Venus Concept ( (VERO) ) has released its Q3 earnings. Here is a breakdown of the information Venus Concept presented to its investors.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Venus Concept Inc., a Toronto-based global leader in medical aesthetic technology, offers a wide range of minimally invasive and non-invasive aesthetic and hair restoration devices across more than 60 countries.
In its latest earnings report for the third quarter of fiscal year 2024, Venus Concept reported a revenue of $15.0 million, marking a 15% decline from the previous year, and falling short of its projected revenue of at least $17.0 million. The company attributes this shortfall to challenging macroeconomic conditions affecting aesthetic capital equipment sales, particularly in the U.S.
Despite the decline in revenue, the company has made notable strategic progress. Operating expenses decreased by 10% year-over-year, helping to limit the GAAP operating loss to 6%. Additionally, the company has reduced its cash used in operations by 40% over the first nine months of 2024 and significantly lowered its total debt obligations through strategic exchanges and debt restructuring. Venus Concept also received regulatory approvals to market its Venus Bliss MAX system in Canada and Australia, which could bolster future revenue streams.
The company’s management remains cautiously optimistic, focusing on enhancing cash flow and strengthening the balance sheet to support long-term profitability. For the upcoming quarter, Venus Concept anticipates total revenue of at least $17.0 million, reflecting a 6% decrease compared to the previous year but a 13% increase from the current quarter.
