Function of Beauty names new CEO
Dive Brief:
Function of Beauty has turned to a marketing veteran to be its chief executive officer. Monica Belsito had been chief marketing officer at Sabra Dipping Company since 2023, after about a year in omnichannel sales and marketing there.
Belsito will augment the hair care brand's 'existing sales, marketing, and innovation capabilities' across the retail and direct-to-consumer channels, per a company press release.
Her arrival comes four years after L'Oréal executive Alexandra Papazian replaced Function of Beauty co-founder Zahir Dossa as CEO.
Dive Insight:
Function of Beauty offers a level of customization based on customer preferences and needs. The brand, founded by engineers from the Massachusetts Institute of Technology and a cosmetic scientist, also taps into what Circana research has found to be consumer attention on clinical expertise in the beauty arena.
Consumers are 'gravitating towards brands with a clearer, clinical heritage and backed by experts such as dermatologists, chemists, or other medical professionals,' per a May report from Circana emailed to Retail Dive.
With the announcement of Belsito's appointment, the brand said it is looking to grow via direct-to-consumer but also expand its retail distribution. For the last couple of years Function of Beauty has turned to wholesale for growth, announcing partnerships with Amazon, Target, Sephora and, most recently, Walmart.
"Function of Beauty continues to expand and strengthen retail partnerships in some of the world's largest retailers," Rob Hawk, the brand's chief financial officer and chief operating officer, said in a statement. "In partnership with Monica, we are excited to continue to demonstrate to our customers and consumers the benefits of custom made personal care formulas versus traditional incumbent offerings.'
The company has also expanded via acquisition, taking over personalized skin care brand Atolla four years ago.
Both Sabra and feminine products company Lola, where Belsito was founding chief marketing officer, were ultimately acquired by larger consumer product companies. PepsiCo snapped up Sabra in November, and Amazon aggregator Forum Brands acquired Lola in 2023.
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Our rigorous application of the Veralto Enterprise System continued to support global growth and operating discipline, while also helping mitigate impacts from changes in global trade policies," said Jennifer L. Honeycutt, President and Chief Executive Officer. "Through the first half, we grew core sales mid-single-digits, expanded adjusted operating profit margins and delivered double-digit adjusted earnings per share growth. These results are a testament to the focused efforts of our global team, our durable business model and secular growth drivers across our end markets," "Based on our first half performance, stable demand across our end markets and our current assessment of macro-economic conditions, we raised our full year core sales growth and adjusted earnings per share guidance. Veralto's financial position remains strong, and we continue to be prudent in evaluating capital allocation opportunities to fuel long-term shareholder value," concluded Honeycutt. 2025 Guidance The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP sales, such as currency translation, acquisitions, and divestitures. The guidance below includes the Company's current assessment of the macro-economic environment, including tariffs and the Company's actions to mitigate adverse financial impacts. For the third quarter of 2025, Veralto anticipates that non-GAAP core sales will grow mid-single-digits year-over-year with adjusted diluted earnings per share in the range of $0.91 to $0.95 per share. For the full year 2025, the Company raised its adjusted earnings per share guidance range to $3.72 to $3.80 per share, up from its prior guidance range of $3.60 to $3.70 per share. The Company also increased its full year core sales growth assumption to mid-single-digits, up from its prior assumption of low-to-mid-single-digits. The Company maintained its expectation for full year adjusted operating profit margin expansion in the range of flat to +50 basis points year-over-year and for its free cash flow conversion in the range of 90% to 100%. Conference Call and Webcast Information Veralto will discuss its second quarter results and financial guidance for 2025 during its quarterly investor conference call tomorrow starting at 8:30 a.m. (ET). Access to the call, webcast and an accompanying slide presentation will be available on the "Investors" section of Veralto's website, under the subheading "News & Events" and additional materials will be posted to the same section of Veralto's website. A replay of the webcast will be available in the same section of Veralto's website shortly after the conclusion of the call and will remain available until the next quarterly earnings call. The conference call can be accessed by dialing +1 (800) 343-4136 (U.S.) or +1 (203) 518-9843 (INTL) (Conference ID: VLTO2Q25). A replay of the conference call will be available shortly after the conclusion of the call and until August 7, 2025. You can access the replay dial-in information on the "Investors" section of Veralto's website under the subheading "News & Events." ABOUT VERALTO With annual sales of over $5 billion, Veralto is a global leader in essential technology solutions with a proven track record of solving some of the most complex challenges we face as a society. Our industry-leading companies with globally recognized brands help billions of people around the world access clean water, safe food and trusted essential goods. Headquartered in Waltham, Massachusetts, our global team of nearly 17,000 associates is committed to making an enduring positive impact on our world and united by a powerful purpose: Safeguarding the World's Most Vital Resources™. NON-GAAP MEASURES AND SUPPLEMENTAL MATERIALS In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached. In addition, this earnings release, the slide presentation accompanying the related earnings call, non-GAAP reconciliations and a note containing details of historical and anticipated, future financial performance have been posted to the "Investors" section of Veralto's website ( under the subheading "Quarterly Earnings." FORWARD-LOOKING STATEMENTS Certain statements in this release, including statements regarding the Company's third quarter and full year 2025 financial performance and guidance, the Company's differentiation and positioning to continue delivering sustainable, long-term shareholder value and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. All statements other than historical factual information are forward-looking statements, including, without limitation, statements regarding: projections of revenue, expenses, profit, profit margins, asset values, pricing, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, Veralto's liquidity position or other projected financial measures; Veralto's management's plans and strategies for future operations, including statements relating to anticipated operating performance, customer demand, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions and the integration thereof, divestitures, spin-offs, split-offs, initial public offerings, other securities offerings or other distributions, strategic opportunities, stock repurchases, dividends and executive compensation; growth, declines and other trends in markets Veralto sells into, including the impact of changes to global trade policies, restrictions on imports, related countermeasures and reciprocal tariffs; future new or modified laws, regulations, accounting pronouncements or public policy changes; regulatory approvals and the timing and conditionality thereof; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; future foreign currency exchange rates and fluctuations in those rates; results of operations and/or financial condition; general economic and capital markets conditions; the anticipated timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Veralto intends or believes will or may occur in the future. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. 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VERALTO CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES Reconciliation of GAAP to Non-GAAP Financial Measures ($ in millions) Three-Month Period Ended July 4, 2025SalesOperatingprofitOperatingprofit marginNet earnings forcalculation ofdiluted netearnings percommon shareDiluted netearnings percommonshare Reported (GAAP) $ 1,371$ 31322.8 %$ 222$ 0.89 Amortization of acquisition-related intangible assets A —90.790.04 Other items B —30.230.01 Tax effect of the above adjustments C ———(2)(0.01) Adjusted (Non-GAAP) $ 1,371$ 32523.7 %$ 232$ 0.93 Three-Month Period Ended June 28, 2024SalesOperatingprofitOperatingprofit marginNet earnings forcalculation ofdiluted netearnings percommon shareDiluted netearnings percommon share Reported (GAAP) $ 1,288$ 29923.2 %$ 203$ 0.81 Amortization of acquisition-related intangible assets A —100.8100.04 Tax effect of the above adjustments C ———(3)(0.01) Discrete tax adjustments D ———30.01 Adjusted (Non-GAAP) $ 1,288$ 30924.0 %$ 213$ 0.85 VERALTO CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURESNotes to Reconciliation of GAAP to Non-GAAP Financial Measures($ in millions) A Amortization of acquisition-related intangible assets in the following historical periods (only the pretax amounts set forth below are reflected in the amortization line item above):Three-Month Period EndedJuly 4, 2025June 28, 2024 Pretax $ 9$ 10 After-tax 77 B Costs incurred in the three-month period ended July 4, 2025 related to certain strategic initiatives ($3 million pretax and after-tax as reported in this line item). 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