Beauty Health Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Beauty Health Co. has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing its financial performance and corporate information.</b>

AI Summary

Beauty Health Co (SKIN) filed a Annual Report (10-K) with the SEC on March 12, 2024. Beauty Health Co. filed its 10-K for the fiscal year ending December 31, 2023. The company was formerly known as Vesper Healthcare Acquisition Corp. and changed its name on July 14, 2020. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key financial statement members such as Common Stock, Additional Paid-In Capital, and Retained Earnings are detailed for multiple periods. The company's primary business address is 2165 Spring Street, Long Beach, CA 90806.

Why It Matters

For investors and stakeholders tracking Beauty Health Co, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Beauty Health Co.'s financial health and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed financial statements and disclosures within the report are essential for understanding the company's revenue, expenses, assets, liabilities, and equity, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Beauty Health Co shows moderate risk based on this filing. The company's financial performance and future outlook are subject to market conditions and operational execution, as indicated by the comprehensive financial data presented in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Beauty Health Co.'s performance and potential risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-12 — Filing Date (Date of submission)
• 001-39565 — SEC File Number (Company's SEC file number)
• 0001818093 — Central Index Key (Company's unique identifier)

Key Players & Entities

• Beauty Health Co. (company) — Filer name
• Vesper Healthcare Acquisition Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-12 (date) — Filing date
• 2165 Spring Street, Long Beach, CA 90806 (address) — Business address

FAQ

Industry Context

Beauty Health Co. operates in the medical instruments and apparatus industry, specifically focusing on aesthetic and wellness devices.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's historical financial data for the past three fiscal years (2021-2023).
3. Identify any specific risk factors or forward-looking statements mentioned in the report.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-12: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, superseding previous quarterly and annual reports.

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share SKIN The Nasdaq Capital Marke

Filing Documents

• skin-20231231.htm (10-K) — 2405KB
• ex211-subsidiariesofthereg.htm (EX-21.1) — 12KB
• ex231-deloitteconsent2023.htm (EX-23.1) — 3KB
• ex311-2023q410k.htm (EX-31.1) — 11KB
• ex312-2023q410k.htm (EX-31.2) — 11KB
• ex321-2023q410k.htm (EX-32.1) — 5KB
• ex322-2023q410k.htm (EX-32.2) — 5KB
• exhibit971-amendedclawba.htm (EX-97.1) — 16KB
• exhibit971-amendedclawba001.jpg (GRAPHIC) — 218KB
• exhibit971-amendedclawba002.jpg (GRAPHIC) — 251KB
• exhibit971-amendedclawba003.jpg (GRAPHIC) — 235KB
• exhibit971-amendedclawba004.jpg (GRAPHIC) — 256KB
• exhibit971-amendedclawba005.jpg (GRAPHIC) — 55KB
• exhibit971-amendedclawba006.jpg (GRAPHIC) — 95KB
• skin-20231231_g1.jpg (GRAPHIC) — 5KB
• skin-20231231_g2.jpg (GRAPHIC) — 6KB
• skin-20231231_g3.jpg (GRAPHIC) — 6KB
• skin-20231231_g4.jpg (GRAPHIC) — 100KB
• 0001628280-24-010638.txt (&nbsp;) — 14182KB
• skin-20231231.xsd (EX-101.SCH) — 83KB
• skin-20231231_cal.xml (EX-101.CAL) — 130KB
• skin-20231231_def.xml (EX-101.DEF) — 413KB
• skin-20231231_lab.xml (EX-101.LAB) — 968KB
• skin-20231231_pre.xml (EX-101.PRE) — 723KB
• skin-20231231_htm.xml (XML) — 1827KB

Risk Factors

Item 1A. Risk Factors 29

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 65 Item 1C. C ybersecurity 65

Properties

Item 2. Properties 66

Legal Proceedings

Item 3. Legal Proceedings 66

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 66 PART II 67

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 67

[Reserved]

Item 6. [Reserved] 68

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 69

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 81

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 83

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 127

Controls and Procedures

Item 9A. Controls and Procedures 127

Other Information

Item 9B. Other Information 129

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 129 PART III 130

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 130

Executive Compensation

Item 11. Executive Compensation 130

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 130

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 130

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 130 PART IV 131

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 131

Form 10–K Summary

Item 16. Form 10–K Summary 134

SIGNATURES

SIGNATURES 135 3 Unless the context indicates otherwise, references in this Annual Report on Form 10-K for the fiscal year ended December 31, 2023, to the "Company," "we," "us," "our" and similar terms refer to The Beauty Health Company (f/k/a Vesper Acquisition Corp.) and its consolidated subsidiaries. References to "Vesper" refer to Vesper Healthcare Acquisition Corp. prior to the consummation of the Business Combination (as defined below).

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report on Form 10-K may constitute "forward-looking statements" for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding our expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements that are not statements of current or historical facts. These statements are based on management's current expectations, but actual results may differ materially due to various factors, including, but not limited to: increased competitive activity from companies in the skin care and hair care businesses; our ability to develop, produce, and market new products on which future operating results may depend and to successfully address challenges in our business; shifts in the preferences of consumers as to what, where, and how they purchase product and receive services; the ability to execute our business plan; changes in the laws, regulations and policies (including the interpretations and enforcement thereof) that affect, or will affect, our business, including those relating to our products or distribution networks, changes in accounting standards, tax laws and regulations, environmental or climate change laws, regulations or accords, trade rules and customs regulations, and the outcome and expense of legal or regulatory proceedings, and any action we m

Business

Item 1. Business. Company Overview The Beauty Health Company (the "Company" or "we") is a global category-creating company focused on delivering skin health experiences that help consumers reinvent their relationship with their skin, bodies, and self-confidence. The Company and its subsidiaries design, develop, manufacture, market, and sell esthetic technologies and products. Together, with its powerful global community of estheticians, partners, and consumers, the Company is personalizing skin health for all ages, genders, skin tones, and skin types. Our Brands The following chart reflects our brand portfolio: Hydrafacial is our flagship brand and cornerstone of our portfolio. Hydrafacial created the category of hydradermabrasion with its patented delivery system ("Delivery System") that cleanses, extracts, and hydrates the skin with proprietary solutions and serums. To date, Hydrafacial has a foundation of more than 30,000 Delivery Systems across 90+ countries. SkinStylus is a pioneer in microneedling with its products that are designed to provide a minimally-invasive microneedling skin treatment to help stimulate collagen and elastin production. Keravive is a pioneer in scalp health with its products that are designed to cleanse, exfoliate, and hydrate the scalp and hair follicles. Our Products Hydrafacial Products At the core of Hydrafacial's product offerings are the Syndeo device, the current generation Delivery System ("Syndeo"), and its associated serum solutions and consumables. Syndeo Syndeo is designed to connect providers to consumers' preferences to create more personalized skin care experiences. The hardware and software in Syndeo has been fully updated and includes Wi-Fi connectivity and radio frequency identification. These technologies allow us and providers to collect data on Hydrafacial consumers to ultimately provide a better consumer experience. 7 Consumables Consumables consist of single-use tips, solutions, and

View Full Filing

View this 10-K filing on SEC EDGAR