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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