v3.25.4
REVENUE
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The Company disaggregates its revenue from customers by sales channel, as well as by revenue source and geographic region, based on the location of the end customer, as it believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors.
Revenue by Sales Channel
The Company’s revenue is primarily generated from product sales. Direct sales revenue listed in the table below includes (i) sales to physicians through a single authorized wholesale distributor (“Physician Channel Provider”), (ii) DTC sales via the Company’s e-commerce platforms, and (iii) sales directly to retailers. Distributors revenue includes products sold through distributors other than the Physician Channel Provider.
The Physician Channel Provider is an authorized wholesale distributor and service provider for the Company in the U.S. Revenue from sales to physicians and e-commerce customers made through this provider are considered direct sales revenue.
Total revenue by sales channel was as follows for the periods indicated:
Year ended December 31, 2025
(In thousands)Obagi MedicalMilk
Makeup		Total
Revenue by Sales Channel
Direct sales$109,657 $107,717 $217,374 
Distributors48,083 2,727 50,810 
Net product sales$157,740 $110,444 $268,184 
Royalties3,887 — 3,887 
Net revenue$161,627 $110,444 $272,071 
Year ended December 31, 2024
(In thousands)Obagi MedicalMilk
Makeup		Total
Revenue by Sales Channel
Direct sales$103,168 $120,362 $223,530 
Distributors41,630 4,209 45,839 
Net product sales$144,798 $124,571 $269,369 
Royalties4,468 31 4,499 
Net revenue$149,266 $124,602 $273,868 
Year ended December 31, 2023
(In thousands)Obagi MedicalMilk
Makeup		Total
Revenue by Sales Channel
Direct sales$72,446 $97,222 $169,668 
Distributors40,203 3,245 43,448 
Net product sales$112,649 $100,467 $213,116 
Royalties5,002 20 5,022 
Net revenue$117,651 $100,487 $218,138 

For the year ended December 31, 2025, four customers accounted for 16%, 16%, 11%, and 11% of the Company’s revenue, respectively. For the year ended December 31, 2024, three customers accounted for 18%, 17%, and 10% of the Company’s revenue, respectively. During the year ended December 31, 2023, two customers accounted for 28% and 20% of the Company’s revenue, respectively.
Revenue by Geographic Region
Total revenue by geographic region, based on the location of the end customer, was as follows for the periods indicated:
(In thousands)Year ended December 31, 2025Year ended December 31, 2024Year ended December 31, 2023
Revenue by Geographic Region 
North America1
$211,972 $202,261 $154,357 
Rest of the World56,212 67,108 58,759 
Net product sales$268,184 $269,369 $213,116 
Royalties3,887 4,499 5,022 
Net revenue$272,071 $273,868 $218,138 
1 North America represents the United States and Canada.
During the years ended December 31, 2025, December 31, 2024, and December 31, 2023 only one country, the United States, accounted for more than 10% of the Company’s total revenues, with net product sales amounting to $204.5 million, $192.6 million, and $145.3 million, respectively.