FIGS Q1 2024 Earnings Report
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
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