Financial Data and Key Metrics Changes - Net revenues increased by 8% year-over-year to $151.7 million, exceeding the outlook of flat to up 2% [22][24] - Adjusted EBITDA margin improved by 900 basis points to 12.4% compared to 3.4% last year [5][29] - Gross margin expanded by 280 basis points to 69.9%, driven by lower discounts and improved return rates [27][29] Business Line Data and Key Metrics Changes - Scrubwear grew by 8%, representing 84% of net revenues, supported by effective merchandising and marketing [24][25] - Non-scrubwear increased by 7%, accounting for 16% of net revenues, with strong growth in underscrubs and shoes [24][25] - Average order value rose by 6% to $114, primarily due to a higher rate of full-price sales [23] Market Data and Key Metrics Changes - U.S. sales increased by 8% to $127.3 million, marking the strongest performance in nine quarters [25] - International net revenues grew by 12%, with notable strength in acquiring new customers [25][26] - Active customer count reached nearly 2.8 million, reflecting a 4% increase year-over-year [23] Company Strategy and Development Direction - The company is focusing on expanding its international presence, planning to increase from 33 to nearly 60 markets by year-end [15][17] - Investments are being made in product innovation, including new fabric solutions like FIBREX, aimed at enhancing product offerings [8][58] - The company is committed to maintaining a strong connection with healthcare professionals, emphasizing community engagement and brand authenticity [21][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing momentum into Q4, expecting it to be the strongest net revenue growth quarter of the year [5][31] - The company anticipates a full-year revenue growth of approximately 7%, up from previous low single-digit expectations [31] - Management acknowledged challenges from tariffs but highlighted successful mitigation strategies and operational efficiencies [36][37] Other Important Information - Inventory increased by 23% year-over-year to $151.2 million, attributed to deeper investments in key styles and earlier timing of in-transit inventory [29][30] - The company has $52 million available for future share repurchases under its current program [30] Q&A Session Summary Question: Can you discuss the gross margin performance this quarter? - Management noted a gross margin of 69.9%, higher than historical rates, driven by improved discount rates and returns processing [39][40] Question: What drove the demand during business-as-usual days without promotions? - Management reported acceleration in business-as-usual days, with broad-based performance across U.S. and international markets [41][42] Question: How do you see AOV contributing to revenue growth in 2026? - AOV increased by 6%, with expectations for continued growth driven by product mix and customer engagement [44][45] Question: What are the growth drivers for community hubs? - The company plans to open three new community hubs in key healthcare locations, leveraging learnings from existing stores [51][52] Question: How is the international market expected to grow? - Management expressed confidence in sustaining double-digit growth in international markets, supported by a two-pronged strategy of broad and deep market penetration [61][62]

Financial Performance - Net revenues reached $1517 million, reflecting an 8% year-over-year growth[32,34] - Gross margin stood at 699%[32] - Adjusted EBITDA margin was 124%, exceeding expectations[32,34] - International net revenues grew by 12%[34] Key Operating Metrics - Average order value (AOV) increased by 6% to $114[34] - Active customers grew by 4% to 28 million[34] - Net revenues per active customer increased 2%[41] Strategic Initiatives - Expanding to nearly 60 countries outside the U S by the end of 2025[51,75] - FIGS donated $100000 to The Bluebird Center for Healthcare Education and Access[71] - FIGS donated $50000 to F Cancer[71] Updated Outlook for 2025 - Net revenues are expected to increase approximately 70% compared to 2024[125] - Adjusted EBITDA margin is expected to be around 103%[126]

Company Overview - Figs is a healthcare apparel company founded in 2013 by Heather Hasson and Trina Spear, gaining popularity through TikTok for its stylish medical attire and uniforms [3]. Q3 CY2025 Financial Performance - Figs reported Q3 CY2025 revenue of $151.7 million, exceeding analyst estimates of $142.5 million, representing an 8.2% year-on-year growth [6]. - The non-GAAP profit was $0.05 per share, significantly above the consensus estimate of $0.02 [6]. - Adjusted EBITDA was $18.85 million, surpassing analyst expectations of $12.38 million, with a margin of 12.4% [6]. - Operating margin improved to 6.4%, up from -6.2% in the same quarter last year [6]. - Free cash flow margin decreased to 0.4%, down from 13.1% in the same quarter last year [6]. - Active customers reached 2.78 million, an increase of 108,000 year-on-year [6]. Revenue Growth Analysis - Figs has demonstrated impressive annualized revenue growth of 23.7% over the last five years, outperforming the average consumer discretionary company [4]. - However, the annualized revenue growth over the last two years has slowed to 3.2%, indicating a decline compared to the five-year trend [5]. - The number of active customers has shown an average year-on-year growth of 5.8% over the last two years, but this growth is not translating into revenue growth, suggesting a decline in monetization [7]. Future Outlook - Analysts project that Figs's revenue will remain flat over the next 12 months, indicating a slight deceleration in growth compared to the previous two years [8].

Customer Metrics - Active customers increased by 4.0% from approximately 2.7 million at September 30, 2024, to approximately 2.8 million at September 30, 2025[111] - Active customers grew to 2,781 thousand as of September 30, 2025, up from 2,673 thousand in the prior year[152] - Net revenues per active customer increased to $209 for the nine months ended September 30, 2025, compared to $205 in the previous year[153] Financial Performance - Net revenues rose from $140.2 million to $151.7 million, representing an increase of 8.2% for the three months ended September 30, 2025, and from $403.7 million to $429.2 million, or 6.3%, for the nine months ended September 30, 2025[111] - Net income increased from $(1.7) million to $8.7 million for the three months ended September 30, 2025, and from $0.8 million to $15.7 million for the nine months ended September 30, 2025[117] - Adjusted EBITDA increased from $4.8 million to $18.9 million for the three months ended September 30, 2025, and from $30.7 million to $47.8 million for the nine months ended September 30, 2025[117] - Net revenues for the nine months ended September 30, 2025, reached $429.202 million, compared to $403.726 million in 2024, indicating a year-over-year growth of approximately 6.3%[157] - Adjusted EBITDA for the nine months ended September 30, 2025, was $47.752 million, up from $30.719 million in 2024, reflecting a significant increase in operational performance[157] - The adjusted EBITDA margin improved to 11.1% for the nine months ended September 30, 2025, compared to 7.6% in the same period of 2024[157] Cost and Margin Analysis - Gross margin improved by 2.8 percentage points from 67.1% to 69.9% for the three months ended September 30, 2025[111] - Gross margin increased by 0.5 percentage points to 68.2% for the nine months ended September 30, 2025, due to fewer discounts and improved return rates[143] - Tariffs have increased product costs, negatively impacting gross margin by 120 basis points for the three months ended September 30, 2025[114] - Estimated negative impact on gross margin due to current tariff regime is approximately 110 basis points for 2025 and 440 basis points for 2026[114] Operating Expenses - Total operating expenses decreased from 73.2% to 63.6% of net revenues for the three months ended September 30, 2025[129] - Operating expenses decreased by $6.2 million, or 6.1%, for the three months ended September 30, 2025, compared to the same period last year[132] - Total operating expenses for the nine months ended September 30, 2025, decreased by $6.6 million, or 2.4%, compared to the same period last year[144] - General and administrative expenses decreased by $1.6 million, or 1.5%, for the nine months ended September 30, 2025, compared to the same period last year[147] Cash Flow and Liquidity - Cash flows from operating activities decreased from $50.7 million to $0.2 million for the nine months ended September 30, 2025[117] - Free cash flow decreased from $37.1 million to $(5.1) million for the nine months ended September 30, 2025[117] - Cash flows from operating activities decreased by $50.5 million for the nine months ended September 30, 2025, compared to the same period last year, primarily due to higher inventory purchases and timing of payments[170] - Cash flows from investing activities increased by $25.7 million for the nine months ended September 30, 2025, mainly due to an increase in maturities of available-for-sale securities[173] - As of September 30, 2025, the company had $46.5 million in cash and cash equivalents, down from $85.6 million at the end of 2024[161] - The company has a revolving credit facility of up to $100.0 million, with $95.1 million available for borrowings as of September 30, 2025[163] Shareholder Actions - The company authorized a share repurchase program totaling $100.0 million, with approximately $52.0 million available for future repurchases as of September 30, 2025[165] Taxation - Provision for income taxes increased by $7.2 million, or 180.3%, for the three months ended September 30, 2025, primarily due to an increase in pre-tax income[138] Other Income - Other income, net decreased by 20.6% for the three months ended September 30, 2025, primarily due to lower interest income[136] Average Order Value - Average order value (AOV) for the three months ended September 30, 2025, was $114, up from $108 in the same period last year[153]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

FIGS Releases Third Quarter 2025 Financial Results Achieved Net Income Margin of 5.8% and Adjusted EBITDA Margin of 12.4% Increasing Full Year 2025 Outlook SANTA MONICA, Calif., November 6, 2025 — FIGS, Inc. (NYSE: FIGS) (the "Company"), the global leading healthcare apparel brand dedicated to improving the lives of healthcare professionals, today released its third quarter 2025 financial results and published a financial highlights presentation on its investor relations website at ir.wearfigs.com/financial ...

Core Insights - Baron Focused Growth Fund reported a 4.83% appreciation in Q3 2025, underperforming the Russell 2500 Growth Index's 10.73% gain due to economic growth concerns affecting Consumer Discretionary stocks and rising competitive pressures [1] Company Highlights - FIGS, Inc. (NYSE:FIGS) achieved a one-month return of 9.22% and a 52-week gain of 13.64%, closing at $7.58 per share with a market capitalization of $1.238 billion on November 5, 2025 [2] - In Q3 2025, FIGS, Inc. shares increased by 18.6%, contributing 35 basis points to the fund's performance, driven by strong results and revenue acceleration from recent investments despite reduced promotions [3] - The company is experiencing improved purchasing patterns and margin enhancements due to better efficiency from its new fulfillment center, positioning itself to capture market share in the $80 billion global healthcare apparel industry [3] - FIGS is expected to grow its core scrubs business while expanding into retail stores, business-to-business revenue, and international markets, supported by revenue acceleration and strong cash generation [3]

Core Perspective - The article discusses the historical and cultural context surrounding the consumption of swans in Europe, highlighting modern prejudices and political narratives that have emerged regarding immigrants and swan consumption [4][5][7]. Group 1: Historical Context - The tradition of eating swans was common in royal feasts, and the practice of fattening and consuming cygnets persisted until about a century ago [7]. - The decline in swan consumption is linked to the introduction of turkeys to Europe after Christopher Columbus's first voyage in 1492, which became the preferred bird for feasts due to their domestication and ease of cooking [7][8]. Group 2: Modern Prejudices and Political Narratives - In contemporary Europe, there is a growing anti-outsider sentiment, exemplified by claims from political figures like Nigel Farage that immigrants are harming swan populations [4][5]. - Media narratives have perpetuated unverified stories about immigrants killing and eating swans, reflecting a broader trend where truth is shaped by repetition rather than evidence [5][6]. Group 3: Legal and Cultural Implications - Recent prosecutions for swan killing are rare, with notable cases including a Turkish migrant and a musician who found a dead swan, indicating that the legal framework around swan protection is not frequently enforced [6]. - The cultural perception of swans as symbols of elegance and their legal status as property of the British Crown contribute to the sensitivity surrounding their treatment [4][5].

Core Insights - The article emphasizes the importance of fruit in supporting health and longevity, highlighting its nutritional benefits and cultural significance [1][2]. Fruit Recommendations - **Apples**: High in vitamin C, fiber, potassium, and polyphenols, apples support gut health and have anti-cancer properties. There are over 90 varieties in the U.S., with popular ones including Fuji, Gala, and Honeycrisp [3][4]. - **Citrus Fruits**: Rich in vitamins C, A, folate, potassium, and fiber, citrus fruits contain antioxidants that protect cells and support the immune system. Whole fruits are recommended over juice to retain fiber [5][6]. - **Berries**: Low in calories but high in vitamins and antioxidants, berries like blueberries and goji berries are beneficial for brain, heart, and eye health [7][8]. - **Persimmons**: Rich in vitamins A and C, fiber, and polyphenols, persimmons support cholesterol control and promote eye and skin health [8][9]. - **Figs**: High in fiber and phytoestrogens, figs support women's health and aid digestion. They are versatile in culinary uses [10][11]. Nutritional Advice - Emphasize seasonal variety by consuming locally grown, seasonal fruits for better taste and environmental benefits [12]. - Prefer whole, organic fruits to benefit from their skin, pulp, and fiber, which aid digestion and slow sugar absorption [12]. - Encourage mindful eating by savoring fruit to enhance digestion and satisfaction [13]. - Promote a positive attitude towards fruit consumption, especially among children, by highlighting its deliciousness rather than just its health benefits [13]. - Recognize that the natural sugars in fruits are healthier than refined sugars due to their accompanying nutrients [13].

The food at Santi features Chef Michael White's sumptuous crude. EVAN SUNGThe east side of Midtown Manhattan has become a nexus of fine dining Italian restaurants, with Fasano and Il Monello on 49th Street, Il Tinello East on 46thStreet and Lever House on 53rd, now joined by Santi, a splendid ten-month old venture by Chef Michael White and partner Bruce Bonstar of the BBianco Hospitality Group. Well above the trattoria level of home-style cooking and barebones décor, these restaurants are in line with the b ...