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  • Above Expectation Results Drive FIGS Stock Higher

    Above Expectation Results Drive FIGS Stock Higher

    FIGS, Inc. (NYSE: FIGS) experienced a remarkable upsurge of 21.17% in its stock price, culminating the weekend session at a robust $6.81. This significant boost in FIGS stock value can be attributed to a strategic expansion initiative and the unveiling of its quarterly financial performance.

    On the preceding Friday, FIGS Inc. (FIGS) unveiled its financial results for the third quarter of 2023. The company achieved a commendable growth of 10.7% in net revenues, amounting to $142.4 million, while concurrently realizing a remarkable expansion in its adjusted EBITDA margin by 17.2%, reaching $24.4 million, surpassing initial projections. Furthermore, this impressive performance enabled FIGS to generate $46 million in free cash flow during the quarter.

    It is noteworthy that FIGS achieved a notable milestone by enlisting a larger number of healthcare professionals in its active customer base than in any prior year, demonstrating an effective execution of its strategic priorities. Additionally, FIGS achieved unprecedented growth in its international and TEAMS businesses while intensifying its engagement with its community through advocacy efforts.

    In a separate press release, FIGS also made the noteworthy announcement that its inaugural permanent physical retail space, the “Community Hub,” was officially inaugurated on November 3, 2023. It is worth noting that FIGS has evolved into one of the foremost digital brands globally, generating an impressive $500 million in net revenues in 2022, with a predominant online presence.

    In response to the fervent desire of its community to interact with FIGS both online and in person, as evidenced by the enthusiastic response to its retail pop-ups and community engagement initiatives, FIGS has ventured into physical retail expansion. The inaugural Community Hub was strategically placed in the heart of Los Angeles at the Century City Mall, one of FIGS’ prime markets. This mall attracts an annual foot traffic of approximately 20 million individuals and boasts five prominent healthcare clinics among its tenants, all within a ten-mile radius of six major healthcare institutions.

    FIGS is committed to a methodical and well-considered approach to its retail strategy, opting for markets with a high concentration of healthcare professionals. The company’s next planned Community Hub is set to debut in the first half of 2024 at Philadelphia’s Rittenhouse Square, which is situated within two miles of five healthcare institutions. Notably, Philadelphia ranks fourth in the United States for its concentration of healthcare professionals, with one in every six doctors in the country having received their training there.

  • Q4 & Fiscal 2021 Results: FIGS stock Rises High After hours

    On March 08, Figs Inc. (FIGS) reported its financial results for the fourth quarter and full-year 2021. Consequently, the stock surged in the after-hours on Tuesday.

    During the regular session, the stock varied between a high of $14.53 and a low of $13.35. It seems investors were looking forward to a beat earnings report as the stock closed the session in the green. At the close of the session, FIGS had a value of $14.04 per share with an increase of 3.54%. The session reported an above-average volume of 5.32 million. Following the announcement, the stock surged up to add a further 10.40% at an after-hours volume of 250.76K shares. Hence, the stock was trading at a price of $15.50 per share in the after-hours on Tuesday.

    The direct-to-customer healthcare apparel and lifestyle company, Figs Inc. was founded in 2013. Currently, the company has a market capitalization of $2.22 billion with its 151.66 million shares outstanding. In the past five days, FIGS stock has declined by 5.20% while losing 22.62$ last month. The stock stands at a year-to-date loss of 49.06%.

    FIGS’ 2021 Financials

    Q4 2021

    In Q4 2021, the company had net revenues of $128.7 million with YOY growth of 42.7%.

    Moreover, the gross margin was 69.9% while the adjusted EBITDA was $31.9 million in the quarter.

    FIGS reported an adjusted net income of $18.6 million with adjusted diluted EPS of $0.09.

    Source: Seeking Alpha

    Fiscal 2021

    The company reported full-year 2021 revenues of $419.6 million with a growth of 59.5% YOY.

    Furthermore, the gross margin was 71.8% and adjusted EBITDA was $105.2 million in fiscal 2021.

    The adjusted net income in fiscal 2021, was $55.9 million with an adjusted diluted EPS of $0.30.

    2022 Outlook

    For fiscal 2022, the company expects net revenues between $550 and $560 million. Additionally, the expected gross margin and adjusted EBITDA margin are 70%+ and 20%+ respectively.

    Recent Participation

    On January 10, 2022, the company participated in the 24th Annual ICR Conference. The company’s co-Chief Executive Officers, Heather Hasson and Trina Spear along with Chief Financial Officer, Daniella Turenshine participated in a fireside chat at the conference.

    FIGS’ Oximeters Donation

    On January 05, the company announced including a free fingertip pulse oximeter in the first 10,000 orders of its products through its website and mobile app. The reason for this was to increase awareness about monitoring oxygen levels, particularly in the Covid surge.