The following is a summary of the FIGS, Inc. (FIGS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• FIGS reported net revenues down less than 1% to $119.3 million, at the upper end of expectations for Q1 2024.

• Adjusted EBITDA margin was 10.9%, surpassing expectations.

• Gross margin was 68.9% down due to a product mix shift from 71.3% in Q1 2023.

• Active customers for the trailing 12-month period rose by 8.6% compared to last year.

• International net revenues grew by 29% in the first quarter compared to 2023.

• Average Order Value increased, reaching $116 in this quarter from $94 in 2019.

• Reported a 28% year-over-year decline in inventory, indicating improved inventory management.

Business Progress:

• The company enhanced their product and technical development teams and supply chain.

• New product introductions were well received; plans to introduce new fabrications and categories to cater to healthcare professionals' needs.

• Significant investments made in developing ordering platforms for catering to larger customer teams.

• Opened a new retail outlet in Philadelphia, aiming for growth through a 'test, learn, apply, and win' approach.

• Transitioning its fulfillment center to a better facility to improve delivery and customer experiences.

• Significant product diversification seen across categories like outerwear, FIGSPRO, etc.

• Expecting growth from existing and returning customers driven by new product innovations and effective marketing campaigns.

• Activating global expansion plans, starting with a facility in Canada.

• Focused brand storytelling and product launch efforts bringing more healthcare professionals into the FIGS's customer base.

More details: FIGS Inc IR

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