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. (NASDAQ: VERO) is a medical aesthetic technology company whose news flow reflects both its product developments and its capital and strategic actions. The company describes itself as a global medical aesthetic technology leader with a portfolio of minimally invasive and non-invasive systems for body, face, skin and hair restoration applications. Its updates often highlight device platforms such as Venus Versa, Venus Legacy, Venus Bliss, Venus Viva, Venus Epileve, AI.ME and, more recently, the next-generation Venus NOVA platform.
On this news page, readers can follow VERO news related to quarterly financial results, regulatory milestones, financing transactions and strategic portfolio moves. Recent press releases have covered second and third quarter financial results, including revenue by region and product category, gross profit trends, operating expenses and operating loss. Management commentary in these releases discusses the performance of energy-based device revenues, the impact of macroeconomic conditions on capital equipment sales, and the company’s efforts in cost containment and operational streamlining.
Venus Concept’s news also includes regulatory and product announcements, such as FDA 510(k) clearance for Venus NOVA, a multi-application platform for non-invasive body and skin treatments that integrates Adaptive EMS, proprietary (MP)² technology and Advanced VariPulse. In addition, the company reports on capital structure and financing events, including registered direct offerings of common stock, private placements of warrants, bridge loan drawdowns and debt-to-equity exchanges of subordinated convertible notes into Series Y Preferred Stock.
Another recurring theme in VERO news is the company’s strategic initiatives, notably the definitive agreement to sell its Venus Hair business, which includes NeoGraft and the ARTAS iX Robotic Hair Restoration system, to MHG Co. Ltd. Investors and observers can use this page to monitor how these developments evolve over time, from transaction announcements and court-related updates to subsequent financial disclosures.
Venus Concept Inc. (NASDAQ: VERO), a global medical aesthetic technology leader, has announced the release date for its second quarter fiscal year 2024 financial results. The results will be unveiled before the market opens on Tuesday, August 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 Q&A session.
Interested parties can participate in the call by dialing 877-407-2991 (201-389-0925 for international callers) and using the access code 13747737. A live webcast will also 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 IR site.
Venus Concept (NASDAQ: VERO) successfully completed its NEXThetics events across major North American cities. These events have grown in popularity, with thousands of registrants, including their largest gathering in Houston, Texas, on June 22, 2024. The events showcased Venus Aesthetic Intelligence’s (Venus AI) Total Practice Performance philosophy and new technologies like Venus Versa Pro. Attendees included dermatologists, plastic surgeons, and spa owners, who engaged with industry experts and learned about the latest trends to enhance their practices. Upcoming events in 2024 will expand to Phoenix, Las Vegas, New York City, Atlanta, Dallas, and Minneapolis.
Venus Concept (NASDAQ: VERO) announced a strategic supply agreement with Skin Laundry Holdings on June 17, 2024. The deal includes an initial order of Venus Viva devices and consumables for Skin Laundry's US clinics. These devices utilize Venus Concept's (MP)2 NanoFractional RF Technology with SmartScan, known for effective skin resurfacing and tightening. Venus Concept boasts over 9,000 systems globally. Skin Laundry, founded in 2013, operates 66 clinics and specializes in quick, minimally invasive energy facials. Both companies anticipate continued collaboration as Skin Laundry expands domestically and internationally.
Venus Concept, a global leader in medical aesthetic technology, has regained compliance with Nasdaq's Minimum Equity Requirement as of June 4, 2024. The company was previously issued a deficiency notice on May 31, 2023, for not meeting the minimum stockholders' equity requirement of $2.5 million, as per their March 31, 2023, Quarterly Report. To rectify this, Venus Concept completed a $35 million debt-to-equity transaction on May 28, 2024. As a result, the company met the compliance requirements verified by Nasdaq. Venus Concept will be under mandatory panel monitoring until June 4, 2025, according to Nasdaq Listing Rule 5815(d)(4)(B).
Venus Concept announced that it received a medical device license from Health Canada for its Venus Versa Pro system.
The Venus Versa Pro is a comprehensive aesthetic platform that integrates IPL with SmartPulse™, NanoFractional Radio Frequency with SmartScan™, and Venus Concept's proprietary (MP)2 technology.
This device is designed to provide a range of skin rejuvenation treatments, including enhancing skin tone, improving tightness, and smoothing texture.
Dr. Hemanth Varghese, President and COO, emphasized the company's excitement about bringing this advanced technology to the Canadian market.
Venus Concept, a global medical aesthetic technology leader, announced a $35 million debt-to-equity exchange with Madryn Asset Management. On May 24, 2024, the company exchanged $35 million of senior debt for 576,986 shares of Series Y preferred stock, convertible into common stock on a 1-for-100 basis. This transaction reduced Venus Concept's debt from $76.7 million to $45.4 million and aimed to help the company comply with Nasdaq's equity listing standards. Venus Concept's CEO, Rajiv De Silva, stated that this move is part of ongoing restructuring to achieve cash flow breakeven in 2025 and long-term profitability.
Venus Concept (NASDAQ: VERO) announced its Q1 2024 financial results, reporting a 15% YoY revenue decline to $17.5 million, but exceeding its forecast by 6%. Operating expenses dropped 11% to $19.4 million, while the net loss was $9.8 million, slightly higher than Q1 2023's $9.7 million. The gross profit fell 15% to $11.6 million with a consistent gross margin of about 66.6%. Notably, cash operations used $2.9 million, a 51% reduction from the previous year. The company secured $5.0 million in debt financing from Madryn Asset Management to enhance near-term liquidity. Strategic milestones include the TGA clearance in Australia for Venus Versa Pro and approval for Venus Bliss MAX in Israel. Venus Concept forecasts Q2 2024 revenue to be at least $16.5 million.
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