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Jun 30, 2024
FIGS Q2 2024 Earnings Report
Second quarter financial results released, exceeding Q2 2024 outlook and announcing a $50 million share repurchase authorization.
Key Takeaways
FIGS reported a 4.4% increase in net revenues to $144.2 million, with a gross margin of 67.4%. Operating expenses increased by 7.0% year over year. Net income was $1.1 million, or $0.01 in diluted earnings per share, and adjusted EBITDA was $12.9 million.
Net revenues increased by 4.4% year over year to $144.2 million.
Gross margin decreased to 67.4%, primarily from product mix shift.
Operating expenses increased by 7.0% year over year.
The company authorized a $50 million share repurchase program.
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, FIGS expects net revenues to be flat to 2% growth versus 2023 and adjusted EBITDA margin to be 9.5% - 10%.
Positive Outlook
- Net revenues are expected to grow slightly compared to the previous year.
- Adjusted EBITDA margin is projected to remain strong.
- Company's strategy of combining product innovation with top of funnel marketing
- Momentum into the second half of the year
- Partnership with Team USA Medical Team
Challenges Ahead
- The company's ability to maintain its historical growth
- The company's ability to maintain profitability
- The company's ability to maintain the value and reputation of its brand
- The company's ability to attract new customers, retain existing customers, and to maintain or increase sales to those customers
- The success of the company’s marketing efforts
Revenue & Expenses
Visualization of income flow from segment revenue to net income