Revenue Performance - Total revenue for Q3 2024 was $15.0 million, a decrease of 15% year-over-year, and below the estimate of at least $17.0 million[2]. - Revenue from the United States decreased by 23% year-over-year, while international revenue remained relatively stable[5]. - Revenue for Q3 2024 was $15,007,000, down 14.8% from $17,616,000 in Q3 2023, while year-to-date revenue decreased from $58,222,000 in 2023 to $49,068,000 in 2024, a decline of 15.7%[17]. Profitability and Losses - Gross profit for Q3 2024 decreased by $2.3 million, or 19%, to $9.9 million, with a gross margin of 66.1% compared to 69.2% in Q3 2023[6]. - Adjusted EBITDA loss for Q3 2024 was $5.9 million, compared to an adjusted EBITDA loss of $4.6 million for Q3 2023[9]. - The net loss attributable to stockholders for Q3 2024 was $9.3 million, or $1.28 per share, compared to a net loss of $9.1 million, or $1.64 per share in Q3 2023[9]. - The net loss for Q3 2024 was $9,302,000, compared to a net loss of $8,956,000 in Q3 2023, indicating a 3.9% increase in losses year-over-year[17]. - Net loss for the nine months ended September 30, 2024, was $38,955,000, compared to a net loss of $25,900,000 for the same period in 2023, representing a 50.5% increase in losses[18]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $(15,134,000), compared to $(14,337,000) for the same period in 2023, indicating a 5.6% increase in losses[21]. Operating Expenses - Operating expenses for Q3 2024 decreased by $1.9 million, or 10%, to $17.1 million, driven by reductions in general and administrative, selling and marketing, and research and development expenses[7]. - Operating expenses for Q3 2024 totaled $17,078,000, down from $18,947,000 in Q3 2023, reflecting a reduction of 9.9%[17]. Cash Flow and Liquidity - Cash used in operations for the first nine months of 2024 was $7.3 million, down 40% year-over-year[2]. - Cash and cash equivalents decreased from $5,396,000 as of December 31, 2023, to $4,489,000 as of September 30, 2024, a decline of 16.8%[16]. - Total cash and cash equivalents at the end of the period were $4,489,000, down from $4,926,000 at the end of September 30, 2023, showing a decrease of 8.9%[18]. - Cash used in operating activities for the nine months ended September 30, 2024, was $(7,259,000), an improvement from $(12,085,000) in the same period of 2023, reflecting a 40.5% reduction in cash outflow[18]. Debt and Financing - Total debt obligations decreased to approximately $34.6 million, down 25% from $46.0 million as of June 30, 2024, and down 54% from $74.9 million as of December 31, 2023[2]. - Long-term debt significantly decreased from $70,790,000 to $30,025,000, a reduction of approximately 57.6%[16]. - The company raised $3,928,000 from short-term bridge financing in 2024, with net proceeds after costs of $310,000[18]. - Finance expenses for the nine months ended September 30, 2024, were $5,785,000, compared to $4,666,000 in 2023, representing a 24% increase[21]. - The company reported a loss on debt extinguishment of $11,355,000 for the nine months ended September 30, 2024, with no comparable loss in the previous year[18]. Assets and Capital - Total assets decreased from $93,654,000 as of December 31, 2023, to $72,276,000 as of September 30, 2024, representing a decline of approximately 22.8%[16]. - Additional paid-in capital increased from $247,854,000 to $311,012,000, reflecting a growth of 25.5%[16]. - Accounts receivable decreased from $29,151,000 to $21,102,000, a reduction of 27.7%[16]. Regulatory and Compliance - The Venus Bliss MAX system received medical device licenses in Canada and clearance from the Therapeutic Goods Administration in Australia[2]. - The company is currently disputing a CRA assessment regarding the repayment of $418,000 related to the Canada Emergency Wage Subsidy Claim[22]. Other Expenses - Stock-based compensation expense for the nine months ended September 30, 2024, was $817,000, down from $1,214,000 in 2023, indicating a 32.6% decrease[21]. - The company incurred a provision for expected credit losses of $869,000 for the nine months ended September 30, 2024, compared to $1,263,000 in 2023, reflecting a 31.2% decrease[18].

Core Insights - Venus Concept Inc. is expanding its international distributor network, with new partnerships in Taiwan and Colombia, and product certifications in India [1][2][3][4] Group 1: International Expansion - The company has partnered with Index International Ltd. in Taiwan and Quirugil S.A. in Colombia to enhance its distribution capabilities [1][2] - Quirugil operates with over 109 employees and has five branches in Colombia, providing a strong local network for Venus products [2] - The partnership with Spectra Medical Systems in India has led to the certification of several products, including Venus ARTAS iX and Venus Legacy, allowing for immediate distribution in a significant market [3][4] Group 2: Strategic Vision - The CEO of Venus Concept emphasized that these developments reflect the company's ongoing efforts to evolve its commercial strategy outside the U.S. to drive future growth and profitability [4] - The new agreements are expected to leverage local expertise and networks to supply aesthetic technologies to practitioners in key markets [4] - The company aims to utilize Paragon's established distribution presence in additional Asia-Pacific countries in the future [4] Group 3: Product Portfolio - Venus Concept offers a broad range of minimally invasive and non-invasive medical aesthetic technologies, reaching over 60 countries [6] - The product portfolio includes various aesthetic device platforms and hair restoration systems, such as NeoGraft® and the ARTAS iX® Robotic Hair Restoration system [6] - The company is backed by prominent healthcare industry growth equity investors, indicating strong financial support for its expansion efforts [6]

Company Overview - Venus Concept Inc. is a global leader in medical aesthetic technology, offering a wide range of minimally invasive and non-invasive products for aesthetic and hair restoration [4] - The company operates in over 60 countries and has 12 direct markets, showcasing its extensive reach in the industry [4] - Venus Concept's product portfolio includes various aesthetic device platforms and hair restoration systems, such as NeoGraft® and the ARTAS iX® Robotic Hair Restoration system [4] Financial Results Announcement - The company will release its third quarter financial results for fiscal year 2024 before the market opens on November 13, 2024 [1] - A conference call will be held at 8:00 a.m. Eastern Time on the same day to discuss the quarterly results, including a question and answer session [2] - For those unable to attend the live call, a replay will be available for two weeks, and the webcast will be archived on the company's investor relations website [3]

TORONTO, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Venus Concept Inc. ("Venus Concept" or the "Company") (NASDAQ: VERO), a global medical aesthetic technology leader, today announced that, on September 26, 2024, the Company exchanged $15.0 million of its senior debt held by affiliates of Madryn Asset Management, LP ("Madryn") for 203,583 shares of its Series Y preferred stock. Following this transaction, the Company had total debt obligations of approximately $34.6 million, down 25% from $46.0 million outstanding ...

Venus Concept (VERO) , a leader in medical aesthetic technology, is set to strengthen its international presence following the regulatory clearance from Australia's Therapeutic Goods Administration (TGA) to market its Venus Bliss MAX system. This flagship device, which integrates three innovative technologies, positions the company to capture a broader share of the aesthetic market across multiple regions. Likely Trend of VERO Stock Following the News Following the announcement, shares of the company moved ...

Venus Concept Inc. (NASDAQ:VERO) Q2 2024 Earnings Conference Call August 13, 2024 8:00 AM ET Company Participants Rajiv De Silva - Chief Executive Officer Hemanth Varghese - President and Chief Operating Officer Domenic Della Penna - Executive Vice President and Chief Financial Officer Conference Call Participants Marie Thibault - BTIG Thomas McGovern - Maxim Group Operator Please standby. Good day, ladies and gentlemen, and welcome to the Second Quarter 2024 Earnings Conference Call for Venus Concept Inc. ...

Table of Contents Title of each class Trading Symbol Name of each exchange on which registered Common Stock, $0.0001 par value per share VERO The Nasdaq Capital Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition perio ...

Exhibit 99.1 Venus Concept Announces Second Quarter of Fiscal Year 2024 Financial Results TORONTO, August 13, 2024 (GLOBE NEWSWIRE) – Venus Concept Inc. ("Venus Concept" or the "Company") (NASDAQ: VERO), a global medical aesthetic technology leader, announced financial results for the three and six months ended June 30, 2024. Second Quarter 2024 Summary & Recent Progress: • Company continues to execute against Transformational Plan o Cash used in operations of $1.3 million, down 37% year-over-year and down ...

The Venus Bliss MAX is a 3-in-1 body shaping solution featuring three of Venus Concept's market leading technologies in one complete platform, including diode laser for Fat Reduction treatments, our proprietary (MP)2 applicator that combines Multi-Polar Radio Frequency with Pulsed Electro Magnetic Fields and advanced VariPulse™ technology for Cellulite Reduction and Skin treatments, and the Company's FlexMax EMS applicators for Muscle Toning and Conditioning. This communication contains "forward-looking sta ...

Management will host a conference call at 8:00 a.m. Eastern Time on August 13, 2024 to discuss the results of the quarter with a question and answer session. Those who would like to participate may dial 877-407-2991 (201-389-0925 for international callers) and provide access code 13747737. A live webcast of the call will also be provided on the investor relations section of the Company's website at ir.venusconcept.com. Venus Concept is an innovative global medical aesthetic technology leader with a broad pr ...