SkinHealth: Weaker Revenues and Constrained Spending Headline 2Q26 Results

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

07 August 2026

SkinHealth

Weaker Revenues and Constrained Spending Headline

2Q26 Results

Underweight

SKIN, SKIN US

Price (06 Aug 26):$0.77

Medical Supplies & Devices

SkinHealth Systems reported mixed 2Q26 results after the close as sales of $72.1M

(-7.8%) came in ~$2M below the Street’s $74.0M as continued capital equipment

softness, below-plan treatment activity, and a tougher prior-year comparison led to

softer delivery systems and consumables. Delivery systems of $18.3M (-18.4%)

came in ~$1M below with 770 placements (vs. 800 JPMe), while Consumables of

$53.9M (-3.5%) came in a touch below our $54.3M with a difficult comp against

last year’s booster launches. Profitability was a bright spot with adjusted EBITDA

of $17.0M (23.6% of sales) beating consensus of $11.3M by ~$6M with better

71.8% adjusted gross margin (+590bps Y/Y, +460bps vs. Street), although ~$4M

of operating expense upside came from timing that will be a headwind against opex

in 2H26. Although initiatives like the new Syndeo rental program and a focus on

boosters could be promising, continued uneven execution and broader market

challenges keep us more negative here.

Allen Gong AC

Revised 2026 guidance reflects continued pressure on device sales and

continued cost discipline, with management trimming the top end of the

revenue range to $280-290M from $280-295M while raising adjusted

EBITDA to $39-46M from $35-45M. For 3Q26, the company guided revenue

to $65-70M (vs. consensus at ~$70M) and adjusted EBITDA of $5-7M (vs.

consensus at ~$8M). System sales are expected to remain pressured through

the balance of the year, although the start of a new rental program in the US and

stabilization in EMEA should help moderate declines relative to 2Q26.

Key Changes (FYE Dec)

Looking at performance in the quarter by region, EMEA was the most

challenged at $14.9M (-19%) as a mix of distributor order timing, tough

booster compares, and Germany field-support vacancies all weighed on

results. This is expected to stabilize in 3Q at flat to down. Americas of $49.9M

(-4.2%) were more in-line with our forecasts with stronger Delivery system

placements (483 vs.…