Waldencast plc

Good day and welcome to the Waldencast First Quarter 2025 Earnings Call. All participants will be in listen-only mode. A question and answer session will follow the formal presentation. If you should require assistance during the conference, please press the star key and then zero on your telephone keypad. Please note that this event is being recorded. I will now hand you over to Alison Malkin. Partner, ICR. You may proceed.

Thank you, and welcome to the WeldonCats PLC First Quarter Fiscal 2025 Earnings Call. Here with me today are Michelle Broussette, Founder and Chief Executive Officer, and Manuel Manfredi, Chief Financial Officer. For today's call, Michelle will begin with an update on our business and vision. Manuel will follow with a review of the first quarter and provide our Fiscal 2025 outlook. Following this, Michelle will share the strategic growth initiative for our Milk Makeup and Obagi Medical brands. After the prepared remarks, the operator will open the call to take questions. Before we start, I would like to remind you that management will make certain statements today which are forward-looking in nature, including statements regarding the outlook of the WaldenCast business and other matters referenced in the company's earnings release that was issued yesterday. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected in or implied by such statements. Additional information regarding these statements appears under the heading Cautionary Notes Regarding Forward-Looking Statements in the company's earnings release and in the company's filings that it makes with the Securities and Exchange Commission, which are available at www. and on the Investor Relations section of the company's website at ir.waldencast.com and should be read in conjunction with this section entitled Risk Factors In the company's annual report for 2024, on Form 20F filed with the Securities and Exchange Commission on March 20, 2025, the forward-looking statements on this call speak only as of the original date of this call, and we undertake no obligation to update or revise any of these statements. Also, during this call, management will discuss certain non-GAAP financial measures, which management believes can be useful in evaluating the company's performance. the presentation of non-GAAP measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. You will find additional information regarding the definition of these non-GAAP financial measures and a reconciliation of these non-GAAP to the most directly comparable GAAP measures in the company's earnings release. With that, let me now turn the call over to Michel Brissette.

Thank you, Alison, and good morning, everyone. I am pleased to speak with you today and share our first quarter performance and outlook for the year. During the quarter, we made a strong progress against our growth strategy, elevating our powerful brands, launching breakthrough innovation, expanding points of distribution, and increasing community engagement and love while investing in support for our future. As anticipated, Q1 presented some challenges, as we had two anniversaries, strong growth and launches from a year ago, a decelerating beauty market, and a fluid macro and retail environment. We're encouraged, however, by the end of the quarter performance, which gives us confidence that our brands and businesses are poised to achieve our annual growth and profitability goals. As we have discussed in previous calls, it is important to highlight that while we have a strong focus on quarterly, monthly, and even daily performance, we manage our business against our annual targets in order to maximize value creation. We're building a unique and strong platform for growth and profitability that creates, acquires, accelerates, and scales the next generation of beauty and wellness brands. Our strategies are working very well. We're strengthening our brands, driving industry-leading innovation, and expanding our brand's footprints so we can reach more and more consumers around the world. However, we're only at the beginning of our journey, and much remains for us to do. One key area of operational focus in the coming quarters is to continue to strengthen our supply chain. We have achieved or are close to achieving our cost efficiency objectives, but we need to now work more on improving the need and flexibility of our supply chain to drive even greater reactivity, even increasing levels of demand for our brands and innovation. Today, we have two powerful brands that have garnered critical mass while still having substantial runway for multi-year growth. With Milk Makeup and Obagi Medical, we have a solid foundation in prestige and skin color. We have a core business in the U.S. and a growing presence internationally. We're achieving a strong growth in attractive channels, including professional, specialty, retail, and online, and expect this momentum to continue as we drive awareness of both fronts beyond our core communities, continue to introduce more blockbuster innovations, and expand into other regions and categories. Our increasing success with both brands and the power of our unique, pure play beauty ecosystem, an industry that requires a deep and expertise expertise, give us a distinctive competitive strength in attracting other brands and founders into our platform. Let me now turn the call over to Manuel to go over our financial results in more detail.