0001140361-24-016754.txt : 20240401 0001140361-24-016754.hdr.sgml : 20240401 20240401071027 ACCESSION NUMBER: 0001140361-24-016754 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240401 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240401 DATE AS OF CHANGE: 20240401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Venus Concept Inc. CENTRAL INDEX KEY: 0001409269 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] ORGANIZATION NAME: 08 Industrial Applications and Services 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: 24805516 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 ef20025372_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): April 1, 2024
 

 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 Capital 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 April 1, 2024, Venus Concept Inc. issued a press release relating to its financial results for the three and twelve months ended December 31, 2023. 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 April 1, 2024.
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: April 1, 2024
By:
 /s/ Domenic Della Penna
   
Domenic Della Penna
   
Chief Financial Officer


EX-99.1 2 ef20025372_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


 Venus Concept Announces Fourth Quarter and Fiscal Year 2023 Financial Results
 
TORONTO, April 1, 2024 (GLOBE 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, 2023.
 
Fourth Quarter and Fiscal Year 2023 Summary & Recent Progress:
 
•
Company continues to execute against Transformational Plan and achieved primary objective of reducing cash burn by over 50% vs. prior year
 
➢
Cash used in operations for fiscal year 2023 of $12.9 million, down 52% year-over-year, from $27.0 million in the prior year period
 
➢
Cash system revenue for fiscal year 2023 represented approximately 67% of total systems and subscriptions revenue, compared to 58% in the prior year period
•
Macroeconomic headwinds and accelerated restructuring in international markets resulted in softer-than-expected system sales; total revenue of $18.1 million, down $6.2 million, or 25%, year-over-year; up $0.5 million, or 3%, quarter-over-quarter
•
Operating expenses of $19.7 million, including approximately $0.3 million of costs related to restructuring activities, down $5.0 million, or 20%, year-over-year
•
GAAP net loss attributable to stockholders of $11.1 million, up $1.2 million, or 12% year-over-year
•
Adjusted EBITDA loss of $5.9 million, down $0.4 million, or 7% year-over-year
•
On October 5, 2023, the Company announced that it 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 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.
•
On January 24, 2024, the Company announced that its Board of Directors is evaluating potential strategic alternatives to maximize shareholder value. As part of the process, the Board is considering a full range of strategic alternatives, which may include one or more financings, mergers, reverse mergers, other business combinations, sales of assets, licensing or other transactions.
•
On March 25, 2024, announced that it received a decision from the Nasdaq Hearings Panel granting its request for continued listing on the Nasdaq Capital Market, subject to the Company demonstrating compliance with Nasdaq Listing Rule 5550(b) on or before May 28, 2024, and certain other conditions.

Management Commentary:
 
“Our fourth quarter revenue results reflect softer-than-expected system sales in the U.S. due to macroeconomic conditions and tighter credit markets, and by the impact of our accelerated restructuring activities in certain international markets,” said Rajiv De Silva, Chief Executive Officer of Venus Concept. “We have successfully executed our strategic turnaround plan, and our efforts to reposition and restructure the business resulted in a 20% reduction in operating expenses. Importantly, we delivered on our primary objective for 2023 to reduce cash burn by 50% or more year over year. We remain in active dialogue with our lenders and investors to find ways to best enable Venus Concept to achieve our strategic objectives and to accelerate the path to long-term, sustainable, profitability and growth. We also continue to explore strategic alternatives with various interested parties to maximize shareholder value.”
 
 
Fourth Quarter and Twelve Months of 2023 Revenue by Region and by Product Type:
 
 
Three Months Ended
December 31,
  
Twelve Months Ended
December 31,
  
 
2023
    
2022
  
2023
    
2022
  
 
(dollars in thousands)
  
(dollars in thousands)
  
Revenues by region:
                        
United States
  
$
11,789
    
$
13,782
    
$
43,454
    
$
52,101
  
International
    
6,343
      
10,504
      
32,900
      
47,396
  
Total revenue
  
$
18,132
    
$
24,286
    
$
76,354
    
$
99,497
  

   
Three Months Ended
December 31,
    
Twelve Months Ended
December 31,
  
   
2023
    
2022
    
2023
    
2022
  
   
(dollars in thousands)
    
(dollars in thousands)
  
Revenues by product:
                        
Subscription—Systems
  
$
6,064
    
$
5,777
    
$
20,504
    
$
35,267
  
Products—Systems
    
8,662
      
14,068
      
41,874
      
47,906
  
Products—Other (1)
    
2,544
      
3,614
      
10,563
      
13,316
  
Services
    
862
      
827
      
3,413
      
3,008
  
Total revenue
  
$
18,132
    
$
24,286
    
$
76,354
    
$
99,497
  
(1) Products-Other include ARTAS procedure kits, Viva tips, Glide and other consumables.

Fourth Quarter 2023 Financial Results:

   
Three Months Ended December 31,
              
   
2023
    
2022
    
Change
  
(in thousands, except percentages)
  

$
   
% of Total
    

 $    
% of Total
      $    

%
  
Revenues:
                                          
Subscription—Systems
  
$
6,064
      
33.4
    
$
5,777
      
23.8
    
$
287
      
5.0
  
Products—Systems
    
8,662
      
47.8
      
14,068
      
57.9
      
(5,406
)
    
(38.4
)
Products—Other
    
2,544
      
14.0
      
3,614
      
14.9
      
(1,070
)
    
(29.6
)
Services
    
862
      
4.8
      
827
      
3.4
      
35
      
4.2
  
Total
  
$
18,132
      
100.0
    
$
24,286
      
100.0
    
$
(6,154
)
    
(25.3
)

Total revenue for the fourth quarter of 2023 decreased $6.1 million, or 25%, to $18.1 million, compared to the fourth quarter of 2022. The decrease in total revenue, by region, was driven by a 40% decrease year-over-year in international revenue and a 14% decrease year-over-year in United States revenue. Our international business was impacted by the Company's decision to exit three unprofitable direct markets in the past year, as well as general macroeconomic headwinds that impacted customer access to capital. The decrease in total revenue, by product category, was driven by a 38% decrease in products – systems revenue and a 30% decrease in products - other revenue, partially offset by a 5% increase in lease revenue and a 4% increase in services revenue. The percentage of total systems revenue derived from the Company’s subscription model was approximately 41% in the fourth quarter of 2023, compared to 29% in the prior year period and 31% in the third quarter of 2023.
 
Gross profit for the fourth quarter of 2023 decreased $3.7 million, or 24%, to $12.1 million compared to the fourth quarter of 2022. The change in gross profit was primarily due to a decrease in revenue in our international markets driven by the accelerated exit from unprofitable direct markets. Gross margin was 66.5% of revenue, compared to 65.0% of revenue for the fourth quarter of 2022. The change in gross margin was primarily due to improved margin management, and reduced inventory write-offs when compared to the previous period.
 
Operating expenses for the fourth quarter of 2023 decreased $5.0 million, or 20%, to $19.7 million, compared to the fourth quarter of 2022. The change in total operating expenses was driven by a decrease of $2.7 million, or 21%, in general and administrative expenses, a decrease of $1.4 million, or 15%, in selling and marketing expenses and a decrease of $0.9 million, or 35%, in research and development expenses. Fourth quarter of 2023 general and administrative expenses included approximately $0.3 million of costs related to restructuring activities designed to improve the Company's operations and cost structure.
 
Operating loss for the fourth quarter of 2023 was $7.6 million, compared to operating loss of $8.9 million for the fourth quarter of 2022.
 
Net loss attributable to stockholders for the fourth quarter of 2023 was $11.1 million, or $2.01 per share, compared to net loss of $9.9 million, or $2.11 per share for the fourth quarter of 2022. Adjusted EBITDA loss for the fourth quarter of 2023 was $5.9 million, compared to adjusted EBITDA loss of $6.3 million for the fourth quarter of 2022.
 
As of December 31, 2023, the Company had cash and cash equivalents of $5.4 million and total debt obligations of approximately $74.9 million, compared to $11.6 million and $77.7 million, respectively, as of December 31, 2022.
 
Fiscal Year 2023 Financial Results:
 
   
Twelve Months Ended December 31,
              
   
2023
    
2022
    
Change
  
(in thousands, except percentages)
  

$
   
% of Total
    
$
   
% of Total
      $    

%
  
Revenues:
                                          
Subscription—Systems
  
$
20,504
      
26.9
    
$
35,267
      
35.5
    
$
(14,763
)
    
(41.9
)
Products—Systems
    
41,874
      
54.8
      
47,906
      
48.1
      
(6,032
)
    
(12.6
)
Products—Other
    
10,563
      
13.8
      
13,316
      
13.4
      
(2,753
)
    
(20.7
)
Services
    
3,413
      
4.5
      
3,008
      
3.0
      
405
      
13.5
  
Total
  
$
76,354
      
100.0
    
$
99,497
      
100.0
    
$
(23,143
)
    
(23.3
)

Total revenue decreased by $23.1 million, or 23.3%, to $76.4 million for the year ended December 31, 2023 from $99.5 million for the year ended December 31, 2022. The decrease in total revenue, by region, was driven by an 31% decrease in international revenue and a 17% decrease in United States revenue. The decrease in total revenue, by product category, was driven by a 42% decrease in lease revenue, a 13% decrease in systems revenue and a 21% decrease in products revenue, offset partially by a 14% increase in services revenue. The percentage of total systems revenue derived from our subscription model was approximately 29%, compared to approximately 42% for the twelve months ended December 31, 2022.
 
Net loss attributable to stockholders for the twelve months ended December 31, 2023 decreased $6.5 million, or 15%, to $37.3 million, or $6.84 per share. Adjusted EBITDA loss for the twelve months ended December 31, 2023 decreased $5.1 million, or 20%, to $20.3 million.
 
Fiscal Year 2024 Financial Outlook:
 
Given the Company’s active dialogue with existing lenders and investors and the ongoing evaluation of strategic alternatives with various interested parties to maximize shareholder value, the Company is not providing full year 2024 financial guidance at this time. The Company expects total revenue for the three months ending March 31, 2024 of at least $16.5 million.
 
Conference Call Details:
 
Management will host a conference call at 8:00 a.m. Eastern Time on April 1, 2024 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 13744647. 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: 877-660-6853 (201-612-7415 for international callers); access code 13744647.
 
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 reaches over 60 countries and 12 direct markets. Venus Concept’s product portfolio consists of aesthetic device platforms, including Venus Versa, Venus Versa Pro, Venus Legacy, Venus Velocity, Venus Viva, Venus Glow, Venus Bliss, Venus BlissMAX, Venus Epileve, Venus Viva MD and AI.ME. Venus Concept’s hair restoration systems include NeoGraft® and the ARTAS iX® Robotic Hair Restoration system. 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 “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, but are not limited to, statements about our financial performance and metrics; the growth in demand for our systems and other products; the efficacy of the Venus Versa Pro; the contribution of the Venus Versa Pro to our revenue; the efficacy of the restructuring plan; the identification and efficacy of strategic alternatives to maximize shareholder value; the reduction in our cash burn; and our ability to regain compliance with the continued listing rules of the Nasdaq Capital Market.  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, 2023. 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:
 
ICR Westwicke on behalf of Venus Concept:
Mike Piccinino, CFA
VenusConceptIR@westwicke.com
 
Venus Concept Inc.
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars, except share and per share data)

 
  
Year Ended, December 31,
  
 
  
2023
    
2022
  
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
5,396
    
$
11,569
  
Accounts receivable, net of allowance of $7,415 and $13,619 as of December 31, 2023, and 2022
    
29,151
      
37,262
  
Inventories
    
23,072
      
23,906
  
Prepaid expenses
    
1,298
      
1,688
  
Advances to suppliers
    
5,604
      
5,881
  
Other current assets
    
1,925
      
3,702
  
Total current assets
    
66,446
      
84,008
  
LONG-TERM ASSETS:
                
Long-term receivables, net
    
11,318
      
20,044
  
Deferred tax assets
    
1,032
      
947
  
Severance pay funds
    
573
      
741
  
Property and equipment, net
    
1,322
      
1,857
  
Operating right-of-use assets, net
    
4,517
      
5,862
  
Intangible assets
    
8,446
      
11,919
  
Total long-term assets
    
27,208
      
41,370
  
TOTAL ASSETS
  
$
93,654
    
$
125,378
  
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
                
CURRENT LIABILITIES:
                
Trade payables
  
$
9,038
    
$
8,033
  
Accrued expenses and other current liabilities
    
12,437
      
16,667
  
Current portion of long-term debt
    
4,155
      
7,735
  
Income taxes payable
    
366
      
117
  
Unearned interest income
    
1,468
      
2,397
  
Warranty accrual
    
1,029
      
1,074
  
Deferred revenues
    
1,076
      
1,765
  
Operating lease liabilities
    
1,590
      
1,807
  
Total current liabilities
    
31,159
      
39,595
  
LONG-TERM LIABILITIES:
                
Long-term debt
    
70,790
      
70,003
  
Income tax payable
    
—
      
374
  
Accrued severance pay
    
634
      
867
  
Deferred tax liabilities
    
15
      
—
  
Unearned interest revenue
    
671
      
957
  
Warranty accrual
    
334
      
408
  
Operating lease liabilities
    
3,162
      
4,221
  
Other long-term liabilities
    
338
      
215
  
Total long-term liabilities
    
75,944
      
77,045
  
TOTAL LIABILITIES
    
107,103
      
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 December 31, 2023 and 2022; 5,529,149 and 5,161,374 issued and outstanding as of December 31, 2023 and 2022, respectively
    
30
      
29
  
Additional paid-in capital
    
247,854
      
232,169
  
Accumulated deficit
    
(261,903
)
    
(224,105
)
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)
    
(14,019
)
    
8,093
  
Non-controlling interests
    
570
      
645
  
 
    
(13,449
)
    
8,738
  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
  
$
93,654
    
$
125,378
  

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

 
  
Three Months Ended
December 31,
    
Twelve Months Ended
December 31,
  
 
  
2023
    
2022
    
2023
    
2022
  
Revenue
                        
Leases
  
$
6,064
    
$
5,777
    
$
20,504
    
$
35,267
  
Products and services
    
12,068
      
18,509
      
55,850
      
64,230
  
 
    
18,132
      
24,286
      
76,354
      
99,497
  
Cost of goods sold:
                                
Leases
    
679
      
1,366
      
4,312
      
9,435
  
Products and services
    
5,390
      
7,131
      
19,875
      
24,091
  
 
    
6,069
      
8,497
      
24,187
      
33,526
  
Gross profit
    
12,063
      
15,879
      
52,167
      
65,971
  
Operating expenses:
                                
Selling and marketing
    
7,912
      
9,300
      
31,213
      
40,276
  
General and administrative
    
10,115
      
12,804
      
41,048
      
49,618
  
Research and development
    
1,670
      
2,573
      
8,197
      
10,953
  
Total operating expenses
    
19,697
      
24,678
      
80,476
      
100,847
  
Loss from operations
    
(7,634
)
    
(8,889
)
    
(28,309
)
    
(34,876
)
Other expenses:
                                
Foreign exchange loss
    
(674
)
    
(1,002
)
    
(295
)
    
3,387
  
Finance expenses
    
2,227
      
1,385
      
6,893
      
4,561
  
Loss on disposal of subsidiaries
    
97
      
1,482
      
174
      
1,482
  
Loss on debt extinguishment
    
2,040
      
—
      
2,040
      
—
  
Loss before income taxes
    
(11,324
)
    
(10,754
)
    
(37,121
)
    
(44,306
)
Income tax (benefit) expense
    
(174
)
    
(814
)
    
(71
)
    
(722
)
Net loss
    
(11,150
)
    
(9,940
)
    
(37,050
)
    
(43,584
)
Net loss attributable to stockholders of the Company
    
(11,116
)
    
(9,917
)
    
(37,250
)
    
(43,700
)
Net income attributable to non-controlling interest
    
(34
)
    
(23
)
    
200
      
116
  
 
                                
Net loss per share:
                                
Basic
  
$
(2.01
)
  
$
(2.11
)
  
$
(6.84
)
  
$
(9.94
)
Diluted
  
$
(2.01
)
  
$
(2.11
)
  
$
(6.84
)
  
$
(9.94
)
Weighted-average number of shares used in per share calculation:
                                
Basic
    
5,529
      
4,694
      
5,442
      
4,398
  
Diluted
    
5,529
      
4,694
      
5,442
      
4,398
  

Venus Concept Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
 
 
  
Year Ended December 31,
  
 
  
2023
    
2022
  
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
            
Net loss
  
$
(37,050
)
  
$
(43,584
)
Adjustments to reconcile net loss to net cash used in operating activities:
                
Depreciation and amortization
    
4,115
      
4,463
  
Stock-based compensation
    
1,569
      
2,104
  
Provision for bad debt
    
1,350
      
7,337
  
Provision for inventory obsolescence
    
1,158
      
2,420
  
Finance expenses and accretion
    
2,206
      
414
  
Deferred tax recovery
    
(69
)
    
(709
)
Loss on sale of subsidiary
    
174
      
-
  
Loss on disposal of property and equipment
    
10
      
158
  
Loss on debt extinguishment
    
2,040
      
-
  
Changes in operating assets and liabilities:
                
Accounts receivable short- and long-term
    
14,891
      
9,855
  
Inventories
    
(324
)
    
(5,783
)
Prepaid expenses
    
390
      
1,049
  
Advances to suppliers
    
277
      
(214
)
Other current assets
    
1,603
      
56
  
Operating right-of-use assets, net
    
1,345
      
(5,862
)
Other long-term assets
    
47
      
200
  
Trade payables
    
1,005
      
(385
)
Accrued expenses and other current liabilities
    
(5,089
)
    
(3,647
)
Current operating lease liabilities
    
(217
)
    
1,807
  
Severance pay funds
    
168
      
76
  
Unearned interest income
    
(1,215
)
    
(679
)
Long-term operating lease liabilities
    
(1,059
)
    
4,221
  
Other long-term liabilities
    
(184
)
    
(277
)
Net cash used in operating activities
    
(12,859
)
    
(26,980
)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
                
Purchases of property and equipment
    
(116
)
    
(336
)
Net cash used in investing activities
    
(116
)
    
(336
)
CASH FLOWS FROM FINANCING ACTIVITIES:
                
2022 Private Placement, net of costs of $202
    
-
      
6,518
  
2023 Private Placement, net of costs of $739
    
6,261
      
-
  
Proceeds from issuance of common stock
    
816
      
2,135
  
Repayment of government assistance loans
    
-
      
(543
)
Dividends from subsidiaries paid to non-controlling interest
    
(275
)
    
(124
)
Proceeds from exercise of options
    
-
      
23
  
Net cash provided by financing activities
    
6,802
      
8,009
  
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
    
(6,173
)
    
(19,307
)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year
    
11,569
      
30,876
  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — End of year
  
$
5,396
    
$
11,569
  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
                
Cash paid for income taxes
  
$
124
    
$
329
  
Cash paid for interest
  
$
4,473
    
$
4,147
  

Use of Non-GAAP Financial Measures
 
Adjusted EBITDA is a non-GAAP measure defined as net income (loss) before foreign exchange loss, 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) income 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,
  
   
2023
    
2022
    
2023
    
2022
  
Reconciliation of net loss to adjusted EBITDA
  
(in thousands)
    
(in thousands)
  
Net loss
  
$
(11,150
)
  
$
(9,937
)
  
$
(37,050
)
  
$
(43,584
)
Foreign exchange loss
    
(674
)
    
(1,002
)
    
(295
)
    
3,387
  
Loss on disposal of subsidiaries
    
97
      
1,482
      
174
      
1,482
  
Loss on debt extinguishment
    
2,040
      
—
      
2,040
      
—
  
Finance expenses
    
2,227
      
1,385
      
6,893
      
4,561
  
Income tax (benefit) expense
    
(174
)
    
(814
)
    
(71
)
    
(722
)
Depreciation and amortization
    
1,073
      
1,070
      
4,115
      
4,463
  
Stock-based compensation expense
    
355
      
552
      
1,569
      
2,104
  
Inventory Provision (1)
    
—
      
—
      
—
      
1,388
  
Other adjustments (2)
    
280
      
818
      
2,362
      
1,544
  
Adjusted EBITDA
  
$
(5,926
)
  
$
(6,347
)
  
$
(20,263
)
  
$
(25,377
)

(1) For the year ended December 31, 2022, the inventory provision represents a strategic review of our product offerings which culminated in a decision to discontinue production and sale of certain models and component parts, resulting in an inventory adjustment of $1.4 million.
 
(2) For the year ended December 31, 2023, the other adjustments of $2.4 million primarily represent restructuring activities designed to improve the Company's operations and cost structure. For the year ended December 31, 2022, the other adjustments are represented by severance payments associated with a workforce reduction in Venus Spain and Venus Canada of $0.8 million and restructuring plan payments of $0.7 million.
 

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Document and Entity Information
Apr. 01, 2024
Cover [Abstract]  
Document Type 8-K
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Document Period End Date Apr. 01, 2024
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
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