Venus Concept Inc. announced its financial results for the third quarter of 2024 on November 13, 2024, reporting total revenue of $15.0 million, a 15% decrease compared to the third quarter of 2023. This decline was primarily driven by a 23% decrease in United States revenue and a 39% decrease in lease revenue.
The company's gross profit for the quarter decreased by 19% to $9.9 million, with gross margin at 66.1%, down from 69.2% in the prior year period. Operating expenses decreased by 10% to $17.1 million, reflecting cost containment efforts, but the operating loss widened to $7.2 million from $6.8 million year-over-year.
Venus Concept reported a net loss attributable to stockholders of $9.3 million, or $1.28 per share, compared to a net loss of $9.1 million, or $1.64 per share, in Q3 2023. The company ended the quarter with $4.5 million in cash and cash equivalents and total debt obligations of approximately $34.6 million. For the fourth quarter of 2024, the company expects total revenue of at least $17.0 million, representing a 6% decline year-over-year but a 13% increase quarter-over-quarter.
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