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.
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.
FIGS, Inc. (NYSE: FIGS) will release its third quarter 2022 financial results on November 10, 2022, after U.S. markets close. A conference call will follow at 2:00 p.m. PT / 5:00 p.m. ET to discuss the results and outlook. Prior to the call, FIGS will share a financial highlights presentation on its investor relations website. Additionally, FIGS is collaborating with Say Technologies to enhance shareholder engagement by allowing them to submit questions for the conference call, available from November 3, 2022.
FIGS, Inc. (NYSE: FIGS) announced that CEO Trina Spear and CFO Daniella Turenshine will participate in a fireside chat at the Piper Sandler Growth Frontiers Conference on September 14, 2022, at 10:00 a.m. ET. The chat will be webcast live and archived for 90 days on their investor relations website. FIGS is known for its direct-to-consumer healthcare apparel, emphasizing comfort, durability, and style to serve healthcare professionals effectively.
Spruce Point Capital Management has issued a report claiming that FIGS (NYSE: FIGS) faces significant downside risk of 45% to 60%, estimating a target price between $4.40 and $6.05 per share. The report alleges FIGS has overstated key financial metrics, including historical revenue by 82%, and gross margins by over 2,000 basis points. Additionally, it cites a deterioration in financial performance, ongoing employee mistrust, and competition challenges as signs of impending financial strain. Spruce Point urges investors to reassess their positions in FIGS due to these alarming revelations.
FIGS, Inc. (NYSE: FIGS), a healthcare apparel brand, announced participation in a fireside chat at the Goldman Sachs 29th Annual Global Retailing Conference. The chat will feature CEO Trina Spear and CFO Daniella Turenshine on Thursday, September 8, 2022, at 1:45 p.m. ET. Investors can access the live webcast through FIGS' investor relations page, with a recording available for 90 days post-event. FIGS specializes in creating advanced, comfortable, and stylish apparel for healthcare professionals, marketed directly through its digital platform.
FIGS, Inc. announced a 20.9% year-over-year growth in net revenues, reaching $122.2 million in Q2 2022. The company achieved a net income of $4.9 million and an Adjusted EBITDA margin of 17.6%, although this was a decline from the previous year. Operating expenses decreased by 27.6% to $76.9 million. The company maintained its revenue outlook of $510 to $530 million for the year. Leadership changes were announced, with Trina Spear becoming the sole CEO and Heather Hasson assuming the role of Executive Chair.
FIGS, Inc. (NYSE: FIGS) will release its second quarter 2022 financial results on August 4, 2022, after U.S. markets close. A conference call to discuss results will follow at 2:00 p.m. PT / 5:00 p.m. ET. Shareholders can submit questions via Say Technologies starting July 28 until 24 hours before the call. The session will include a Q&A segment with management. For more details, visit ir.wearfigs.com.
FIGS, Inc. reported Q1 2022 net revenues of $110.1 million, up 26.4% year-over-year. Despite strong sales, gross margin decreased to 71.2% due to high freight costs. Operating expenses surged 39.7% to $64.7 million, raising the operating expense ratio to 58.8%. Net income reached $8.9 million with diluted EPS of $0.05. The company revised its full-year revenue outlook to $510-$530 million, down from $550-$560 million, attributing this to supply chain challenges and inflation. Adjusted EBITDA margin is now expected between 16% and 18%.
On May 6, 2022, Crocs (NASDAQ: CROX) announced the return of its Free Pair for Healthcare program alongside FIGS (NYSE: FIGS). To honor healthcare workers during National Nurses Week, the initiative will distribute 10,000 pairs of Crocs shoes and 10,000 FIGS scrubs. Since March 2020, Crocs has donated nearly 1 million pairs of shoes to healthcare professionals globally. Eligible healthcare workers can enter the drawing until May 12, 2022, for a chance to win these items. The initiative underscores Crocs' commitment to comfort and support for healthcare heroes.
FIGS, Inc. (NYSE: FIGS) will announce its first quarter 2022 financial results on May 12, 2022, after U.S. markets close. Following the release, management will host a conference call at 2:00 p.m. PT / 5:00 p.m. ET to discuss results and outlook. A financial highlights presentation will be available on the investor relations website prior to the call. Shareholders can submit questions via a new Q&A platform starting May 2, 2022. Recorded replays of the call will be accessible for one week after the live event.
FAQ
What is the current stock price of FIGS (FIGS)?
What is the market cap of FIGS (FIGS)?
What is FIGS, Inc. known for?
What are the key features of FIGS medical apparel?
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What other products does FIGS offer besides scrubs?
Where are FIGS products marketed and sold?
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