Overview

• Revenue rose 25% year over year to $241 million in Q2 with $70 million in adjusted EBITDA, taking LTM revenue to $752 million and free cash flow to $130 million.
• The company is preparing an entry into medical-grade dermatology via its upcoming Brand 3 telehealth platform offering prescription and OTC products.
• Brand 3 is designed to use AI, computer vision and mobile coaching to deliver personalized treatment plans, leveraging access to more than 60 million users.
• Leadership emphasizes disciplined, compounding growth near 20% and margin control, as the stock trades around ~35x trailing earnings and roughly 30x free cash flow; shares were $62.82 on Sept. 12.
• Analyst authors highlight Brand 3—and a potential Brand 4—as likely growth catalysts that could accelerate revenue by late 2026, framing upside as contingent on execution and regulatory deliverables.