Waldencast (NASDAQ: WALD) stock is skyrocketing Wednesday. The cosmetics company's share price was up 15.9% as of 11:45 a.m. ET, according to data from S&P Global Market Intelligence. Shares had been up as much as 63.4% earlier in the day's trading.

Waldencast published second-quarter results after the market closed yesterday, reporting sales that crushed expectations. Management also indicated that performance should continue to improve in this year's second half.

Waldencast reports strong momentum in Q2

Waldencast posted $63.3 million in sales in the second quarter -- up 28.2% year over year. Meanwhile, the average analyst estimate had targeted sales of $58.3 million for the period. The company's net loss in Q2 also narrowed to $9 million, down from a loss of $23.5 million in last year's quarter.

Waldencast, which is best known for its Milk Makeup and Obagi Medical brands, is seeing its revenue growth accelerate. After adjusting for the decoupling of its former Obagi Medical China Business Sales, comparable revenue increased 25.7% year over year in the second quarter. This was up from comparable annual growth of 21% in Q1. The company's core brands are gaining market share, and there could be a long runway for continued expansion.

What comes next for Waldencast?

For the second half of this year, Waldencast expects that its comparable net revenue growth will climb above the 25.7% growth rate that it posted in Q2. The company also said that it expects its non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) in the second half to exceed the $17.7 million in adjusted EBITDA posted in the first half. Management continues to expect an adjusted EBITDA margin in the midteens for the full-year period.

Should you invest $1,000 in Waldencast Acquisition Corp. right now?

Before you buy stock in Waldencast Acquisition Corp., consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Waldencast Acquisition Corp. wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $786,169!*

Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.