The following is a summary of the Venus Concept Inc. (VERO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Venus Concept Inc. reported Q1 2024 revenues which exceeded expectations, though they reflect a 15% YoY decrease.

• The company saw growth in cash system sales in both US and International markets during the first quarter.

• International revenue increased over 30% sequentially in Q1 2024 due to high initial demand from new distribution partners and strong ARTAS system sales.

• Global cash system sales saw a rise of over 20% quarter-over-quarter in Q1 2024, particularly in non-US markets.

• Operating expenses were reduced by double-digits in Q1 2024, while cash from working capital generation grew 3.5x compared to Q1 2023.

Business Progress:

• Venus Concept made significant strides in restructuring their debt obligations and securing bridge financing.

• Financial support from Madryn Asset Management has been secured to meet near-term liquidity requirements.

• The ongoing efforts to structurally and operationally optimize its international markets strategy continue to yield positive results for Venus Concept.

• Important product development and regulatory clearance milestones were reached with the launch of Venus Versa Pro platform in the EU, and its approvals from Australian and Israeli regulatory bodies.

• The company saw favorable advancements with new distributors sign-ups and improved performance in select direct markets like Australia and Israel, as well as improved distributor performance in the Rest of the World territories.

More details: Venus Concept IR

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