Olaplex Holdings , Inc. (NASDAQ:OLPX) announced a significant downturn in its Q3 2023 results, with net sales falling by 30% to $123.6 million and net income plunging by 66.5% to $20.4 million. The company also reported a decrease in adjusted net income by 54.5% to $33.4 million, while Diluted EPS and Adjusted Diluted EPS fell to $0.03 and $0.05 respectively, compared to the same quarter in 2022.
Despite these setbacks, Olaplex reported an increase in cash and cash equivalents which rose to $429.6 million, while long-term debt saw a minor reduction to $650.4 million. The company's inventory also decreased, falling to $112.8 million.
Looking forward, Olaplex provided its fiscal year 2023 guidance, expecting net sales to range between $450 million and $460 million. It anticipates an adjusted net income between $100 million and $108 million and adjusted EBITDA between $166 million and $174 million.
Interim CEO J.P. Bilbrey highlighted the company's focus on untapped opportunities and the potential for long-term profitable growth through strategic investments aimed at stabilizing sales trends. He urged investors to closely monitor the company's performance in the upcoming quarters.
Further details on Olaplex's financial performance can be found in the complete 8-K earnings release.
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