earnings
confidence high
sentiment neutral
materiality 0.70
FIGS Q1 2024 net rev $119.3M (-0.8% YoY); adj EBITDA margin 10.9% vs 13.4% YoY; raises FY rev outlook
FIGS, Inc.
2024-Q1 EPS reported
$0.01
revenue$119,293,000
- Net rev $119.3M (upper end of guidance); net income $1.4M vs $1.9M YoY; adj EBITDA $13.0M vs $16.1M YoY.
- Gross margin 68.9%, down 240 bps YoY on product mix shift; operating expenses flat at 68.5% of rev.
- Active customers 2.6M (+8.7% YoY); AOV $116 (+1.8% YoY); net rev per active customer $210 (-2.8%).
- Raising FY 2024 net rev outlook to -2% to +2%; adj EBITDA margin guidance 9.5%-10.5% (from prior expectations).
- Company cites improved momentum from new products; plans to ramp marketing investments to fuel growth.