By Will Feuer
Beauty Health plans to cut costs across the company and said its board has authorized a new, $100 million share-buyback program.
The Long Beach, Calif.-based maker of skin-care products said it plans to streamline its go-to-market footprint and drive manufacturing efficiencies.
The first phase of the cost-cutting plan will reduce annual costs by over $20 million while the second phase, to begin in the second quarter of 2024, will deliver another $15 million in annualized cost savings. The second phase will be mostly driven by manufacturing optimization.
The company said it doesn’t expect to execute any large-scale deals during the cost-cutting plan. The company said it will provide an update on its third-quarter earnings call in November.
Shares rose 2% to $5.59 in premarket trading.
Write to Will Feuer at [email protected]
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