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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.
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.
On November 18, 2022, Venus Concept (NASDAQ: VERO) announced the completion of a non-brokered private placement, raising $6.72 million through the issuance of 3,185,000 Preferred Shares and 1,750,000 Common Shares. The Preferred Shares were priced at $2.00 each and are convertible into 10 Common Shares, while Common Shares were priced at $0.20 each. Funds raised will support working capital and corporate initiatives. CEO Rajiv De Silva mentioned plans for a transformation strategy in early 2023, focusing on sustainable growth and delivering updates during the Q4 earnings call.
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.