Q2 2024 Venus Concept Inc Earnings Call Transcript
Key Points
- Venus Concept Inc (VERO) reported revenue for the second quarter that modestly exceeded expectations.
- The company achieved a 37% reduction in cash used in operations year-over-year.
- Venus Concept Inc (VERO) secured multiple transactions to restructure debt obligations, resulting in a 39% reduction in total debt outstanding.
- The company regained continued listing compliance with NASDAQ.
- Positive early market response to the company-wide rebranding initiative, Venus AI, and the NEXThetics programs.
- Total revenue decreased by 17% year-over-year, with a 29% decrease in international revenue and a 5% decrease in US revenue.
- The company continues to face macroeconomic headwinds, including customer financing pressures, higher interest rates, and tighter credit markets.
- Operating expenses decreased by 13%, but the company still reported a total operating loss of $5.6 million.
- Net loss attributable to stockholders for the second quarter was $20 million, significantly higher than the $7.4 million loss in the same period last year.
- The company is not providing full-year 2024 financial guidance due to ongoing evaluations of strategic alternatives.
Good day, ladies and gentlemen, and welcome to the second-quarter 2024 earnings conference call for Venus Concept Inc. (Operator Instructions)
Please note that this conference call is being recorded and that the recording will be available on the company's website for replay.
Before we begin, I would like to remind everyone that our remarks and responses to your questions may contain forward-looking statements that are based on the current expectations of management and involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated, including those identified in the Risk Factors section of our most recent 10-Q and our annual report on Form 10-K filed with the Securities and Exchange Commission.
Such factors may be updated from time to time in our filings with the SEC, which are available on our website. We undertake no obligation to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise.
This call will also include references to certain financial measures
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