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.
On November 18, 2022, Venus Concept (NASDAQ: VERO) announced the completion of a non-brokered private placement, raising $6.72 million through the issuance of 3,185,000 Preferred Shares and 1,750,000 Common Shares. The Preferred Shares were priced at $2.00 each and are convertible into 10 Common Shares, while Common Shares were priced at $0.20 each. Funds raised will support working capital and corporate initiatives. CEO Rajiv De Silva mentioned plans for a transformation strategy in early 2023, focusing on sustainable growth and delivering updates during the Q4 earnings call.
Venus Concept (NASDAQ: VERO) reported Q3 2022 results with total revenue down 12% year-over-year to $21.5 million. U.S. revenue declined by 4%, while cash system revenue rose by 30%. The net loss attributable to stockholders was $14.6 million, a significant increase from $9.8 million the previous year. Adjusted EBITDA loss also worsened, reaching $7.7 million. The company aims to optimize operations and enhance cash flow, despite these challenges. As of September 30, 2022, cash and cash equivalents stood at $6.8 million.
Venus Concept (NASDAQ: VERO) has appointed Dr. Hemanth Varghese as President & Chief Business Officer, effective October 17, 2022. Dr. Varghese, an accomplished healthcare executive, brings over 20 years of experience in managing diverse healthcare businesses in high-growth markets. His roles previously include Senior VP at HLS Therapeutics and leadership positions at Endo International and Bausch & Lomb. CEO Rajiv De Silva expressed confidence in Dr. Varghese's ability to drive financial and operational performance, enhancing long-term shareholder value.
Venus Concept (NASDAQ: VERO) announced a stock option inducement grant to CEO Rajiv De Silva upon his hiring on October 2, 2022. Approved by independent directors, the grant consists of options for 3,300,000 shares with a $0.44 exercise price, matching the stock's closing price on September 30, 2022. The options vest over four years, with 25% vesting on the first anniversary and 75% quarterly thereafter. This grant aims to incentivize De Silva's acceptance of the position, reflecting the company's commitment to leadership stability and aligning executive interests with shareholder value.
Venus Concept (NASDAQ: VERO) has announced a change in the release date for its fiscal Q3 2022 financial results, now set for November 10, 2022, after market close. A conference call will follow at 5:00 p.m. ET to discuss the results, with participation available via phone or live webcast. Venus Concept, a leader in medical aesthetic technology, operates a subscription-based sales model, offering various non-invasive aesthetic and hair restoration devices across more than 60 countries.
Venus Concept (NASDAQ: VERO) appointed Rajiv De Silva as CEO effective October 2, 2022, following the departure of Domenic Serafino. De Silva brings extensive experience from his roles at Endo International and Valeant Pharmaceuticals. The company has withdrawn its previous revenue guidance for fiscal year 2022, anticipating at least $21 million in preliminary third-quarter revenue. The leadership change aims to drive sustainable growth and product development in the medical aesthetics market.
Venus Concept (NASDAQ: VERO) reported Q2 2022 revenue of $27.3 million, marking a 6% increase from last year, driven by a 7% rise in U.S. sales. Despite revenue growth, the company faced a net loss of $10.6 million, compared to $0.4 million profit in Q2 2021. Adjusted EBITDA loss was $5.5 million. Management cites sales force disruptions as a key challenge, but anticipates revenue guidance of $110-$113 million for 2022, reflecting a 4%-7% growth expected year-over-year.
Venus Concept (NASDAQ: VERO) will release its second quarter fiscal year 2022 financial results on August 12, 2022, before market opening. Management will hold a conference call at 8:00 a.m. ET on the same day to discuss the results, which will include a Q&A session. Participants can join via phone or a live webcast available on the investor relations website. Venus Concept is a leader in medical aesthetic technology, offering a subscription-based sales model and operates in over 60 countries with a diverse product portfolio.
Venus Concept (NASDAQ: VERO) reported Q1 2022 financial results revealing total revenue of $26.4 million, a 17% increase year-over-year. U.S. revenue surged 25% to $13.1 million, driven by strong sales in their Body Franchise. However, the company faced a GAAP net loss of $8.6 million, a reduction from $9.4 million last year. Adjusted EBITDA loss widened by 17% to $5.9 million. Looking forward, the company anticipates total revenue growth of 20% to 23% for 2022, equating to $126 million to $130 million.
Venus Concept (NASDAQ: VERO) has received FDA 510(k) clearance for its Venus BlissMAX device, expanding its use to include non-invasive lipolysis for the back and thighs, along with a 50% increase in RF energy output to 150 watts. This advancement enhances treatment efficiency and versatility, offering laser fat reduction, cellulite reduction, and muscle conditioning in one platform. The commercial launch of BlissMAX aims to provide physicians with a cost-effective solution that requires little downtime, potentially increasing revenue for customers.
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