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Sep 30, 2023
FIGS Q3 2023 Earnings Report
Reported a revenue increase driven by new and existing customers and an increase in average order value, and raised full year guidance.
Key Takeaways
FIGS, Inc. reported a 10.7% year-over-year increase in net revenues to $142.4 million for Q3 2023. Net income was $6.1 million, with a net income margin of 4.2%. The company also raised its full-year guidance.
Net revenues increased by 10.7% year-over-year to $142.4 million.
Gross margin was 68.4%, a decrease of 220 basis points year over year.
Net income was $6.1 million, with a net income margin of 4.2%.
Adjusted EBITDA margin was 17.2%, compared to 16.4% in the same period last year.
FIGS
FIGS
Forward Guidance
FIGS raises full-year 2023 outlook for net revenues growth to approximately 8.5% and adjusted EBITDA margin to approximately 14%.
Positive Outlook
- Strong execution of strategic priorities
- Healthy balance sheet with ample cash and no debt
- Strong cash flow generation
- Early stages of growth with intentions to make investments
- Drive accelerated growth as we move past near term macro challenges