By Daniella Parra
FIGS, Inc. (NYSE: FIGS) said fourth quarter net revenue was $144.9 million and a reclassification negatively impacted net revenues by $4.7 million.
Gross margin was 67.5%, a decrease of 70 basis points and operating expenses were $83.6 million, a decrease of 12.5% year over year, the company said.
FIGS’ fourth quarter also showed an adjusted EBITDA of $26.6 million, an increase of $6.8 million year over year, they said.
“Looking back on 2023, we delivered strong growth and profitability, reduced inventory levels by 33% and generated cash flow from operations of $100 million, while advancing a number of our growth strategies,” said Trina Spear, Chief Executive Officer and Co-Founder. “Looking ahead to 2024, we expect demand to be impacted by macroeconomic factors, and we also recognize the healthcare workforce related stress that is affecting our community.”
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