Shares of The Beauty Health Company (NASDAQ:SKIN) tumbled over 60% intra-day today following its significant miss on third-quarter estimates.

The company announced a Q3 loss of $0.56 per share, substantially below the analyst prediction of a $0.07 per share profit. Additionally, its revenue for the quarter was $97.4 million, falling short of the expected $116.23 million.

SKIN, the parent company of the Hydrafacial brand, adjusted its fiscal year 2023 sales forecast to between $385 and $400 million. It also revised its fiscal year adjusted EBITDA margin guidance to 5% to 6% and decided to suspend its long-term financial projections for 2025.

In a separate announcement, the company revealed that Andrew Stanleick will step down as president and CEO effective November 19. Marla Beck, a current director at BeautyHealth, will serve as interim CEO while the company searches for a permanent replacement.

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