FIGS Inc. · Q2 2023 earnings

Briefing

Reported net revenues growth of 13.0% year over year, a net income of $4.6 million, a net income margin of 3.4%, and an adjusted EBITDA margin of 13.7%.

FIGS reported a 13.0% year-over-year increase in net revenues, reaching $138.1 million. Net income was $4.6 million, with a net income margin of 3.4%. Adjusted EBITDA was $18.9 million, resulting in an adjusted EBITDA margin of 13.7%.

• Net revenues increased by 13.0% year over year to $138.1 million, driven by more orders from both existing and new customers and an increase in average order value.
• Gross margin decreased to 69.5%, a 110 basis points decrease year over year, primarily due to product mix shift, higher duties, and increased promotional sales mix.
• Operating expenses increased by 16.3% year over year to $89.5 million, representing 64.7% of net revenues, up from 62.8% in the prior year period.
• Active customers increased by 21.0% to 2.5 million as of June 30, 2023.

Headline financials

Revenue & EPS history

For the full year 2023, FIGS expects net revenues growth as compared to 2022 to be between 5.5% and 7.5%, and adjusted EBITDA margin to be between 12.5% and 13.5%.