0001140361-22-011278.txt : 20220328 0001140361-22-011278.hdr.sgml : 20220328 20220328070949 ACCESSION NUMBER: 0001140361-22-011278 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220328 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220328 DATE AS OF CHANGE: 20220328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Venus Concept Inc. CENTRAL INDEX KEY: 0001409269 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 061681204 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38238 FILM NUMBER: 22773166 BUSINESS ADDRESS: STREET 1: 235 YORKLAND BLVD. STREET 2: SUITE 900 CITY: TORONTO STATE: A6 ZIP: M2J 4Y8 BUSINESS PHONE: 877-848-8430 X117 MAIL ADDRESS: STREET 1: 235 YORKLAND BLVD. STREET 2: SUITE 900 CITY: TORONTO STATE: A6 ZIP: M2J 4Y8 FORMER COMPANY: FORMER CONFORMED NAME: Restoration Robotics, Inc. DATE OF NAME CHANGE: 20171121 FORMER COMPANY: FORMER CONFORMED NAME: Restoration Robotics Inc DATE OF NAME CHANGE: 20070808 8-K 1 brhc10035663_8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): March 28, 2022

VENUS CONCEPT INC.
(Exact name of registrant as specified in its charter)


Delaware
001-38238
06-1681204
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification Number)
 
235 Yorkland Blvd, Suite 900
Toronto, Ontario M2J 4Y8
(Address of principal executive offices, including Zip Code)
 
Registrant’s telephone number, including area code: (877) 848-8430
 
Not Applicable
(Former name or former address, if changed since last report)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
Common Stock, $0.0001 par value per share
  
VERO
  
The Nasdaq Global Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  ☒
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02.
Results of Operations and Financial Condition.

On March 28, 2022, Venus Concept Inc. (the “Company”) issued a press release relating to its financial results for the three months and twelve months ended December 31, 2021. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 of this Form 8-K and the Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.
Financial Statements and Exhibits.

Exhibit
No.
    
Description
     
 
Press release dated March 28, 2022.
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
VENUS CONCEPT INC.
     
Date: March 28, 2022
By:
 /s/ Domenic Della Penna
   
Domenic Della Penna
   
Chief Financial Officer


EX-99.1 2 brhc10035663_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1

 
Venus Concept Announces Fourth Quarter and Fiscal Year 2021 Financial Results; Introduces Fiscal Year 2022 Revenue Guidance
 
TORONTO, March 28, 2022 (PR Newswire) – Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global medical aesthetic technology leader, announced financial results for the three and twelve months ended December 31, 2021.
 
Fourth Quarter 2021 Summary & Recent Highlights:
 

 •
Total revenue of $32.6 million, up $6.8 million, or 26%, year-over-year.

•
U.S. revenue of $16.5 million, up $4.8 million, or 42%, year-over-year.

•
Total subscription and system revenue of $27.7 million, up $6.8 million, or 32% year-over-year.

•
Gross margin of 70.0%, up 5.3% year-over-year.

•
GAAP operating loss of $4.1 million, down $6.1 million, or 60%, year-over-year.

•
GAAP net loss attributable to stockholders of $4.3 million, down $10.4 million, or 70%, year-over-year.

•
Adjusted EBITDA loss of $2.5 million, compared to a loss of $2.3 million last year.

•
The Company had $30.9 million and $34.3 million of cash and cash equivalents as of December 31, 2021 and December 31, 2020, respectively, and total debt obligations of approximately $77.8 million and $79.6 million as of December 31, 2021 and December 31, 2020, respectively.

•
On January 18, 2022, the Company announced it had received 510(k) clearance from the U.S. Food and Drug Administration (“FDA”) to market the Venus BlissMAX device in the United States.

Management Commentary:
 
“Fourth quarter revenue results reflect robust global demand from customers and strong execution of our focused commercial strategy,” said Domenic Serafino, Chief Executive Officer of Venus Concept. “We delivered Q4 total revenue growth of 26% year-over-year driven primarily by strong adoption of Venus Bliss and a record quarter for system adoption in our hair restoration franchise which combined to drive a 32% increase year-over-year in total systems and subscription revenue. Q4 revenue increased 42% year-over-year in the U.S. and 14% year-over-year in international markets. Sales to international customers increased 39% on a quarter-over-quarter basis, despite continued global supply disruptions related to COVID-19 which resulted in a backlog for customer purchase orders received of approximately $1.0 million, nearly all of which was fulfilled in the first quarter.”
 
Mr. Serafino continued: “Our confidence in the long-term outlook for Venus Concept remains high. Our 2022 revenue guidance calls for growth of 20% to 23% year-over-year and we expect to drive continued improvements in our operating leverage, with the goal of generating positive cash flow in the fourth quarter of 2022. Our 2022 growth expectations reflect continued strong system adoption and utilization in our body and hair restoration franchises, specifically, our highly differentiated and recently FDA 510(k) cleared Venus BlissMAX and our ARTAS iX Robotic Hair Restoration systems. We are also very excited about the prospects for our non-surgical robotic technology platform, Aime, which we believe has the potential to disrupt the skin tightening and directional lifting market, beginning later this year.  We are targeting an FDA 510(k) submission for a general indication for tissue excision and skin resurfacing by March 31, 2022 and look forward to a limited release of Aime in the fourth quarter of 2022. Importantly, we started enrollment in an IDE clinical study evaluating the safety and efficacy of using Aime for the treatment of moderate to severe facial wrinkles. This study will support our FDA 510(k) submission for a specific clinical indication for treatment of wrinkles on the cheeks which will further expand our annual addressable market opportunity and enhance our long-term growth profile.”
 
Fourth Quarter and Fiscal Year 2021 Revenue by Region and by Product Type:
 
   
Three Months
Ended December 31,
    
Twelve Months
Ended December 31,
  
   
2021
    
2020
    
2021
    
2020
  
   
(dollars in thousands)
    
(dollars in thousands)
  
Revenues by region:
                        
United States
  
$
16,495
    
$
11,649
    
$
53,520
    
$
33,987
  
International
    
16,139
      
14,181
      
52,102
      
44,027
  
Total revenue
  
$
32,634
    
$
25,830
    
$
105,622
    
$
78,014
  

   
Three Months
Ended December 31,
    
Twelve Months
Ended December 31,
  
   
2021
    
2020
    
2021
    
2020
  
   
(dollars in thousands)
    
(dollars in thousands)
  
Revenues by product:
                        
Subscription—Systems
  
$
11,135
    
$
9,719
    
$
45,094
    
$
33,428
  
Products—Systems
    
16,580
      
11,199
      
43,106
      
28,957
  
Products—Other (1)
    
3,901
      
3,722
      
13,230
      
10,858
  
Services (2)
    
1,018
      
1,190
      
4,192
      
4,771
  
Total revenue
  
$
32,634
    
$
25,830
    
$
105,622
    
$
78,014
  

(1)
Products-Other include ARTAS procedure kits and other consumables.
(2)
Services include VeroGrafters technician services and extended warranty sales.

Fourth Quarter 2021 Financial Results:

   
Three Months Ended December 31,
        
   
2021
    
2020
    
Change
  
(in thousands, except percentages)
   $
    
% of Total
     $
   
% of Total
     $
    

%
  
Revenues:
                                          
Subscription—Systems
  
$
11,135
      
34.1
    
$
9,719
      
37.6
    
$
1,416
      
14.6
  
Products—Systems
    
16,580
      
50.8
      
11,199
      
43.4
      
5,381
      
48.0
  
Products—Other
    
3,901
       12.0      
3,722
      
14.4
      
179
      
4.8
  
Services
    
1,018
      
3.1
      
1,190
      
4.6
      
(172
)
    
(14.5
)
Total
  
$
32,634
      
100.0
    
$
25,830
      
100.0
    
$
6,804
      
26.3
  

Total revenue for the fourth quarter of 2021 increased $6.8 million, or 26%, to $32.6 million, compared to the fourth quarter of 2020. The increase in total revenue, by region, was driven by a 42% increase year-over-year in United States revenue and a 14% year-over-year increase in international revenue. The increase in total revenue, by product category, was driven by a 48% increase in systems revenue, a 15% increase in lease revenue and a 5% increase in products revenue, offset partially by a 14% decrease in services revenue. The percentage of total systems revenue derived from our subscription model was approximately 40% this quarter, compared to approximately 46% for the fourth quarter of 2020.
 
Gross profit for the fourth quarter of 2021 increased $6.1 million, or 37%, to $22.8 million compared to the fourth quarter of 2020. Gross margin was 70.0%, compared to 64.7% of revenue for the fourth quarter of 2020. The increase in gross margin was primarily driven by higher sales of Venus consumables and improved revenue mix of system sales sold under our subscription program, primarily tracing to Venus Bliss.
 
Operating expenses for the fourth quarter of 2021 were $26.9 million, compared to $26.9 million for the fourth quarter of 2020. The change in total operating expenses was driven by an increase of $3.3 million, or 45%, in sales and marketing expenses and an increase of $0.5 million, or 32%, in R&D expenses, partially offset by a decrease of $3.9 million, or 22%, in general and administrative expenses.
 
Operating loss for the fourth quarter of 2021 decreased $6.1 million, or 60%, year-over-year to $4.1 million.
 
Net loss attributable to stockholders for the fourth quarter of 2021 decreased $10.4 million, or 70% year-over-year, to $4.3 million, or $0.08 per share. Adjusted EBITDA loss for the fourth quarter of 2021 increased $0.2 million, or 9% year-over-year, to $2.5 million.
 
Fiscal Year 2021 Financial Results:
 
   
Twelve Months Ended December 31,
        
   
2021
    
2020
    
Change
  
(in thousands, except percentages)
   $
    
% of Total
     $
    
% of Total
     $
    

%
  
Revenues:
                                          
Subscription—Systems
  
$
45,094
      
42.7
    
$
33,428
      
42.8
    
$
11,666
      
34.9
  
Products—Systems
    
43,106
      
40.8
      
28,957
      
37.1
      
14,149
      
48.9
  
Products—Other
    
13,230
      
12.5
      
10,858
      
13.9
      
2,372
      
21.8
  
Services
    
4,192
      
4.0
      
4,771
      
6.2
      
(579
)
    
(12.1
)
Total
  
$
105,622
      
100.0
    
$
78,014
      
100.0
    
$
27,608
      
35.4
  

Total revenue for the twelve months ended December 31, 2021 increased $27.6 million, or 35%, to $105.6 million. The increase in total revenue, by region, was driven by a 57% increase in United States revenue and a 18% increase in international revenue. The increase in total revenue was driven by a 49% increase in systems revenue, a 35% increase in lease revenue and a 22% increase in products revenue, offset partially by a 12% decrease in services revenue. The percentage of total systems revenue derived from our subscription model was approximately 51%, compared to approximately 54% for the twelve months ended December 31, 2020.
 
Net loss attributable to stockholders for the twelve months ended December 31, 2021 decreased $62.3 million, or 73%, to $23.0 million, or $0.42 per share. Adjusted EBITDA loss for the twelve months ended December 31, 2021 decreased $9.5 million, or 47%, to $10.6 million.
 
Fiscal Year 2022 Revenue Guidance:
 
The Company expects total revenue for the twelve months ending December 31, 2022 in the range of $126 million to $130 million, representing an increase of approximately 20% to 23%, year-over-year, compared to total revenue of $105.6 million for the twelve months ended December 31, 2021.

Conference Call Details:
 
Management will host a conference call at 8:00 a.m. Eastern Time on March 28, 2022 to discuss the results of the quarter and fiscal year with a question and answer session. Those who would like to participate may dial 877-407-2991 (201-389-0925 for international callers) and provide access code 13726732. A live webcast of the call will also be provided on the investor relations section of the Company's website at ir.venusconcept.com.

For those unable to participate, a replay of the call will be available for two weeks at 877-407-2991 (201-389-0925 for international callers); access code 13726732. The webcast will be archived at ir.venusconcept.com.

About Venus Concept
 
Venus Concept is an innovative global medical aesthetic technology leader with a broad product portfolio of minimally invasive and non-invasive medical aesthetic and hair restoration technologies and reach in over 60 countries and 18 direct markets. Venus Concept focuses its product sales strategy on a subscription-based business model in North America and in its well-established direct global markets. Venus Concept’s product portfolio consists of aesthetic device platforms, including Venus Versa, Venus Legacy, Venus Velocity, Venus Fiore, Venus Viva, Venus Glow, Venus Bliss, Venus BlissMAX, Venus Epileve and Venus Viva MD. Venus Concept’s hair restoration systems include NeoGraft®, an automated hair restoration system that facilitates the harvesting of follicles during a FUE process and the ARTAS® and ARTAS iX® Robotic Hair Restoration systems, which harvest follicular units directly from the scalp and create recipient implant sites using proprietary algorithms. Venus Concept has been backed by leading healthcare industry growth equity investors including EW Healthcare Partners (formerly Essex Woodlands), HealthQuest Capital, Longitude Capital Management, Aperture Venture Partners and Masters Special Situations.
 
Cautionary Statement Regarding Forward-Looking Statements
 
This communication contains contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein that are not of historical facts may be deemed to be forward-looking statements. In some cases, you can identify these statements by words such as such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements include, but are not limited to, statements about our financial performance; the growth in demand for our systems and other products; and general economic conditions, including the global economic impact of COVID-19, and involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. These forward-looking statements are based on current expectations, estimates, forecasts, and projections about our business and the industry in which the Company operates and management's beliefs and assumptions and are not guarantees of future performance or developments and involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. As a result, any or all of our forward-looking statements in this communication may turn out to be inaccurate. Factors that could materially affect our business operations and financial performance and condition include, but are not limited to, those risks and uncertainties described under Part II Item 1A—“Risk Factors” in our Quarterly Reports on Form 10-Q and Part I Item 1A—“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. You are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. The forward-looking statements are based on information available to us as of the date of this communication. Unless required by law, the Company does not intend to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise.
 
Investor Relations Contact:
 
Westwicke Partners on behalf of Venus Concept:
Mike Piccinino, CFA
VenusConceptIR@westwicke.com
 
Venus Concept Inc.
Consolidated Balance Sheets
(In thousands of U.S. dollars, except share and per share data)

   
December 31, 2021
    
December 31, 2020
  
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
30,876
    
$
34,297
  
Restricted cash
    
-
      
83
  
Accounts receivable, net of allowance of $11,997 and $18,490 as of December 31, 2021, and December 31, 2020
    
46,918
      
52,764
  
Inventories
    
20,543
      
17,759
  
Prepaid expenses
    
2,737
      
2,240
  
Advances to suppliers
    
2,162
      
2,587
  
Other current assets
    
3,758
      
5,674
  
Total current assets
    
106,994
      
115,404
  
LONG-TERM ASSETS:
                
Long-term receivables
    
27,710
      
21,148
  
Deferred tax assets
    
284
      
884
  
Severance pay funds
    
817
      
685
  
Property and equipment, net
    
2,669
      
3,539
  
Intangible assets
    
15,393
      
18,865
  
Total long-term assets
    
46,873
      
45,121
  
TOTAL ASSETS
  
$
153,867
    
$
160,525
  
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
CURRENT LIABILITIES:
                
Trade payables
  
$
4,913
    
$
6,322
  
Accrued expenses and other current liabilities
    
19,512
      
20,253
  
Taxes payable
    
294
      
1,132
  
Unearned interest income
    
2,678
      
1,950
  
Warranty accrual
    
1,245
      
1,106
  
Deferred revenues
    
2030
      
1,752
  
Current portion of government assistance loans
    
543
      
—
  
Total current liabilities
    
31,215
      
32,515
  
LONG-TERM LIABILITIES:
                
Long-term debt
    
77,325
      
75,491
  
Government assistance loans
    
-
      
4,110
  
Taxes payable
     563      
478
  
Accrued severance pay
    
911
      
755
  
Deferred tax liabilities
    
46
      
811
  
Unearned interest income
    
1,355
      
1,778
  
Warranty accrual
    
508
      
533
  
Other long-term liabilities
    
348
      
293
  
Total long-term liabilities
    
81,056
      
84,249
  
TOTAL LIABILITIES
    
112,271
      
116,764
  
Commitments and Contingencies
                
STOCKHOLDERS’ EQUITY:
                
Common Stock, $0.0001 par value: 300,000,000 shares authorized as of December 31, 2021 and 2020; 63,982,580 and 53,551,126 issued and outstanding as of December 31, 2021 and 2020, respectively
    
27
      
26
  
Additional paid-in capital
    
221,321
      
201,598
  
Accumulated deficit
    
(180,405
)
    
(157,392
)
TOTAL STOCKHOLDERS’ EQUITY
    
40,943
      
44,232
  
Non-controlling interests
    
653
      
(471
)
     
41,596
      
43,761
  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
  
$
153,867
    
$
160,525
  

Venus Concept Inc.
Consolidated Statements of Operations
(In thousands of U.S. dollars, except per share data)

   
Three Months
Ended December 31,
    
Twelve Months
Ended December 31,
  
   
2021
    
2020
    
2021
    
2020
  
   
(unaudited)
    
(unaudited)
              
Revenue
                        
Leases
  
$
11,136
    
$
9,719
    
$
45,094
    
$
33,428
  
Products and services
    
21,498
      
16,111
      
60,528
      
44,586
  
     
32,634
      
25,830
      
105,622
      
78,014
  
Cost of goods sold
                                
Leases
    
3,015
      
2,603
      
10,459
      
7,899
  
Products and services
    
6,782
      
6,516
      
21,069
      
18,724
  
     
9,797
      
9,119
      
31,528
      
26,623
  
Gross profit
    
22,837
      
16,711
      
74,094
      
51,391
  
Operating expenses:
                                
Selling and marketing
    
10,695
      
7,390
      
37,438
      
26,203
  
General and administrative
    
13,957
      
17,825
      
45,940
      
57,882
  
Research and development
    
2,253
      
1,711
      
8,258
      
7,754
  
Goodwill impairment
    
—
      
—
      
—
      
27,450
  
Gain on forgiveness of government assistance loans
    
—
      
—
      
(2,775
)
    
—
  
Total operating expenses
    
26,905
      
26,926
      
88,861
      
119,289
  
Loss from operations
    
(4,068
)
    
(10,215
)
    
(14,767
)
    
(67,898
)
Other expenses:
                                
Foreign exchange loss (gain)
    
70
      
(4,277
)
    
2,559
      
(68
)
Finance expenses
    
909
      
1,821
      
4,955
      
8,343
  
Loss on debt extinguishment
    
—
      
2,938
      
—
      
2,938
  
Loss on disposal of subsidiaries
    
379
      
2,141
      
567
      
2,526
  
Loss before income taxes
    
(5,426
)
    
(12,838
)
    
(22,848
)
    
(81,637
)
Income tax (benefit) expense
    
(1,316
)
    
2,191

   
(707
)
    
1,181
  
Net loss
    
(4,110
)
    
(15,029
)
    
(22,141
)
    
(82,818
)
Deemed dividend
    
—
      
—
      
—
      
3,564
  
Loss attributable to stockholders of the Company
    
(4,333
)
    
(14,685
)
    
(23,013
)
    
(85,270
)
Income (loss) attributable to non-controlling interest
    
223
      
(344
)
    
872
      
(1,112
)
                                 
Net loss per share:
                                
Basic
  
$
(0.08
)
  
$
(0.34
)
  
$
(0.42
)
  
$
(2.33
)
Diluted
  
$
(0.08
)
  
$
(0.34
)
  
$
(0.42
)
  
$
(2.33
)
Weighted-average number of shares used in per share calculation:
                                
Basic
    
55,867
      
42,802
      
54,466
      
36,626
  
Diluted
    
55,867
      
42,802
      
54,466
      
36,626
  

Use of Non-GAAP Financial Measures
 
Adjusted EBITDA is a non-GAAP measure defined as net income (loss) before foreign exchange loss (gain), financial expenses, income tax expense (benefit), depreciation and amortization, stock-based compensation and non-recurring items for a given period. Adjusted EBITDA is not a measure of our financial performance under U.S. GAAP and should not be considered an alternative to net income or any other performance measures derived in accordance with U.S. GAAP. Accordingly, you should consider Adjusted EBITDA along with other financial performance measures, including net income, and our financial results presented in accordance with U.S. GAAP. Other companies, including companies in our industry, may calculate Adjusted EBITDA differently or not at all, which reduces its usefulness as a comparative measure. We understand that although Adjusted EBITDA is frequently used by securities analysts, lenders and others in their evaluation of companies, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are: Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements.

We believe that Adjusted EBITDA is a useful measure for analyzing the performance of our core business because it facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by changes in foreign exchange rates that impact financial assets and liabilities denominated in currencies other than the U.S. dollar, tax positions (such as the impact on periods or companies of changes in effective tax rates), the age and book depreciation of fixed assets (affecting relative depreciation expense), amortization of intangible assets, stock-based compensation expense (because it is a non-cash expense) and non-recurring items as explained below.

The following reconciliation of net loss to Adjusted EBITDA for the periods presented:

Venus Concept Inc.
Reconciliation of Net loss to Non-GAAP Adjusted EBITDA

   
Three Months
Ended December 31,
    
Twelve Months
Ended December 31,
  
   
2021
    
2020
    
2021
    
2020
  
Reconciliation of net loss to Adjusted EBITDA
  
(in thousands)
    
(in thousands)
  
Net loss
  
$
(4,110
)
  
$
(15,029
)
  
$
(22,141
)
  
$
(82,818
)
Foreign exchange loss (gain)
    
70
      
(4,277
)
    
2,559
      
(68
)
Finance expense
    
909
      
1,821
      
4,955
      
8,343
  
Loss on debt extinguishment
    
—
      
2,938
      
—
      
2,938
  
Loss on disposal of subsidiaries
    
379
      
2,141
      
567
      
2,526
  
Income tax (benefit)/expense
    
(1,316
)
    
2,191
      
(707
)
    
1,181
  
Depreciation and amortization
    
1,099
      
1,109
      
4,854
      
4,804
  
Stock-based compensation expense
    
466
      
535
      
2,068
      
2,138
  
Goodwill impairment charge
    
—
      
—
      
—
      
27,450
  
Gain on forgiveness of government assistance loans
    
—
      
—
      
(2,775
)
    
—
  
COVID-19 related bad debts
    
—
      
5,430
      
—
      
11,088
  
Other adjustments (1)
    
—
      
845
      
—
      
2,280
  
Adjusted EBITDA
  
$
(2,503
)
  
$
(2,296
)
  
$
(10,620
)
  
$
(20,138
)

  (1)
For the three and twelve months ended December 31, 2020, the other adjustments are represented by severance and retention payments ($0.5 million and $1.9 million, respectively) and litigation settlement expenses ($0.3 million).


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Document and Entity Information
Mar. 28, 2022
Cover [Abstract]  
Document Type 8-K
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Document Period End Date Mar. 28, 2022
Entity Registrant Name VENUS CONCEPT INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38238
Entity Tax Identification Number 06-1681204
Entity Address, Address Line One 235 Yorkland Blvd
Entity Address, Address Line Two Suite 900
Entity Address, City or Town Toronto
Entity Address, State or Province ON
Entity Address, Postal Zip Code M2J 4Y8
City Area Code 877
Local Phone Number 848-8430
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Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001409269
Title of 12(b) Security Common Stock, $0.0001 par value per share
Trading Symbol VERO
Security Exchange Name NASDAQ
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