Venus Concept Announces Fourth Quarter and Fiscal Year 2024 Financial Results
Venus Concept (NASDAQ: VERO) reported its Q4 and FY 2024 financial results, showing mixed performance amid industry challenges. Q4 revenue declined 13% year-over-year to $15.8 million, while operating expenses decreased 11%. The company reduced its debt by 47% from $74.9 million to $39.7 million in FY2024.
Key highlights include a Q4 GAAP net loss improvement of 28% year-over-year, though Adjusted EBITDA loss increased slightly to $6.1 million. The company expanded its international distributor network and successfully completed a 1-for-11 reverse stock split, regaining Nasdaq compliance. Additionally, Venus Concept secured an additional $10.0 million financing capacity through an amended Bridge Loan Agreement with Madryn.
For FY2024, total revenue decreased 15% to $64.8 million, with net loss attributable to stockholders at $47.0 million. The company expects Q1 2025 revenue of at least $14.0 million but is not providing full-year guidance due to ongoing strategic alternatives evaluation.
Venus Concept (NASDAQ: VERO) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno fiscale 2024, mostrando una performance mista in mezzo alle sfide del settore. I ricavi del quarto trimestre sono diminuiti del 13% rispetto all'anno precedente, raggiungendo 15,8 milioni di dollari, mentre le spese operative sono diminuite dell'11%. L'azienda ha ridotto il proprio debito del 47%, passando da 74,9 milioni di dollari a 39,7 milioni di dollari nell'anno fiscale 2024.
I punti salienti includono un miglioramento della perdita netta GAAP del quarto trimestre del 28% rispetto all'anno precedente, anche se la perdita EBITDA rettificata è aumentata leggermente a 6,1 milioni di dollari. L'azienda ha ampliato la propria rete di distributori internazionali e ha completato con successo uno split azionario inverso 1-per-11, riacquistando la conformità con Nasdaq. Inoltre, Venus Concept ha garantito una capacità di finanziamento aggiuntiva di 10,0 milioni di dollari attraverso un accordo di prestito ponte modificato con Madryn.
Per l'anno fiscale 2024, il fatturato totale è diminuito del 15% a 64,8 milioni di dollari, con una perdita netta attribuibile agli azionisti di 47,0 milioni di dollari. L'azienda prevede ricavi per il primo trimestre del 2025 di almeno 14,0 milioni di dollari, ma non fornisce previsioni per l'intero anno a causa della valutazione in corso di alternative strategiche.
Venus Concept (NASDAQ: VERO) informó sus resultados financieros del cuarto trimestre y del año fiscal 2024, mostrando un desempeño mixto en medio de los desafíos de la industria. Los ingresos del cuarto trimestre cayeron un 13% en comparación con el año anterior, alcanzando 15.8 millones de dólares, mientras que los gastos operativos disminuyeron un 11%. La compañía redujo su deuda en un 47%, de 74.9 millones de dólares a 39.7 millones de dólares en el año fiscal 2024.
Los aspectos más destacados incluyen una mejora del 28% en la pérdida neta GAAP del cuarto trimestre en comparación con el año anterior, aunque la pérdida de EBITDA ajustado aumentó ligeramente a 6.1 millones de dólares. La empresa amplió su red de distribuidores internacionales y completó con éxito un split de acciones inverso de 1 por 11, recuperando la conformidad con Nasdaq. Además, Venus Concept aseguró una capacidad de financiamiento adicional de 10.0 millones de dólares a través de un acuerdo modificado de préstamo puente con Madryn.
Para el año fiscal 2024, los ingresos totales disminuyeron un 15% a 64.8 millones de dólares, con una pérdida neta atribuible a los accionistas de 47.0 millones de dólares. La compañía espera ingresos de al menos 14.0 millones de dólares para el primer trimestre de 2025, pero no proporciona orientación para todo el año debido a la evaluación en curso de alternativas estratégicas.
비너스 컨셉 (NASDAQ: VERO)는 2024 회계연도 4분기 및 연간 재무 결과를 발표하며 산업의 도전 속에서 혼합된 성과를 보였습니다. 4분기 매출은 전년 대비 13% 감소하여 1580만 달러에 달했으며, 운영 비용은 11% 감소했습니다. 회사는 2024 회계연도에 7490만 달러에서 3970만 달러로 부채를 47% 줄였습니다.
주요 하이라이트로는 4분기 GAAP 기준 순손실이 전년 대비 28% 개선된 반면, 조정된 EBITDA 손실은 610만 달러로 약간 증가했습니다. 회사는 국제 유통망을 확장하고 1대 11의 역주식 분할을 성공적으로 완료하여 나스닥 규정을 재확인했습니다. 또한, 비너스 컨셉은 매드린과의 수정된 브리지 론 계약을 통해 추가로 1000만 달러의 자금 조달 능력을 확보했습니다.
2024 회계연도에 총 수익은 15% 감소하여 6480만 달러에 이르렀으며, 주주에 대한 순손실은 4700만 달러에 달했습니다. 회사는 2025년 1분기 매출이 최소 1400만 달러에 이를 것으로 예상하고 있지만, 진행 중인 전략적 대안 평가로 인해 연간 가이던스는 제공하지 않습니다.
Venus Concept (NASDAQ: VERO) a annoncé ses résultats financiers pour le quatrième trimestre et l'exercice 2024, affichant des performances mixtes face aux défis du secteur. Les revenus du quatrième trimestre ont diminué de 13 % par rapport à l'année précédente, atteignant 15,8 millions de dollars, tandis que les dépenses d'exploitation ont diminué de 11 %. L'entreprise a réduit sa dette de 47 %, passant de 74,9 millions de dollars à 39,7 millions de dollars pour l'exercice 2024.
Les faits saillants incluent une amélioration de 28 % de la perte nette GAAP du quatrième trimestre par rapport à l'année précédente, bien que la perte d'EBITDA ajusté ait légèrement augmenté à 6,1 millions de dollars. L'entreprise a élargi son réseau de distributeurs internationaux et a réussi à réaliser un regroupement d'actions inversé de 1 pour 11, retrouvant ainsi la conformité avec Nasdaq. De plus, Venus Concept a sécurisé une capacité de financement supplémentaire de 10,0 millions de dollars grâce à un accord modifié de prêt relais avec Madryn.
Pour l'exercice 2024, les revenus totaux ont diminué de 15 % pour atteindre 64,8 millions de dollars, avec une perte nette attribuable aux actionnaires de 47,0 millions de dollars. L'entreprise s'attend à des revenus d'au moins 14,0 millions de dollars pour le premier trimestre 2025, mais ne fournit pas de prévisions pour l'année complète en raison de l'évaluation en cours d'alternatives stratégiques.
Venus Concept (NASDAQ: VERO) hat seine Finanzergebnisse für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht, die eine gemischte Leistung angesichts der Herausforderungen der Branche zeigen. Die Einnahmen im vierten Quartal sanken im Vergleich zum Vorjahr um 13% auf 15,8 Millionen Dollar, während die Betriebskosten um 11% zurückgingen. Das Unternehmen reduzierte seine Schulden um 47% von 74,9 Millionen Dollar auf 39,7 Millionen Dollar im Geschäftsjahr 2024.
Zu den wichtigsten Highlights gehört eine Verbesserung des GAAP-Nettoverlusts im vierten Quartal um 28% im Vergleich zum Vorjahr, obwohl der bereinigte EBITDA-Verlust leicht auf 6,1 Millionen Dollar anstieg. Das Unternehmen erweiterte sein internationales Vertriebsnetz und schloss erfolgreich einen 1-für-11-Rücksplit der Aktien ab, wodurch die Nasdaq-Compliance wiederhergestellt wurde. Darüber hinaus sicherte sich Venus Concept eine zusätzliche Finanzierungskapazität von 10,0 Millionen Dollar durch eine geänderte Brückenfinanzierungsvereinbarung mit Madryn.
Für das Geschäftsjahr 2024 sanken die Gesamteinnahmen um 15% auf 64,8 Millionen Dollar, wobei der den Aktionären zurechenbare Nettoverlust bei 47,0 Millionen Dollar lag. Das Unternehmen erwartet für das erste Quartal 2025 Einnahmen von mindestens 14,0 Millionen Dollar, gibt jedoch aufgrund der laufenden Bewertung strategischer Alternativen keine Prognose für das Gesamtjahr ab.
- Reduced outstanding debt by 47% to $39.7 million in FY2024
- Decreased cash burn with operations using $11.1 million, down 14% year-over-year
- Secured additional $10.0 million financing capacity through Bridge Loan amendment
- 28% improvement in Q4 GAAP net loss year-over-year
- Regained Nasdaq compliance following reverse stock split
- Q4 revenue declined 13% year-over-year to $15.8 million
- FY2024 revenue decreased 15% to $64.8 million
- Q4 Adjusted EBITDA loss worsened to $6.1 million from $5.9 million
- FY2024 net loss increased to $47.0 million from $37.1 million
- Unable to provide full year 2025 guidance due to strategic uncertainty
Insights
Venus Concept's Q4 and FY2024 results present a mixed financial picture with signs of operational improvement alongside continued revenue challenges. The company's total revenue fell 13% year-over-year to
The debt reduction achievements are significant, with outstanding debt cut by
Q4 operating expenses declined
The company's decision not to provide 2025 full-year guidance signals uncertainty, particularly as they reference "active dialogue with existing lenders and investors" and "ongoing evaluation of strategic alternatives." This language typically indicates consideration of significant corporate actions, possibly including refinancing, restructuring, or potential sale scenarios.
The medical aesthetics industry continues facing headwinds that are impacting Venus Concept's performance, with management directly acknowledging "difficulties in the industry" that affected Q4 results. The recent 1-for-11 reverse stock split that helped regain Nasdaq compliance represents another step to stabilize the company during this challenging period.
TORONTO, March 31, 2025 (GLOBE NEWSWIRE) -- Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global medical aesthetic technology leader, announced financial results for the three and twelve months ended December 31, 2024.
Summary of Financial Results & Recent Progress:
- Company continues to execute against Transformation Plan
- Cash used in operations in 2024 of
$11.1 million , down14% year-over-year
- Cash used in operations in 2024 of
- The Company achieved a substantial reduction in outstanding debt in FY24, from
$74.9 million to$39.7 million , down47% year-over-year - Total revenue for the fourth quarter of
$15.8 million , down13% year-over-year, and up5% quarter-over-quarter.- Fourth quarter operating expenses declined
11% year-over-year - Fourth quarter GAAP net loss improved
28% year-over-year - Fourth quarter Adjusted EBITDA loss of
$6.1 million , compared to$5.9 million last year
- Fourth quarter operating expenses declined
- On November 7, 2024, the Company announced the continued expansion of its international distributor network with several developments globally including Index International Ltd., a subsidiary of Paragon Meditech, in Taiwan, Quirugil S.A, in Colombia and certification of select products in India with the Company’s exclusive distribution partner, Spectra Medical Systems.
- On February 27, 2025, the Company announced a 1-for-11 reverse stock split of the Company’s issued and outstanding common stock, which began trading on The Nasdaq Capital Market (“Nasdaq”) on a split-adjusted basis at the open of trading on March 4, 2025. On March 18, 2025, the Company received notification from Nasdaq that it has regained compliance with its minimum bid-price listing standard.
- On March 27, 2025, the Company, Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP, (collectively “Madryn”) amended the existing Bridge Loan Agreement to create an additional
$10.0 million of financing capacity available to the Company.
Management Commentary:
“Difficulties in the industry persisted in the fourth quarter and impacted our results relative to the expectations we outlined during our third quarter report,” said Rajiv De Silva, Chief Executive Officer of Venus Concept. “Our focus remains on reducing our cash burn through disciplined cost management, while making targeted investments to regain growth of the business. In February, we announced important management structure changes, which by design, will enable us to be responsive and decisive in our strategic plan and continue our goal to position the Company for long-term success. Lastly, we appreciate the continued partnership with Madryn as evidenced by the latest bridge loan amendment.”
Fourth Quarter 2024 Financial Results:
| Three Months Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| (dollars in thousands) | ||||||||
| Revenues by region: | ||||||||
| United States | $ | 10,274 | $ | 11,789 | ||||
| International | 5,491 | 6,343 | ||||||
| Total revenue | $ | 15,765 | $ | 18,132 | ||||
| Three Months Ended December 31, | ||||||||||||||||||||||||
| 2024 | 2023 | Change | ||||||||||||||||||||||
| (in thousands, except percentages) | $ | % of Total | $ | % of Total | $ | % | ||||||||||||||||||
| Revenues by product: | ||||||||||||||||||||||||
| Venus Prime / Subscription—Systems | $ | 2,533 | 16.1 | $ | 6,064 | 33.4 | $ | (3,531 | ) | (58.2 | ) | |||||||||||||
| Products—Systems | 10,000 | 63.4 | 8,662 | 47.8 | 1,338 | 15.4 | ||||||||||||||||||
| Products—Other | 2,524 | 16.0 | 2,544 | 14.0 | (20 | ) | (0.8 | ) | ||||||||||||||||
| Services | 708 | 4.5 | 862 | 4.8 | (154 | ) | (17.9 | ) | ||||||||||||||||
| Total | $ | 15,765 | 100.0 | $ | 18,132 | 100.0 | $ | (2,367 | ) | (13.1 | ) | |||||||||||||
Total revenue for the fourth quarter of 2024 decreased
Gross profit for the fourth quarter of 2024 decreased
Operating expenses for the fourth quarter of 2024 decreased
Operating loss for the fourth quarter of 2024 was
Net loss attributable to stockholders for the fourth quarter of 2024 was
As of December 31, 2024, the Company had cash and cash equivalents of
Fiscal Year 2024 Financial Results:
| Twelve Months Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| (dollars in thousands) | ||||||||
| Revenues by region: | ||||||||
| United States | $ | 38,176 | $ | 43,454 | ||||
| International | 26,657 | 32,900 | ||||||
| Total revenue | $ | 64,833 | $ | 76,354 | ||||
| Twelve Months Ended December 31, | ||||||||||||||||||||||||
| 2024 | 2023 | Change | ||||||||||||||||||||||
| (in thousands, except percentages) | $ | % of Total | $ | % of Total | $ | % | ||||||||||||||||||
| Revenues by product: | ||||||||||||||||||||||||
| Venus Prime / Subscription—Systems | $ | 13,265 | 20.6 | $ | 20,504 | 26.9 | $ | (7,239 | ) | (35.3 | ) | |||||||||||||
| Products—Systems | 38,020 | 58.6 | 41,874 | 54.8 | (3,854 | ) | (9.2 | ) | ||||||||||||||||
| Products—Other | 10,469 | 16.1 | 10,563 | 13.8 | (94 | ) | (0.9 | ) | ||||||||||||||||
| Services | 3,709 | 4.7 | 3,413 | 4.5 | (334 | ) | (9.8 | ) | ||||||||||||||||
| Total | $ | 64,833 | 100.0 | $ | 76,354 | 100.0 | $ | (11,521 | ) | (15.1 | ) | |||||||||||||
Total revenue for fiscal year 2024 decreased
Operating loss for fiscal year 2024 was
Fiscal Year 2025 Financial Outlook:
Given the Company’s active dialogue with existing lenders and investors and the ongoing evaluation of strategic alternatives with various interested parties to maximize shareholder value, the Company is not providing full year 2025 financial guidance at this time. The Company expects total revenue for the three months ending March 31, 2025, of at least
Conference Call Details:
Management will host a conference call at 8:00 a.m. Eastern Time on March 31, 2025 to discuss the results of the quarter and the year with a question and answer session. Those who would like to participate may dial 877-407-2991 (201-389-0925 for international callers) and provide access code 13751985. A live webcast of the call will also be provided on the investor relations section of the Company's website at ir.venusconcept.com.
For those unable to participate, a replay of the call will be available for two weeks at: 877-660-6853 (201-612-7415 for international callers); access code 13751985. The webcast will be archived at ir.venusconcept.com.
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 reach in over 60 countries and 10 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 and Aperture Venture Partners.
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,” “continue,” “guidance,” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements include, but are not limited to, but are not limited to, statements about our financial performance and metrics; the growth in demand for our systems and other products; the efficacy of the restructuring plan; the identification and efficacy of strategic alternatives to maximize shareholder value; the reduction in our cash burn; and the continued implementation of turnaround plans, including debt restructurings and financings. These forward-looking statements are based on current expectations, estimates, forecasts, 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, 2024. 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.
Investor Relations Contact:
ICR Healthcare on behalf of Venus Concept:
Mike Piccinino, CFA
VenusConceptIR@westwicke.com
| Venus Concept Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands of U.S. dollars, except share and per share data) | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 4,271 | $ | 5,396 | ||||
| Accounts receivable, net of allowance of | 18,721 | 29,151 | ||||||
| Inventories | 17,561 | 23,072 | ||||||
| Prepaid expenses | 828 | 1,298 | ||||||
| Advances to suppliers | 6,027 | 5,604 | ||||||
| Other current assets | 1,104 | 1,925 | ||||||
| Total current assets | 48,512 | 66,446 | ||||||
| LONG-TERM ASSETS: | ||||||||
| Long-term receivables, net of allowance of | 8,534 | 11,318 | ||||||
| Deferred tax assets | 1,459 | 1,032 | ||||||
| Severance pay funds | 488 | 573 | ||||||
| Property and equipment, net | 936 | 1,322 | ||||||
| Operating right-of-use assets, net | 3,282 | 4,517 | ||||||
| Intangible assets | 4,973 | 8,446 | ||||||
| Total long-term assets | 19,672 | 27,208 | ||||||
| TOTAL ASSETS | $ | 68,184 | $ | 93,654 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Trade payables | $ | 6,484 | $ | 9,038 | ||||
| Accrued expenses and other current liabilities | 11,433 | 12,437 | ||||||
| Note Payable | 8,271 | — | ||||||
| Current portion of long-term debt | — | 4,155 | ||||||
| Income taxes payable | — | 366 | ||||||
| Unearned interest income | 907 | 1,468 | ||||||
| Warranty accrual | 917 | 1,029 | ||||||
| Deferred revenues | 953 | 1,076 | ||||||
| Operating lease liabilities | 1,322 | 1,590 | ||||||
| Total current liabilities | 30,287 | 31,159 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Long-term debt | 31,437 | 70,790 | ||||||
| Accrued severance pay | 528 | 634 | ||||||
| Deferred tax liabilities | — | 15 | ||||||
| Unearned interest revenue | 364 | 671 | ||||||
| Warranty accrual | 222 | 334 | ||||||
| Operating lease liabilities | 1,997 | 3,162 | ||||||
| Other long-term liabilities | 511 | 338 | ||||||
| Total long-term liabilities | 35,059 | 75,944 | ||||||
| TOTAL LIABILITIES | 65,346 | 107,103 | ||||||
| Commitments and Contingencies (Note 9) | ||||||||
| STOCKHOLDERS’ EQUITY (DEFICIT): | ||||||||
| Common Stock, | 30 | 30 | ||||||
| Additional paid-in capital | 311,238 | 247,854 | ||||||
| Accumulated deficit | (308,899 | ) | (261,903 | ) | ||||
| TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 2,369 | (14,019 | ) | |||||
| Non-controlling interests | 469 | 570 | ||||||
| 2,838 | (13,449 | ) | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 68,184 | $ | 93,654 | ||||
| Venus Concept Inc. | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (In thousands of U.S. dollars, except per share data) | ||||||||||||||||
| Three Months Ended December 31 | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | ||||||||||||||||
| Leases | $ | 2,533 | $ | 6,064 | $ | 13,265 | $ | 20,504 | ||||||||
| Products and services | 13,232 | 12,068 | 51,568 | 55,850 | ||||||||||||
| 15,765 | 18,132 | 64,833 | 76,354 | |||||||||||||
| Cost of goods sold | ||||||||||||||||
| Leases | 711 | 679 | 3,249 | 4,312 | ||||||||||||
| Products and services | 4,165 | 5,390 | 17,278 | 19,875 | ||||||||||||
| 4,876 | 6,069 | 20,527 | 24,187 | |||||||||||||
| Gross profit | 10,889 | 12,063 | 44,306 | 52,167 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling and marketing | 7,256 | 7,912 | 28,332 | 31,231 | ||||||||||||
| General and administrative | 8,830 | 10,115 | 36,470 | 41,048 | ||||||||||||
| Research and development | 1,474 | 1,670 | 6,688 | 8,197 | ||||||||||||
| Total operating expenses | 17,560 | 19,697 | 71,490 | 80,476 | ||||||||||||
| Loss from operations | (6,671 | ) | (7,634 | ) | (27,184 | ) | (28,309 | ) | ||||||||
| Other expenses: | ||||||||||||||||
| Foreign exchange (gain) loss | 980 | (674 | ) | 2,135 | (295 | ) | ||||||||||
| Finance expenses | 1,100 | 2,227 | 6,885 | 6,893 | ||||||||||||
| Loss on disposal of subsidiaries | 23 | 97 | 23 | 174 | ||||||||||||
| Loss on debt extinguishment | - | 2,040 | 11,355 | 2,040 | ||||||||||||
| Loss before income taxes | (8,774 | ) | (11,324 | ) | (47,582 | ) | (37,121 | ) | ||||||||
| Income tax benefit | (758 | ) | (174 | ) | (611 | ) | (71 | ) | ||||||||
| Net loss | (8,016 | ) | (11,150 | ) | (46,971 | ) | (37,050 | ) | ||||||||
| Net loss attributable to stockholders of the Company | (7,965 | ) | (11,116 | ) | (46,996 | ) | (37,250 | ) | ||||||||
| Net loss attributable to non-controlling interest | (51 | ) | (34 | ) | 25 | 200 | ||||||||||
| Net loss per share: | ||||||||||||||||
| Basic | $ | (11.23 | ) | $ | (20.14 | ) | $ | (71.21 | ) | $ | (68.47 | ) | ||||
| Diluted | $ | (11.23 | ) | $ | (20.14 | ) | $ | (71.21 | ) | $ | (68.47 | ) | ||||
| Weighted-average number of shares used in per share calculation: | ||||||||||||||||
| Basic | 709 | 552 | 660 | 544 | ||||||||||||
| Diluted | 709 | 552 | 660 | 544 | ||||||||||||
| Venus Concept Inc. | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (in thousands) | ||||||||
| Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (46,971 | ) | $ | (37,050 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 3,889 | 4,115 | ||||||
| Stock-based compensation | 1,043 | 1,569 | ||||||
| Provision for bad debt | 1,426 | 1,350 | ||||||
| Provision for inventory obsolescence | 1,048 | 1,158 | ||||||
| Finance expenses and accretion | 5,391 | 2,206 | ||||||
| Deferred tax recovery | (443 | ) | (69 | ) | ||||
| Loss on sale of subsidiary | 23 | 174 | ||||||
| Loss on disposal of property and equipment | 93 | 10 | ||||||
| Loss on debt extinguishment | 11,355 | 2,040 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable short- and long-term | 12,487 | 14,891 | ||||||
| Inventories | 4,463 | (324 | ) | |||||
| Prepaid expenses | 470 | 390 | ||||||
| Advances to suppliers | (423 | ) | 277 | |||||
| Other current assets | 800 | 1,603 | ||||||
| Operating right-of-use assets, net | 1,235 | 1,345 | ||||||
| Other long-term assets | (699 | ) | 47 | |||||
| Trade payables | (2,211 | ) | 1,005 | |||||
| Accrued expenses and other current liabilities | (1,607 | ) | (5,089 | ) | ||||
| Current operating lease liabilities | (268 | ) | (217 | ) | ||||
| Severance pay funds | 85 | 168 | ||||||
| Unearned interest income | (868 | ) | (1,215 | ) | ||||
| Long-term operating lease liabilities | (1,165 | ) | (1,059 | ) | ||||
| Other long-term liabilities | (219 | ) | (184 | ) | ||||
| Net cash used in operating activities | (11,066 | ) | (12,859 | ) | ||||
| CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||||||||
| Purchases of property and equipment | (123 | ) | (116 | ) | ||||
| Net cash used in investing activities | (123 | ) | (116 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| 2024 Registered Direct Offering shares and warrants, net of costs | 977 | 6,261 | ||||||
| 2024 Convertible Notes issued to EW, net of costs | 1,607 | - | ||||||
| Proceeds from issuance of common stock | 10 | 816 | ||||||
| Proceeds from Short-term Bridge Financing by Madryn, net of costs | 7,596 | — | ||||||
| Dividends from subsidiaries paid to non-controlling interest | (126 | ) | (275 | ) | ||||
| Net cash provided by financing activities | 10,064 | 6,802 | ||||||
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (1,125 | ) | (6,173 | ) | ||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year | 5,396 | 11,569 | ||||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — End of year | $ | 4,271 | $ | 5,396 | ||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
| Cash paid for income taxes | $ | 128 | $ | 124 | ||||
| Cash paid for interest | $ | 1,610 | $ | 4,473 | ||||
Use of Non-GAAP Financial Measures
Adjusted EBITDA is a non-GAAP measure defined as net income (loss) before foreign exchange (gain) loss, financial expenses, income tax expense (benefit), depreciation and amortization, stock-based compensation and non-recurring items for a given period. Adjusted EBITDA is not a measure of our financial performance under U.S. GAAP and should not be considered an alternative to net income or any other performance measures derived in accordance with U.S. GAAP. Accordingly, you should consider Adjusted EBITDA along with other financial performance measures, including net income, and our financial results presented in accordance with U.S. GAAP. Other companies, including companies in our industry, may calculate Adjusted EBITDA differently or not at all, which reduces its usefulness as a comparative measure. We understand that although Adjusted EBITDA is frequently used by securities analysts, lenders and others in their evaluation of companies, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are: Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements.
We believe that Adjusted EBITDA is a useful measure for analyzing the performance of our core business because it facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by changes in foreign exchange rates that impact financial assets and liabilities denominated in currencies other than the U.S. dollar, tax positions (such as the impact on periods or companies of changes in effective tax rates), the age and book depreciation of fixed assets (affecting relative depreciation expense), amortization of intangible assets, stock-based compensation expense (because it is a non-cash expense) and non-recurring items as explained below.
The following is a reconciliation of net loss to Adjusted EBITDA for the periods presented:
| Venus Concept Inc. | ||||||||||||||||
| Reconciliation of Net loss to Non-GAAP Adjusted EBITDA | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Reconciliation of net loss to adjusted EBITDA | (in thousands) | (in thousands) | ||||||||||||||
| Net loss | $ | (8,016 | ) | $ | (11,150 | ) | $ | (46,971 | ) | $ | (37,050 | ) | ||||
| Foreign exchange loss | 980 | (674 | ) | 2,135 | (295 | ) | ||||||||||
| Loss on disposal of subsidiaries | 23 | 97 | 23 | 174 | ||||||||||||
| Loss on debt extinguishment | -- | 2,040 | 11,355 | 2,040 | ||||||||||||
| Finance expenses | 1,100 | 2,227 | 6,885 | 6,893 | ||||||||||||
| Income tax (benefit) expense | (758 | ) | (174 | ) | (611 | ) | (71 | ) | ||||||||
| Depreciation and amortization | 965 | 1,073 | 3,889 | 4,115 | ||||||||||||
| Stock-based compensation expense | 226 | 355 | 1,043 | 1,569 | ||||||||||||
| Other adjustments (1) | (618 | ) | 280 | 1,020 | 2,362 | |||||||||||
| Adjusted EBITDA | $ | (6,098 | ) | $ | (5,926 | ) | $ | (21,232 | ) | $ | (20,263 | ) | ||||
| (1). For the three and twelve months ended December 31, 2024 and December 31, 2023 the other adjustments are represented by restructuring activities designed to improve the Company's operations and cost structure. | ||||||||||||||||
FAQ
What was Venus Concept's (VERO) Q4 2024 revenue and how did it compare to previous year?
How much did Venus Concept (VERO) reduce its debt in fiscal year 2024?
What was the impact of Venus Concept's (VERO) reverse stock split in March 2025?
What is Venus Concept's (VERO) revenue guidance for Q1 2025?
