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Mar 31, 2024
FIGS Q1 2024 Earnings Report
Net revenues reached the upper end of expectations, and the adjusted EBITDA margin exceeded guidance.
Key Takeaways
FIGS reported a slight decrease in net revenues year-over-year, but saw improved momentum towards the end of the quarter. The company is strategically ramping up investments in marketing to fuel growth and is raising its full-year net revenues outlook while revising its adjusted EBITDA margin outlook.
Net revenues were $119.3 million, a decrease of 0.8% year over year.
Gross margin was 68.9%, a decrease of 2.4% year over year, primarily related to product mix shift.
Net income was $1.4 million, a decrease of $0.5 million year over year.
Active customers increased 8.7% year over year to 2.6 million.
FIGS
FIGS
FIGS Revenue by Segment
FIGS Revenue by Geographic Location
Revenue by Segment
Scrubwear Revenue
CapyFin.comNon-Scrubwear Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comRest of the World Revenue
CapyFin.com Forward Guidance
For the full year 2024, the company expects net revenues to be -2% to +2% versus 2023 and adjusted EBITDA margin to be 9.5% - 10.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income