SKINHEALTH SYSTEMS (=) : Keeping a focus on utilization

研报英文原文证据摘录

SKINHEALTH SYSTEMS (=) : Keeping a focus on utilization

EQUITIES

MEDTECH & SERVICES

NEUTRAL TARGET PRICE EPS 26e EPS 27eSKINHEALTH SYSTEMS PRICE* USD0.68  TARGET PRICE USD1.00 (UPSIDE 48%)  -33%  -18%  24%

Keeping a focus on utilization

We had a 1x1 with SkinHealth’s CEO and CFO post 1Q26. We remain Neutral as we are cautious15 MAY 2026

Securities Research Report on current demand for Aesthetics medical devices, although the company is taking steps to improve

Production time: 17:14* (London time)

consumables utilization, including simplifying and differentiating the portfolio.

Research Analysts & Publishing Entities

Navann Ty, CFA Increasing competition from low-end devices isn’t a big concern

BNP Paribas Securities Corp1 SkinHealth (SKIN) called out increasing competition from lower-end devices, coming from a variety

+(1) 917 749 7734

navann.ty@us.bnpparibas.com of competitors. That said, management doesn’t anticipate a big impact as SKIN caters to a different

category of customers, such as higher-end MedSpas.

Curtis Moiles

BNP Paribas Securities Corp1

(+1) 646 544 1659 Consumers are coming in for treatments at a regular cadence

curtis.moiles@us.bnpparibas.com Management indicated that SKIN caters to a wide range of consumers, with treatments ranging from

$150 to $300, representing a low bar to entry vs other Aesthetics procedures. The company is seeing

a stable interval between treatments, with most customers coming into the clinic every two to three

months, on average. Moreover, younger generations continue to prioritize skin health treatments

over other discretionary spending like clothing. That said, the company also noted consumers are

being more cautious with spending, but SKIN views their business as fairly resistant (although there