Venus Concept Announces Expansion of International Distribution Network and Certification of Products in India
Rhea-AI Summary
Venus Concept (NASDAQ: VERO) announced significant expansion of its international distribution network through new partnerships and regulatory certifications. The company partnered with Index International (Paragon subsidiary) in Taiwan and Quirugil S.A in Colombia. Additionally, Venus Concept received certification for several products in India, including Venus ARTAS iX, Venus Legacy, Venus Bliss MAX, and Venus Viva, in partnership with Spectra Medical Systems. These developments strengthen Venus Concept's global presence in key aesthetic markets.
Positive
- Expansion into three major markets: Taiwan, Colombia, and India
- Strategic partnerships with established distributors having extensive regional networks
- Certification obtained for multiple products in India, one of the largest aesthetics markets
- Immediate access to new market opportunities through partner distribution networks
Negative
- None.
Insights
The expansion into Taiwan, Colombia and India represents a strategic move into high-potential aesthetic markets. India's medical aesthetics market is particularly noteworthy, projected to grow at a CAGR of
The certification of key products including Venus ARTAS iX, Legacy, Bliss MAX and Viva in India opens up significant revenue potential. However, Venus Concept's small market cap of
Enhances future international growth profile with new partners and regulatory certifications in key global aesthetic markets
TORONTO, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global medical aesthetic technology leader, announced the continued expansion of its international distributor network with several developments globally:
- Index International Ltd., a subsidiary of Paragon Meditech (“Paragon”), in Taiwan
- Quirugil S.A (“Quirugil”), in Colombia
- Certification of select products in India with the Company’s exclusive distribution partner, Spectra Medical Systems (“Spectra”)
Founded in 2014, Paragon currently operates under three banners covering China, Hong Kong and Taiwan with a total of more than 130 total employees. Paragon brings extensive aesthetic medical device distribution experience in the region.
Quirugil operates primarily in Colombia with over 109 employees and 5 branches around the country. Quirugil is a member of Holding Medical Healthcare LLC, with six affiliated brands that offer solutions to help develop health change in Latin America and brings a network of expertise in the region for Venus products.
Venus Concept has also successfully certified the Venus ARTAS iX, Venus Legacy, Venus Bliss MAX and Venus Viva in India, in partnership with Spectra. We look forward to offering our best-in-class technologies for immediate distribution to aesthetic practitioners in the region.
“The latest developments globally are evidence of Venus Concept’s continued progress in evolving our commercial strategy outside the U.S. to enhance future growth and profitability,” said Rajiv De Silva, Chief Executive Officer of Venus Concept. “The Company’s new agreements add strong partners in key global aesthetics markets specifically, Columbia and Taiwan. We are excited to have access to our various partners’ networks and expertise in supplying local practices with our technology. In addition, we look forward to leveraging Paragon’s established distribution presence in additional countries in APAC in the future."
Mr. De Silva continued: “We are also pleased to announce that, with the support of our exclusive distribution partner, Spectra, Venus Concept’s products have been certified in India and we look to begin sales immediately into one of the largest aesthetics markets in the world.”
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein that are not of historical facts may be deemed to be forward-looking statements. In some cases, you can identify these statements by words such as such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “should,” “could,” “estimates,” “predicts,” “potential,” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, and projections about our business, and the industry in which the Company operates and management's beliefs and assumptions and are not guarantees of future performance or developments and involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. As a result, any or all of our forward-looking statements in this communication may turn out to be inaccurate. Factors that could materially affect our business operations and financial performance and condition include, but are not limited to, those risks and uncertainties described under Part II Item 1A-“Risk Factors” in our Quarterly Reports on Form 10-Q and Part I Item 1A-“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. You are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. The forward-looking statements are based on information available to us as of the date of this communication. Unless required by law, the Company does not intend to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise.
About Venus Concept
Venus Concept is an innovative global medical aesthetic technology leader with a broad product portfolio of minimally invasive and non-invasive medical aesthetic and hair restoration technologies and reaches over 60 countries and 12 direct markets. Venus Concept's product portfolio consists of aesthetic device platforms, including Venus Versa, Venus Versa PRO, Venus Legacy, Venus Velocity, Venus Viva, Venus Glow, Venus Bliss, Venus Bliss MAX, Venus Epileve, Venus Viva MD and AI.ME. Venus Concept's hair restoration systems include NeoGraft® and the ARTAS iX® Robotic Hair Restoration system. Venus Concept has been backed by leading healthcare industry growth equity investors including EW Healthcare Partners (formerly Essex Woodlands), HealthQuest Capital, Longitude Capital Management, Aperture Venture Partners, Masters Special Situations, and Madryn Asset Management, L.P.
FAQ
Which new markets did Venus Concept (VERO) expand into in November 2024?
What products did Venus Concept (VERO) get certified in India?
Who are Venus Concept's (VERO) new distribution partners announced in November 2024?
