Welcome to our dedicated page for Venus Concept news (Ticker: VERO), a resource for investors and traders seeking the latest updates and insights on Venus Concept stock.
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 (NASDAQ: VERO) reported its Q4 and FY 2024 financial results, showing mixed performance amid industry challenges. Q4 revenue declined 13% year-over-year to $15.8 million, while operating expenses decreased 11%. The company reduced its debt by 47% from $74.9 million to $39.7 million in FY2024.
Key highlights include a Q4 GAAP net loss improvement of 28% year-over-year, though Adjusted EBITDA loss increased slightly to $6.1 million. The company expanded its international distributor network and successfully completed a 1-for-11 reverse stock split, regaining Nasdaq compliance. Additionally, Venus Concept secured an additional $10.0 million financing capacity through an amended Bridge Loan Agreement with Madryn.
For FY2024, total revenue decreased 15% to $64.8 million, with net loss attributable to stockholders at $47.0 million. The company expects Q1 2025 revenue of at least $14.0 million but is not providing full-year guidance due to ongoing strategic alternatives evaluation.
Venus Concept (NASDAQ: VERO), a global medical aesthetic technology leader, has scheduled the release of its fourth quarter and fiscal year 2024 financial results for March 31, 2025, before market opening.
The company will host a conference call at 8:00 a.m. Eastern Time on the same day, featuring a management discussion and Q&A session. Interested participants can dial 877-407-2991 (201-389-0925 for international callers) using access code 13751985. A live webcast will be available on the company's investor relations website, with a two-week replay period available afterward.
Venus Concept Inc. (NASDAQ: VERO) announced a 1-for-11 reverse stock split effective March 3, 2025, at 5:00 p.m. EST. Trading on the split-adjusted basis will begin March 4, 2025, on the Nasdaq Capital Market. The split was approved by stockholders on February 14, 2025, with an authorized ratio range of 1-for-5 to 1-for-16.
The primary goal is to increase the bid price to regain Nasdaq compliance. The company's CUSIP number will change to 92332W303, while maintaining the 'VERO' trading symbol. Every 11 shares will be automatically reclassified into one new share, with proportionate adjustments to warrants, convertible securities, and equity incentive plans. Stockholders entitled to fractional shares will receive rounded-up whole shares, with no cash payments for fractions.
Venus Concept (NASDAQ: VERO) announced key changes to its senior leadership team. Dr. Hemanth Varghese, President and COO, will depart on March 28, 2025, while Bill McGrail, EVP of Technical Operations & Compliance, will retire on February 28, 2025.
The medical aesthetic technology company has appointed Kirk Gunhus as Chief Revenue Officer with global responsibility for sales efforts. Ross Portaro becomes EVP of Commercial Strategy and Head of Venus Hair, focusing on expanding the hair business across all markets. Melissa Kang returns as Chief Product Officer to guide future product vision, while Michael Mandarello, Chief Legal Officer, takes on an expanded role as Head of Strategy & Operations.
CEO Rajiv De Silva stated these changes are part of Venus Concept's ongoing transformation efforts, designed to "streamline decision making and best position the Company for its return to growth and its journey towards profitability." The restructuring aims to build the right team for future growth and maximize upcoming product launches.
Venus Concept (NASDAQ: VERO) reported Q3 2024 financial results with total revenue of $15.0 million, down 15% year-over-year and below the estimated $17.0 million target. The company reduced cash used in operations by 40% to $7.3 million for the first nine months of 2024. Operating expenses declined 10% year-over-year, while Adjusted EBITDA loss was $5.9 million compared to $4.6 million last year. The company received regulatory approvals for Venus Bliss MAX in Canada and Australia, and reduced total debt obligations by 54% to $34.6 million through a debt-to-equity exchange transaction.
Venus Concept (NASDAQ: VERO) announced significant expansion of its international distribution network through new partnerships and regulatory certifications. The company partnered with Index International (Paragon subsidiary) in Taiwan and Quirugil S.A in Colombia. Additionally, Venus Concept received certification for several products in India, including Venus ARTAS iX, Venus Legacy, Venus Bliss MAX, and Venus Viva, in partnership with Spectra Medical Systems. These developments strengthen Venus Concept's global presence in key aesthetic markets.
Venus Concept Inc. (NASDAQ: VERO), a global medical aesthetic technology leader, has announced the release date for its third quarter fiscal year 2024 financial results. The results will be unveiled before the market opens on Wednesday, November 13, 2024. Following the release, management will host a conference call at 8:00 a.m. Eastern Time to discuss the quarterly results and conduct a question and answer session.
Interested participants can dial 877-407-2991 (201-389-0925 for international callers) and use the access code 13749236. A live webcast of the call will be available on the company's investor relations website. For those unable to attend, a two-week replay will be accessible via phone, and the webcast will be archived on the company's website.
Venus Concept Inc. (NASDAQ: VERO) has announced a $15 million debt-to-equity exchange transaction with Madryn Asset Management. This marks the second substantial reduction of existing debt by Madryn in 2024. The company exchanged $15.0 million of its senior debt for 203,583 shares of Series Y preferred stock on September 26, 2024.
Following this transaction, Venus Concept's total debt obligations decreased to approximately $34.6 million, representing a 25% reduction from $46.0 million as of June 30, 2024, and a 54% reduction from $74.9 million as of December 31, 2023. This move is part of the company's ongoing transformation plan to optimize its capital structure and debt profile.
Venus Concept Inc. (NASDAQ: VERO) has received clearance from the Therapeutic Goods Administration (TGA) in Australia to market its Venus Bliss MAX system. This flagship platform offers a comprehensive body treatment solution, combining three of Venus Concept's leading technologies:
1. Proprietary (MP)2 applicator for cellulite reduction and skin treatments
2. FlexMax EMS applicators for muscle conditioning
3. Diode laser for fat reduction treatments
The Venus Bliss MAX is already available in select markets globally and has received positive feedback from service providers. Dr. Hemanth Varghese, President and COO of Venus Concept, expressed confidence that the system's success will be replicated in Australia.
Venus Concept Inc. (NASDAQ: VERO) reported Q2 2024 financial results, showing mixed performance. Total revenue decreased 17% year-over-year to $16.6 million, meeting the company's estimate of at least $16.5 million. Despite the revenue decline, the company saw improvements in other areas:
- Gross margin increased by 62 basis points to 71.5%
- Operating expenses decreased by 13%
- Cash used in operations reduced by 37% year-over-year
- Completed a $35 million debt-to-equity exchange, reducing debt and regaining Nasdaq compliance
The company continues to execute its Transformational Plan, focusing on enhancing cash flow and positioning for long-term profitability. However, aesthetic capital equipment sales remain challenged by macroeconomic headwinds.