Venus Concept Inc Stock Price, News & Analysis

Venus Concept Inc. (NASDAQ: VERO) reported financial results for Q1 2023:

• Total revenue of $20.5 million, down 22% year-over-year
• GAAP net loss of $9.7 million
• Adjusted EBITDA loss of $5.7 million
• Cash used in operations down 53% year-over-year

The company is executing a restructuring plan to reduce costs by $13-15 million annually starting 2024. Venus Concept completed a 1-for-15 reverse stock split and entered a stock purchase agreement with EW Healthcare Partners for up to $9 million. The company maintains its 2023 revenue guidance of $90-95 million.

Venus Concept, a global leader in medical aesthetic technology, has entered into a stock purchase agreement with EW Healthcare Partners. The agreement allows Venus Concept to issue and sell up to $9 million in senior convertible preferred stock by December 31, 2025. Initial closing involves the sale of 280,899 shares at $7.12 each, totaling $2 million. Proceeds will be used for working capital and general corporate purposes. Subsequent tranches are subject to investor acceptance. The stock is convertible on a 1-for-2.6667 basis. Canaccord Genuity acted as the exclusive placement agent and financial advisor. The securities will be sold in a private placement and are not registered under the Securities Act.

Venus Concept Inc. (NASDAQ: VERO) has announced a 1-for-15 reverse stock split of its issued and outstanding common stock, effective May 11, 2023. The company's common stock is expected to begin trading on a split-adjusted basis on May 12, 2023. The primary goal of this reverse split is to increase the bid price of the common stock to regain compliance with Nasdaq Capital Market listing requirements.

Key points of the reverse stock split include:

• Every 15 shares will be automatically reclassified into one new share
• The company's CUSIP number has changed to 92332W204
• Proportionate adjustments will be made to outstanding warrants, convertible securities, and equity incentive plans
• No fractional shares will be issued; stockholders will receive an additional fraction to round up to the next whole share
• Computershare Inc. has been appointed as the exchange agent for the reverse stock split

Venus Concept (NASDAQ: VERO) announced its first quarter fiscal year 2023 financial results will be released on May 15, 2023, before market opening. The management will host a conference call at 8:00 a.m. Eastern Time the same day to discuss these results, with a Q&A session to follow. Participants can join via phone or listen to a live webcast on the investor relations section of the Company's website.

Venus Concept is a global leader in medical aesthetic technology, offering a wide range of minimally invasive and non-invasive products across 60 countries. Their extensive product lineup includes devices for aesthetic treatments and hair restoration, supported by notable healthcare industry investors.

Venus Concept Inc. (NASDAQ: VERO) reported its financial results for Q4 and FY 2022 on March 27, 2023. Total revenue for Q4 2022 declined 26% year-over-year to $24.3 million, with U.S. revenue down 14% year-over-year but up 17% quarter-over-quarter. The company faced a GAAP net loss of $9.9 million, compared to a loss of $4.3 million in Q4 2021. Adjusted EBITDA loss was $6.3 million versus $2.5 million the prior year. For FY 2022, total revenue fell 6% to $99.5 million, driven by decreases in subscription and service revenues. The company anticipates FY 2023 revenue between $90 million to $95 million, indicating a potential year-over-year decline.

Venus Concept (NASDAQ: VERO) has launched the ARTAS iX, a new generation robotic system for hair transplantation. This innovative technology integrates robotics and artificial intelligence, enabling physicians to implant up to 1000 grafts per hour, making procedures up to 25% faster. Enhancements include a new vision system for improved tracking and graft quality, alongside an intuitive user interface. Dr. Hemanth Varghese highlighted the system's ability to reduce clinical fatigue and optimize workflow, essential for the growing hair restoration market. The ARTAS iX represents a significant advancement in minimizing the labor-intensive aspects of hair restoration procedures.

Venus Concept (NASDAQ: VERO) will release its fourth quarter and fiscal year 2022 financial results on March 27, 2023, before the market opens. Management will conduct a conference call at 8:00 a.m. ET the same day to discuss the results and answer questions. Interested participants can join by phone or via a live webcast on the company's investor relations website. Those unable to attend can access a replay for two weeks following the call. Venus Concept specializes in innovative medical aesthetic technology and has a presence in over 60 countries, offering a wide range of minimally invasive and non-invasive products.

Venus Concept (NASDAQ: VERO) announced a restructuring plan aimed at enhancing operational efficiency and sustainable profitability. This includes a workforce reduction of approximately 18%, cutting up to 70 employees, to generate annual savings of $13 million to $15 million starting in 2024. The preliminary revenue for Q4 2022 is estimated between $23.5 million and $24.5 million, a 25% to 28% decrease from Q4 2021. Full-year revenue for 2022 is projected at $98.7 million to $99.7 million, reflecting a 6% to 7% decline year-over-year. Venus Concept is focused on prioritizing cash sales and shifting resources to promising growth opportunities.

Venus Concept (NASDAQ: VERO) has received FDA 510(k) clearance for its AI.ME robotic technology designed for fractional skin resurfacing. This marks the company's first regulatory approval for its non-surgical robotic system, showcasing significant advancements in medical aesthetics. AI.ME offers minimally-invasive treatments utilizing advanced visualization and AI algorithms for precision. CEO Rajiv De Silva highlights the technology's potential in enhancing aesthetic procedures. Venus Concept aims to commercialize AI.ME in the U.S. in 2023, expanding its innovative product portfolio.