By Exec Edge Editorial Staff
Santa Monica-based medical apparel maker FIGS, Inc. reported a jump in revenue thanks to more orders from existing and new customers.
The company, which went public in early 2021, said fourth-quarter 2022 revenue rose 12.6% to $144.9 million. Active customers rose 22.5% during 2022, reaching 2.3 million at the end of the year.
“We delivered fourth quarter results ahead of our expectations reflecting strong holiday performance as well as growth in our non scrubwear and international businesses.” said Trina Spear, Chief Executive Officer and Co- Founder of FIGS. “Our priorities for 2023 will be positioning our Company for long term growth while maintaining sustainable, profitable margins as we manage through an uncertain macro environment. We remain confident in our long term outlook as a result of our industry leading product innovation, community connection and advocacy. We believe we have the scale and balance sheet to take our business to the next level, making strategic, disciplined investments in our future as we aim to double our annual net revenues to $1 billion.”
Gross margin in the fourth quarter edged down 170 basis points to 68.2%, primarily due to a higher mix of promotional sales and product mix shift as well as higher ocean freight costs, partially offset by reduced utilization of air freight.
FIGS, known for disrupting the market in scrubs and other medical accessories and apparel, issued guidance for mid-single-digit revenue growth and an adjusted Ebitda margin of 11% to 12% in 2023.