FIGS Third Quarter Net Revenue Increases 10.7%
By Daniella Parra
FIGS, Inc. (NYSE: FIGS), a healthcare community lifestyle brand, reported net revenue rose to 142.4 million, an increase of 10.7% YoY in Q3 with active customers increasing 19.6% to 2.6 million.
The company said the adjusted EBITDA was $24.4 million, an increase of $3.4 million year over year, and the adjusted EBITDA margin was 17.2%, as compared to 16.4% in the same period last year.
FIGS said they added more new healthcare professionals to its active customer base than in any prior year, announced the appointment of Mario Marte, former CFO of Chewy, Inc., to its Board of Directors.
“We are pleased with our third quarter performance and to be raising our full year guidance,” Trina Spear, Chief Executive Officer and Co-founder, said. “Net revenues growth of 11% and adjusted EBITDA margin expansion to 17.2% exceeded our expectations and led to $46 million in free cash flow(2) generation in the third quarter. ”
The company said it also opened its first permanent retail store at the Century City mall in Los Angeles, calling it a “dedicated experience for healthcare professionals to come together and be celebrated.”
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