- Olaplex Holdings ( NASDAQ: OLPX ) announced Tuesday its decision to lower its full-year financial guidance as sales momentum drops over macro-economic pressure and inventory rebalancing.
- FY 2022 Guidance Cut : The California-based hair care company said it now expects FY 2022 revenue between $704-$711M, significantly down from prior guidance range of $796-$826M, and vs. consensus of $816.51M. That takes into account the 20% decline in revenue projected for the fourth quarter.
- Adjusted net income revised to $303-$307M and adjusted EBITDA forecasted to the range of $425-$431M vs. prior outlook of $504-$526M.
- Q3 2022 Prelim: Also, the company has released its preliminary estimates for the third quarter where revenue is projected at ~$176.5M to reflect an YoY growth of 9.2%.
- By channel: Professionals revenue, -16% Y/Y; Specialty Retail, +60%; DTC, -3% Y/Y.
- Adjusted gross margin expected between 74.1% to 75.2%
- Adjusted EBITDA between $100-$102M, down from a $106.8M reported in year-ago quarter.
- Adjusted net income for the quarter is estimates at $71.3-$73.3M.
- The news has sent OLPX stock down 31% in after-hours trading on Tuesday.
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Olaplex Holdings crashes 31% after-hours on guidance cut below consensus, prelim