Welcome to our dedicated page for FIGS news (Ticker: FIGS), a resource for investors and traders seeking the latest updates and insights on FIGS stock.
FIGS, Inc. (FIGS) is a pioneering healthcare apparel company revolutionizing the traditional $10 billion medical apparel industry. Known for its focus on innovation, FIGS utilizes premium fabrics that are not only ridiculously soft but also highly functional. Their scrubs are anti-microbial, wrinkle-resistant, stain-repellent, lint-free, and offer four-way stretch, ensuring comfort and durability for medical professionals.
FIGS operates through a customer-centric, vertically integrated e-commerce platform, transforming the way healthcare professionals shop for their apparel. This approach has streamlined the purchasing process, making it more efficient and user-friendly.
A key initiative of the company is Threads for Threads, where for every set of scrubs sold, FIGS donates a set to a healthcare provider in need. This initiative underscores the company's commitment to social responsibility.
FIGS has successfully raised over $10 million in capital from prominent investors, including Campfire Capital, JH Partners, Mohr Davidow Ventures, Irving Place Capital, Raptor Ventures, Karlin Ventures, Riverwood Capital, 500 Startups, Suffolk Equity Partners, the Milken Family, Will Smith, Peter Morton, Steve Tisch, and John Fisher. This financial backing has enabled the company to expand its product offerings beyond scrubs to include outerwear, underscrubs, footwear, compression socks, lab coats, loungewear, and other apparel.
The company’s products are primarily marketed and sold within the United States through its digital platforms, ensuring a wide reach and accessibility for its customers. FIGS continues to innovate and expand its product lines to meet the evolving needs of healthcare professionals.
Applied Fundamental Research, a long-term shareholder of FIGS, has issued an open letter to the company's management and Board of Directors. The letter commends FIGS' transformation of the healthcare apparel market and outlines recommendations for unlocking shareholder value. The company has achieved notable milestones, including:
- Growing Net Active Customer count by over 500,000
- Managing inventory balance while maintaining brand integrity
- Strengthening leadership through new hires
- Launching the Extremes campaign and Olympic sponsorship
The letter emphasizes the need for a clearly articulated capital allocation strategy, suggesting FIGS should define capital requirements for growth initiatives, prioritize investments, and execute share repurchases to take advantage of current market valuations.
FIGS (NYSE: FIGS), the global healthcare apparel brand, has announced changes to its Board of Directors. Melanie Whelan, former CEO of SoulCycle Inc., will join the board as an independent director effective January 1, 2025. Whelan will serve as Chair of the Board's Compensation Committee and join the Nominating and Corporate Governance Committee. She currently serves as Managing Director at Summit Partners and brings extensive executive experience from roles at SoulCycle, Equinox Holdings, Virgin Management, and Starwood Hotels & Resorts.
The company also announced that A.G. Lafley, who has served on the Board since April 2022, will resign effective December 31, 2024. CEO Trina Spear highlighted Whelan's valuable experience in scaling physical retail presence, which aligns with FIGS' Community Hubs growth strategy.
FIGS released its Q3 2024 financial results, reporting net revenues of $140.2 million, a 1.5% YoY decrease due to a reduction in average order value (AOV). Gross margin fell to 67.1%, impacted by higher discounts and product mix shifts. Operating expenses rose by 17.4% to $102.7 million, driven by increased marketing and fulfillment center transition costs. The company reported a net loss of $1.7 million, down $7.8 million YoY, with a net income margin of -1.2%. Adjusted EBITDA decreased by $19.6 million to $4.8 million. Active customers grew by 3.8% to 2.7 million, but net revenues per active customer and AOV decreased by 3.3% and 5.3%, respectively. FIGS also announced a $25 million minority investment in OOG, an AI-powered platform for healthcare professionals. For FY 2024, FIGS expects net revenues to be down 1% to flat and an adjusted EBITDA margin of ~8%.
FIGS, Inc. (NYSE: FIGS), the global leading healthcare apparel brand, has announced its schedule for the third quarter 2024 financial results release and conference call. The company will release its Q3 2024 financial results on Thursday, November 7, 2024, after U.S. markets close. FIGS management will host a conference call at 2:00 p.m. PT / 5:00 p.m. ET on the same day to discuss the results and outlook.
Prior to the call, FIGS will publish a Q3 2024 financial highlights presentation on its investor relations website. The conference call will be accessible via phone and webcast, with replay options available until November 14, 2024. FIGS uses its investor relations website, press releases, SEC filings, and public conference calls and webcasts to distribute information and comply with Regulation FD disclosure obligations.
FIGS, Inc. (NYSE: FIGS), the leading global healthcare apparel brand, has opened its second retail store, the Rittenhouse Community Hub, in Philadelphia on September 19. This expansion follows the success of FIGS' first hub in Los Angeles. The new 4,200 square-foot store is designed to reimagine the retail experience for healthcare professionals, offering a shopping area, embroidery workshop, lounge, and café.
Philadelphia, with its high concentration of healthcare professionals and institutions, was chosen strategically. The hub aims to connect the local healthcare community and provide opportunities for professionals to engage with FIGS and each other. This move aligns with FIGS' mission to serve those who serve others and represents a step towards an omnichannel strategy combining online and offline experiences.
FIGS, Inc. (NYSE: FIGS), the leading global healthcare apparel brand, has announced its participation in the Goldman Sachs 31st Annual Global Retailing Conference. Trina Spear, CEO and Co-Founder of FIGS, is scheduled to engage in a fireside chat on Wednesday, September 4, 2024, at 11:00 a.m. ET. The audio portion of this discussion will be webcast live and can be accessed through the company's investor relations website at https://ir.wearfigs.com. An online archive of the fireside chat will remain available on the site for 90 days following the event.
FIGS Inc. (NYSE: FIGS), a global healthcare apparel brand, reported Q2 2024 financial results with net revenues of $144.2 million, a 4.4% increase year-over-year. However, the gross margin declined 2.1% to 67.4%, mainly due to a product mix shift. Operating expenses rose by 7.0% to $95.7 million, driven by higher selling and marketing expenses.
Net income fell to $1.1 million or $0.01 per share, a $3.5 million decrease compared to the previous year. Adjusted EBITDA also dropped by $6.0 million to $12.9 million.
The Board authorized a $50 million share repurchase program, reflecting confidence in the company's financial position. For full-year 2024, FIGS expects net revenues to be flat to 2% growth and Adjusted EBITDA margin to range between 9.5% and 10%.
FIGS, Inc. (NYSE: FIGS), the leading global healthcare apparel brand, has announced its second quarter 2024 financial results release date. The company will publish its results on Thursday, August 8, 2024, after U.S. markets close. FIGS management will host a conference call at 2:00 p.m. PT / 5:00 p.m. ET on the same day to discuss financial and business results and outlook.
Prior to the call, FIGS will publish a financial highlights presentation on its investor relations website. The live call can be accessed at (833) 470-1428 (US) or +1 404 975 4839 (International) with Conference ID: 061510. A replay will be available until August 15, 2024. The webcast can be accessed through the company's investor relations website.
FIGS (NYSE: FIGS), the leading global medical apparel brand, has launched its largest campaign to date, honoring the Team USA Medical Team at the Olympic and Paralympic Games Paris 2024. As the first brand to outfit over 250 healthcare professionals supporting Team USA athletes, FIGS is making history in healthcare and sports.
The campaign features an anthemic film titled 'Anatomy of a Champion', showcasing the USA Medical Team as builders of record-breaking bodies. FIGS has also released a -edition FIGS x Team USA collection of scrubs, available for purchase. The campaign will air across North American channels and NBCUniversal platforms, with additional out-of-home placements in major cities.
FIGS plans to host public events, including an Opening Ceremony Fête in New York City and a pop-up in Philadelphia. The initiative aims to celebrate healthcare professionals and inspire a new generation to pursue careers in healthcare.
FIGS, a leader in medical apparel, has announced the appointment of Sarah Oughtred as its new Chief Financial Officer (CFO). Oughtred, who will join FIGS on July 29, 2024, and officially assume the CFO role on August 9, 2024, brings nearly 17 years of experience from lululemon. During her tenure at lululemon, she significantly contributed to the company's financial growth, scaling net revenues from $270 million to approximately $10 billion and expanding its global presence. FIGS CEO Trina Spear expressed excitement about Oughtred's appointment, highlighting her expertise in driving growth and profitability. Oughtred also expressed enthusiasm for joining FIGS, recognizing its innovative impact on the healthcare apparel industry and its potential for further growth through product innovation, global expansion, and retail presence.
FAQ
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