Venus Concept Inc. (VERO): history, ownership, mission, how it works & makes money

A Brief History of Venus Concept Inc. (VERO)

Founding and Early Years

Venus Concept Inc. was established in 2008, focusing on developing and commercializing innovative aesthetic technology solutions. The company initially aimed to provide advanced medical devices for non-surgical aesthetic procedures.

Initial Public Offering (IPO)

On June 7, 2019, Venus Concept Inc. successfully completed its IPO, raising approximately $12 million. The company offered 1.5 million shares at a price of $8.00 per share.

Product Development and Innovations

Venus Concept's product line includes several FDA-cleared devices, such as:

• Venus Legacy
• Venus Velocity
• Venus Bliss
• Venus Gluteal

In 2021, the company reported revenues of $34.7 million, reflecting a growth of approximately 19% compared to 2020.

Market Expansion

Venus Concept expanded its operations internationally, with a presence in over 60 countries by 2022. The company targeted markets in North America, Europe, and Asia Pacific.

Financial Performance

For the fiscal year ending December 31, 2022, Venus Concept recorded total revenue of $41.2 million and a net loss of $10.5 million, with an EBITDA loss of $8.1 million.

Strategic Partnerships

In 2021, Venus Concept announced a strategic partnership with Galderma to enhance its product offerings in the aesthetic market, focusing on injectables and skincare.

Recent Developments

As of October 2023, Venus Concept has continued to innovate in the aesthetic technology sector with the launch of new products aimed at enhancing customer experience and treatment efficacy. The stock price of VERO was approximately $3.25 as of the last trading session, reflecting the company's ongoing growth strategies.

Challenges and Future Outlook

The company faces challenges related to market competition and regulatory compliance, but it continues to invest in research and development to maintain its competitive edge.

A Who Owns Venus Concept Inc. (VERO)

Ownership Structure

Venus Concept Inc. (VERO) is a publicly traded company with its shares listed on the NASDAQ stock exchange. As of the latest reporting period, the ownership structure is composed of institutional investors, insiders, and retail investors.

Institutional Ownership

Institutional ownership plays a significant role in the stability and governance of VERO. Major institutional shareholders include:

• BlackRock, Inc.: 45.3%
• The Vanguard Group, Inc.: 12.1%
• State Street Global Advisors: 9.0%
• Invesco Ltd.: 6.7%
• Wellington Management Company: 5.6%

Insider Ownership

The insider ownership is critical for understanding the management's financial commitment to the company.

• Shimon Hatzin: 10.5%
• Wendy Lewis: 4.7%
• Other executives: 2.3%

Recent Share Price Performance

As of October 2023, the share price of Venus Concept Inc. (VERO) has been fluctuating within the range of $3.50 to $4.00. The market capitalization stands at approximately $180 million.

Financial Overview

Venus Concept's recent financial report indicates:

• Revenue (Last Quarter): $25 million
• Net Income: $2 million
• Earnings Per Share (EPS): $0.12
• Operating Margin: 8%
• Debt to Equity Ratio: 0.45

Future Outlook

Analysts predict a growth trajectory for VERO, with expected revenue growth rates around 15% annually over the next three years, driven by product expansion and market penetration strategies.

Venus Concept Inc. (VERO) Mission Statement

Venus Concept Inc. is dedicated to providing innovative aesthetic devices and solutions that enhance the quality of life for patients and improve the practice of healthcare professionals. The company leverages advanced technology to develop a range of non-invasive and minimally invasive aesthetic treatment options.

Core Values

• Innovation: Commitment to developing cutting-edge technologies and solutions.
• Integrity: Upholding ethical standards in all business dealings.
• Quality: Ensuring excellence in products and services.
• Customer Focus: Prioritizing the needs and satisfaction of clients.
• Collaboration: Fostering partnerships and teamwork internally and externally.

Strategic Objectives

Venus Concept aims to expand its market reach by enhancing its product offerings and leveraging market opportunities. The following objectives guide its strategic direction:

• Increase global market presence through strategic partnerships.
• Enhance research and development for innovative product lines.
• Improve customer engagement and service delivery.
• Strengthen brand recognition in the aesthetic medical device industry.

Financial Overview

As of the third quarter of 2023, Venus Concept reported a revenue of approximately $17.5 million, showing a year-over-year growth of 12%. The company’s gross profit margin stands at 63.5%, indicating strong profitability relative to its costs.

Market Position

Venus Concept operates within a competitive market with several key players. Its unique selling proposition lies in its combination of affordability, innovation, and comprehensive training support for practitioners.

Research & Development

The company invests approximately 10% of its annual revenue into R&D, emphasizing the continuous improvement and innovation of its product line, including energy-based devices for aesthetic treatments.

Product Portfolio

Venus Concept's product offerings include:

• Venus Legacy™ - non-invasive body contouring system.
• Venus Versa™ - multi-treatment platform for skin rejuvenation.
• Venus Fiore™ - advanced device for intimate wellness treatments.

Commitment to Education

Venus Concept places a strong emphasis on practitioner education and training. The company offers numerous workshops and online resources to ensure that clients are well-equipped to utilize their technologies effectively, contributing to better patient outcomes.

Corporate Social Responsibility

Venus Concept actively engages in community support initiatives, donating both products and financial resources to various healthcare-related nonprofit organizations.

Future Outlook

The company anticipates continuing growth in the aesthetic device market, driven by increasing consumer demand for non-invasive treatments. Venus Concept aims to enhance its market share by continuing to innovate and expand its product offerings. The projected market growth for the global aesthetic device market is expected to reach $14 billion by 2026.

How Venus Concept Inc. (VERO) Works

Company Overview

Venus Concept Inc. is a global medical technology company that specializes in developing and commercializing innovative aesthetic and medical devices. The company’s primary focus is on non-invasive and minimally invasive aesthetic treatments.

Business Model

Venus Concept operates under a recurring revenue model, primarily through:

• Device sales
• Consumables for procedures
• Service and maintenance contracts
• Training and education programs for professionals

Product Lines

Venus Concept's product portfolio includes a variety of devices classified into several key areas:

• Aesthetic Devices
  • Venus Legacy
  • Venus Freeze
  • Venus Bliss
• Medical Devices
  • Venus Fiore
  • Venus Versa
  • Venus Viva

Financial Performance

As of Q4 2023, Venus Concept reported the following financial figures:

Market Position

Venus Concept holds a significant share in the global aesthetic device market, which is projected to reach USD 15.6 billion by 2028, growing at a CAGR of 7.4% from 2021 to 2028.

Regulatory and Compliance

Venus Concept maintains compliance with FDA regulations for its devices, and it has received CE marking for commercialization in Europe, ensuring its products meet safety and effectiveness standards.

Recent Partnerships and Collaborations

In 2023, Venus Concept entered into a strategic partnership with Allergan Aesthetics to enhance marketing capabilities for its product range.

Research and Development

The company invested approximately 20% of its revenue into R&D in 2023, focusing on next-generation technologies and product enhancements.

Sales and Distribution Channels

Venus Concept utilizes a combination of direct sales teams and distributor partnerships across various regions including North America, Europe, and Asia-Pacific.

Competitive Landscape

Key competitors include:

• Syneron Candela
• Merz North America
• Galderma

Customer Base

Venus Concept’s customers consist of:

• Plastic surgeons
• Dermatologists
• Med spas

Future Outlook

Venus Concept is expected to continue its expansion in emerging markets, with a forecasted growth in revenue of 15% annually over the next five years.

How Venus Concept Inc. (VERO) Makes Money

Revenue Streams

Venus Concept Inc. generates revenue through multiple streams, primarily focusing on aesthetic and medical device sales, consumables, and service agreements.

Product Sales

The core of Venus Concept's revenue comes from the sale of their proprietary devices. In 2022, Venus Concept reported device sales totaling $30 million.

Consumables

Consumables, including disposables used in conjunction with their devices, generated approximately $10 million in revenue for the fiscal year 2022.

Service Agreements

Service agreements for maintenance and support of their devices contributed around $5 million in annual revenue, ensuring ongoing engagement with their customers.

Geographical Market Breakdown

The following table illustrates the geographical breakdown of Venus Concept's revenue streams for the year 2022:

Market Growth and Trends

The aesthetic device market is projected to grow at a CAGR of 10% from 2023 to 2030, which is favorable for Venus Concept's growth prospects. This growth is driven by increasing consumer demand for non-invasive procedures.

Financial Performance

According to their latest financial statements, Venus Concept recorded total revenues of $45 million in 2022, with a year-on-year growth of 15%.

Cost of Goods Sold (COGS)

The cost of goods sold for Venus Concept in 2022 was reported at approximately $20 million, which reflects their investment in production and R&D.

Profit Margins

Venus Concept's gross profit margin stands at around 55%, derived from the significant markup on devices and consumables.

Strategic Partnerships

Strategic partnerships enhance distribution and market reach, with notable collaborations including agreements with medical clinics and cosmetic practices, broadening their customer base.

Future Projections

Analysts predict that Venus Concept's revenue will surpass $60 million by 2025, driven by new product launches and expansion into emerging markets.

Conclusion

Venus Concept Inc. employs a diversified revenue model based on device sales, consumables, and service agreements, aligning with market growth trends in the aesthetic industry.