TORONTO, April 14, 2025 (GLOBE NEWSWIRE) -- Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global medical aesthetic technology leader, today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules for the purchase and sale of 386,700 shares of common stock at a purchase price of $4.06 per share. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The gross proceeds to the Company from the offerin ...

TORONTO, April 11, 2025 (GLOBE NEWSWIRE) -- Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global medical aesthetic technology leader, today announced that it has entered into definitive agreements for the purchase and sale of 386,700 shares of common stock at a purchase price of $4.06 per share in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about April 14, 2025, subject to the satisfaction of customary ...

TORONTO, April 10, 2025 (GLOBE NEWSWIRE) -- Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global medical aesthetic technology leader, today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules for the purchase and sale of 328,573 shares of common stock at a purchase price of $3.50 per share. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The gross proceeds to the Company from the offerin ...

TORONTO, April 09, 2025 (GLOBE NEWSWIRE) -- Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global medical aesthetic technology leader, today announced that it has entered into definitive agreements for the purchase and sale of 328,573 shares of common stock at a purchase price of $3.50 per share in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about April 10, 2025, subject to the satisfaction of customary ...

TORONTO, April 07, 2025 (GLOBE NEWSWIRE) -- Venus Concept Inc. ("Venus Concept" or the "Company") (NASDAQ:VERO), a global medical aesthetic technology leader, announced today that first quarter of fiscal year 2025 financial results will be released before the market opens on Thursday, May 15, 2025. Management will host a conference call at 8:00 a.m. Eastern Time on May 15, 2025 to discuss the results of the quarter and host a question and answer session. Those who would like to participate may dial 877-407- ...

TORONTO, April 01, 2025 (GLOBE NEWSWIRE) -- Venus Concept Inc. ("Venus Concept" or the "Company") (NASDAQ: VERO), a global medical aesthetic technology leader, announced today that, on March 31, 2025, the Company exchanged $11.0 million of its subordinated convertible notes held by affiliates of Madryn Asset Management, LP ("Madryn") for 379,311 shares of its Series Y preferred stock. Following the transaction, the Company had total debt obligations of approximately $35.5 million, down 54% from $76.7 millio ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $15.8 million, a decline of $2.4 million or 13% year-over-year [24][6] - Lease revenue decreased by $3.5 million or 58% year-over-year in Q4, offsetting mid-teens growth in cash system sales [7][6] - Net loss attributable to stockholders for Q4 2024 was $8 million or $11.23 per share, compared to a net loss of $11.1 million or $20.14 per share for Q4 2023 [32] Business Line Data and Key Metrics Changes - Cash system sales in the U.S. increased by 27% year-over-year, representing 87% of total U.S. system sales in Q4 compared to 58% last year [8] - The percentage of total systems revenue from internal lease programs decreased from approximately 41% in the prior year to 20% in Q4 2024 [25] - Sales through distributors more than doubled year-over-year in Q4, particularly in the APAC and EMEA regions [12] Market Data and Key Metrics Changes - Revenue results in fiscal year 2024 reflected a decline of 15% year-over-year, which was better than many competitors [13] - The decline in total revenue was driven by a 13% decrease in both U.S. and international revenue [24][25] - Customer financing pressures and economic uncertainty continue to impact system adoption [10] Company Strategy and Development Direction - The company is focused on transitioning to cash system sales, aiming for 70% to 75% of total systems revenue to come from cash sales [26] - A strategic initiative to restructure debt obligations resulted in a 47% reduction in total debt from $74.9 million to approximately $39.7 million [17] - The company plans to launch a new body system in the second half of 2025, which is expected to drive growth [55] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that macroeconomic headwinds will continue to impact quarterly performance but remains optimistic about returning to growth [14][36] - The company is not providing full-year 2025 financial guidance but expects total revenue for Q1 2025 to be at least $14 million [36] - Management believes that the impact of strategic transitions is behind them, looking forward to a more normalized business profile [13][42] Other Important Information - A 1 for 11 reverse stock split was announced, with the company's common stock trading on an adjusted basis starting March 4, 2025 [21] - The company has made significant progress in reducing cash used in operations by 14% year-over-year [15] Q&A Session Summary Question: Can you characterize what a normal business profile is going forward? - Management indicated that while predicting the macroeconomic environment is challenging, they expect performance to improve compared to 2024 [42] Question: How is the Venus Hair business performing? - Management expressed satisfaction with the performance of the Venus Hair business, particularly the Venus ARTAS Robot, and noted ongoing R&D innovations [46][47] Question: What is the strategy for top-line growth in 2025? - Management highlighted the need to establish a normal rhythm of orders with new distribution partners and anticipates growth in international business [53][54] Question: Are there further cost-cutting measures available? - Management stated that the infrastructure is efficient, and the focus is on increasing sales rather than further cost reductions [57] Question: How do tariffs affect the business? - Management noted that products are manufactured in both the U.S. and Israel, and currently, they do not expect a substantial near-term impact from tariffs [60]

Financial Performance and Condition - For the year ended December 31, 2024 and 2023, approximately 26% and 33% of the company's system revenues were derived from internal financing programs[152]. - The company had an accumulated deficit of $308.9 million and $261.9 million as of December 31, 2024 and 2023, respectively[159]. - The company expects to continue incurring substantial operating losses and negative cash flows until it achieves profitability[160]. - The company may need additional capital to fund future operations due to unfavorable macroeconomic conditions[161]. - Global supply chain disruptions and inflation have negatively impacted the company's business, financial condition, and results of operations[162]. - As of December 31, 2024, the Company had cash and cash equivalents of approximately $4.3 million, indicating a need for additional financing to support operations and product development[183]. - The Company generated 13% of systems revenues from third-party distributors in 2024, up from 8% in 2023, highlighting reliance on external partners for market penetration[197]. - The company may recognize bad debt expenses if customers default on amounts payable, which could adversely affect its financial results[152]. - The company faces risks related to economic downturns, which may reduce patient demand for elective procedures, adversely affecting financial performance[189]. Strategic Alternatives and Restructuring - The company is evaluating potential strategic alternatives, including mergers, financings, and asset sales, but has not set a timetable for completion[156]. - The company has initiated a restructuring plan, including workforce reductions and discontinuation of operations in unprofitable markets[155]. - The company may need to raise additional capital through public or private equity or debt financings, which could result in dilution to stockholders[185]. - The Security Agreement restricts the Company's ability to incur additional indebtedness, potentially limiting future financing options[186]. Regulatory and Compliance Risks - Regulatory compliance is critical, as failure to meet FDA requirements could result in enforcement actions, including fines and product recalls[239]. - The company may face significant costs and delays if regulatory authorities change policies or if new regulations are enacted[238]. - The complexity of patent litigation may lead to substantial costs and could distract management from core business operations[232]. - The company must navigate extensive government regulations, which have become more stringent over time[237]. Intellectual Property and Innovation - The company has 16 issued U.S. patents and 8 pending U.S. patent applications as of December 31, 2024, covering various technologies[229]. - The company has 92 issued U.S. patents related to the ARTAS System, which is crucial for maintaining competitive advantage[229]. - The company must continue to innovate and develop new products to maintain its competitive position in the rapidly evolving medical technology market[196]. - The aesthetic equipment market is characterized by rapid innovation, and failure to develop new products may harm the Company's competitive position[195]. Market and Operational Risks - The company relies on a limited number of third-party contract manufacturers, which poses risks to timely and cost-effective production[206]. - The company is vulnerable to supply shortages and price fluctuations due to reliance on sole suppliers for certain components[209]. - The clinical trial process for regulatory clearances is lengthy and expensive, with uncertain outcomes that could delay new product introductions[219]. - Delays in clinical trials can significantly increase product development costs and may lead to trial failures[222]. - The company may face significant financial and managerial resource allocation if international operational risks materialize[204]. Stock and Shareholder Matters - The company received a notice from Nasdaq on May 31, 2023, indicating that its stockholders' equity was below the minimum requirement of $2,500,000 for continued listing[263]. - Nasdaq granted the company an extension until November 27, 2023, to regain compliance with the Minimum Equity Requirement, contingent upon achieving certain milestones[264]. - On November 28, 2023, Nasdaq determined that the company had not regained compliance, advising that its securities would be delisted on December 7, 2023, unless a hearing was requested[264]. - The company requested a hearing on December 5, 2023, which was held on March 5, 2024, staying any delisting pending the Panel's decision[265]. - On March 20, 2024, the Panel granted the company's request for continued listing, subject to demonstrating compliance with Nasdaq Listing Rule 5550(b) by May 28, 2024[265]. - The company was notified on June 4, 2024, that it had regained compliance with the stockholders' equity Minimum Equity Requirement[266]. - The company is under a "Mandatory Panel Monitor" through June 4, 2025, which could lead to delisting if noncompliance occurs during this period[267]. - On April 11, 2024, the company received a notice regarding noncompliance with the Minimum Bid Price Requirement, as its stock did not maintain a minimum closing bid price of $1.00 per share for 32 consecutive business days[268]. - The company has 180 calendar days from the Initial Compliance Date to regain compliance with the Minimum Bid Price Requirement[269]. - The Company received a notification from Nasdaq on October 17, 2024, granting an additional 180 calendar days to regain compliance with the Bid Price Requirement[270]. - A 1-for-11 reverse stock split was executed on March 3, 2025, and the Company regained compliance with the Bid Price Requirement by March 18, 2025[271]. - As of December 31, 2024, executive officers, directors, and certain shareholders beneficially own approximately 25% of the outstanding shares of common stock, allowing them to significantly influence shareholder matters[281]. - The Company does not intend to pay dividends on its common stock for the foreseeable future, relying on stock price appreciation for shareholder returns[277]. - The Company is classified as a smaller reporting company, which allows it to take advantage of certain exemptions from disclosure requirements, potentially making its securities less attractive to investors[276]. - Future sales of common stock may lead to immediate dilution for existing shareholders, potentially causing a decline in stock price[282]. - The market price of the Company's common stock may be volatile, influenced by various factors including market conditions and strategic alternatives[274]. - The Company is subject to anti-takeover provisions under Delaware law, which may hinder acquisition attempts[280]. - If the common stock is delisted, shareholders could face significant adverse consequences, including reduced liquidity and limited market quotations[272]. - The Company may experience fluctuations in financial results, which could impact stock price and investor perception[275].

Revenue Performance - Total revenue for Q4 2024 decreased by $2.4 million, or 13%, to $15.8 million compared to Q4 2023[6] - Revenue from the United States in Q4 2024 was $10.3 million, down 13% year-over-year, while international revenue was $5.5 million, also down 13% year-over-year[4] - For FY 2024, total revenue decreased by $11.5 million, or 15%, to $64.8 million compared to FY 2023[13] - Revenue for the year ended December 31, 2024, was $64,833 million, down 15% from $76,354 million in 2023[24] - The company expects total revenue for Q1 2025 to be at least $14.0 million[15] Profit and Loss - The operating loss for Q4 2024 was $6.7 million, an improvement from the operating loss of $7.6 million in Q4 2023[9] - Net loss attributable to stockholders for Q4 2024 was $8.0 million, or $11.23 per share, compared to a net loss of $11.1 million, or $20.14 per share in Q4 2023[10] - Adjusted EBITDA loss for Q4 2024 was $6.1 million, compared to an adjusted EBITDA loss of $5.9 million in Q4 2023[10] - Net loss for the year ended December 31, 2024, was $46,971 million, compared to a net loss of $37,050 million in 2023, representing an increase in losses of approximately 27%[26] - The company reported a basic net loss per share of $71.21 for the year ended December 31, 2024, compared to $68.47 in 2023[24] - Net loss for Q4 2024 was $8,016,000 compared to a net loss of $11,150,000 in Q4 2023, representing a 28.5% improvement[29] - For the full year 2024, net loss was $46,971,000, compared to $37,050,000 in 2023, reflecting a 26.5% increase in losses[29] Expenses and Cost Management - Operating expenses for Q4 2024 decreased by $2.1 million, or 11%, to $17.6 million compared to Q4 2023[8] - Operating expenses for the year ended December 31, 2024, totaled $71,490 million, down from $80,476 million in 2023, a reduction of approximately 11%[26] - Finance expenses for Q4 2024 totaled $1,100,000, down from $2,227,000 in Q4 2023, marking a 50.7% reduction[29] - Stock-based compensation expense for the full year 2024 was $1,043,000, down from $1,569,000 in 2023, a decrease of 33.5%[29] - Other adjustments related to restructuring activities for the full year 2024 amounted to $1,020,000, compared to $2,362,000 in 2023, a reduction of 56.7%[31] - Depreciation and amortization for the full year 2024 was $3,889,000, down from $4,115,000 in 2023, reflecting a decrease of 5.5%[29] Debt and Financial Position - The company achieved a 47% reduction in outstanding debt in FY24, decreasing from $74.9 million to $39.7 million[5] - Long-term debt decreased significantly from $70,790 million in 2023 to $31,437 million in 2024, a reduction of approximately 56%[22] - Total current liabilities decreased slightly from $31,159 million in 2023 to $30,287 million in 2024, a decline of about 3%[22] - The company raised $10,064 million in net cash from financing activities in 2024, compared to $6,802 million in 2023, an increase of approximately 48%[26] Asset Management - Total assets decreased from $93,654 million in 2023 to $68,184 million in 2024, a decline of approximately 27%[22] - Cash and cash equivalents decreased from $5,396 million at the beginning of the year to $4,271 million at the end of the year, a decrease of about 21%[26] Other Financial Metrics - Adjusted EBITDA for Q4 2024 was $(6,098,000), slightly worse than $(5,926,000) in Q4 2023, indicating a decline of 2.9%[29] - Full year Adjusted EBITDA was $(21,232,000) in 2024, compared to $(20,263,000) in 2023, showing a 4.8% increase in losses[29] - Foreign exchange loss for Q4 2024 was $980,000, while in Q4 2023 it was a loss of $674,000, indicating a significant increase in foreign exchange impact[29] - Loss on debt extinguishment for the full year 2024 was $11,355,000, compared to $2,040,000 in 2023, indicating a significant increase in debt-related losses[29] Corporate Actions - The company announced a 1-for-11 reverse stock split effective March 3, 2025, and regained compliance with Nasdaq's minimum bid-price listing standard[5]

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) -- Venus Concept Inc. ("Venus Concept" or the "Company") (NASDAQ: VERO), a global medical aesthetic technology leader, announced financial results for the three and twelve months ended December 31, 2024. Summary of Financial Results & Recent Progress: Management Commentary: "Difficulties in the industry persisted in the fourth quarter and impacted our results relative to the expectations we outlined during our third quarter report," said Rajiv De Silva, Chief Executi ...