HomeEquities ScoreHere is why Venus Concept Inc. (VERO) stock can further surge on...

Here is why Venus Concept Inc. (VERO) stock can further surge on Wednesday?

Venus Concept Inc. (VERO) shares gained 0.58% in after-hours on Tuesday, January 18, 2022, and closed the daily trading at $1.74. However, in the regular trading session of Tuesday, VERO’s stock lost 3.89%. VERO shares have fallen 27.92% over the last 12 months, and they have moved down 4.95% in the past week. Over the past three months, the stock has lost 13.50%, while over the past six months, it has declined 32.42%.

Let’s discuss its recent news and developments.


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FDA clearance for VERO BlissMAX device

On January 18, 2022, Venus Concept Inc (VERO) received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market the Venus BlissMAX device in the United States.

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BlissMAX is a medical aesthetic platform that offers a comprehensive solution for fat reduction, cellulite reduction, and muscle conditioning with three technologies in one platform. BlissMAX uses advanced diode laser applicators for non-invasive lipolysis of the abdomen.

VERO latest financial news

On January 10, 2022, Venus Concept Inc (VERO) announced preliminary unaudited revenue results for the three months ended December 31, 2021.

Q4 2021 preliminary results

VERO is expecting total GAAP revenue in the range of $32.0 million to $33.0 million for the fourth quarter of 2021 compared to $25.8 million in revenue in Q4 2020.

FY 2021 preliminary results

For FY 2021, the company is expecting total revenue in the range of $105.0 million to $106.0 million, compared to total GAAP revenue of $78.0 million for FY 2020.

VERO equity financing

On December 15, 2021, Venus Concept Inc. (VERO), completed a non-brokered private placement of common shares of the Company and preferred nonvoting shares. An aggregate of 9,808,418 Shares and 3,790,755 Preferred Nonvoting Shares were issued at US$1.25 per share. the company will get gross proceeds of approximately $17 million from the offer which will be used for working capital, general corporate purposes, and funding the development of AIme™.

VERO latest financial results

On November 12, 2021, Venus Concept Inc. (VERO), announced financial results for the three and nine months ended September 30, 2021.

Q3 2021 financial highlights

  • VERO reported total revenue of $6 million for the third quarter of 2021 compared to $20.7 million in the third quarter of 2020.
  • In Q3 2021, the gross margin was 70.5% compared to 3% of revenue for the third quarter of 2020.
  • Total operating expenses were $22.7 million for the third quarter of 2021 compared to $18.8 million for the third quarter of 2020.
  • It suffered a net loss of $9.8 million or $0.18 per share compared to a $7.3 million net loss in Q3 2020.
  • Adjusted EBITDA was negative $3.5 million compared to $-1.4 million in Q3 2020.

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Conclusion

The recent FDA clearance for the VERO BlissMAX device was the reason behind its minor gains in the after-hours on Tuesday and it can continue to further surge on Wednesday as well.

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