After its successful debut on the Nasdaq in May, Long Beach-based HydraFacial Co. was renamed Beauty Health Co.
The company’s ticker symbol also switched from VSPR to SKIN, a nod to the completed merger with Vesper Healthcare Acquisition Corp., a blank-check company based in Miami Beach, Fla.
Beauty Health makes $30,000 devices that estheticians use to clean and hydrate skin using patented technology and serums. The company imports components from China and performs final assembly at its facilities in the Long Beach area, totaling 150,000 square feet. About half of its revenue comes from what the company calls “consumables,” including single-use products such as the extraction tips that come in direct contact with a client’s skin, as well as hydration serums and its Keravive scalp treatment.
“With HydraFacial, we transformed into a category-creating beauty health company,” Chief Executive Clint Carnell said in a statement. “As Beauty Health, we intend to continue our global expansion and bring additional innovative products to market.”
The company, which has a market value of $3.1 billion, posted $66.5 million in revenue in the second quarter that ended June 30, a 371.2% jump compared to $14.1 million in the same prior-year quarter and up 57.1% compared to $42.3 million in the second quarter of 2019, “driven by continued strength in the U.S. and EMEA as well as significant growth in APAC,” according to the company.
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