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BeautyHealth Reports Full Year and Fourth Quarter 2022 Financial Results

• Delivers +41% year-over-year topline growth for the year and exceeds market expectations for eighth consecutive quarter

• Increases adjusted EBITDA +46% year-over-year, landing within guided annual range

• Sets 2023 profitable growth targets on strategy to increase operating leverage and accelerate in China, confirms long-range 2025 guidance

LONG BEACH, Calif.–(BUSINESS WIRE)–
The Beauty Health Company (NASDAQ: SKIN), home to flagship brand Hydrafacial, today announced financial results for the full year and fourth quarter ended December 31, 2022. Full year 2022 net sales of $365.9 million increased +41% relative to 2021, and fourth quarter net sales of $98.1 million increased +26%, revealing consistent mid-to-high double-digit quarterly growth year-over-year.

The Company delivered net income of $44.4 million and adjusted EBITDA of $47.7 million for the full year, up +46% relative to 2021, and net income of $3.8 million and adjusted EBITDA of $16.3 million for the fourth quarter, up +92% relative to the fourth quarter of 2021. Fiscal year 2022 adjusted EBITDA was within the previously guided $45 million to $50 million range, despite a slower than expected reopening and delayed return on planned investment in China.

On continued momentum and demand for its differentiated offering, BeautyHealth expects 2023 net sales of $450 million to $470 million, and affirms its 2023 18% to 20% adjusted EBITDA margin target. BeautyHealth also confirms its long-range 2025 guidance of $600 million to $700 million in net sales and 25% to 30% adjusted EBITDA margin introduced during its Investor Day in September 2022.

“I am proud of the significant progress our team made this year. We achieved strong annual sales growth, launched Hydrafacial Syndeo, our innovative next generation delivery system, and continued to build the world’s premiere skincare booster portfolio,” said BeautyHealth President and Chief Executive Officer Andrew Stanleick. “We enter 2023 from a position of strength, having invested to expand our global capabilities and scale. As planned, we are now turning our focus to driving profitable growth and flawlessly executing our international Syndeo launch in the second quarter.”

Full Year 2022 Summary

• Global performance:
  • Record global net sales of $365.9 million, +41% relative to 2021
  • $250.3 million and $267.2 million gross margin and adjusted gross margin, respectively, resulting in a 149bps and 103bps year-over-year decline in gross margin and adjusted gross margin, respectively. The decline was primarily driven by trade-up volumes, premiums paid on accelerated manufacturing and shipping associated with Syndeo’s US launch and international launch readiness, global supply chain challenges, inflationary pressures and foreign exchange headwinds
  • Net income and adjusted net income of $44.4 million and $9.1 million, respectively, compared to net loss and adjusted net income of ($375.1) million and $4.5 million in 2021, respectively
  • Adjusted EBITDA of $47.7 million, +46% relative to 2021 despite China’s zero-Covid policy and foreign exchange headwinds encountered during the year
• Double digit net sales growth across all regions:
  • Americas: $243.2 million, +44% year-over-year, fueled by strong Syndeo performance and continued conquest of new providers
  • APAC: $54.3 million, +24% year-over-year, even with the prolonged impact of China’s zero-Covid policy and lagging consumer mobility
  • EMEA: $68.3 million, +46% year-over-year, despite foreign exchange headwinds
• Record single-year delivery system sales:
  • 8,492 delivery systems sold, including 1,793 trade-ups, representing +37% delivery systems volume growth compared to 2021
  • Total net global delivery system install base of 25,336 systems as of December 31, 2022
• Key strategic initiatives:
  • Introduction of Syndeo, the revolutionary next generation, digitally connected Hydrafacial delivery system
  • Driving consumables growth with an active R&D pipeline of co-created boosters, including launches with JLO Beauty, Murad Skincare, Dr. BABOR Skincare and Glytone
  • Significant global expansion and infrastructure investments made in system implementation, value engineering efforts, global commercial infrastructure, senior talent and readying production in China

Key Operational and Business Metrics

	Three Months Ended December 31,								Year Ended December 31,
Unaudited (dollars in millions)	2022				2021				2022				2021
Delivery Systems net sales	$	50.7			$	42.7			$	206.2			$	139.5
Consumables net sales		47.4				35.2				159.6				120.6
Total net sales	$	98.1			$	77.9			$	365.9			$	260.1
Gross profit	$	65.2			$	56.8			$	250.3			$	181.8
Gross margin		66.4	%			72.9	%			68.4	%			69.9	%
Net income (loss)	$	3.8			$	(17.3	)		$	44.4			$	(375.1	)
Adjusted net income (loss)*	$	7.4			$	1.6			$	9.1			$	4.5
Adjusted EBITDA*	$	16.3			$	8.5			$	47.7			$	32.7
Adjusted EBITDA margin*		16.6	%			10.9	%			13.0	%			12.6	%
Adjusted gross profit*	$	70.9			$	59.6			$	267.2			$	192.6
Adjusted gross margin*		72.3	%			76.5	%			73.0	%			74.1	%

*See “Non-GAAP Financial Measures” below.

Fourth Quarter 2022 Summary

• Net sales of $98.1 million increased +26% in Q4 2022 compared to $77.9 million in Q4 2021, driven by strength across delivery systems and consumables
  • Delivery Systems net sales increased +19% to $50.7 million in Q4 2022 compared to Q4 2021. The Company sold 2,067 Delivery Systems during the quarter
  • Consumables net sales increased +35% to $47.4 million in Q4 2022 compared to Q4 2021
  • Net sales in the Americas region increased +29% to $64.9 million in Q4 2022 compared to Q4 2021, driven by strength in Syndeo placements and the expansion to new providers
  • Net sales in the APAC region increased +33% to $15.9 million in Q4 2022 compared to Q4 2021, despite the impact of China’s zero-Covid policy and lagging consumer mobility in China
  • Despite foreign exchange rate headwinds, net sales in the EMEA region increased +12% to $17.3 million in Q4 2022 compared to Q4 2021, driven by strong performance across the region
• Gross margin was 66.4% in Q4 2022 compared to 72.9% in Q4 2021, and adjusted gross margin was 72.3% in Q4 2022 compared to 76.5% in Q4 2021, with the changes due to costs associated with Syndeo’s US launch and international launch readiness (including trade-up volumes and premiums paid on accelerated manufacturing and shipping), global supply chain challenges, inflationary pressures and foreign exchange headwinds
• Selling and marketing expenses were $39.0 million in Q4 2022 compared to $37.1 million in Q4 2021, primarily driven by increases in sales commissions associated with higher revenues partially offset by leverage of fixed marketing investment
• Operating loss was $3.8 million in Q4 2022 compared to an operating loss of $7.2 million in Q4 2021, primarily due to increased revenue from higher volumes of delivery systems and consumables sold. The operating loss in Q4 2022 includes approximately $2.8 million in patent litigation expenses and approximately $2.4 million in non-recurring Syndeo initial program logistics and services costs
• Net income was $3.8 million in Q4 2022 compared to a net loss of $17.3 million in Q4 2021, and adjusted net income was $7.4 million in Q4 2022 compared to adjusted net income of $1.6 million in Q4 2021. The increase was primarily due to an increase in other operating income and fluctuations in the change of fair value of our warrant liabilities
• Adjusted EBITDA was $16.3 million in Q4 2022, or +92% compared to adjusted EBITDA of $8.5 million in Q4 2021. Adjusted EBITDA grew despite China’s zero-Covid policy and foreign exchange headwinds encountered during the year

Balance Sheet and Cash Flow Highlights

Cash and cash equivalents were approximately $568.2 million as of December 31, 2022 compared to approximately $901.9 million as of December 31, 2021. Cash and cash equivalents decreased during the year primarily due to $200.0 million in accelerated share repurchase programs and the purchase of inventory to prepare for anticipated future sales growth and the international launch of Syndeo in the second quarter of 2023.

Warrants and Shares Outstanding

The Company had approximately 7.0 million private placement warrants and approximately 132.2 million shares of Class A common stock outstanding as of December 31, 2022. During the fourth quarter of 2022, the Company completed its first $100.0 million accelerated share repurchase transaction, which was announced September 27, 2022, and retired a total of approximately 9.3 million shares. The Company expects to complete its second $100.0 million accelerated share repurchase transaction, which was announced on November 10, 2022, by the end of the second quarter of 2023.

2023 Outlook

BeautyHealth expects net sales in the range of $450 to $470 million for fiscal 2023, reflecting management’s confidence in the business as the Company executes against its growth plan. The Company is also reiterating its outlook for fiscal 2023 adjusted EBITDA margin of 18% to 20% and its fiscal 2025 long-range outlook of $600 million to $700 million net sales and 25% to 30% adjusted EBITDA margin originally announced at its 2022 Investor Day. The Company also expects fiscal 2023 gross margin to exceed fiscal 2022 gross margin, driven by gross margin expansion in the second half of 2023.

BeautyHealth’s achievement of the anticipated results is subject to risks and uncertainties, including those disclosed in the Company’s filings with the Securities and Exchange Commission. The outlook assumes no material deterioration in general market conditions or other unforeseen circumstances beyond our control and does not take into account the impact of any unanticipated developments in the business or changes in the operating environment, nor does it take into account any acquisitions, dispositions or financings during 2023. In addition, given the uncertainty in the environment in which BeautyHealth is operating, the Company remains cautious of the potential risk for further market closures or other restrictive measures from existing or new COVID-19 strains and the uneven global rollout and adoption of vaccines, as well as inflationary headwinds related to higher raw material, shipping and labor costs. BeautyHealth’s outlook assumes a largely reopened global market, which would be negatively impacted if closures or other restrictive measures persist or are reimplemented.

Conference Call

BeautyHealth will host a conference call on Tuesday, February 28, 2022, at 8:30 a.m. ET to review its full year and fourth quarter financial results. The call may be accessed via live webcast through the “Events & Presentations” page under “News & Events” on our Investor Relations website at https://investors.beautyhealth.com/. A replay of the conference call will be available approximately three hours after the conclusion of the call and can be accessed online at https://investors.beautyhealth.com/.

Non-GAAP Financial Measures

In addition to results determined in accordance with accounting principles generally accepted in the United States of America (GAAP), management utilizes certain non-GAAP financial measures such as adjusted net income (loss), adjusted EBITDA, adjusted EBITDA margin, adjusted gross profit, and adjusted gross margin for purposes of evaluating ongoing operations and for internal planning and forecasting purposes. Management believes that these non-GAAP financial measures, when reviewed collectively with the company’s GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. These non-GAAP financial measures should not be considered as an alternative to GAAP financial information or as an indication of operating performance or any other measure of performance derived in accordance with GAAP, and may not provide information that is directly comparable to that provided by other companies in its industry, as these other companies may calculate non-GAAP financial measures differently, particularly related to non-recurring, unusual items.

The Company does not provide a reconciliation of its fiscal 2023 adjusted EBITDA guidance to net income (loss), the most directly comparable forward looking GAAP financial measure, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, which cannot be done without unreasonable efforts, including adjustments that could be made for changes in fair value of warrant liabilities, integration and acquisition-related expenses, amortization expenses, non-cash stock-based compensation, gains/losses on foreign currency, and other charges reflected in our reconciliation of historic numbers, the amount of which, based on historical experience, could be significant. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. The Company’s fiscal 2023 adjusted EBITDA guidance is merely an outlook and is not a guarantee of future performance. Stockholders should not rely or place an undue reliance on such forward-looking statements. See “Forward-Looking Statements” for additional information.

Adjusted Gross Profit and Adjusted Gross Margin

Management uses adjusted gross profit and adjusted gross margin to measure profitability and the ability to scale and leverage the costs of delivery systems and consumables. The continued growth of delivery systems is expected to improve adjusted gross margin, as additional delivery systems sold will increase the Company’s recurring consumables net sales, which has higher margins.

Management believes adjusted gross profit and adjusted gross margin are useful measures to the Company and its investors to assist in evaluating operating performance because they provide consistency and direct comparability with past financial performance and between fiscal periods, as the metrics eliminate the effects of amortization, depreciation, and stock-based compensation, which are non-cash expenses that may fluctuate for reasons unrelated to overall continuing operating performance, and other one-time and non-recurring expenses such as write-offs of discontinued product and non-recurring Syndeo initial program logistics and service costs. Adjusted gross margin has been and will continue to be impacted by a variety of factors, including the product mix, geographic mix, direct vs. indirect mix, the average selling price on delivery systems, and new product launches. Management expects adjusted gross margin to fluctuate over time depending on the factors described above.

The following table reconciles gross profit to adjusted gross profit for the periods presented:

	Three months ended December 31,								Year ended December 31,
Unaudited (in thousands)	2022				2021				2022				2021
Net sales	$	98,133			$	77,889			$	365,876			$	260,086
Cost of sales		32,959				21,128				115,536				78,259
Gross profit	$	65,174			$	56,761			$	250,340			$	181,827
Gross margin		66.4	%			72.9	%			68.4	%			69.9	%
Adjusted to exclude the following:
Write-off of discontinued product (1)	$	—			$	—			$	2,048			$	—
Non-recurring Syndeo initial program logistics and service costs (2)		2,400				—				2,400				—
Stock-based compensation expense included in cost of sales		215				183				839				405
Depreciation and amortization expense included in cost of sales		3,119				2,651				11,576				10,398
Adjusted gross profit	$	70,908			$	59,595			$	267,203			$	192,630
Adjusted gross margin		72.3	%			76.5	%			73.0	%			74.1	%

___________________
(1)		Primarily represents a one-time write-off primarily related to the discontinued Glow & Go pilot program.
(2)		Primarily represents costs associated with Syndeo’s US launch and international launch readiness, including premiums paid on accelerated manufacturing and shipping.

Adjusted Net Income, Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted net income, adjusted EBITDA, and adjusted EBITDA margin are key performance measures that management uses to assess the Company’s operating performance. Because adjusted net income, adjusted EBITDA and adjusted EBITDA margin facilitate internal comparisons of our historical operating performance on a more consistent basis, management uses these measures for business planning purposes.

Management also believes this information will be useful for investors to facilitate comparisons of operating performance and better identify trends in the business. Management expects adjusted EBITDA margin to increase over the long-term, as the Company continues to scale its business and achieve greater operating leverage.

The Company calculates adjusted net income as net income (loss) adjusted to exclude: change in fair value of public and private placement warrants; change in fair value of earn-out shares liability; amortization expense; loss on disposal of assets; stock-based compensation expense; interest income; other expense, net; management fees incurred from historical private equity owners; transaction related costs (including transactions costs with respect to the Business Combination), non-recurring patent litigation fees; reorganization fees such as employee severance, executive recruiting fees and executive signing bonuses; other non-recurring and one-time fees such as Syndeo initial program logistics and service costs and refinancing costs associated with amending our credit agreement; and the aggregate adjustment for income taxes for the tax effect of the adjustments described above.

The Company calculates adjusted EBITDA as net income (loss) adjusted to exclude: change in fair value of public and private placement warrants; change in fair value of earn-out shares liability; amortization expense; loss on disposal of assets; stock-based compensation expense; interest income; other expense, net; management fees incurred from historical private equity owners; transaction related costs (including transactions costs with respect to the Business Combination), non-recurring patent litigation fees; reorganization fees such as employee severance, executive recruiting fees and executive signing bonuses; other non-recurring and one-time fees such as Syndeo initial program logistics and service costs and refinancing costs associated with amending our credit agreement; the aggregate adjustment for income taxes for the tax effect of the adjustments described above; depreciation expense; interest expense; net foreign currency (gain) loss, net; and the remaining benefit for income taxes.

The following table reconciles BeautyHealth’s net income (loss) to adjusted net income (loss) and adjusted EBITDA for the periods presented:

	Three months ended December 31,								Year ended December 31,
Unaudited (in thousands)	2022				2021				2022				2021
Net income (loss)	$	3,815			$	(17,311	)		$	44,384			$	(375,108	)
Adjusted to exclude the following:
Change in FV of warrant liability		(6,822	)			5,982				(78,343	)			277,315
Change in FV of earn-out shares liability		—				—				—				47,100
Amortization expense		4,121				3,943				15,709				13,297
Loss on disposal of assets		542				—				5,239				—
Stock-based compensation expense		7,619				3,794				28,495				12,418
Interest income		(5,565	)			—				(9,175	)			(39	)
Other expense, net		1,270				160				1,650				4,489
Management fees (1)		—				—				—				209
Transaction related costs (2)		20				2,600				3,051				34,913
Nonrecurring patent litigation fees		2,797				—				3,797				—
Re-organization fees (3)		276				1,997				3,582				1,997
Other non-recurring and one-time fees (4)		2,764				1,326				4,905				2,020
Aggregate adjustment for income taxes		(3,443	)			(881	)			(14,187	)			(14,133	)
Adjusted net income (loss)	$	7,394			$	1,610			$	9,107			$	4,478
Depreciation expense		1,895				2,040				7,164				4,486
Interest expense		3,395				3,488				13,392				11,777
Foreign currency (gain) loss, net		1,364				(594	)			3,164				69
Remaining benefit for income taxes		2,221				1,944				14,835			$	11,891
Adjusted EBITDA	$	16,269			$	8,488			$	47,662			$	32,701
Adjusted EBITDA margin		16.6	%			10.9	%			13.0	%			12.6	%

___________________
(1)		Represents quarterly management fees paid to the former majority shareholder of Hydrafacial based on a pre-determined formula. Following the Business Combination, these fees are no longer paid.
(2)		For the three months and year ended December 31, 2022, such amounts primarily represent direct costs incurred in relation to potential acquisitions. For the year ended December 31, 2021, such amounts primarily represent direct costs incurred with the Business Combination and to prepare Hydrafacial to be marketed for sale by Hydrafacial’s shareholders in previous periods.
(3)		For the three months and year ended December 31, 2022, such costs primarily represent executive recruiting fees, severance fees and a CEO sign-on bonus. For the three months and year ended December 31, 2021, such costs primarily represent executive recruiting and severance fees.
(4)		For the three months and year ended December 31, 2022, such costs primarily represent costs associated with Syndeo’s US launch and international launch readiness, including premiums paid on accelerated manufacturing and shipping, and refinancing costs associated with our credit agreement. For the three months ended and year ended December 31, 2021, such costs primarily represent one-time retention awards related to the distributor acquisitions.

About the Business Combination

On May 4, 2021, Vesper Healthcare Acquisition Corp. (“Vesper Healthcare”), a special purpose acquisition company, completed the previously announced business combination (the “Business Combination”) with Edge Systems LLC d/b/a The Hydrafacial Company (“Hydrafacial”). In connection with the Business Combination, Vesper Healthcare changed its name to The Beauty Health Company, and LCP Edge Intermediate, Inc., the indirect parent of Hydrafacial, became an indirect subsidiary of BeautyHealth. For fiscal periods following the date of completion of the Business Combination, financial results are reported by The Beauty Health Company on a consolidated basis.

About The Beauty Health Company

The Beauty Health Company (NASDAQ: SKIN) is a global category-creating company delivering beauty health experiences that help consumers reinvent their relationship with their skin, bodies and self-confidence. Our flagship brand, Hydrafacial, created the category of hydradermabrasion by using a patented vortex-fusion delivery system to cleanse, extract, and hydrate the skin with proprietary solutions and serums. Hydrafacial provides a non-invasive and approachable skincare experience. Together, with our powerful community of aestheticians, consumers and partners, we are personalizing skin care solutions for all ages, genders, skin tones, and skin types. Hydrafacial is available in more than 90 countries with an install base of over 25,000 delivery systems providing millions of experiences to consumers each year. Find a local Hydrafacial at https://hydrafacial.com/find-a-provider/. For more information, visit www.beautyhealth.com.

Forward-Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding The Beauty Health Company’s strategy, plans, objectives, initiatives and financial outlook. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside The Beauty Health Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. As such, readers are cautioned not to place undue reliance on any forward-looking statements.

Important factors that may affect actual results or outcomes include, among others: The Beauty Health Company’s ability to manage growth; The Beauty Health Company’s ability to execute its business plan; potential litigation involving The Beauty Health Company; changes in applicable laws or regulations; the possibility that The Beauty Health Company may be adversely affected by other economic, business, and/or competitive factors; and the impact of the continuing COVID-19 pandemic on the Company’s business. The Beauty Health Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

The Beauty Health Company
Consolidated Statements of Comprehensive Income (Loss)
(in thousands except share and per share amounts)
(Unaudited)
	Three Months Ended December 31,								Year Ended December 31,
	2022				2021				2022				2021
Net sales	$	98,133			$	77,889			$	365,876			$	260,086
Cost of sales		32,959				21,128				115,536				78,259
Gross profit		65,174				56,761				250,340				181,827
Operating expenses:
Selling and marketing		39,021				37,053				160,076				111,583
Research and development		1,446				1,875				8,444				8,195
General and administrative		28,472				25,045				106,100				98,688
Total operating expenses		68,939				63,973				274,620				218,466
Loss from operations		(3,765	)			(7,212	)			(24,280	)			(36,639	)
Interest expense, net		3,395				3,488				13,392				11,777
Interest income		(5,565	)			—				(9,175	)			(39	)
Other expense, net		1,270				160				1,650				4,489
Change in fair value of warrant liabilities		(6,822	)			5,982				(78,343	)			277,315
Change in fair value of earn-out shares liability		—				—				—				47,100
Foreign currency transaction (gain) loss, net		1,364				(594	)			3,164				69
Income (loss) before provision for income taxes		2,593				(16,248	)			45,032				(377,350	)
Income tax expense (benefit)		(1,222	)			1,063				648				(2,242	)
Net income (loss)	$	3,815			$	(17,311	)		$	44,384			$	(375,108	)
Comprehensive income (loss), net of tax:
Foreign currency translation adjustments		2,195				594				(3,273	)			(1,499	)
Comprehensive income (loss)	$	6,010			$	(16,717	)		$	41,111			$	(376,607	)
Net income (loss) per share
Basic	$	0.03			$	(0.12	)		$	0.30			$	(3.67	)
Diluted	$	0.03			$	(0.12	)		$	(0.23	)		$	(3.67	)
Weighted average common shares outstanding
Basic		138,198,781				146,300,438				147,554,090				102,114,949
Diluted		138,198,781				146,300,438				148,506,312				102,114,949

The Beauty Health Company
Consolidated Balance Sheets
(in thousands, except for share amounts)
(Unaudited)
	December 31, 2022				December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	568,197			$	901,886
Accounts receivable, net of allowances for doubtful accounts of $2,929 and $2,681 at December 31, 2022 and December 31, 2021, respectively		76,494				46,824
Prepaid expenses and other current assets		26,698				12,322
Income tax receivable		1,280				4,599
Inventories		116,430				35,261
Total current assets		789,099				1,000,892
Property and equipment, net		18,184				16,183
Right-of-use assets, net		15,637				14,992
Intangible assets, net		46,386				56,010
Goodwill		124,593				123,694
Deferred income tax assets, net		815				330
Other assets		14,193				6,705
TOTAL ASSETS	$	1,008,907			$	1,218,806
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	30,335			$	29,049
Accrued payroll-related expenses		21,677				28,662
Other accrued expenses		15,183				14,722
Lease liabilities, current		4,958				3,712
Income tax payable		962				292
Total current liabilities		73,115				76,437
Lease liabilities, non current		12,689				12,781
Deferred income tax liabilities, net		2,011				3,561
Warrant liabilities		15,473				93,816
Convertible senior notes, net		734,143				729,914
TOTAL LIABILITIES		837,431				916,509
Stockholders’ equity:
Class A Common Stock, $0.0001 par value; 320,000,000 shares authorized; 132,214,695 and 150,598,047 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively		14				16
Preferred Stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding at December 31, 2022 and December 31, 2021		—				—
Additional paid-in capital		550,320				722,250
Accumulated other comprehensive loss		(4,530	)			(1,257	)
Accumulated deficit		(374,328	)			(418,712	)
Total stockholders’ equity		171,476				302,297
LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,008,907			$	1,218,806

 

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The One Nine Three Group

Investors: [email protected]

Press: [email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Cosmetics Retail Consumer Women Teens Specialty Men

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Enveric Biosciences Appoints Kevin Coveney as Chief Financial Officer, and Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

30+ year pharmaceutical industry veteran joins Enveric’s executive team to lead company’s financial and capital markets activities.

CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Enveric Biosciences (NASDAQ: ENVB) (“Enveric” or the “Company”), a biotechnology company dedicated to the development of novel small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders, announced today the appointment of Kevin Coveney, CPA, to the position of Chief Financial Officer, effective March 13, 2023. Mr. Coveney brings 30+ years of accounting, finance, and operations experience to Enveric, having previously served as Chief Financial Officer for multiple biotechnology companies.

As CFO, Mr. Coveney will be responsible for leading Enveric’s financial and capital markets activities as the Company targets multiple anticipated growth drivers resulting from the advancement of its EVM201 Series and EVM301 Series programs. Mr. Coveney joins Enveric’s leadership team alongside Joseph Tucker, Ph.D., CEO, Avani Kanubaddi, President and COO, Bob Dagher, M.D., Chief Medical Officer, Peter Facchini, Ph.D., Chief Innovation Officer, and Lynn Gallant, who was recently hired as Vice President, Clinical Operations.

“We are extremely pleased to add Kevin to the leadership team at Enveric Biosciences. He is ideally suited for this role given his prior executive experience at multiple life sciences companies and track record executing growth strategies that translate to shareholder value,” said Joseph Tucker, Ph.D., Director and CEO of Enveric Biosciences. “We believe that as CFO, Kevin will strive to ensure Enveric has the proper financial structures and discipline in place to enable our near-term and longer-range growth objectives, including the development of our EVM201 and EVM301 product platforms.”

Mr. Coveney joins Enveric after serving as a fractional CFO to emerging life science and digital health companies to support the development of the companies’ finance and accounting departments as well as venture capital fundraising strategy. Companies that Mr. Coveney provided CFO services to include Progressive Therapeutics, Power of Patients, and VSI.

Previously, Mr. Coveney was CFO of Memgen, Inc., a clinical-stage immune-oncology company focused on developing cancer immunotherapies that can safely activate the immune system and be combined with other drugs to eradicate cancer. Prior to Memgen, Mr. Coveney was CFO of Q-State Biosciences, a biotech company focused on CNS disorders, where he was responsible for all investor financial due diligence inquiries and financial reporting requirements to investors and strategic collaboration partners. Before Q-State, Mr. Coveney was Senior Vice President of Finance, HR & IT at Vedanta Biosciences, a private microbiome company developing a therapy for Clostridium difficile infection. Prior to Vedanta, Mr. Coveney served roles of increasing responsibility at Berg Health, a family office/VC-backed clinical-stage biotech focused on oncology with a machine learning/AI platform to improve drug discovery and development. Mr. Coveney has also held senior positions at several global accounting firms, including Grant Thornton, Marcum, Deloitte & Touche, BDO Seidman, and Ernst & Young. Mr. Coveney earned his BS in management from the University of Massachusetts and served as a non-commission officer in the United States Coast Guard.

“I am excited to join the team at Enveric at such a crucial time for the Company,” said Mr. Coveney. “With multiple milestones on the horizon, I look forward to working with Joe and the leadership team to strengthen Enveric’s financial and capital markets activities so that we are optimally positioned to pursue our goal of developing ‘next generation’ drug technologies for the treatment of underserved mental health conditions, including anxiety disorders and depression, and by doing so, generate value for both patients and shareholders.”

The Company has agreed to grant, on March 13, 2023 upon the effective date of Mr. Coveney as Chief Financial Officer of the Company, an award of restricted stock units (“RSUs”) convertible into an aggregate of 26,500 shares of the Company’s common stock to Mr. Coveney, to serve as the Company’s Chief Financial Officer, as an inducement award outside of the Company’s 2020 Long-Term Incentive Plan. Subject to certain exceptions including change in control or termination of employment, the awarded RSUs shall vest in four equal installments on each of the first four anniversaries of the date of grant. The grant was approved by the board of directors of the Company and will be made as an inducement material to Mr. Coveney entering into employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).

About Enveric Biosciences

Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary™, Enveric has created a robust Intellectual Property portfolio of New Chemical Entities for specific mental health indications. Enveric’s lead program, the EVM201 Series, comprises next generation synthetic psilocybin analogues that are considered prodrugs of the active metabolite, psilocin. Enveric is developing the first product from the EVM201 Series – EB-373 – for the treatment of anxiety disorders. Enveric is also advancing its third generation of therapeutics, the EVM301 Series, to offer a holistic approach for treating central nervous system disorders. Enveric is headquartered in Naples, FL with offices in Cambridge, MA and Calgary, AB Canada. For more information, please visit www.enveric.com.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans,” expects” or “does not expect,” “proposed,” “is expected,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. Forward-looking statements consist of not purely historical statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the ability of Enveric to successfully spin-off its cannabinoid assets; the ability to achieve the value creation contemplated by technical developments; the impact of the novel coronavirus (COVID-19) on Enveric’s ongoing and planned clinical trials; the geographic, social and economic impact of COVID-19 on Enveric’s ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; Enveric’s ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; and the ability to secure and enforce legal rights related to Enveric’s products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric’s filings with the Securities and Exchange Commission (SEC), including Enveric’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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Investor Relations

Tiberend Strategic Advisors, Inc.

Daniel Kontoh-Boateng

(862) 213-1398

[email protected]

Media Relations

Tiberend Strategic Advisors, Inc.

Casey McDonald

(646) 577-8520

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Health Mental Health Biometrics

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Arrowhead Announces Interim Results from Ongoing Phase 1/2 Study of ARO-C3 for Treatment of Complement Mediated Diseases

– Achieved Mean Reductions of 88% in C3 and 91% in AH50

PASADENA, Calif.–(BUSINESS WIRE)–
Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) today announced interim results from Part 1 of AROC3-1001, an ongoing Phase 1/2 clinical study of ARO-C3, the company’s investigational RNA interference (RNAi) therapeutic designed to reduce production of complement component 3 (C3) as a potential therapy for various complement mediated diseases. The company plans to present additional results at an upcoming complement-focused medical meeting. Dosing in Part 2 of the Phase 1/2 study is expected to begin in the first half of 2023.

In Part 1 of AROC3-1001, ARO-C3 interim results included:

• A dose-dependent reduction in serum C3, with 88% mean reduction at highest dose tested
• A dose-dependent reduction in AH50, a marker of alternative complement pathway hemolytic activity, with 91% mean reduction at highest dose tested
• Duration of pharmacologic effect supportive of quarterly or less frequent subcutaneous dose administration
• Safety and tolerability
  • Overall, no clinically significant laboratory findings or patterns of adverse changes in any clinical laboratory parameters
  • No dose limiting toxicity, serious or severe adverse events, or study discontinuation due to adverse events
  • Most common adverse events include headache, COVID-19, generally mild injection site reactions, and seasonal allergy

“ARO-C3 has achieved encouraging results in Part 1 of this Phase 1/2 clinical study, including a mean reduction of 88% in C3 and 91% in AH50 at the highest dose tested. These data in healthy volunteers provide us with further confidence as we begin Part 2 of the study, which includes patients with various complement mediated diseases,” said James Hamilton, M.D., MBA, chief of discovery and translational medicine at Arrowhead. “Substantial unmet medical need remains in the treatment of multiple complement mediated diseases, including IgA nephropathy, C3 glomerulopathy, paroxysmal nocturnal hemoglobinuria, and additional renal and hematologic indications, despite the availability of approved complement C5 inhibitors that have significantly improved treatment. In addition, we believe C3 inhibition has interesting potential, as it is upstream of C5 in the complement cascade.”

AROC3-1001 (NCT05083364) is a Phase 1/2, placebo controlled, dose-escalating study to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of ARO-C3 in up to 42 adult healthy volunteers (Part 1), and up to 42 adult patients with paroxysmal nocturnal hemoglobinuria (PNH) or with complement-mediated renal disease (Part 2).

About Arrowhead Pharmaceuticals

Arrowhead Pharmaceuticals develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, deep, and durable knockdown of target genes. RNA interference, or RNAi, is a mechanism present in living cells that inhibits the expression of a specific gene, thereby affecting the production of a specific protein. Arrowhead’s RNAi-based therapeutics leverage this natural pathway of gene silencing.

For more information, please visit www.arrowheadpharma.com, or follow us on Twitter @ArrowheadPharma. To be added to the Company’s email list and receive news directly, please visit http://ir.arrowheadpharma.com/email-alerts.

Safe Harbor Statement under the Private Securities Litigation Reform Act:

This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this release except for historical information may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “hope,” “intend,” “plan,” “project,” “could,” “estimate,” “continue,” “target,” “forecast” or “continue” or the negative of these words or other variations thereof or comparable terminology are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, trends in our business, expectations for our product pipeline or product candidates, including anticipated regulatory submissions and clinical program results, prospects, or benefits of our collaborations with other companies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements include, but are not limited to, statements about the initiation, timing, progress and results of our preclinical studies and clinical trials, and our research and development programs; our expectations regarding the potential benefits of the partnership, licensing and/or collaboration arrangements and other strategic arrangements and transactions we have entered into or may enter into in the future; our beliefs and expectations regarding milestone, royalty or other payments that could be due to or from third parties under existing agreements; and our estimates regarding future revenues, research and development expenses, capital requirements and payments to third parties. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of numerous factors and uncertainties, including the impact of the ongoing COVID-19 pandemic on our business, the safety and efficacy of our product candidates, decisions of regulatory authorities and the timing thereof, the duration and impact of regulatory delays in our clinical programs, our ability to finance our operations, the likelihood and timing of the receipt of future milestone and licensing fees, the future success of our scientific studies, our ability to successfully develop and commercialize drug candidates, the timing for starting and completing clinical trials, rapid technological change in our markets, the enforcement of our intellectual property rights, and the other risks and uncertainties described in our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission from time to time. We assume no obligation to update or revise forward-looking statements to reflect new events or circumstances.

Source: Arrowhead Pharmaceuticals, Inc.

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Arrowhead Pharmaceuticals, Inc.

Vince Anzalone, CFA

626-304-3400

[email protected]

Investors:

LifeSci Advisors, LLC

Brian Ritchie

212-915-2578

[email protected]

www.lifesciadvisors.com

Media:

LifeSci Communications, LLC

Josephine Belluardo, Ph.D.

646-751-4361

[email protected]

www.lifescicommunications.com

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Biotechnology Health Genetics Pharmaceutical Clinical Trials

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MindMed to Participate in March Investor Conferences

NEW YORK–(BUSINESS WIRE)–
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (the “Company” or “MindMed”), a clinical stage biopharmaceutical company developing novel product candidates to treat brain health disorders, today announced that members of the Company’s management team will participate in the following investor conferences:

• Cowen 43rd Annual Healthcare Conference
  • Format: Investor Presentation
  • Date and Time: Wednesday, March 8, 2023 at 1:30 pm EST
  • Webcast Link: Cowen Healthcare Conference
• Oppenheimer 33rd Annual Healthcare Conference
  • Format: Investor Presentation
  • Date and Time: Monday, March 13, 2023 at 2:00 pm EST
  • Webcast Link: Oppenheimer 33rd Annual Healthcare Conference
• 35th Annual Roth Conference
  • Format: Fireside Chat
  • Date and Time: Monday, March 13, 2023 at 2:30 pm PST/5:30 pm EST
  • Webcast Link: ​​35th Annual Roth Conference

Audio webcasts and replays of these presentations will be available on MindMed’s Investor Resources website for up to 90 days following each event.

About MindMed

MindMed is a clinical stage biopharmaceutical company developing novel product candidates to treat brain health disorders. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative product candidates, with and without acute perceptual effects, targeting neurotransmitter pathways that play key roles in brain health disorders.

MindMed trades on NASDAQ under the symbol MNMD and on the Canadian NEO Exchange under the symbol MMED.

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For Media & Investor Inquiries, please contact:

Maxim Jacobs, CFA

Vice President, Investor Relations and Corporate Communications

Mind Medicine (MindMed) Inc.

[email protected]

[email protected]

KEYWORDS: New York North America United States United Kingdom Europe Canada

INDUSTRY KEYWORDS: Neurology Biotechnology Pharmaceutical Finance General Health Health Professional Services Clinical Trials

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Camping World Declares First Quarter Dividend For Stockholders of Record on March 14, 2023 to be paid on March 29, 2023

LINCOLNSHIRE, Ill.–(BUSINESS WIRE)–
Camping World Holdings, Inc. (NYSE: CWH) (the “Company,” “Camping World,” “we,” “us” or “our”), announced today that its Board of Directors declared a regular cash dividend of $0.625 per share on the Company’s Class A Common Stock. Payment is expected to be made on March 29, 2023, to stockholders of record at the close of business on March 14, 2023.

Marcus Lemonis, Chairman and Chief Executive Officer stated, “Our organization is taking decisive action on SG&A, capex, and underperforming assets, so that we have the flexibility to continue to make accretive dealership acquisitions and return capital to shareholders through the dividend.”

Future declarations of quarterly dividends are subject to the determination and discretion of Camping World’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, receipt of excess or surplus of tax distributions received from CWGS Enterprises, LLC, its business prospects and other factors that Camping World’s Board of Directors may deem relevant.

About Camping World Holdings, Inc.

Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is America’s largest retailer of RVs and related products and services. Our vision is to build a long-term legacy business that makes RVing fun and easy, and our Camping World and Good Sam brands have been serving RV consumers since 1966. We strive to build long-term value for our customers, employees, and shareholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of programs and services uniquely enables us to connect with our customers as stewards of the RV enthusiast community and the RV lifestyle. With RV Sales and service locations in 42 states, Camping World has grown to become the prime destination for everything RV. For more information, visit www.CampingWorld.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Camping World and other matters. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our future results of operations and financial position, anticipated cost reduction initiatives, including the reduction of SG&A expenses and capital expenditures and elimination of or reduction of underperforming assets, anticipated cost savings from cost reduction initiatives, future financial results, future acquisitions, capital return strategy, and expected dividend payments are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘anticipates,’’ ‘‘could,’’ ‘‘intends,’’ ‘‘targets,’’ ‘‘projects,’’ ‘‘contemplates,’’ ‘‘believes,’’ ‘‘estimates,’’ ‘‘predicts,’’ ‘‘potential’’ or ‘‘continue’’ or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including the important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K filed for the year ended December 31, 2022 and our other reports filed with the SEC. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the Securities and Exchange Commission.

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For Camping World Holdings, Inc.

Investors

Brett Andress

[email protected]

Media Outlets

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Family Sports General Automotive Consumer Vacation Specialty Retail Other Travel Recreational Vehicles Transportation Outdoors Travel Hunting Online Retail Automotive Other Consumer Discount/Variety Fishing Department Stores Women Seniors Men

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