Venus Concept Inc. (NASDAQ:VERO) Q4 2022 Earnings Conference Call March 27, 2023 8:00 AM ET Company Participants Rajiv De Silva - Chief Executive Officer Hemanth Varghese - President and Chief Innovation and Business Officer Domenic Della Penna - Chief Financial Officer Conference Call Participants Marie Thibault - BTIG Anthony Vendetti - Maxim Group Jeffrey Cohen - Ladenburg Thalmann Operator Good day ladies and gentlemen and welcome to the Fourth Quarter 2022 Earnings Conference Call for Venus Concept Inc ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38238 Venus Concept Inc. (Exact name of Registrant as specified in its Charter) Delaware 06-1681204 (State or other ...

Venus Concept Inc. (NASDAQ:VERO) Q3 2022 Earnings Conference Call November 10, 2022 5:00 PM ET Corporate Participants Rajiv De Silva - Chief Executive Officer Domenic Della Penna - Chief Financial Officer Conference Call Participants Jeff Cohen - Ladenburg Thalmann Marie Thibault - BTIG Anthony Vendetti - Maxim Group Operator Good day, ladies and gentlemen and welcome to the Third Quarter 2022 Earnings Conference Call for Venus Concept Inc. At this time, all participants have been placed in a listen-only mo ...

Revenue Performance - Revenue for the three months ended September 30, 2022, was $21.5 million, a decrease of 12.6% compared to $24.6 million for the same period in 2021[155] - Revenue for the nine months ended September 30, 2022, was $75.2 million, an increase of 3.0% compared to $73.0 million for the same period in 2021[155] - Total revenue decreased by $3.0 million, or 12.3%, to $21.5 million for the three months ended September 30, 2022, compared to $24.6 million for the same period in 2021[197] - Total revenue increased by $2.2 million, or 3.0%, to $75.2 million for the nine months ended September 30, 2022, compared to $73.0 million for the same period in 2021[212] Profit and Loss - Net loss attributable to the company for the three months ended September 30, 2022, was $14.6 million, compared to a net loss of $9.8 million for the same period in 2021[155] - Adjusted EBITDA loss for the three months ended September 30, 2022, was $7.7 million, compared to a loss of $3.5 million for the same period in 2021[155] - The company reported a net loss of $33.6 million and cash used in operating activities of $23.6 million in the nine months ended September 30, 2022[250] Revenue Sources - Approximately 41% of aesthetic revenues were derived from the subscription model in the three months ended September 30, 2022, down from 61% in the same period in 2021[150] - Subscription revenue from systems dropped by $5.4 million, or 43.1%, to $7.2 million, representing 33.4% of total revenue in Q3 2022, down from 51.4% in Q3 2021[197][198] - Approximately 41% of system revenues in Q3 2022 were derived from the subscription model, down from 61% in Q3 2021, reflecting a strategic shift to prioritize cash deals [172] - Approximately 48% of system revenues in Q3 2022 were derived from traditional sales, up from 27% in Q3 2021, indicating a focus on cash transactions [174] Expenses - Operating expenses increased by $2.1 million, or 9.3%, to $24.8 million in Q3 2022, with total operating expenses as a percentage of revenue rising to 115.1%[202] - General and administrative expenses increased by $9.5 million, or 29.7%, to $41.5 million, representing 55.1% of total revenues for the nine months ended September 30, 2022[219] - Research and development expenses are expected to increase in absolute dollars as the company invests in new technologies and product offerings [187] - Research and development expenses rose by $0.6 million, or 33.5%, to $2.6 million in Q3 2022, accounting for 12.0% of total revenue[202] - Research and development expenses increased by $1.2 million, or 20.1%, to $7.2 million, accounting for 9.6% of total revenues for the nine months ended September 30, 2022[220] Cash and Liquidity - Cash and cash equivalents were $6.8 million as of September 30, 2022, down from $30.9 million as of December 31, 2021[141] - The company reported a net decrease in cash and cash equivalents of $24.1 million for the nine months ended September 30, 2022[249] - The company anticipates that its current capital resources will enable it to fund operations for at least the next 12 months[243] - Cash used in investing activities for the nine months ended September 30, 2022, was $0.3 million for property and equipment purchases[252] Debt and Obligations - Total debt obligations were approximately $77.6 million as of September 30, 2022, including a MSLP Loan of $50.9 million[227] - Interest rates on long-term debt were 6.1% for the MSLP Loan and 8.0% for the Notes as of September 30, 2022, compared to 3.10% for the MSLP Loan as of December 31, 2021[188] - The company executed a $50.0 million MSLP Loan Agreement with CNB under the Main Street Priority Loan Facility[231] - The company issued $26.7 million in Secured Subordinated Convertible Notes with an initial interest rate of 8.0% per annum, convertible at $3.25 per share[230] Operational Changes - The company closed 9 direct offices since June 2020 and is focusing on the U.S. market while evaluating profitability in other regions post-COVID-19 [161] - The company experienced a decline in revenue in Q3 2022 due to a strategy shift prioritizing cash deals over subscription agreements to improve cash generation [165] - The company has developed and commercialized eleven technology platforms, including ARTAS and NeoGraft systems, which serve a broad segment of the market[152] - As of September 30, 2022, the company operated directly in 18 international markets through 15 direct offices[154] Financial Performance Metrics - Gross profit decreased by $3.9 million, or 22.6%, to $13.4 million in Q3 2022, with a gross margin of 62.1%, down from 70.5% in Q3 2021[201] - Gross profit decreased by $1.1 million, or 2.1%, to $50.2 million, with a gross margin of 66.7% for the nine months ended September 30, 2022[217] - Cost of goods sold increased by $0.9 million, or 13.0%, to $8.2 million in Q3 2022, contributing to the decline in gross profit[201] Foreign Exchange and Other Losses - The company experienced a foreign exchange loss of $2.0 million in Q3 2022, impacting overall financial performance[194] - Foreign exchange loss increased by $1.9 million to $4.4 million for the nine months ended September 30, 2022, compared to $2.5 million for the same period in 2021[222] Accounts and Receivables - Bad debt expense for Q3 2022 was $2.4 million, with an allowance for doubtful accounts increasing to $13.1 million, representing 17.0% of gross outstanding accounts receivable [163] - The allowance for doubtful accounts is based on the assessment of collectability and aging of invoices, reflecting the company's best estimate of probable credit losses[267] Stock and Compensation - The company sold 0.4 million shares of common stock to Lincoln Park, raising net cash proceeds of $0.3 million during the nine months ended September 30, 2022[144] - Stock-based compensation costs are recognized based on fair values, with the expense associated with options recognized over the requisite service period[269][270] Warranty and Receivables - The company offers warranties for all systems against defects for up to three years, with a liability recorded for accrued warranty costs at the time of sale[268] - The company has long-term receivables with an implicit interest rate of 9.7% for the nine months ended September 30, 2022[266] Regulatory and Compliance - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay adopting new accounting standards[273]

Venus Concept Inc. (NASDAQ:VERO) Q2 2022 Earnings Conference Call August 12, 2022 4:30 PM ET Company Participants Dom Serafino - CEO Domenic Penna - CFO Ross Portaro - President of Global Sales Conference Call Participants Jeffrey Cohen - Ladenburg Thalmann Marie Thibault - BTIG John Block - Stifel Anthony Vendetti - the Maxim Group Operator Good day, ladies and gentlemen. And welcome to the Second Quarter 2022 Earnings Conference Call for Venus Concept Inc. At this time, all participants have been placed i ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-38238 Venus Concept Inc. (Exact Name of Registrant as Specified in its Charter) (State ...

Venus Concept Inc. (NASDAQ:VERO) Q1 2022 Earnings Conference Call May 12, 2022 5:00 PM ET Company Participants Dom Serafino - CEO Domenic Penna - CFO Ross Portaro - President of Global Sales Conference Call Participants Marie Thibault - BTIG Jeffrey Cohen - Ladenburg Thalmann Jon Block - Stifel Anthony Vendetti - Maxim Group Operator Please standby. Good day, ladies and gentlemen and welcome to the First Quarter 2022 Earnings Conference Call for Venus Concept Inc. At this time, all participants have been pl ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (State or other jurisdiction of incorporation or organization) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-38238 Venus Concept In ...

Call Start: 08:00 January 1, 0000 8:42 AM ET Venus Concept Inc. (NASDAQ:VERO) Q4 2021 Earnings Conference Call March 28, 2022 08:00 ET CompanyParticipants Dom Serafino - Chief Executive Officer Domenic Della Penna - Chief Financial Officer Ross Portaro - President of Global Sales Conference Call Participants Marie Thibault - BTIG Jeffrey Cohen - Ladenburg Thalmann Jon Block - Stifel Operator Please standby. Good day, ladies and gentlemen and welcome to the Fourth Quarter 2021 Earnings Conference Call for Ve ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Venus Concept Inc. (Exact name of Registrant as specified in its Charter) Delaware 06-1681204 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 235 Yorkland Blvd. Suite 900 Toronto, Ontario M2J 4Y8 (877) 848-8430 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TR ...