Artificial Intelligence
Venus Concept Announces Fourth Quarter and Fiscal Year 2022 Financial Results; Introduces Fiscal Year 2023 Revenue Guidance
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TORONTO, March 27, 2023 (GLOBE NEWSWIRE) — Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global medical aesthetic technology leader, announced financial results for the three and twelve months ended December 31, 2022.
Fourth Quarter 2022 Summary & Recent Highlights:
- Total revenue of $24.3 million, down $8.3 million, or 26%, year-over-year; up $2.7 million, or 13% quarter-over-quarter.
- U.S. revenue down 14% year-over-year; up 17% quarter-over-quarter.
- Cash system revenue represented approximately 71% of total systems and subscriptions revenue, compared to 60% in the prior year period.
- GAAP net loss attributable to stockholders of $9.9 million, compared to GAAP net loss attributable to stockholders of $4.3 million last year.
- Adjusted EBITDA loss of $6.3 million, compared to Adjusted EBITDA loss of $2.5 million last year.
- On November 18, 2022, the Company announced that completed a non-brokered private placement of convertible preferred stock and common stock of the Company. Pursuant to the Private Placement, an aggregate of 3,185,000 Preferred Shares and 1,750,000 Common Shares were issued, resulting in aggregate gross proceeds to the Company of $6.72 million before offering expenses.
- On December 21, 2022, the Company announced receipt of a 510(k) clearance from the U.S. Food and Drug Administration (“FDA”) to market its AI.ME next generation robotic technology for fractional skin resurfacing.
- On February 3, 2023, the Company announced a restructuring plan to reduce the Company’s cost structure and improve its operational efficiency and reported preliminary revenue results for the three months and twelve months ended December 31, 2022. The Company expects the restructuring plan to result in total annual pre-tax savings of $13 million to $15 million beginning in 2024.
- On March 20, 2023, the Company announced the launch of its latest generation of ARTAS iX, which is now broadly available to physicians specializing in hair transplantation worldwide. The latest generation of ARTAS iX sets a new standard for hair transplantation by leveraging cutting-edge robotics, machine vision, artificial intelligence, and machine learning technologies.
Management Commentary:
“As previously reported, our fourth quarter revenue results were consistent with the Company’s expectations and reflect a continued successful shift to prioritize cash system sales, which represented approximately 71% of total systems and subscriptions revenue, compared to 60% in the prior year period,” said Rajiv De Silva, Chief Executive Officer of Venus Concept. “2023 is a year of re-focusing the business and repositioning Venus Concept to enhance the cash flow profile of the business and to accelerate the path to long-term, sustainable, profitability and growth. To that end, we are progressing through a series of restructuring activities designed to improve our operations and cost structure, which, when completed, we expect will result in total annual pre-tax savings of $13 million to $15 million beginning in 2024. We are targeting positive cash flow from operations in the second half of 2024, and GAAP operating profitability and mid-single digit adjusted EBITDA margins, on a full year basis, in 2025, driven by prudent expense management and strong contributions to our total revenue growth from robotic systems sales increasing at a 40% CAGR over the next three years. Our newly defined strategic plan will provide the foundation for achieving a long-term revenue CAGR of 10%+ and double-digit adjusted EBITDA margins. While our path to multi-year value creation is taking shape, we are highly-focused on maximizing our capital resources as we work to secure the requisite capital to execute our strategy and meet our near-to-intermediate-term debt obligations.”
Fourth Quarter and Twelve Months of 2022 Revenue by Region and by Product Type:
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
| (dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||
| Revenues by region: | ||||||||||||||||||||||||
| United States | $ | 13,782 | $ | 16,055 | $ | 52,101 | $ | 51,400 | ||||||||||||||||
| International | 10,504 | 16,579 | 47,396 | 54,222 | ||||||||||||||||||||
| Total revenue | $ | 24,286 | $ | 32,634 | $ | 99,497 | $ | 105,622 | ||||||||||||||||
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
| (dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||
| Revenues by product: | ||||||||||||||||||||||||
| Subscription—Systems | $ | 5,777 | $ | 11,135 | $ | 35,267 | $ | 45,094 | ||||||||||||||||
| Products—Systems | 14,068 | 16,580 | 47,906 | 43,106 | ||||||||||||||||||||
| Products—Other (1) | 3,614 | 3,901 | 13,316 | 13,230 | ||||||||||||||||||||
| Services (2) | 827 | 1,018 | 3,008 | 4,192 | ||||||||||||||||||||
| Total revenue | $ | 24,286 | $ | 32,634 | $ | 99,497 | $ | 105,622 | ||||||||||||||||
| (1 | ) | Products-Other include ARTAS procedure kits, Viva tips and other consumables. |
| (2 | ) | Services include extended warranty sales and VeroGrafters technician services. VeroGrafters technician services were discontinued in the fourth quarter of 2021. |
Fourth Quarter 2022 Financial Results:
| Three Months Ended December 31, | ||||||||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||||||
| (in thousands, except percentages) | $ | % of Total | $ | % of Total | $ | % | ||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||
| Subscription—Systems | $ | 5,777 | 23.8 | $ | 11,135 | 34.1 | $ | (5,357 | ) | (48.1 | ) | |||||||||||||
| Products—Systems | 14,068 | 57.9 | 16,580 | 50.8 | (2,512 | ) | (15.2 | ) | ||||||||||||||||
| Products—Other | 3,614 | 14.9 | 3,900 | 12.0 | (286 | ) | (7.3 | ) | ||||||||||||||||
| Services | 827 | 3.4 | 1,018 | 3.1 | (191 | ) | (18.8 | ) | ||||||||||||||||
| Total | $ | 24,286 | 100.0 | $ | 32,634 | 100.0 | $ | (8,347 | ) | (25.6 | ) | |||||||||||||
Total revenue for the fourth quarter of 2022 decreased $8.3 million, or 26%, to $24.3 million, compared to the fourth quarter of 2021. The decrease in total revenue, by region, was driven by a 37% decrease year-over-year in international revenue and a 14% decrease year-over-year in United States revenue. The decrease in total revenue, by product category, was driven by a 48% decrease in lease revenue, a 15% decrease in systems revenue, a 7% decrease in products revenue and a 19% decrease in services revenue. The percentage of total systems revenue derived from the Company’s subscription model was approximately 29% in the fourth quarter of 2022, compared to 40% in the prior year period.
Gross profit for the fourth quarter of 2022 decreased $7.0 million, or 31%, to $15.8 million compared to the fourth quarter of 2021. The change is gross profit was driven primarily by the year over year decline in revenue. Gross margin was 65% of revenue, compared to 70% of revenue for the fourth quarter of 2021. The change in gross margin was due to lower system sales of energy based devices primarily sold under the subscription model as a result of our focus on cash system sales.
Operating expenses for the fourth quarter of 2022 decreased $2.2 million, or 8%, to $24.7 million, compared to the fourth quarter of 2021. The change in total operating expenses was driven by a decrease of $2.7 million, or 22%, in sales and marketing expenses and by a decrease of $0.1 million, or 3% in research and development expenses, offset by an increase of $0.5 million, or 4%, in general and administrative expenses. Fourth quarter of 2022 general and administrative expenses include approximately $0.8 million of severance payments associated with a workforce reduction in our Spanish and Canadian subsidiaries.
Operating loss for the fourth quarter of 2022 was $8.9 million, compared to operating loss of $4.1 million for the fourth quarter of 2021.
Net loss attributable to stockholders for the fourth quarter of 2022 was $9.9 million, or $0.14 per share, compared to net loss of $4.3 million for the fourth quarter of 2021. Adjusted EBITDA loss for the fourth quarter of 2022 was $6.3 million, compared to adjusted EBITDA loss of $2.5 million for the fourth quarter of 2021.
As of December 31, 2022, the Company had cash and cash equivalents of $11.6 million and total debt obligations of approximately $77.7 million, compared to $30.9 million and $77.3 million, respectively, as of December 31, 2021.
Fiscal Year 2022 Financial Results:
| Twelve Months Ended December 31, | ||||||||||||||||||||||||
| 2022 | 2021 | Change | ||||||||||||||||||||||
| (in thousands, except percentages) | $ | % of Total | $ | % of Total | $ | % | ||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||
| Subscription—Systems | $ | 35,267 | 35.4 | $ | 45,094 | 42.7 | $ | (9,827 | ) | (21.8 | ) | |||||||||||||
| Products—Systems | 47,906 | 48.1 | 43,106 | 40.8 | 4,800 | 11.1 | ||||||||||||||||||
| Products—Other | 13,316 | 13.4 | 13,230 | 12.5 | 86 | 0.7 | ||||||||||||||||||
| Services | 3,008 | 3.0 | 4,192 | 4.0 | (1,184 | ) | (28.3 | ) | ||||||||||||||||
| Total | $ | 99,497 | 100.0 | $ | 105,622 | 100.0 | $ | (6,125 | ) | (5.8 | ) | |||||||||||||
Total revenue for the twelve months ended December 31, 2022, decreased $6.1 million, or 6%, to $99.5 million. The decrease in total revenue, by region, was driven by an 13% decrease in international revenue and a 1% increase in United States revenue. Excluding the impact of changes in foreign currency exchanges rates versus the U.S. dollar, total revenue and international revenue, on a constant currency basis, decreased 4% and 10%, respectively, compared to the twelve months ended December 31, 2021. The decrease in total revenue, by product category, was driven by a 11% increase in systems revenue and a 1% increase in products revenue, offset by a 22% decrease in lease revenue and a 28% decrease in services revenue. The percentage of total systems revenue derived from our subscription model was approximately 35%, compared to approximately 43% for the twelve months ended December 31, 2021.
Net loss attributable to stockholders for the twelve months ended December 31, 2022 increased $20.7 million, or 90%, to $43.7 million, or $0.66 per share. Adjusted EBITDA loss for the twelve months ended December 31, 2022 decreased $14.8 million, or 139%, to $25.4 million.
Fiscal Year 2023 Revenue Guidance:
The Company expects total revenue for the twelve months ending December 31, 2023 in the range of $90.0 million to $95.0 million, representing a decrease in the range of approximately 9.5% to 4.5%, year-over-year, compared to total revenue of $99.5 million for the twelve months ended December 31, 2022.
Conference Call Details:
Management will host a conference call at 8:00 a.m. Eastern Time on March 27, 2023, to discuss the results of the fourth quarter and fiscal year with a question-and-answer session. Those who would like to participate may dial 877-407-2991 (201-389-0925 for international callers) and provide access code 13736286. A live webcast of the call will also be provided on the investor relations section of the Company’s website at ir.venusconcept.com.
For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13736286. The webcast will be archived at ir.venusconcept.com.
About Venus Concept
Venus Concept is an innovative global medical aesthetic technology leader with a broad product portfolio of minimally invasive and non-invasive medical aesthetic and hair restoration technologies and reach in over 60 countries and 15 direct markets. Venus Concept’s product portfolio consists of aesthetic device platforms, including Venus Versa, Venus Legacy, Venus Velocity, Venus Fiore, Venus Viva, Venus Glow, Venus Bliss, Venus BlissMAX, Venus Epileve, Venus Viva MD and AI.ME. Venus Concept’s hair restoration systems include NeoGraft and the ARTAS iX Robotic Hair Restoration system. Venus Concept has been backed by leading healthcare industry growth equity investors including EW Healthcare Partners (formerly Essex Woodlands), HealthQuest Capital, Longitude Capital Management, Aperture Venture Partners, and Masters Special Situations.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein that are not of historical facts may be deemed to be forward-looking statements. In some cases, you can identify these statements by words such as such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements include, but are not limited to, statements about our financial performance and metrics; the growth in demand for our systems and other products and sustainability thereof; and the efficacy of the restructuring plan, workforce reduction and management transition. These forward-looking statements are based on current expectations, estimates, forecasts, and projections about our business and the industry in which the Company operates and management’s beliefs and assumptions and are not guarantees of future performance or developments and involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. As a result, any or all of our forward-looking statements in this communication may turn out to be inaccurate. Factors that could materially affect our business operations and financial performance and condition include, but are not limited to, general economic conditions and involve risks and uncertainties that may cause results to differ materially from those set forth in the statements and those risks and uncertainties described under Part II Item 1A—“Risk Factors” in our Quarterly Reports on Form 10-Q and Part I Item 1A—“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. You are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. The forward-looking statements are based on information available to us as of the date of this communication. Unless required by law, the Company does not intend to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise.
Venus Concept Inc.
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars, except share and per share data)
| Year Ended, December 31, | ||||||||
| 2022 | 2021 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 11,569 | $ | 30,876 | ||||
| Accounts receivable, net of allowance of $13,619 and $11,997 as of December 31, 2022, and 2021 | 37,262 | 46,918 | ||||||
| Inventories | 23,906 | 20,543 | ||||||
| Prepaid expenses | 1,688 | 2,737 | ||||||
| Advances to suppliers | 5,881 | 5,667 | ||||||
| Other current assets | 3,702 | 3,758 | ||||||
| Total current assets | 84,008 | 110,499 | ||||||
| LONG-TERM ASSETS: | ||||||||
| Long-term receivables | 20,044 | 27,710 | ||||||
| Deferred tax assets | 947 | 284 | ||||||
| Severance pay funds | 741 | 817 | ||||||
| Property and equipment, net | 1,857 | 2,669 | ||||||
| Operating right-of-use assets, net | 5,862 | — | ||||||
| Intangible assets | 11,919 | 15,393 | ||||||
| Total long-term assets | 41,370 | 46,873 | ||||||
| TOTAL ASSETS | $ | 125,378 | $ | 157,372 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Trade payables | $ | 8,033 | $ | 8,418 | ||||
| Accrued expenses and other current liabilities | 16,667 | 19,512 | ||||||
| Current portion of long-term debt | 7,735 | — | ||||||
| Income taxes payable | 117 | 294 | ||||||
| Unearned interest income | 2,397 | 2,678 | ||||||
| Warranty accrual | 1,074 | 1,245 | ||||||
| Deferred revenues | 1,765 | 2,030 | ||||||
| Operating lease liabilities | 1,807 | — | ||||||
| Current portion of government assistance loans | — | 543 | ||||||
| Total current liabilities | 39,595 | 34,720 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Long-term debt | 70,003 | 77,325 | ||||||
| Income tax payable | 374 | 563 | ||||||
| Accrued severance pay | 867 | 911 | ||||||
| Deferred tax liabilities | — | 46 | ||||||
| Unearned interest income | 957 | 1,355 | ||||||
| Warranty accrual | 408 | 508 | ||||||
| Long-term operating lease liabilities | 4,221 | — | ||||||
| Other long-term liabilities | 215 | 348 | ||||||
| Total long-term liabilities | 77,045 | 81,056 | ||||||
| TOTAL LIABILITIES | 116,640 | 115,776 | ||||||
| Commitments and Contingencies (Note 9) | ||||||||
| STOCKHOLDERS’ EQUITY (Note 1): | ||||||||
| Common Stock, $0.0001 par value: 300,000,000 shares authorized as of December 31, 2022 and 2021; 77,125,328 and 63,982,580 issued and outstanding as of December 31, 2022 and 2021, respectively | 29 | 27 | ||||||
| Additional paid-in capital | 232,169 | 221,321 | ||||||
| Accumulated deficit | (224,105 | ) | (180,405 | ) | ||||
| TOTAL STOCKHOLDERS’ EQUITY | 8,093 | 40,943 | ||||||
| Non-controlling interests | 645 | 653 | ||||||
| 8,738 | 41,596 | |||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 125,378 | $ | 157,372 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
Venus Concept Inc.
Condensed Consolidated Statements of Operations
(In thousands of U.S. dollars, except per share data)
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||||||
| Revenue | |||||||||||||||||||
| Leases | $ | 5,777 | $ | 11,316 | $ | 35,267 | $ | 45,094 | |||||||||||
| Products and services | 18,509 | 21,498 | 64,230 | 60,528 | |||||||||||||||
| 24,286 | 32,634 | 99,497 | 105,622 | ||||||||||||||||
| Cost of goods sold | |||||||||||||||||||
| Leases | 1,366 | 3,015 | 9,435 | 10,459 | |||||||||||||||
| Products and services | 7,131 | 6,782 | 24,091 | 21,069 | |||||||||||||||
| 8,497 | 9,797 | 33,526 | 31,528 | ||||||||||||||||
| Gross profit | 15,789 | 22,837 | 65,971 | 74,094 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Selling and marketing | 9,300 | 11,951 | 40,276 | 41,290 | |||||||||||||||
| General and administrative | 12,804 | 12,301 | 49,618 | 40,070 | |||||||||||||||
| Research and development | 2,573 | 2,653 | 10,953 | 9,646 | |||||||||||||||
| Gain on forgiveness of government assistance loans | — | — | (2,775 | ) | |||||||||||||||
| Total operating expenses | 24,678 | 26,905 | 100,847 | 88,861 | |||||||||||||||
| Loss from operations | (8,889 | ) | (4,068 | ) | (34,876 | ) | (14,767 | ) | |||||||||||
| Other expenses: | |||||||||||||||||||
| Foreign exchange loss (gain) | (1,002 | ) | 70 | 3,387 | 2,559 | ||||||||||||||
| Finance expenses | 1,385 | 909 | 4,561 | 4,955 | |||||||||||||||
| Loss on disposal of subsidiaries | 1,482 | 379 | 1,482 | 567 | |||||||||||||||
| Loss before income taxes | (10,754 | ) | (5,426 | ) | (44,306 | ) | (22,848 | ) | |||||||||||
| Income tax (benefit) expense | (814 | ) | (1,316 | ) | (722 | ) | (707 | ) | |||||||||||
| Net loss | (9,940 | ) | (4,110 | ) | (43,584 | ) | (22,141 | ) | |||||||||||
| Loss attributable to stockholders of the Company | (9,917 | ) | (4,333 | ) | (43,700 | ) | (23,013 | ) | |||||||||||
| Income (loss) attributable to non-controlling interest | 23 | 223 | 116 | 872 | |||||||||||||||
| Net loss per share: | |||||||||||||||||||
| Basic | $ | (0.14 | ) | $ | (0.08 | ) | $ | (0.66 | ) | $ | (0.42 | ) | |||||||
| Diluted | $ | (0.14 | ) | $ | (0.08 | ) | $ | (0.66 | ) | $ | (0.42 | ) | |||||||
| Weighted-average number of shares used in per share calculation: | |||||||||||||||||||
| Basic | 70,403 | 55,867 | 65,960 | 54,466 | |||||||||||||||
| Diluted | 70,403 | 55,867 | 65,960 | 54,466 | |||||||||||||||
Venus Concept Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | ||||||||
| 2022 | 2021 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (43,584 | ) | $ | (22,141 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 4,463 | 4,854 | ||||||
| Stock-based compensation | 2,104 | 2,068 | ||||||
| Provision (recovery) for bad debt | 7,337 | (263 | ) | |||||
| Provision for inventory obsolescence | 2,420 | 1,456 | ||||||
| Finance expenses and accretion | 414 | 1,779 | ||||||
| Deferred tax recovery | (709 | ) | (165 | ) | ||||
| Loss on sale of subsidiaries | — | 567 | ||||||
| Loss on disposal of property and equipment | 158 | — | ||||||
| Gain on forgiveness of government assistance loans | — | (2,775 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable short- and long-term | 9,855 | (869 | ) | |||||
| Inventories | (5,783 | ) | (4,261 | ) | ||||
| Prepaid expenses | 1,049 | (454 | ) | |||||
| Advances to suppliers | (214 | ) | (3,080 | ) | ||||
| Other current assets | 56 | 1,908 | ||||||
| Operating right-of-use assets, net | (5,862 | ) | – | |||||
| Other long-term assets | 200 | (98 | ) | |||||
| Trade payables | (385 | ) | 2,096 | |||||
| Accrued expenses and other current liabilities | (3,647 | ) | (889 | ) | ||||
| Current operating lease liabilities | 1,807 | – | ||||||
| Severance payments | 76 | (132 | ) | |||||
| Unearned interest income | (679 | ) | 305 | |||||
| Long-term operating lease liabilities | 4,221 | — | ||||||
| Other long-term liabilities | (277 | ) | 323 | |||||
| Net cash used in operating activities | (26,980 | ) | (19,771 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchases of property and equipment | (336 | ) | (512 | ) | ||||
| Cash received from sale of subsidiaries, net of cash relinquished | – | (40 | ) | |||||
| Net cash used in investing activities | (336 | ) | (552 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Exercises of 2020 December Public Offering Warrants | — | 903 | ||||||
| 2021 Private Placement, net of costs of $259 | — | 16,740 | ||||||
| 2022 Private Placement, net of costs of $202 | 6,518 | — | ||||||
| Proceeds from issuance of common stock | 2,135 | — | ||||||
| Repayment of government assistance loans | (543 | ) | (738 | ) | ||||
| Dividends from subsidiaries paid to non-controlling interest | (124 | ) | (293 | ) | ||||
| Payment of earn-out liability | – | (147 | ) | |||||
| Proceeds from exercise of options | 23 | 354 | ||||||
| Net cash provided by financing activities | 8,009 | 16,819 | ||||||
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (19,307 | ) | (3,504 | ) | ||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year | 30,876 | 34,380 | ||||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — End of year | $ | 11,569 | $ | 30,876 | ||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
| Cash paid for income taxes | $ | 329 | $ | 116 | ||||
| Cash paid for interest | $ | 4,189 | $ | 3,292 | ||||
| SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ||||||||
| Common stock issuance costs | $ | 438 | $ | – | ||||
| 2021 Private Placement costs | $ | – | $ | 259 | ||||
| 2022 Private Placement costs | $ | 202 | $ | – | ||||
Use of Non-GAAP Financial Measures
Adjusted EBITDA is a non-GAAP measure defined as net income (loss) before foreign exchange loss (gain), financial expenses, income tax expense (benefit), depreciation and amortization, stock-based compensation and non-recurring items for a given period. Adjusted EBITDA is not a measure of our financial performance under U.S. GAAP and should not be considered an alternative to net income or any other performance measures derived in accordance with U.S. GAAP. Accordingly, you should consider Adjusted EBITDA along with other financial performance measures, including net income, and our financial results presented in accordance with U.S. GAAP. Other companies, including companies in our industry, may calculate Adjusted EBITDA differently or not at all, which reduces its usefulness as a comparative measure. We understand that although Adjusted EBITDA is frequently used by securities analysts, lenders and others in their evaluation of companies, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are: Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements.
We believe that Adjusted EBITDA is a useful measure for analyzing the performance of our core business because it facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by changes in foreign exchange rates that impact financial assets and liabilities denominated in currencies other than the U.S. dollar, tax positions (such as the impact on periods or companies of changes in effective tax rates), the age and book depreciation of fixed assets (affecting relative depreciation expense), amortization of intangible assets, stock-based compensation expense (because it is a non-cash expense) and non-recurring items as explained below.
The following reconciliation of net (loss) income to Adjusted EBITDA for the periods presented:
Venus Concept Inc.
Reconciliation of Net loss to Non-GAAP Adjusted EBITDA
| Three Months Ended December 31, | Year Ended, December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Reconciliation of net loss to adjusted EBITDA | (in thousands) | (in thousands) | ||||||||||||||
| Net loss | $ | (9,937 | ) | $ | (4,110 | ) | $ | (43,584 | ) | $ | (22,141 | ) | ||||
| Foreign exchange loss | (1,002 | ) | 70 | 3,387 | 2,559 | |||||||||||
| Loss on disposal of subsidiaries | 1,482 | 379 | 1,482 | 567 | ||||||||||||
| Finance expenses | 1,385 | 909 | 4,561 | 4,955 | ||||||||||||
| Income tax (benefit) expense | (816 | ) | (1,316 | ) | (722 | ) | (707 | ) | ||||||||
| Depreciation and amortization | 1,170 | 1,099 | 4,463 | 4,854 | ||||||||||||
| Stock-based compensation expense | 552 | 466 | 2,104 | 2,068 | ||||||||||||
| Gain on forgiveness of government assistance loans | — | — | — | (2,775 | ) | |||||||||||
| Inventory provision (1) | — | — | 1,388 | — | ||||||||||||
| Other adjustments (2) | 819 | — | 1,544 | — | ||||||||||||
| Adjusted EBITDA | $ | (6,347 | ) | $ | (2,503 | ) | $ | (25,377 | ) | $ | (10,620 | ) | ||||
(1) For the year ended December 31, 2022, the inventory provision represents a strategic review of our product offerings which culminated in a decision to discontinue production and sale of certain models and component parts, resulting in an inventory adjustment of $1.4 million.
(2) For the three and twelve months ended December 31, 2022, the other adjustments are represented by severance payments associated with a workforce reduction in Venus Spain and Venus Canada of $0.1 million and $0.8 million respectively and restructuring plan payments of $0.7 million.
Artificial Intelligence
SimSpace Welcomes Matt Knutsen as New Chief Revenue Officer to Spearhead Expansion Plan
SimSpace strengthens their leadership team, appointing Knutsen to drive revenue growth for the company as it expands further into the public sector
BOSTON, May 2, 2024 /PRNewswire/ — SimSpace, the US-based industry leader in AI-Powered cyber ranges, announced today the appointment of Matt Knutsen as its new Chief Revenue Officer (CRO). Matt will champion SimSpace’s global sales and revenue growth strategy. He will drive expansion initiatives and foster strategic partnerships to stress test businesses’ and state agencies’ people, processes and technologies against the most advanced adversaries.
With more than 20 years of experience in the field, Matt most recently held the position of CRO at cyber training provider Immersive Labs, where he increased revenue growth by over 4000% and attracted over $180M in investment. He also launched the company into new markets, expanding the team across Australia, Europe, the Middle East, New Zealand and the US. The combination of Matt’s wealth of experience and his in-depth industry knowledge make him well-equipped to lead SimSpace’s next phase of growth.
As nation-state attacks rise in frequency, and AI drives a new wave of severe cyberattacks, companies also have to navigate uncertain economic conditions. SimSpace empowers organizations to cut unnecessary spending through stack optimization, allowing CISOs to maximize their ROI and effectiveness of their technology stack. Knutsen’s influence in the field will propel the SimSpace Platform to new heights, advancing access for companies and governments that need to optimize their cybersecurity defenses and safeguard their critical infrastructure from an increasingly volatile threat landscape.
Matt Knutsen is the most recent addition to SimSpace’s Executive Leadership Team, following Clint Sand’s appointment as Chief Product Officer in February 2024. His appointment underscores SimSpace’s continued growth trajectory, headed by the $45M they secured in funding from L2 Point Management, bringing the total capital raised over the past year to $70M. The company has also bolstered their presence in the public sector, marked by their recent partnership with Carahsoft and their multi-year contract with Florida to enhance the state’s cybersecurity preparedness. SimSpace’s high fidelity cyber ranges and simulations will enable state agencies and programs like Cyber Florida to rehearse and respond to cyberattacks.
Commenting on Matt’s arrival, SimSpace CEO William Hutchison said, “Matt is a seasoned executive, who has accumulated years of knowledge on cybersecurity best practices and established himself as a leading authority in cyber range exercises. His industry influence, strategic vision and conviction in the importance of cybersecurity preparedness will shape the future success of the company at this crucial time of expansion. With Matt leading our revenue organization, we have full confidence in our capacity to deepen our valued partnerships and build strong, new connections which will further elevate SimSpace’s position as a trusted cybersecurity partner.”
Matt Knutsen, Chief Revenue Officer commented, “I’m looking forward to bringing a proactive approach to cybersecurity risk management to even more private and public sector organizations. I’ve already been impressed by SimSpace’s high-fidelity cyber range simulations, both on and off premise. It’s a great time to be joining the company and I’m excited to build upon SimSpace’s recent rapid growth with even more partnerships.”
About SimSpace
SimSpace is the global leader in AI-Powered cyber ranges, founded by experts from U.S. Cyber Command and MIT’s Lincoln Laboratory to respond to a new era of unprecedented cyber threats. Having raised nearly $70 million in funding over the past year, the company’s Platform enables the most sophisticated enterprises, governments, and critical national infrastructure organizations to find intelligence-driven answers to the most vexing security, governance, training, and cyber readiness questions. SimSpace provides high-fidelity cybersecurity simulations, training, and safe live-fire exercises to Fortune 2000 financial, retail, insurance, and other commercial markets. SimSpace’s Platform results in an average reduction in cyber operational costs of 30% and a 40% reduction in breaches.
For more information, please visit: www.SimSpace.com.
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Artificial Intelligence
Enterprise AI Market to Be Worth $171.2 Billion by 2031–Exclusive Report by Meticulous Research®
REDDING, Calif., May 2, 2024 /PRNewswire/ — According to a new market research report titled, ‘Enterprise AI Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Technology (ML, NLP), End-use Industry (IT & Telecom, Healthcare, Retail & E-commerce, Media & Advertisement) and Geography—Global Forecast to 2031,’ the global enterprise AI market is projected to reach $171.2 billion by 2031, at a CAGR of 32.9% from 2024 to 2031.
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Enterprise artificial intelligence (AI) is the integration of advanced AI-enabled technologies and techniques within large organizations to enhance business functions. Enterprise AI encompasses routine tasks of an organization such as data collection and analysis, supply chain management, finance, marketing, customer service, human resources and cybersecurity, and risk management. Enterprise AI is an integration of AI-enabled technologies such as machine learning, natural language processing, image processing, and speech recognition. Enterprise AI is used in various industries such as media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, and IT & telecom.
The growth of the enterprise AI market is driven by enterprises’ increasing need to enhance customer satisfaction and the growing implementation of enterprise AI solutions in the IT & telecom sectors. However, the high costs of enterprise AI solutions restrain the growth of this market. Furthermore, the increasing need for conversational AI solutions for optimized sales & marketing management and the growing need to automate business processes are expected to generate growth opportunities for the players operating in this market. However, data privacy & security concerns are a major challenge impacting market growth. Additionally, the growing adoption of AI chatbots for customer interaction and the increasing integration of Machine Learning (ML) technology into enterprise AI solutions are prominent trends in this market.
The global enterprise AI market is segmented by offering (solutions and services [professional services and managed services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (machine learning, image processing, natural language processing, and speech recognition), end-use industry (media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, IT & telecom, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 63% of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions to solve specific business challenges or streamline business processes and the growing implementation of these solutions to automate tasks, analyze data, and provide insights.
However, the services segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the growing need for AI consulting, data analysis, and enterprise-grade AI solution development, maintenance, and support and the rising adoption of services to automate tasks and help improve business operations efficiently.
Based on deployment mode, in 2024, the on-premise deployment segment is expected to account for the largest share of the enterprise AI market, with a revenue contribution of around USD 13 billion. The segment’s large market share is attributed to the increasing on-premise deployment of enterprise AI solutions by large enterprises and the growing demand for service flexibility, enhanced customer experience, and efficiency in managing risks and compliance.
However, the cloud-based deployment segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by benefits associated with cloud-based deployment, including easy maintenance of customer data, cost-effectiveness, and scalability, and the increasing demand for enterprise AI solutions that support multi-cloud deployments.
Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the enterprise AI market. The segment’s large market share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the early adoption of advanced technologies across various sectors such as retail, manufacturing, healthcare, and automotive.
However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the increasing need for chatbots and digital assistants among small & medium-sized enterprises and the increasing need to improve performance, quality management, and customer satisfaction in call centers.
Based on technology, in 2024, the machine learning segment is expected to account for the largest share of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions with machine learning capabilities to analyze historical data and identify patterns and the increasing use of these solutions in e-commerce, streaming platforms, and content websites.
However, the natural language processing segment is expected to register the highest CAGR of 37.4% during the forecast period. The growth of this segment is driven by the growing need to understand, interpret, and generate human language data and the rising adoption of NLP to analyze user preferences, behaviors, and interactions to deliver personalized content.
Based on end-use industry, in 2024, the IT & telecom segment is expected to account for the largest share of 26% of the enterprise AI market. The segment’s large market share is attributed to the increasing demand for personalized customer experiences enabled by AI technologies, the rising adoption of AI for analyzing data from network sensors to optimize operations, and the growing utilization of AI to enhance network performance and deliver customized services. Also, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to dominate the global enterprise AI market. North America enterprise AI market is estimated to be worth USD 9 billion in 2024. North America’s significant market share can be attributed to the growing adoption of enterprise AI solutions in the retail, healthcare, and finance sectors, the rising implementation of AI to enhance customer engagement, inventory management, and personalized shopping experience, and the increasing use of chatbots on websites, social media platforms, and messaging apps to respond customer inquiries.
However, Asia-Pacific is expected to register the highest CAGR of 34.3% during the forecast period. The growth of this regional market is driven by the growing emphasis by companies to launch chatbots and virtual assistants in the Asia-Pacific region, growing demand for chatbots and voice assistant solutions, and increasing demand for AI-powered customer support services.
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The key players operating in the enterprise AI market are NVIDIA Corporation (U.S.), Google LLC (A subsidiary of Alphabet Inc.) (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Verint Systems Inc. (U.S.), SAP SE (Germany), Pegasystems Inc. (U.S.), Wipro Limited (India), Intel Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy Incorporated (U.S.), Amelia US LLC (U.S.), Sentient.io (Singapore).
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Scope of the Report:
Global Enterprise AI Market Assessment—by Offering
SolutionsServicesProfessional ServicesManaged ServicesGlobal Enterprise AI Market Assessment—by Deployment Mode
On-premise DeploymentCloud-based DeploymentGlobal Enterprise AI Market Assessment—by Organization Size
Large EnterprisesSmall & Medium-sized EnterprisesGlobal Enterprise AI Market Assessment—by Technology
Machine LearningNatural Language ProcessingImage ProcessingSpeech RecognitionGlobal Enterprise AI Market Assessment—by End-use Industry
IT & TelecomNetwork OptimizationCustomer Service Automation and Virtual AssistantsHuman Resource ManagementCustomer AnalyticsCybersecurityOther IT & Telecom Applications BFSISecurity and Risk ManagementStreamlining Regulatory ComplianceCustomer Relationship ManagementReal-Time Transaction MonitoringData Analytics & PredictionOther BFSI Applications HealthcareHospital Workflow ManagementLifestyle ManagementPatient Data & Risk AnalyticsMedical Imaging & DiagnosisPrecision MedicineRemote Patient MonitoringRobot-assisted SurgeryDrug Discovery Retail & E-commerceSearch and RecommendationsCustomer Relationship ManagementInventory ManagementSupply Chain OptimizationIn-store Visual Monitoring & SurveillancePredictive AnalyticsDemand ForecastingChatbots Media & AdvertisementChatbots and Virtual AssistantsPredictive AnalyticsSales & Marketing AutomationAdvertising RecommendationContent GenerationTalent IdentificationProduction Planning & Management AutomotiveAdvanced Driver Assistance SystemsHuman-Machine InterfaceVehicle PersonalizationDesigning and Production ManagementSupply Chain ManagementOther Automotive Applications GovernmentFraud Detection and PreventionAdministrative ProcessesDisaster Management and ResponsePersonalized User SupportOther Government Applications Other End-use IndustriesGlobal Enterprise AI Market Assessment —by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaMiddle East & AfricaRelated Reports:
Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) – Global Forecast to 2030
Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography – Global Forecast to 2030
AI in Manufacturing Market by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Quality Management, Supply Chain Optimization), End-use Industry – Global Forecast to 2030
AI in E-commerce Market by Technology (ML, NLP, Computer Vision), Business Model, Deployment Mode, Product Offering (Beauty & Fashion, Pharmaceutical, Electronic), End User (B2B, B2C), and Geography – Global Forecast to 2031
Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography – Global Forecast to 2031
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact:
Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe : +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-researchContent Source: https://www.meticulousresearch.com/pressrelease/1041/enterprise-ai-market-2031
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Artificial Intelligence
Virtual Assistant Market Size to Grow USD 8613.5 Million by 2030 at a CAGR of 22.3% | Valuates Reports
BANGALORE, India, May 2, 2024 /PRNewswire/ — Virtual Assistant Market is Segmented by Type (Fax, Media), by Application (Retail & Ecommerce, BFSI, Automotive, Healthcare).
The Global Virtual Assistant Market was valued at USD 2054.5 Million in 2023 and is anticipated to reach USD 8613.5 Million by 2030, witnessing a CAGR of 22.3% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Virtual Assistant Market:
Because of its advanced digital infrastructure and early acceptance of technology, North America is the leader in the virtual assistant business. With so many tech-savvy professionals in the US and Canada, virtual assistant jobs are becoming more and more appealing to them as flexible work options. This region’s virtual assistant platform industry is growing due in part to the presence of large technological corporations and startups. Furthermore, as companies look for affordable options for administrative help, the surge in remote work trends—particularly in the wake of the pandemic—has increased demand for virtual assistants.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL VIRTUAL ASSISTANT MARKET
The growing requirement for efficient administrative support services is driving the virtual assistant market in the BFSI sector. Virtual assistants, who manage administrative tasks including data entry, document preparation, and email correspondence, are a wonderful asset to financial firms. Their remote access to planning resources from a home office makes it easier for clients to cooperate and boosts output. Additionally, virtual assistants with specialised knowledge in banking, finance, and regulatory compliance improve customer service and operational performance in the BFSI sector.
Because they offer administrative help to companies in the retail and e-commerce sectors, virtual assistants are essential to this industry. Virtual assistants let retailers focus on their main business activities by streamlining their operations and performing tasks like inventory management, product listing updates, and customer questions and orders processing. Their remote access to common calendars and other planning materials guarantees smooth client collaboration and improves responsiveness to client requests. Because virtual assistants provide flexible support services that can adjust to changing demand levels, they can help retail and e-commerce enterprises scale.
Virtual assistants are fostering growth in the automotive industry by offering administrative support services to companies in this field. Virtual assistants help auto firms with a range of duties, such as addressing client questions, making appointment arrangements, and organising logistics for car delivery and maintenance. The flexibility and efficiency of the automotive supply chain are increased by their remote access to planning documents and capacity to work from home offices. Furthermore, virtual assistants enhance client satisfaction by offering prompt help and support during the whole lifespan of a vehicle.
The market for virtual assistants is expanding in the healthcare industry as providers look to enhance patient care and streamline administrative procedures. Virtual assistants help healthcare businesses by taking care of patient queries, organizing appointments, and helping with medical paperwork duties. They may collaborate with healthcare professionals more easily and efficiently since they can work from home offices and access shared calendars and patient information. By promptly responding to questions and concerns about healthcare, virtual assistants can help to increase patient satisfaction.
The demand for cost-cutting and operational efficiency, the emergence of software-defined networking (SDN) technologies, and the growing complexity of network infrastructures are the main drivers of the market for network automation. In response to expanding digital transformation projects and the growth of cloud-based services and apps, organisations across a wide range of sectors are adopting automation to increase agility, streamline network administration operations, and boost security posture.
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VIRTUAL ASSISTANT MARKET SHARE ANALYSIS
Due to the region’s early technological adoption and strong digital infrastructure, North America now dominates the virtual assistant industry. There is a sizable pool of tech-savvy workers in the US and Canada who are increasingly looking for flexible work options in virtual assistant professions. The existence of established tech firms and new ventures focused on virtual assistant platforms contributes to the expansion of this industry in this area. In addition, as companies look for affordable options for administrative help, the need for virtual assistants has increased due to the rise in remote work patterns, particularly in the wake of the pandemic.
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Key Companies:
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