Venus Concept Inc (NASDAQ:VERO) dropped 2% after announcing its Q2 2021 financial results for six months ending June 30, 2021. In Q2 2021, the company reported a 52% YoY revenue growth to $25.8 million with a gross margin of 72.5%.
Adjusted EBITDA was 117% up YoY to $0.5 million. During the quarter, Health Canada issued the company a medical device license to sell the country’s Venus Fiore Feminine Health System. Notably, the Venus Williams collaboration for Venus Bliss has increased considerably to B2C and B2B platforms driving customer adoption and enhancing the sales process.
The company has also announced Alme, which is a new Robocor commercial brand name. Robocor is Venus Concept’s development project for its next-gen robotic tech for medical aesthetic uses. Also, another new product Venus Bliss Max is progressing well with development, and the company is targeting FDA 510K submission in Q3 2021. With the latest products in the pipeline, VERO is worth watching in the coming weeks.
Market Reaction:
On Friday, VERO stock decreased 2.40% at $2.04 with more than 5.75 million shares, compared to its average volume of 453k shares. The stock has moved within a range of $2.0000 – 2.5000 after opening the trade at $2.36.
