FIGS, Inc. - FIGS STOCK NEWS

FIGS, Inc. (NYSE: FIGS) has announced the participation of CFO Daniella Turenshine and SVP of Investor Relations Jean Fontana in a fireside chat at the KeyBanc Emerging Technology Summit on March 8, 2023, at 12:30 p.m. ET. The event will be webcast live and accessible through their investor relations site, with an archive available for 90 days. FIGS focuses on serving healthcare professionals with stylish, durable apparel, emphasizing a direct-to-consumer model that enhances customer experience.

FIGS, Inc. (NYSE: FIGS) has announced the participation of its CFO, Daniella Turenshine, and SVP of Investor Relations, Jean Fontana, in a fireside chat at the Raymond James Institutional Investors Conference on March 6, 2023, at 3:25 p.m. ET. The chat will be available via live webcast on the company's investor relations website, with an online archive accessible for 90 days post-event. FIGS is recognized for its direct-to-consumer healthcare apparel, focusing on comfort, durability, and style for healthcare professionals, promoting a seamless shopping experience through its digital platform.

FIGS reported a 20.6% YoY increase in net revenues for 2022, totaling $505.8 million, with a net income of $21.2 million and an adjusted EBITDA margin of 17.2%. In Q4 2022, net revenues reached $144.9 million, up 12.6% YoY, despite a decrease in gross margin to 68.2%. Operating expenses soared 29.9% YoY to $95.6 million, leading to a net income decrease to $3.4 million in the quarter. The company forecasts mid-single digit growth for 2023 and aims to double annual net revenues to $1 billion.

FIGS, Inc. (NYSE: FIGS) has settled all litigation with Strategic Partners Inc. (SPI), concluding a contentious four-year legal battle. A jury previously ruled in favor of FIGS, rejecting SPI's claims and affirming that FIGS engaged in no wrongdoing. The jury highlighted SPI's hypocritical conduct during the litigation. Following this verdict, FIGS and SPI agreed to end all litigation without any obligations or payments. The settlement allows FIGS to refocus on its mission of supporting healthcare professionals, reinforcing its commitment to fair competition in the healthcare apparel industry.

FIGS, Inc. (NYSE: FIGS) announces key executive appointments, enhancing its strategic positioning. Steve Berube joins as Chief Operating Officer, transitioning from his previous role at Levi Strauss & Co. Devon Duff Gago moves from COO to Chief Business Development Officer, focusing on growth initiatives like International expansion and the TEAMS B2B platform. The changes aim to bolster FIGS' operational capabilities for long-term profitable growth. Both executives will report to CEO Trina Spear. The company continues to emphasize its commitment to supporting healthcare professionals through innovative and high-quality apparel.

FIGS, Inc. (NYSE: FIGS) announced it will release its fourth quarter and full year 2022 financial results on Tuesday, February 28, 2023, post-market close. The management will host a conference call at 2:00 p.m. PT / 5:00 p.m. ET to discuss these results and their business outlook. Investors can access a financial highlights presentation on its investor relations website before the call. The replay of the call will be available until March 7, 2023. FIGS focuses on delivering high-quality healthcare apparel that emphasizes comfort and functionality for healthcare professionals.

ShiftKey, a Dallas-based technology company focused on healthcare staffing, has expanded its leadership team by hiring four executives: Jeffrey Lawrence (CFO), Ryan Bonifacino (CMO), Thomas Fredell (CPO), and Brian Scott (CSO). Founded in 2016, ShiftKey connects licensed professionals with healthcare communities to address staffing shortages. Jeffrey Lawrence has extensive experience, including a successful IPO at FIGS and key roles at Domino's Pizza. Ryan Bonifacino was previously at FIGS, while Thomas Fredell and Brian Scott bring expertise in product development and healthcare solutions, respectively. This leadership expansion follows a recent round of capital funding.

FIGS, Inc. reported a 25.2% year-over-year increase in net revenues, reaching $128.6 million in Q3 2022, with net income of $4.0 million and a margin of 3.1%. The gross margin declined to 70.6% due to rising freight costs and a product mix shift. Operating expenses also rose to $79.6 million. Despite the challenges, active customers grew by 23.6% to 2.2 million, contributing to a net revenue per active customer of $227. The company adjusted its 2022 revenue outlook to approximately $495 million, reflecting 18% growth, while maintaining an Adjusted EBITDA margin of about 16%.

FIGS, Inc. has achieved a significant legal victory as a jury in the United States District Court for the Central District of California ruled in its favor, rejecting all claims from Strategic Partners, Inc. (SPI). This outcome concludes a four-year litigation battle initiated by SPI aimed at hindering FIGS' market growth. Chief Legal Officer Todd Maron emphasized the verdict as a triumph for fair competition, highlighting SPI’s history of similar lawsuits against competitors.