two decades of global leadership experience in the healthcare and medical device industries. He most recently served as Worldwide Division President and Corporate Officer of Abbott Laboratories, where he led the neuromodulation business. Prior to that, he held senior leadership roles overseeing multiple global business units at Zimmer Biomet Holdings, Abbott, and Johnson & Johnson, consistently delivering growth and operational excellence.

Michael Monahan, Chief Financial Officer

Michael Monahan has nearly 15 years of experience as a public and private company CFO and over 25 years of accounting and financial management experience. He previously served as CFO of Casper Sleep (NYSE: CSPR) following its IPO, and as CFO of Nutrisystem (NASDAQ: NTRI), where he quintupled its market cap and oversaw a key acquisition. He began his career in the commercial audit practice of Arthur Andersen LLP.

Ron Menezes, Chief Revenue Officer

Ron Menezes is responsible for BeautyHealth's global sales operations and growth. He is a seasoned executive with over 20 years of leadership experience in product commercialization and revenue generation at premier aesthetics, dermatology, and medical device companies, as well as high-growth startups. Before joining BeautyHealth, Ron was the President and CEO of Sientra, where he successfully revamped the company's go-to-market strategy, expanded its market presence, and drove substantial revenue growth.

Celeste Ortiz, Chief Human Resources Officer

As Chief Human Resources Officer, Celeste Ortiz is dedicated to enabling growth through a strong people agenda. She previously held progressive HR leadership roles at healthcare companies Pfizer, Johnson & Johnson, and Medtronic Diabetes. Most recently, she served as Chief People Officer of the high-growth startup Crossover Health, where she scaled the workforce tenfold. She is a member of the Board of Directors for SCAN and Ideal Image.

Sheri Lewis, Chief Supply Chain and Operations Officer

Sheri Lewis oversees global supply chain strategies for BeautyHealth. She has leadership experience at Avantor and Medtronic, contributing to enhanced operational performance.

The addressable markets for Beauty Health's main products and services are significant across several categories:

• HydraFacial: The global addressable market for HydraFacial is estimated at more than 500,000 potential locations. Beauty Health, through its HydraFacial brand, operates within the global facial aesthetics market, which is valued at over $15 billion. As of June 2025, over 35,000 HydraFacial devices have been installed worldwide.
• Skincare Devices (including HydraFacial, SkinStylus microneedling devices, and potentially Keravive devices): The global skincare devices market size was estimated at USD 19.22 billion in 2024 and is projected to increase to approximately USD 53.72 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 10.83% from 2025 to 2034. In North America, the skincare devices market size was USD 9.03 billion in 2024 and is expanding at a CAGR of 10.85% during the forecast period of 2025-2034. The U.S. skincare devices market was valued at USD 6.25 billion in 2024 and is projected to reach around USD 18.30 billion by 2034, with a CAGR of 11.34% from 2025 to 2034.
• Professional Skincare (encompassing HydraFacial, SkinStylus, and Keravive treatments and consumables): The global professional skincare market size was approximately USD 43.14 billion in 2024 and is expected to grow to USD 57.54 billion by 2029, with a CAGR of 6.0%. Another estimate projects this market to reach USD 59.91 billion by 2029 with a CAGR of 6.7%.

Beauty Health (NASDAQ: SKIN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Growth in Consumables and New Booster Products: The company's "razor-blade" business model heavily relies on its high-margin consumable products. There has been a notable increase in the consumable mix as a percentage of net sales, with consumables revenue growing even amidst declines in device sales. Successful new product launches, such as Hydralock HA and HydraFillic with Pep9 Boosters, have contributed to double-digit growth in the booster sales category, underscoring the company's innovation capabilities and its focus on recurring revenue.
2. Expansion of Hydrafacial Installed Base: A core component of Beauty Health's strategy is to protect and expand its Hydrafacial installed base. An increasing number of active Hydrafacial delivery systems in the field directly correlates with higher utilization of consumables. As of Q3 2025, the total active machines in the field increased to 35,409 units from 34,162 units the previous year, indicating a growing foundation for future consumable sales.
3. Launch of New Products and Innovations: Beauty Health continuously focuses on innovating across its platforms. Upcoming product launches, including new skincare and device innovations, are anticipated to drive future growth by offering advanced solutions that resonate with the market and keep the brand competitive.
4. Global Market Expansion: The company is strategically focused on expanding its global footprint. While facing some regional challenges, such as the transition to a distributor model in China, Beauty Health has shown strong performance in other international markets like Germany, contributing to its overall global expansion efforts. Increasing the number of devices in use across various geographies is a stated strategy to fuel long-term consumables demand.
5. Strategic Price Increases: Beauty Health has demonstrated its ability to implement price adjustments. The company executed its first price increase in three years, which contributed to improved financial results and is expected to continue to play a role in revenue growth.