VERO News & Events

Venus Concept announced its voluntarily decision to delist its common stock from the NASDAQ Capital Market and deregister its common stock with the Securities and Exchange Commission. The Company is in compliance with applicable Nasdaq listing requirements, but the Company's Board of Directors has concluded the resources required to continue its reporting obligations with the SEC are greater than the benefits received by the Company and its shareholders on account of the Nasdaq listing. The Company has notified Nasdaq of its intent to voluntarily delist and deregister its common stock. The Company intends to file a Form 25 with the SEC on or about January 30 and expects the last trading day of the Company's common stock on Nasdaq will be on or about February 6. The Company also intends to file a Form 15 with the SEC on or about February 9, upon which the Company's obligation to file periodic reports with the SEC, including Forms 10-K, 10-Q and 8-K, will be immediately suspended.

Reports Q3 revenue $13.8M vs $15.007M last year. "Our third quarter results reflect our continued solid execution in a difficult environment for all companies," said Rajiv De Silva, Chief Executive Officer of Venus Concept. "Our focus remains on positioning the Company for long-term success by managing our cash burn and making targeted investments to support our future growth. We are very encouraged by the signs of stabilization in our EBD business. We were especially pleased to announce FDA 510(k) clearance for our new Venus NOVA on November 10th the first product launch from our new, focused R&D strategy. We are targeting sequential growth in the fourth quarter fueled, in part, by a limited commercial launch of this innovative new body and skin system in December. Our balance sheet and capital structure transformation carried on this quarter through multiple transactions including amendments to increase available financing capacity under our existing bridge loan facility and a debt-to-equity exchange transaction totaling $11.5 million in converted debt. While the global macro environment continues to challenge the aesthetics market, the Venus team is engaged, focused and determined. We continue to appreciate the support of Madryn Asset Management, LP as we continue our turnaround."

Venus Concept received a 510(k) clearance from the U.S. Food and Drug Administration to market the Venus NOVA, the Company's next-generation multi-application platform designed to redefine non-invasive treatments for the body, face, and skin. Venus NOVA integrates Adaptive Electrical Muscle Stimulation, proprietary combining Multi-Polar Radio Frequency with Pulsed Electromagnetic Fields, and Advanced VariPulse technology -delivering a powerful, comprehensive solution for body contouring, muscle conditioning, skin treatments, and wrinkle and cellulite reduction.