|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification Number)
|
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))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
|
|
|
Item 2.02. |
Results of Operations and Financial Condition.
|
Item 9.01. |
Financial Statements and Exhibits.
|
Exhibit
No.
|
Description
|
|
Press release dated November 14, 2023.
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
VENUS CONCEPT INC.
|
||
Date: November 14, 2023
|
By:
|
/s/ Domenic Della Penna |
Domenic Della Penna
|
||
Chief Financial Officer
|
• |
Company continues to execute against Transformational Plan
|
➢ |
Total revenue of $17.6 million, down $3.9 million, or 18%, year-over-year
|
➢ |
Cash system revenue represented approximately 69% of total systems and subscriptions revenue, compared to 59% in the prior year period
|
➢ |
Operating expenses of $18.9 million, including approximately $0.8 million of costs related to restructuring activities, down $5.9 million, or 24%, year-over-year
|
➢ |
GAAP net loss attributable to stockholders of $9.1 million, down $5.5 million, or 38% year-over-year
|
➢ |
Adjusted EBITDA loss of $4.6 million, down $3.0 million, or 40% year-over-year
|
➢ |
Cash used in operations during the first nine-months of 2023 of $12.1 million, down 49% year-over-year
|
• |
On July 13, 2023, the Company announced the establishment of a medical advisory board for AI.ME
|
• |
On September 14, 2023, the Company announced a 510(k) clearance from the U.S. Food and Drug Administration (“FDA”) to market its Venus Versa Pro System, a new multi-application platform, for a
variety of aesthetic and cosmetic procedures.
|
• |
On October 5, 2023, the Company announced that it had finalized an agreement with its lenders to restructure its existing debt obligations, improving the Company's overall financial position by
deferring certain principal and interest payments under its senior debt and exchanging a portion of its convertible notes for preferred stock.
|
• |
On October 12, 2023, the Company announced the promotion of Dr. Hemanth Varghese to the newly created role of President and Chief Operating Officer (COO), reporting to Chief Executive Officer, Rajiv
De Silva, effective October 16, 2023. The Company also announced that Mr. Kirk Gunhus had joined the Company as Vice President & General Manager, International Sales and Marketing.
|
• |
On October 17, 2023, the Company announced a company-wide rebranding initiative, introducing Venus Aesthetic Intelligence (or "Venus AI") to reflect the new strategic vision for the Company and an
enhanced focus on emerging technologies in aesthetics.
|
• |
On November 1, 2023, the Company announced the commercial launch of its new multi-application platform Venus Versa Pro in the United States.
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
(dollars in thousands)
|
(dollars in thousands)
|
|||||||||||||||
Revenues by region:
|
||||||||||||||||
United States
|
$
|
11,167
|
$
|
11,774
|
$
|
31,665
|
$
|
38,319
|
||||||||
International
|
6,449
|
9,765
|
26,557
|
36,892
|
||||||||||||
Total revenue
|
$
|
17,616
|
$
|
21,539
|
$
|
58,222
|
$
|
75,211
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
(dollars in thousands)
|
(dollars in thousands)
|
|||||||||||||||
Revenues by product:
|
||||||||||||||||
Subscription—Systems
|
$
|
4,368
|
$
|
7,193
|
$
|
14,440
|
$
|
29,490
|
||||||||
Products—Systems
|
9,834
|
10,416
|
33,212
|
33,838
|
||||||||||||
Products—Other (1)
|
2,487
|
3,125
|
8,019
|
9,702
|
||||||||||||
Services
|
927
|
805
|
2,551
|
2,181
|
||||||||||||
Total revenue
|
$
|
17,616
|
$
|
21,539
|
$
|
58,222
|
$
|
75,211
|
Three Months Ended September 30,
|
||||||||||||||||||||||||
2023
|
2022
|
Change
|
||||||||||||||||||||||
(in thousands, except percentages)
|
|
$ |
% of Total
|
|
$ |
% of Total
|
$ |
|
%
|
|||||||||||||||
Revenues:
|
||||||||||||||||||||||||
Subscription—Systems
|
$
|
4,368
|
24.8
|
$
|
7,193
|
33.4
|
$
|
(2,825
|
)
|
(39.3
|
)
|
|||||||||||||
Products—Systems
|
9,834
|
55.8
|
10,416
|
48.4
|
(582
|
)
|
(5.6
|
)
|
||||||||||||||||
Products—Other
|
2,487
|
14.1
|
3,125
|
14.5
|
(638
|
)
|
(20.4
|
)
|
||||||||||||||||
Services
|
927
|
5.3
|
805
|
3.7
|
122
|
15.2
|
||||||||||||||||||
Total
|
$
|
17,616
|
100.0
|
$
|
21,539
|
100.0
|
$
|
(3,923
|
)
|
(18.2
|
)
|
September 30,
2023
|
December 31,
2022
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
4,926
|
$
|
11,569
|
||||
Accounts receivable, net of allowance of $12,811 and $13,619 as of September 30, 2023, and December 31, 2022,
respectively
|
34,178
|
37,262
|
||||||
Inventories
|
23,392
|
23,906
|
||||||
Prepaid expenses
|
1,161
|
1,688
|
||||||
Advances to suppliers
|
5,753
|
5,881
|
||||||
Other current assets
|
2,357
|
3,702
|
||||||
Total current assets
|
71,767
|
84,008
|
||||||
LONG-TERM ASSETS:
|
||||||||
Long-term receivables, net
|
10,136
|
20,044
|
||||||
Deferred tax assets
|
954
|
947
|
||||||
Severance pay funds
|
593
|
741
|
||||||
Property and equipment, net
|
1,503
|
1,857
|
||||||
Operating right-of-use assets, net
|
4,647
|
5,862
|
||||||
Intangible assets
|
9,321
|
11,919
|
||||||
Total long-term assets
|
27,154
|
41,370
|
||||||
TOTAL ASSETS
|
$
|
98,921
|
$
|
125,378
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
7,120
|
$
|
8,033
|
||||
Accrued expenses and other current liabilities
|
12,982
|
16,667
|
||||||
Current portion of long-term debt
|
—
|
7,735
|
||||||
Income taxes payable
|
488
|
117
|
||||||
Unearned interest income
|
1,854
|
2,397
|
||||||
Warranty accrual
|
909
|
1,074
|
||||||
Deferred revenues
|
1,133
|
1,765
|
||||||
Operating lease liabilities
|
1,515
|
1,807
|
||||||
Total current liabilities
|
26,001
|
39,595
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Long-term debt
|
79,049
|
70,003
|
||||||
Income tax payable
|
—
|
374
|
||||||
Deferred tax liabilities
|
20
|
—
|
||||||
Accrued severance pay
|
693
|
867
|
||||||
Unearned interest revenue
|
540
|
957
|
||||||
Warranty accrual
|
356
|
408
|
||||||
Operating lease liabilities
|
3,304
|
4,221
|
||||||
Other long-term liabilities
|
336
|
215
|
||||||
Total long-term liabilities
|
84,298
|
77,045
|
||||||
TOTAL LIABILITIES
|
110,299
|
116,640
|
||||||
Commitments and Contingencies (Note 9)
|
||||||||
STOCKHOLDERS’ EQUITY (DEFICIT) (Note 14):
|
||||||||
Common Stock, $0.0001 par value: 300,000,000 shares authorized as of September 30, 2023 and December 31, 2022;
5,529,149 and 5,161,374 issued and outstanding as of September 30, 2023, and December 31, 2022, respectively
|
30
|
29
|
||||||
Additional paid-in capital
|
238,587
|
232,169
|
||||||
Accumulated deficit
|
(250,787
|
)
|
(224,105
|
)
|
||||
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)
|
(12,170
|
)
|
8,093
|
|||||
Non-controlling interests
|
792
|
645
|
||||||
(11,378
|
)
|
8,738
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
|
$
|
98,921
|
$
|
125,378
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Revenue
|
||||||||||||||||
Leases
|
$
|
4,368
|
$
|
7,193
|
$
|
14,440
|
$
|
29,490
|
||||||||
Products and services
|
13,248
|
14,346
|
43,782
|
45,721
|
||||||||||||
17,616
|
21,539
|
58,222
|
75,211
|
|||||||||||||
Cost of goods sold:
|
||||||||||||||||
Leases
|
1,183
|
2,608
|
3,633
|
8,069
|
||||||||||||
Products and services
|
4,248
|
5,558
|
14,485
|
16,960
|
||||||||||||
5,431
|
8,166
|
18,118
|
25,029
|
|||||||||||||
Gross profit
|
12,185
|
13,373
|
40,104
|
50,182
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling and marketing
|
6,907
|
9,369
|
23,319
|
30,976
|
||||||||||||
General and administrative
|
10,115
|
12,405
|
30,933
|
36,814
|
||||||||||||
Research and development
|
1,925
|
3,024
|
6,527
|
8,379
|
||||||||||||
Total operating expenses
|
18,947
|
24,798
|
60,779
|
76,169
|
||||||||||||
Loss from operations
|
(6,762
|
)
|
(11,425
|
)
|
(20,675
|
)
|
(25,987
|
)
|
||||||||
Other expenses:
|
||||||||||||||||
Foreign exchange loss
|
909
|
2,014
|
379
|
4,389
|
||||||||||||
Finance expenses
|
1,605
|
1,219
|
4,666
|
3,176
|
||||||||||||
Loss on disposal of subsidiaries
|
1
|
—
|
77
|
—
|
||||||||||||
Loss before income taxes
|
(9,277
|
)
|
(14,658
|
)
|
(25,797
|
)
|
(33,552
|
)
|
||||||||
Income tax (benefit) expense
|
(321
|
)
|
(162
|
)
|
103
|
92
|
||||||||||
Net loss
|
(8,956
|
)
|
(14,496
|
)
|
(25,900
|
)
|
(33,644
|
)
|
||||||||
Net loss attributable to stockholders of the Company
|
(9,068
|
)
|
(14,605
|
)
|
(26,134
|
)
|
(33,783
|
)
|
||||||||
Net income attributable to non-controlling interest
|
112
|
109
|
234
|
139
|
||||||||||||
Net loss per share:
|
||||||||||||||||
Basic
|
$
|
(1.64
|
)
|
$
|
(3.36
|
)
|
$
|
(4.83
|
)
|
$
|
(7.86
|
)
|
||||
Diluted
|
$
|
(1.64
|
)
|
$
|
(3.36
|
)
|
$
|
(4.83
|
)
|
$
|
(7.86
|
)
|
||||
Weighted-average number of shares used in per share calculation:
|
||||||||||||||||
Basic
|
5,527
|
4,351
|
5,413
|
4,298
|
||||||||||||
Diluted
|
5,527
|
4,351
|
5,413
|
4,298
|
Nine Months Ended September 30,
|
||||||||
2023
|
2022
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(25,900
|
)
|
$
|
(33,644
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
3,042
|
3,293
|
||||||
Stock-based compensation
|
1,214
|
1,552
|
||||||
Provision for expected credit losses
|
1,263
|
5,912
|
||||||
Provision for inventory obsolescence
|
760
|
1,753
|
||||||
Finance expenses and accretion
|
1,310
|
291
|
||||||
Deferred tax expense (recovery)
|
14
|
(620
|
)
|
|||||
Loss on disposal of subsidiary
|
77
|
-
|
||||||
Loss (gain) on disposal of property and equipment
|
(1
|
)
|
82
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable short-term and long-term
|
11,146
|
4,493
|
||||||
Inventories
|
(246
|
)
|
(5,451
|
)
|
||||
Prepaid expenses
|
527
|
825
|
||||||
Advances to suppliers
|
128
|
(124
|
)
|
|||||
Other current assets
|
1,268
|
407
|
||||||
Operating right-of-use assets, net
|
1,215
|
5,714
|
||||||
Other long-term assets
|
(380
|
)
|
327
|
|||||
Trade payables
|
(913
|
)
|
(139
|
)
|
||||
Accrued expenses and other current liabilities
|
(4,483
|
)
|
(2,237
|
)
|
||||
Current operating lease liabilities
|
(292
|
)
|
(1,743
|
)
|
||||
Severance pay funds
|
148
|
93
|
||||||
Unearned interest income
|
(960
|
)
|
(103
|
)
|
||||
Long-term operating lease liabilities
|
(917
|
)
|
(3,971
|
)
|
||||
Other long-term liabilities
|
(105
|
)
|
(283
|
)
|
||||
Net cash used in operating activities
|
(12,085
|
)
|
(23,573
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property and equipment
|
(89
|
)
|
(297
|
)
|
||||
Net cash used in investing activities
|
(89
|
)
|
(297
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from issuance of common stock, net of costs
|
1,109
|
415
|
||||||
2023 Multi-Tranche Private Placement, net of costs of $491
|
4,509
|
—
|
||||||
Proceeds from exercise of options
|
—
|
23
|
||||||
Repayment of government assistance loans
|
—
|
(543
|
)
|
|||||
Dividends from subsidiaries paid to non-controlling interest
|
(87
|
)
|
(124
|
)
|
||||
Net cash (used in) provided by financing activities
|
5,531
|
(229
|
)
|
|||||
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
|
(6,643
|
)
|
(24,099
|
)
|
||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period
|
11,569
|
30,876
|
||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — End of period
|
$
|
4,926
|
$
|
6,777
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Cash paid for income taxes
|
$
|
90
|
$
|
152
|
||||
Cash paid for interest
|
$
|
3,356
|
$
|
2,885
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Reconciliation of net loss to adjusted EBITDA
|
(in thousands)
|
(in thousands)
|
||||||||||||||
Net loss
|
$
|
(8,956
|
)
|
$
|
(14,496
|
)
|
$
|
(25,900
|
)
|
$
|
(33,644
|
)
|
||||
Foreign exchange loss
|
909
|
2,014
|
379
|
4,389
|
||||||||||||
Loss on disposal of subsidiaries
|
1
|
—
|
77
|
—
|
||||||||||||
Finance expenses
|
1,605
|
1,219
|
4,666
|
3,176
|
||||||||||||
Income tax (benefit) expense
|
(321
|
)
|
(162
|
)
|
103
|
92
|
||||||||||
Depreciation and amortization
|
1,010
|
1,081
|
3,042
|
3,293
|
||||||||||||
Stock-based compensation expense
|
364
|
551
|
1,214
|
1,552
|
||||||||||||
Inventory Provision (1)
|
—
|
1,388
|
—
|
1,388
|
||||||||||||
Other adjustments (2)
|
752
|
726
|
2,082
|
726
|
||||||||||||
Adjusted EBITDA
|
$
|
(4,636
|
)
|
$
|
(7,679
|
)
|
$
|
(14,337
|
)
|
$
|
(19,028
|
)
|
Document and Entity Information |
Nov. 14, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 14, 2023 |
Entity File Number | 001-38238 |
Entity Registrant Name | VENUS CONCEPT INC. |
Entity Central Index Key | 0001409269 |
Entity Incorporation, State or Country Code | DE |
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 |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Trading Symbol | VERO |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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