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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.
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Venus Concept Inc. (NASDAQ: VERO) has announced the establishment of a medical advisory board for AI.ME, its next generation robotic platform for fractional skin resurfacing. The board, comprising six leading physicians, will provide strategic input and clinical recommendations for the technology, which received FDA 510(k) clearance in December 2022.
The advisory board includes renowned dermatologists and plastic surgeons: Dr. Glynis Ablon, Dr. Macrene Alexiades, Dr. Eric Bernstein, Dr. James Chao, Dr. Mitchel Goldman, and Dr. Gilly Munavalli. These experts will play a important role in defining AI.ME's commercialization strategy.
AI.ME is the first and only robotic system cleared by FDA for fractional skin resurfacing. It uses machine vision and AI algorithms to target the skin precisely and predictably. Venus Concept expects to begin clinical engagement with the advisory board members in the coming months, with a commercial launch anticipated in the second half of fiscal year 2024.
Venus Concept Inc. (NASDAQ: VERO), a global medical aesthetic technology leader, has announced that it will release its second quarter fiscal year 2023 financial results after market close on Monday, August 14, 2023. The company will host a conference call at 5:00 p.m. Eastern Time on the same day to discuss the results and conduct a question and answer session.
Interested parties can participate in the call by dialing 877-407-2991 (201-389-0925 for international callers) and providing the access code 13739854. A live webcast will be available on the company's investor relations website. For those unable to attend, a replay will be accessible for two weeks by calling 877-660-6853 (201-612-7415 for international callers) with the same access code.
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.