美丽健康2025年季度报告

PART I— FINANCIAL INFORMATION THE BEAUTY HEALTH COMPANYCONDENSED CONSOLIDATEDBALANCE SHEETS(in thousands, except for share amounts) THE BEAUTY HEALTH COMPANYCONDENSED CONSOLIDATEDSTATEMENTS OF CASH FLOWS(in thousands) THE BEAUTY HEALTH COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 1 —Description of Business The Beauty Health Company (the “Company”) is a medtech meets beauty company that delivers skin health experiences that helpconsumers reinvent their relationship with their skin, bodies, and self-confidence. The Company and its subsidiaries design, develop,manufacture, market, and sell esthetic technologies and products.The Company’s brands are pioneers: Hydrafacial in hydradermabrasion;SkinStylus in nanoneedling and microneedling; and Keravive in scalp health. Together, with its powerful global community of estheticians, Historical Information The Company (f.k.a. Vesper Healthcare Acquisition Corp.) was incorporated in the State of Delaware on July 8, 2020. On May 4,2021, we consummated the business combination pursuant to that certain Agreement and Plan of Merger, dated December 8, 2020, by andamong Vesper Healthcare Acquisition Corp. (“Vesper Healthcare”), Hydrate Merger Sub I, Inc. (“Merger Sub I”), Hydrate Merger Sub II,LLC (“Merger Sub II”), LCP Edge Intermediate, Inc., the indirect parent of HydraFacial LLC, f.k.a. Edge Systems LLC (“Hydrafacial”),and LCP Edge Holdco, LLC (“LCP,” or “Former Parent,” and, in its capacity as the stockholders’ representative, the “Stockholders’Representative”) (the “Merger Agreement”), which provided for: (a) the merger of Merger Sub I with and into Hydrafacial, withHydrafacial continuing as the surviving corporation (the “First Merger”), and (b) immediately following the First Merger and as part of thesame overall transaction as the First Merger, the merger of Hydrafacial with and into Merger Sub II, with Merger Sub II continuing as thesurviving entity (the “Second Merger” and, together with the First Merger, the “Mergers” and, together with the other transactions Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q andArticle 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generallyaccepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes theretoincluded in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December31, 2024. Note 2 —Balance Sheet Components Inventories consist of the following as of the periods indicated: Accrued payroll-related expenses consist of the following as of the periods indicated: Other accrued expenses consist of the following as of the periods indicated: As ofMarch31, 2025 and December31, 2024,total warranty reserve was approximately $3million and $4million, respectively,which was included in other accrued expenses on the Condensed Consolidated Balance Sheets. As ofMarch31, 2025 and December31, 2024, the Company has approximately $2million in restricted cash held as collateral for theCompany’s credit cards, which was included in cash, cash equivalents and restricted cash on theCondensed ConsolidatedBalance Sheets. The Company evaluated its global distribution strategy to align its go-to-market strategy with in-market partner capabilities andmarket opportunity. The Company expects to transition sales in the China market to a distributor partner during the second quarter of 2025,and as a result, the Company intends to discontinue its direct sales presence in China. As of March31, 2025, the Company has accrued Note 3 —Property and Equipment, net Property and equipment, net consist of the following as of the periods indicated: Note 4 —Goodwill and Intangible Assets, net The changes in the carrying value of goodwill for thethree months ended March31, 2025is as follows (in thousands): The gross carrying amount and accumulated amortization of the Company’s intangible assets, net, as of March31, 2025 were asfollows: Note 5 —Long-Term Debt Convertible Senior Notes On September 14, 2021, the Company issued an aggregate of $750.0million in principal amount of its1.25% Convertible SeniorNotes due October 1, 2026 (the “Notes”). The Notes were issued pursuant to, and are governed by, an indenture dated as of September 14,2021, between the Company and U.S. Bank National Association, as trustee (the “Indenture”). Pursuant to the purchase agreement betweenthe Company and the initial purchasers of the Notes, the Company granted the initial purchasers an option to purchase, for settlement During the three months ended March 31, 2024, the Company repurchased $75.0million principal amount of the Notes for$57.8millio