Wed, May 15, 11:17 AM (73 days ago)
Venus Concept Inc. reported a net loss of $9.8 million for Q1 2024, slightly higher than the $9.6 million loss in Q1 2023. Revenues decreased by 14.9% to $17.5 million, primarily due to reduced international sales and a strategic shift away from subscription sales to traditional sales to improve cash flow. Gross profit fell by $2.1 million to $11.6 million, maintaining a gross margin of 66.6%. Operating expenses declined by $2.4 million, driven by lower selling and marketing, general and administrative, and R&D costs. The company’s cash and cash equivalents stood at $5.1 million, down from $5.4 million at year-end 2023. Total debt obligations increased to $76.7 million from $74.9 million. Venus Concept continues to face challenges due to economic volatility, including high inflation and interest rates, affecting customer financing and overall demand. The company is exploring strategic alternatives to enhance shareholder value and has secured additional financing through various agreements, including a new loan and security agreement with Madryn Health Partners.