Beauty Health Company (ASX:SKIN) shares declined 1.5%, falling to $7.4.

The beauty tech company responsible for producing skin treatment devices made the decision to withdraw their gross margin forecast for the fiscal year of 2023 due to margin difficulties experienced in Q2 extending into the second half.

On a separate note, Michael Monahan has been confirmed as the new chief financial officer, assuming his role from August 10.

He replaces Liyuan Woo, who will remain as an advisor until September 1, 2023, to facilitate a smooth transition.

Beauty Health reported net sales of $117.5 million in Q2, surpassing estimates of $116.09 million according to Refinitiv.

The Q2 EPS was 3 cents per share, marking an improvement from the loss of 6 cents per share recorded in the previous year.

Despite this, Beauty Health maintains their 2023 net sales forecast citing consistent demand for their Hydrafacial product and robust trends in the Chinese market.

The company also reiterated their long-term financial forecast for 2025.

Amongst 12 brokerages, seven rated the stock as ‘buy’ or higher, four recommended ‘hold’, with a median price target of $15.00.

Including the latest market activity, the company’s stock has seen a decline of 19.40% year-to-date.

Beauty Health is a highly regarded producer of skin treatment devices and other beauty technologies.