FIGS, Inc. - FIGS STOCK NEWS

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.

FIGS, Inc. (NYSE: FIGS) has established a Healthcare Advisory Board comprised of seven distinguished healthcare professionals. This initiative aims to enhance the company's engagement with the healthcare community, impacting product development, messaging, and community-building efforts. Co-CEOs Heather Hasson and Trina Spear emphasized the commitment to understanding healthcare professionals' needs for a transformative approach. The board includes experts from various fields, promising to bolster FIGS' mission to support and elevate the healthcare profession.