Key Takeaways: Waldencast Q3 2025 results reflected a contrasted performance across the portfolio.Obagi Medical continued strong momentum in Q3 2025: net revenue accelerated to double-digit growth, reaching $42.6 million.Waldencast brings back Mazdack Rassi, founder of Milk Makeup, as President to lead the brand's business transformationIn August, Waldencast, the parent company of Milk Makeup and Obagi, delayed the release of its second-quarter earnings to undertake a review of a broad range of strategic alternatives, focused on maximizing shareholder value, and retained Lazard to serve as financial advisor.The company advanced key strategic initiatives, including expansion into medical aesthetics through the strategic acquisition of Austrian filler company Novaestiq, and strengthening its balance sheet following the sale of the Obagi Japan trademark and credit facility refinancing.Reporting results, Waldencast adjusted its year-end forecast. The transformation efforts are driving performance improvements at Obagi Medical, with accelerating revenue, but Milk Makeup sales plunged in Q3. The updated full-year outlook expects net revenue to be broadly in line with 2024 and adjusted EBITDA margin in the high single digits.“Through the first nine months of the year, we delivered stable net revenue performance with contrasted results between the brands, while advancing our strategic priorities to drive our long-term growth,” said Michel Brousset, Waldencast founder and CEO. “In Q2 2025, our net revenue grew 5.6% year-over-year to $66.8 million and we delivered an Adjusted EBITDA Margin of 5.0%.