FIGS 2021 results, 2022 outlook, call

 Full Year 2021:

• Net revenues were $419.6 million, an increase of 59.5% year over year. Excluding the $4.2 million non-recurring related party sale in Q3 2020, net revenues grew 62.1% year over year.(1)

• Gross margin was 71.8%, a decrease of 50 basis points year over year.

• Net loss was $9.6 million and diluted loss per share was $0.06, primarily due to $50.4 million of pre-tax stock-based compensation expense incurred in connection with our IPO.

• Net income, as adjusted(1) was $55.9 million and diluted earnings per share, as adjusted(1) was $0.30.

• Adjusted EBITDA(1) was $105.2 million, an increase of $36.1 million year over year.

• Adjusted EBITDA margin(1) was 25.1%, a decrease of 120 basis points year over year.

Key Operating Metrics

• Active customers(2) as of December 31, 2021 increased 46% to 1.9 million.

• Net revenues per active customer(2) was $224, an increase of 11% year over year.

• Average Order Value (AOV)(2)

  • For Q4 2021, AOV was $113, an increase of 15% year over year.

  • For full year 2021, AOV was $105, an increase of 12% year over year.

Comments from FIGS’ Co-Founder and Co-Chief Executive Officer, Trina Spear:

"Our 2021 performance included record net revenues of $420 million, over 60% adjusted revenue growth, over 70% gross margin, $105 million in adjusted EBITDA, and a 25% adjusted EBITDA margin. The fact that we achieved all of these results at the same time speaks volumes about the strength of our business," said Trina. "This performance truly exemplifies the strength of the FIGS team, the power of our brand and our deep connection with the healthcare community."

2022 Financial Outlook

Net Revenues		$550 Million - $560 Million
Gross Margin		70%+
Adjusted EBITDA Margin(3)		20%+

(1)		Net revenues, as adjusted, net income, as adjusted, diluted earnings per share, as adjusted, adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. Please see the sections titled "Non-GAAP Financial Measures and Key Operating Metrics" and "Reconciliations of GAAP to Non-GAAP Measures" below for more information regarding the Company’s use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net revenues.
(2)		"Active customers," "net revenues per active customer" and "average order value" are key operational and business metrics that are important to understanding Company performance. For information regarding how we calculate our key operational and business metrics, please see the section titled "Non-GAAP Financial Measures and Key Operating Metrics."
(3)		The Company has not provided a quantitative reconciliation of its adjusted EBITDA margin outlook to a GAAP net income margin outlook because it is unable, without making unreasonable efforts, to project certain reconciling items. These items include, but are not limited to, future stock-based compensation expense, income taxes, expenses related to non-ordinary course disputes, and transaction costs. These items are inherently variable and uncertain and depend on various factors, some of which are outside of the Company’s control or ability to predict. For more information regarding the Company’s use of non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures and Key Operating Metrics."

Conference Call Details

FIGS management will host a conference call and webcast today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the Company’s financial and business results and outlook. To participate, please dial 1-844-200-6205 (US) or 1-929-526-1599 (International) and the conference ID 927529. The call is also accessible via webcast at ir.wearfigs.com. A recording will be available shortly after the conclusion of the call until 11:59 p.m. ET on March 15, 2022. To access the replay, please dial 1-866-813-9403 (US) or +44-204-525-0658 (International). An archive of the webcast will be available on FIGS’ investor relations website at ir.wearfigs.com.

https://finance.yahoo.com/news/figs-releases-fourth-quarter-full-210500562.html