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Here are 1-3 brief analogies for Beauty Health (SKIN):

• Align Technology for professional skin and scalp treatments.
• A Medtronic for aesthetic skincare devices.

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• HydraFacial: An aesthetic technology that cleanses, peels, exfoliates, extracts, infuses, and hydrates the skin with proprietary solutions and serums.
• Syndeo: A HydraFacial Delivery System designed to elevate treatments and personalize the consumer experience.
• HydraFacial Nation App: An application for consumers to learn about skin health, discover treatment options, and track their treatments.
• Keravive: A specific treatment designed to improve scalp health.

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Beauty Health (SKIN) sells its aesthetic technologies and products primarily to other companies, specifically professional aesthetic service providers. These providers utilize Beauty Health's devices, such as the HydraFacial Delivery System, and proprietary solutions to offer treatments directly to consumers.

However, due to the highly fragmented nature of the global aesthetic services market, Beauty Health does not typically have major, identifiable publicly traded companies as direct customers that would represent a significant portion of its revenue. Its customer base consists of a broad network of thousands of smaller, often privately owned, professional practices worldwide, including:

• Dermatology clinics and medical practices
• Medical spas (MedSpas)
• Plastic surgery practices
• Independent aestheticians and aesthetic centers

Therefore, specific names of major public company customers cannot be provided as they do not exist in the context of Beauty Health's business model.

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Pedro Malha

President and Chief Executive Officer

Pedro Malha was appointed President and Chief Executive Officer of The Beauty Health Company, effective October 1, 2025. He brings over 20 years of experience in the healthcare and medical device sectors. Prior to joining Beauty Health, he served as Worldwide Division President and Corporate Officer at Abbott Laboratories, where he led the neuromodulation business. His career also includes senior leadership roles overseeing multiple global business units at Zimmer Biomet Holdings, Abbott, and Johnson & Johnson in Europe, consistently delivering growth and operational excellence. No information found regarding him founding or managing other private equity-backed companies or selling companies he was previously involved with to an acquirer.

Michael Monahan

Chief Financial Officer

Michael Monahan was named Chief Financial Officer, effective August 10, 2023. He possesses nearly 15 years of experience as a public and private company CFO and more than 25 years of accounting and financial management expertise, with a track record of driving financial and operational success in high-growth businesses. Most recently, he served as CFO of Casper Sleep (NYSE: CSPR) following its IPO. Before that, he was the CFO of Nutrisystem (NASDAQ: NTRI), where he played a key role in quintupling its market capitalization and overseeing significant mergers and acquisitions during his tenure. No information found indicating a pattern of managing private equity-backed companies or selling companies to an acquirer outside of his role at Nutrisystem.

Ron Menezes

Chief Revenue Officer

Ron Menezes joined Beauty Health as Chief Revenue Officer, effective October 15, 2024. He is a seasoned executive with over 20 years of leadership experience in product commercialization and revenue generation within the aesthetics, dermatology, and medical device industries, as well as high-growth startups. He previously served as President and CEO of Sientra, where he successfully revamped the company's go-to-market strategy, significantly enhancing its market presence and driving substantial revenue growth and profitability. Mr. Menezes also held sales leadership roles at Almirall Dermatology, Allergan, and Abbott.

Carrie Caulkins

Chief Marketing Officer

Carrie Caulkins joined Beauty Health as Chief Marketing Officer, effective October 15, 2024. She brings extensive experience from her eight years at Galderma, where she held several leadership positions overseeing the company's aesthetic pharmaceutical and medical device brands. As Vice President and Global Franchise Lead at Galderma, she was responsible for global business strategy, pipeline development, and product lifecycle management. She also served as Vice President of Marketing, focusing on expanding the U.S. aesthetics market. Before her time at Galderma, Ms. Caulkins spent over a decade at Allergan in various marketing and clinical leadership roles.

Sheri Lewis

Chief Supply Chain and Operations Officer

Sheri Lewis was appointed Chief Supply Chain and Operations Officer, effective April 9, 2024. She is an accomplished industry leader with more than 30 years of progressive global operations experience in global supply chain and manufacturing operations. Prior to joining Beauty Health, Ms. Lewis was the Executive Vice President of Global Supply Chain Operations at Avantor, Inc., where she led the company's global integrated supply chain strategy and operational performance. She also spent almost twelve years at Medtronic, most recently as Vice President of Global Operations, overseeing 32 global manufacturing sites and 19,000 employees. Earlier in her career, Ms. Lewis held positions of increasing responsibility at Honeywell and Fabrico.

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Key Risks to The Beauty Health Company (SKIN)

1. Reliance on Capital Equipment Sales for Recurring Revenue: The Beauty Health Company operates on a "razor-and-blade" business model, where the sale of its HydraFacial Delivery Systems (the capital equipment) is crucial for driving recurring, high-margin revenue from proprietary solutions and serums. A significant slowdown or decline in the sales of these core devices poses a substantial near-term risk, as it directly impacts the future demand for and sales of their consumables.
2. Highly Competitive and Evolving Market: The beauty health industry is intensely competitive and subject to rapid changes due to shifting consumer preferences, emerging technologies, and a saturated market with numerous brands. The company faces challenges from competitors offering similar aesthetic products and technologies, requiring continuous investment in innovation, marketing, and salesforce excellence to maintain its market position and brand differentiation.
3. Product Efficacy, Safety, Reputation, and Regulatory Risks: The company's success is highly dependent on the perceived quality, efficacy, and safety of its HydraFacial products and treatments. Risks include potential product safety issues, quality failures, the proliferation of counterfeit products, or adverse reactions experienced by consumers. Any such incidents, or a lack of demonstrable long-term benefits, could severely damage the brand's reputation and consumer trust. Furthermore, the company is subject to extensive and ongoing regulatory compliance obligations, and is involved in various legal proceedings, including patent infringement lawsuits, a securities class action, and an SEC investigation, which could incur significant costs and negatively impact its business.

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• The global HydraFacial device market was valued at approximately USD 1.2 billion in 2024 and is projected to reach USD 3.5 billion by 2033, expanding at a compound annual growth rate (CAGR) of 12.8%. North America holds the largest market share, accounting for over 38% of global revenue in 2024.
• The global aesthetic devices market was valued at over USD 16.31 billion in 2025 and is poised to exceed USD 30.62 billion by 2035, growing at a CAGR of over 6.5% during the forecast period of 2026-2035. North America is anticipated to dominate, holding around 48.5% of the market share by 2035. Another source estimates the global aesthetic devices market at USD 16.44 billion in 2024, expecting to reach USD 38.16 billion by 2032 with a CAGR of 11.10%.
• The global professional skincare products market was estimated at USD 43.14 billion in 2024. The U.S. market for professional skincare products alone was valued at about USD 15 billion in 2024, representing roughly 35% of the global market size. This market is projected to grow to USD 60.41 billion by 2030, at a CAGR of 5.7%.
• The global facial beauty devices market is estimated to generate USD 19.27 billion in revenue in 2025 and is expected to grow at a CAGR of 21.39% to reach USD 110.33 billion by 2034.

• The global hair and scalp care market was estimated at USD 88.20 billion in 2025 and is projected to reach USD 150.45 billion by 2033, growing at a CAGR of 7.0%. Asia Pacific held the largest market share of 37.51% in 2025. Another report valued the global hair and scalp care market at USD 101.45 billion in 2024, expecting it to reach USD 146.21 billion by 2030, rising at a CAGR of 6.34%.
• The global scalp care market is estimated to be valued at USD 14.73 billion in 2025 and is expected to reach USD 23.81 billion in 2032, exhibiting a CAGR of 7.1%.

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The Beauty Health Company (NASDAQ: SKIN) is expected to drive future revenue growth over the next two to three years through several strategic initiatives aimed at leveraging its installed base, expanding its product ecosystem, and enhancing its global market presence.

1. Increased Utilization of Existing HydraFacial Systems and Consumables Growth: Beauty Health is shifting its strategy from a device-placement model to one focused on maximizing the utilization of its extensive global installed base of over 36,000 HydraFacial units. This pivot aims to generate recurring revenue streams through the increased sales of high-margin proprietary solutions and serums (consumables), which consistently contribute to the company's revenue and provide operational leverage. The company's management views this "utilization flywheel" as a central strategy, where brand demand drives traffic and, in turn, increases device usage and consumables revenue.
2. Product Line Expansion and New Treatment Offerings: The company plans to broaden its HydraFacial ecosystem by introducing new treatment tips, protocols for specific skin concerns (such as sensitive and pigment-prone skin), and expanding into new indications like scalp health with Keravive and body treatments. Furthermore, Beauty Health intends to launch co-branded booster serums with clinical skincare partners to boost average revenue per treatment and increase treatment frequency. The company also aims to reactivate underleveraged assets, such as SkinStylus in the microneedling category, to establish a more comprehensive skin health platform.
3. International Market Expansion and Penetration: Beauty Health is focusing on accelerating its expansion in key international markets, particularly within the EMEA (Europe, Middle East, and Africa) and APAC (Asia-Pacific) regions. The strategy includes deeper penetration in North America while specifically targeting growth in areas like the UK, Germany, Gulf states, and Tier-1/2 Chinese cities through a hub-and-spoke distributor model and key opinion leader (KOL) education. Despite some transitional challenges in China, APAC revenue has shown significant growth in the past.
4. Enhanced Commercial Execution and Syndeo Platform Adoption: The company is prioritizing improved sales execution and driving the adoption and upgrade cycle to its Syndeo delivery system. Syndeo is a data-driven platform that connects devices, RFID-enabled tips, and consumables to standardize treatments and create a recurring-revenue ecosystem. Although there were initial rollout challenges with earlier Syndeo versions, Beauty Health is working to address these concerns and expects capital momentum to strengthen as providers increasingly adopt and upgrade to the platform, with plans for a next-generation HydraFacial system slated for launch in 2028.

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Share Repurchases

• The Beauty Health Company's Board of Directors authorized a stock repurchase program of up to $100 million, which began on September 26, 2023. This program is part of a transformation drive to reduce operating costs and streamline operations.
• In September 2022, the Board authorized a share repurchase program of up to $200 million. As part of this, the company entered into an accelerated share repurchase (ASR) agreement for $100 million, with an initial delivery of approximately 7.7 million shares on September 29, 2022.
• In November 2022, the company entered into another accelerated share repurchase (ASR) agreement to repurchase an additional $100 million of its common stock under the existing program, with an initial delivery of approximately 9.5 million shares on November 14, 2022.
• During the first half of 2025, the company repurchased convertible senior notes, which was a primary factor in the decrease of its cash balance from approximately $370.1 million at the end of 2024 to $232.7 million as of December 31, 2025. Additionally, in February 2026, the company repurchased $21.3 million principal amount of 2026 Notes for $20.2 million.

Share Issuance

• As of February 2026, The Beauty Health Company had 126,890,888 shares outstanding. The number of outstanding shares decreased from 0.14 billion in 2021 to 0.12 billion in 2025.

Capital Expenditures

• For the full fiscal year 2024, capital expenditures amounted to $756K, which absorbed a significant portion of operating cash flow.
• In Q3 2025, the company invested $27K in capital expenditures, which funded long-term assets and infrastructure. This figure represented a 70.7% decrease from the prior quarter.