Venus Concept Inc. (VERO) has increased to 13.89% in the aftermarket. However, the last trading session closed at $1.44 with an increase of 7.46%.
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Third Quarter 2021 Results – Here’s the latest updates
VERO announced third quarter 2021 results on 12th November 2021. The company has reported total sales of $24.6 million, $3.9 million more than that of the previous year. Moreover, the revenue was $13.0 million in the United States, with a $5.2 million increase year over year. The revenue from subscriptions and systems was $20.7 million, with a 22% increase year over year. Furthermore, year-over-year, GAAP operating loss was $5.4 million, more than $0.1 million or 2%.
The GAAP net loss attributable to stockholders was $9.8 million, $2.6 million or 35% more than the previous year. Last but not the least, the company got a medical device authorization from Health Canada to market the Venus Fiore Feminine Health System in Canada, and in October, it received FDA 510(k) approval to market the Venus Freedom device in the United States.
How was the quarter?
Despite the adverse operating climate, VERO’s third-quarter sales results demonstrate robust demand from clients, notably in the United States. Strong execution of the targeted commercial strategy in the United States delivered a revenue increase of 67% year over year, offsetting a 10% drop in overseas sales.
Due to the global supply disruptions related to COVID-19, the company was unable to meet the demand for certain of the products, resulting in a backlog of $2.4 million in customer purchase orders received at the end of the third quarter, of which $1.4 million was fulfilled in the first half of the fourth quarter. The company is still actively working with the suppliers and third-party manufacturers to address supply challenges, and the company expects to complete the remaining customer purchase order backlog in the fourth and first quarters of the fiscal year 2021 and 2022.
New Appointment – Who’s it?
VERO announced on 12th October 2021 that Ross J. Portaro has been appointed as President of Global Sales. Ross is an experienced leader and industry expert with more than decades of experience in the healthcare industry. Moreover, as the Vice President of EMEA, he has made significant contributions to the organization’s success, and the company is delighted to announce his raise to President of Global Sales. Venus Concept is well-positioned to continue creating a world-class sales organization devoted to ethics and great customer satisfaction, with Ross as a part of the senior leadership team.