Welcome to our dedicated page for Venus Concept news (Ticker: VERO), a resource for investors and traders seeking the latest updates and insights on Venus Concept stock.
Venus Concept Inc. (NASDAQ: VERO) is a pioneering leader in the global medical aesthetic market, offering advanced, minimally invasive, and non-invasive aesthetic and hair restoration technologies. The company stands out with its industry-first subscription model, designed to assist both emerging and established practices in achieving success in the competitive field of aesthetics.
Venus Concept's innovative business model provides aesthetic professionals with unparalleled benefits. These include the most comprehensive warranty program, robust marketing support, continuous clinical education, and valuable practice enhancement programs. This unique approach enables practitioners worldwide to leverage cutting-edge technologies and business solutions to elevate their services and improve the quality of life for their clients.
The company's product portfolio includes a range of advanced aesthetic systems such as Venus Versa™, Venus Legacy™, Venus Velocity™, Venus Viva™, Venus Freeze Plus™, and Venus Skin™. Additionally, Venus Concept provides innovative hair restoration systems like NeoGraft® and the ARTAS iX® Robotic Hair Restoration system. These products address various medical aesthetic needs, including skin rejuvenation, body contouring, hair restoration, and cellulite reduction.
Headquartered in Toronto, Venus Concept operates in over 60 countries and maintains a direct presence in 12 markets, ensuring a global reach and local expertise. The company's latest advancements include the Venus Bliss MAX, a multifunctional platform offering diode laser applicators, Multi-Polar Radio Frequency, and Pulsed Electromagnetic Fields, all designed to treat a variety of aesthetic concerns.
Financially, Venus Concept continues to navigate its growth trajectory with strategic partnerships and investments. The company recently underwent significant debt restructuring, supported by Madryn Asset Management, which aims to enhance its financial stability and compliance with NASDAQ listing requirements. This support underscores a commitment to achieving sustainable profitability and operational efficiency.
Venus Concept's growth is also marked by its continuous expansion into new markets, such as Australia and Israel, where its products like the Venus Versa Pro and Venus Bliss MAX have been well received. These expansions are part of the company's broader strategy to extend its technological innovations to a global clientele, offering practitioners the tools they need to deliver exceptional aesthetic treatments.
Venus Concept (NASDAQ: VERO) reported Q3 2024 financial results with total revenue of $15.0 million, down 15% year-over-year and below the estimated $17.0 million target. The company reduced cash used in operations by 40% to $7.3 million for the first nine months of 2024. Operating expenses declined 10% year-over-year, while Adjusted EBITDA loss was $5.9 million compared to $4.6 million last year. The company received regulatory approvals for Venus Bliss MAX in Canada and Australia, and reduced total debt obligations by 54% to $34.6 million through a debt-to-equity exchange transaction.
Venus Concept (NASDAQ: VERO) announced significant expansion of its international distribution network through new partnerships and regulatory certifications. The company partnered with Index International (Paragon subsidiary) in Taiwan and Quirugil S.A in Colombia. Additionally, Venus Concept received certification for several products in India, including Venus ARTAS iX, Venus Legacy, Venus Bliss MAX, and Venus Viva, in partnership with Spectra Medical Systems. These developments strengthen Venus Concept's global presence in key aesthetic markets.
Venus Concept Inc. (NASDAQ: VERO), a global medical aesthetic technology leader, has announced the release date for its third quarter fiscal year 2024 financial results. The results will be unveiled before the market opens on Wednesday, November 13, 2024. Following the release, management will host a conference call at 8:00 a.m. Eastern Time to discuss the quarterly results and conduct a question and answer session.
Interested participants can dial 877-407-2991 (201-389-0925 for international callers) and use the access code 13749236. A live webcast of the call will be available on the company's investor relations website. For those unable to attend, a two-week replay will be accessible via phone, and the webcast will be archived on the company's website.
Venus Concept Inc. (NASDAQ: VERO) has announced a $15 million debt-to-equity exchange transaction with Madryn Asset Management. This marks the second substantial reduction of existing debt by Madryn in 2024. The company exchanged $15.0 million of its senior debt for 203,583 shares of Series Y preferred stock on September 26, 2024.
Following this transaction, Venus Concept's total debt obligations decreased to approximately $34.6 million, representing a 25% reduction from $46.0 million as of June 30, 2024, and a 54% reduction from $74.9 million as of December 31, 2023. This move is part of the company's ongoing transformation plan to optimize its capital structure and debt profile.
Venus Concept Inc. (NASDAQ: VERO) has received clearance from the Therapeutic Goods Administration (TGA) in Australia to market its Venus Bliss MAX system. This flagship platform offers a comprehensive body treatment solution, combining three of Venus Concept's leading technologies:
1. Proprietary (MP)2 applicator for cellulite reduction and skin treatments
2. FlexMax EMS applicators for muscle conditioning
3. Diode laser for fat reduction treatments
The Venus Bliss MAX is already available in select markets globally and has received positive feedback from service providers. Dr. Hemanth Varghese, President and COO of Venus Concept, expressed confidence that the system's success will be replicated in Australia.
Venus Concept Inc. (NASDAQ: VERO) reported Q2 2024 financial results, showing mixed performance. Total revenue decreased 17% year-over-year to $16.6 million, meeting the company's estimate of at least $16.5 million. Despite the revenue decline, the company saw improvements in other areas:
- Gross margin increased by 62 basis points to 71.5%
- Operating expenses decreased by 13%
- Cash used in operations reduced by 37% year-over-year
- Completed a $35 million debt-to-equity exchange, reducing debt and regaining Nasdaq compliance
The company continues to execute its Transformational Plan, focusing on enhancing cash flow and positioning for long-term profitability. However, aesthetic capital equipment sales remain challenged by macroeconomic headwinds.
Venus Concept Inc. (NASDAQ: VERO) has received regulatory approval from Health Canada to market its Venus Bliss MAX system in Canada. This 3-in-1 body shaping solution, first launched in the U.S. in early 2022, combines three technologies:
- Diode laser for fat reduction
- Proprietary (MP)2 applicator for cellulite reduction and skin treatments
- FlexMax EMS applicators for muscle toning and conditioning
The approval expands Venus Concept's market reach, offering Canadian clinicians and aesthetic practices a comprehensive non-invasive body treatment solution. Dr. Hemanth Varghese, President and COO, emphasized the benefits this unique combination of technologies brings to the evolving aesthetic marketplace.
Venus Concept Inc. (NASDAQ: VERO), a global medical aesthetic technology leader, has announced the release date for its second quarter fiscal year 2024 financial results. The results will be unveiled before the market opens on Tuesday, August 13, 2024. Following the release, management will host a conference call at 8:00 a.m. Eastern Time to discuss the quarterly results and conduct a Q&A session.
Interested parties can participate in the call by dialing 877-407-2991 (201-389-0925 for international callers) and using the access code 13747737. A live webcast will also be available on the company's investor relations website. For those unable to attend, a two-week replay will be accessible via phone, and the webcast will be archived on the company's IR site.
Venus Concept (NASDAQ: VERO) successfully completed its NEXThetics events across major North American cities. These events have grown in popularity, with thousands of registrants, including their largest gathering in Houston, Texas, on June 22, 2024. The events showcased Venus Aesthetic Intelligence’s (Venus AI) Total Practice Performance philosophy and new technologies like Venus Versa Pro. Attendees included dermatologists, plastic surgeons, and spa owners, who engaged with industry experts and learned about the latest trends to enhance their practices. Upcoming events in 2024 will expand to Phoenix, Las Vegas, New York City, Atlanta, Dallas, and Minneapolis.
Venus Concept (NASDAQ: VERO) announced a strategic supply agreement with Skin Laundry Holdings on June 17, 2024. The deal includes an initial order of Venus Viva devices and consumables for Skin Laundry's US clinics. These devices utilize Venus Concept's (MP)2 NanoFractional RF Technology with SmartScan, known for effective skin resurfacing and tightening. Venus Concept boasts over 9,000 systems globally. Skin Laundry, founded in 2013, operates 66 clinics and specializes in quick, minimally invasive energy facials. Both companies anticipate continued collaboration as Skin Laundry expands domestically and internationally.
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