Obagi Medical net revenue reached $42.6 million, double digit growth compared to Q3 2024. Performance reflects strong growth in strategic channels, led by U.S. brand controlled e-commerce and international markets, including the U.K., Middle East and Southeast Asia. Milk Makeup net revenue was $25.2 million, down $6.3 million versus Q3 2024. In the U.S., consumption increased 8%, while the brand also expanded its digital footprint following a successful launch with Amazon Premium Beauty. A better in-stock position for the breakthrough Hydro Grip Gel Tint did not translate into the expected sales growth given a lull in marketing support as a consequence of the Q1 out of stocks. In addition, results for Q3 2025 need to be viewed against a quarter of exceptional performance in Q3 2024, which saw three significant launches and international distribution gains.
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