Venus Concept Inc Stock Price, News & Analysis

Venus Concept (NASDAQ: VERO) reported Q3 2022 results with total revenue down 12% year-over-year to $21.5 million. U.S. revenue declined by 4%, while cash system revenue rose by 30%. The net loss attributable to stockholders was $14.6 million, a significant increase from $9.8 million the previous year. Adjusted EBITDA loss also worsened, reaching $7.7 million. The company aims to optimize operations and enhance cash flow, despite these challenges. As of September 30, 2022, cash and cash equivalents stood at $6.8 million.

Venus Concept (NASDAQ: VERO) has appointed Dr. Hemanth Varghese as President & Chief Business Officer, effective October 17, 2022. Dr. Varghese, an accomplished healthcare executive, brings over 20 years of experience in managing diverse healthcare businesses in high-growth markets. His roles previously include Senior VP at HLS Therapeutics and leadership positions at Endo International and Bausch & Lomb. CEO Rajiv De Silva expressed confidence in Dr. Varghese's ability to drive financial and operational performance, enhancing long-term shareholder value.

Venus Concept (NASDAQ: VERO) announced a stock option inducement grant to CEO Rajiv De Silva upon his hiring on October 2, 2022. Approved by independent directors, the grant consists of options for 3,300,000 shares with a $0.44 exercise price, matching the stock's closing price on September 30, 2022. The options vest over four years, with 25% vesting on the first anniversary and 75% quarterly thereafter. This grant aims to incentivize De Silva's acceptance of the position, reflecting the company's commitment to leadership stability and aligning executive interests with shareholder value.

Venus Concept (NASDAQ: VERO) has announced a change in the release date for its fiscal Q3 2022 financial results, now set for November 10, 2022, after market close. A conference call will follow at 5:00 p.m. ET to discuss the results, with participation available via phone or live webcast. Venus Concept, a leader in medical aesthetic technology, operates a subscription-based sales model, offering various non-invasive aesthetic and hair restoration devices across more than 60 countries.

Venus Concept (NASDAQ: VERO) appointed Rajiv De Silva as CEO effective October 2, 2022, following the departure of Domenic Serafino. De Silva brings extensive experience from his roles at Endo International and Valeant Pharmaceuticals. The company has withdrawn its previous revenue guidance for fiscal year 2022, anticipating at least $21 million in preliminary third-quarter revenue. The leadership change aims to drive sustainable growth and product development in the medical aesthetics market.

Venus Concept (NASDAQ: VERO) reported Q2 2022 revenue of $27.3 million, marking a 6% increase from last year, driven by a 7% rise in U.S. sales. Despite revenue growth, the company faced a net loss of $10.6 million, compared to $0.4 million profit in Q2 2021. Adjusted EBITDA loss was $5.5 million. Management cites sales force disruptions as a key challenge, but anticipates revenue guidance of $110-$113 million for 2022, reflecting a 4%-7% growth expected year-over-year.

Venus Concept (NASDAQ: VERO) will release its second quarter fiscal year 2022 financial results on August 12, 2022, before market opening. Management will hold a conference call at 8:00 a.m. ET on the same day to discuss the results, which will include a Q&A session. Participants can join via phone or a live webcast available on the investor relations website. Venus Concept is a leader in medical aesthetic technology, offering a subscription-based sales model and operates in over 60 countries with a diverse product portfolio.

Venus Concept (NASDAQ: VERO) reported Q1 2022 financial results revealing total revenue of $26.4 million, a 17% increase year-over-year. U.S. revenue surged 25% to $13.1 million, driven by strong sales in their Body Franchise. However, the company faced a GAAP net loss of $8.6 million, a reduction from $9.4 million last year. Adjusted EBITDA loss widened by 17% to $5.9 million. Looking forward, the company anticipates total revenue growth of 20% to 23% for 2022, equating to $126 million to $130 million.

Venus Concept (NASDAQ: VERO) has received FDA 510(k) clearance for its Venus BlissMAX device, expanding its use to include non-invasive lipolysis for the back and thighs, along with a 50% increase in RF energy output to 150 watts. This advancement enhances treatment efficiency and versatility, offering laser fat reduction, cellulite reduction, and muscle conditioning in one platform. The commercial launch of BlissMAX aims to provide physicians with a cost-effective solution that requires little downtime, potentially increasing revenue for customers.