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Venus Concept Inc. reported developments around its medical aesthetic technology business, including device platforms for minimally invasive and non-invasive treatments and hair restoration systems such as NeoGraft and ARTAS iX. Recurring company news covered financial results, product portfolio updates, FDA 510(k) clearance for the Venus NOVA multi-application platform, and capital-structure actions involving debt exchanges and financing arrangements.
The company also announced a completed short-form merger that consolidated ownership of its common stock under funds managed by Madryn Asset Management, after prior steps to voluntarily delist from Nasdaq and deregister its common stock with the SEC.
Venus Concept, a leading global medical aesthetic technology firm, announced its participation in the H.C. Wainwright Annual Global Life Sciences Conference on March 9-10, 2021. The company's management will present virtually, with the presentation available on-demand starting March 9 at 7:00 a.m. Eastern Time. The audio webcast can be accessed on the company’s investor relations website, and an archive will be available post-conference. Venus Concept operates in over 60 countries, offering a broad range of minimally invasive aesthetic technologies and hair restoration systems.
Venus Concept, a leader in medical aesthetic technology, announced its participation in the BTIG Virtual MedTech, Digital Health, Life Science & Diagnostic Tools Conference on February 17, 2021, at 10:00 a.m. Eastern Time.
The engagement will feature a virtual fireside chat, accessible via an audio webcast on the Company’s investor relations website. Post-event, an archive of the webcast will be available for replay. Venus Concept specializes in minimally invasive aesthetic technologies and has operations in over 60 countries.
Venus Concept (NASDAQ: VERO) announced that it will release its fourth quarter and fiscal year 2020 financial results after the market closes on March 29, 2021. Management will host a conference call at 5:00 PM ET on the same day to discuss these results, with a question-and-answer session to follow. Participants can join by dialing 877-407-2991 and using access code 13715787. A live webcast will also be available on their investor relations website, with a replay option for those unable to attend.
Venus Concept (NASDAQ: VERO) reported preliminary revenue for Q4 2020, expecting between $25.3M to $26.3M, a decrease of 21% to 24% from Q4 2019. For FY 2020, revenue is projected at $77.5M to $78.5M, declining 36% to 37% year-over-year. Despite challenges from COVID-19, the company anticipates FY 2021 revenue growth of 27% to 31%, estimating between $98M to $103M. The management highlighted a strengthened balance sheet with approximately $30 million in cash, following recent financing activities, which they believe positions the company for future growth.
Venus Concept, a leader in medical aesthetic technology (NASDAQ: VERO), will present at two upcoming investor conferences in January. The H.C. Wainwright BioConnect Conference will be held virtually from January 11-14, with on-demand presentations available starting January 11 at 6:00 a.m. Eastern Time. Additionally, management will participate in a fireside chat at the ICR Conference 2021 on January 14 at 10:00 a.m. Eastern Time. Audio webcasts will be accessible on the Company's investor relations website, with archives available post-conferences.
Venus Concept (Nasdaq: VERO) has priced a public offering of 11.25 million shares and 5.625 million warrants at a combined price of $2.00 per share. The exercise price for the warrants is $2.50, and they expire in five years. The offering is expected to generate gross proceeds of approximately $22.5 million, which will be utilized for general corporate purposes, including research and development.
Oppenheimer & Co. is the sole book-running manager for this offering, which follows previously filed registration statements with the SEC.
Venus Concept (NASDAQ: VERO) announced plans for an underwritten public offering of common stock and warrants, with details subject to market conditions. The entire offering will be sold by the company, and the size and terms remain uncertain. The proceeds will be used for general corporate purposes, notably funding research and development. Oppenheimer & Co. Inc. is the sole book-running manager, with Ladenburg Thalmann as the lead manager. The offering will be conducted under an existing shelf registration statement, and a prospectus will be filed with the SEC for investor review.
Venus Concept (NASDAQ: VERO) has announced significant improvements to its financial health through new debt agreements. The company secured a $50 million loan from City National Bank of Florida at an interest rate of LIBOR plus 3% for five years, reducing overall borrowing costs from 9% to under 5%. Additionally, it repaid $42.5 million to Madryn Health Partners and issued $26.7 million in convertible notes. This restructuring enhances liquidity and supports the company's growth strategy.
Venus Concept (NASDAQ: VERO) announced a virtual event titled “Aesthetic & Hair Restoration Technology” on December 10, 2020, from 10:00 a.m. to 12:00 p.m. ET. This event will showcase advancements in aesthetic and hair restoration technologies, including the Venus Bliss platform and ARTAS® robotic systems. Attendees can engage with the leadership team and Medical Advisory Board. The webcast will be available on the company's investor relations website, with a replay following the event.
Venus Concept (NASDAQ: VERO) reported a 21% decrease in Q3 2020 revenue, totaling $20.7 million, attributed to COVID-19 disruptions. However, it saw a 22% increase from Q2 2020. The operating loss was $5.3 million, improved from $6.6 million in Q3 2019. The company anticipates achieving $20 million in cost savings by year-end due to restructuring. Net loss for the quarter was $7.3 million, down from $9.0 million in Q3 2019. Total cash as of September 30, 2020, was $12.8 million, with total debt of $74.5 million.