Waldencast plc announced robust financial results for the fourth quarter and full fiscal year ended December 31, 2024. For Q4 2024, net revenue increased 30.8% to $72.1 million, representing a 29.4% Comparable Net Revenue Growth. Adjusted EBITDA doubled to $11.2 million, or 15.5% of net revenue, reflecting a 530 basis point expansion from Q4 2023.
For the full fiscal year 2024, net revenue reached $273.9 million, a 27.5% increase in Comparable Net Revenue Growth. Adjusted EBITDA was $40.3 million, with an Adjusted EBITDA Margin of 14.7%, up from 11.2% in 2023. Adjusted Gross Profit for the year was $203.6 million, or 74.3% of net revenue, a 530 basis point improvement.
The company also announced it secured a new $205 million five-year credit facility, comprising a $175 million Term Loan and a $30 million Revolving Credit Facility. This new facility replaces the existing one, enhancing financial flexibility and extending the company's debt maturity profile to March 2030. This move supports Waldencast's strategic priorities and long-term growth.
Obagi Medical was recognized as the fastest-growing professional skincare brand in the U.S. in 2024 among the top 10 brands. Milk Makeup is set to launch in over 600 Ulta Beauty locations in spring 2025, further expanding its distribution. For fiscal year 2025, Waldencast expects mid-teens Net Revenue growth and further expansion of Adjusted EBITDA Margin into the mid-to-high teens, with growth accelerating after Q1.
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