Venus Concept Inc. Q3 2024 10-Q Filing

TL;DR

Venus Concept's Q3 2024 10-Q shows $4.1M assets vs $7.4M liabilities, with $300M debt facility. Watch closely.

AI Summary

Venus Concept Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $4,133 and total liabilities of $7,415. They also have outstanding debt facilities totaling $300,000,000. The filing also mentions former company names, including Restoration Robotics, Inc.

Why It Matters

This filing provides a snapshot of Venus Concept's financial health and obligations as of Q3 2024, which is crucial for investors to assess the company's stability and future prospects.

Risk Assessment

Risk Level: medium — The company has more liabilities than assets and a significant debt facility, indicating potential financial strain.

Key Numbers

• $4,133 — Total Assets (As of September 30, 2024)
• $7,415 — Total Liabilities (As of September 30, 2024)
• $300,000,000 — Debt Facility (Total available debt)

Key Players & Entities

• Venus Concept Inc. (company) — Filer
• Restoration Robotics, Inc. (company) — Former company name
• $4,133 (dollar_amount) — Total assets
• $7,415 (dollar_amount) — Total liabilities
• $300,000,000 (dollar_amount) — Debt facility amount
• 20240930 (date) — Period of report

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share VERO The Nasdaq
• $0 — 792 $ (11,378 ) *: Presented as $0 due to rounding. The accompanying note
• $491 — nche Private Placement, net of costs of $491 — 4,509 2024 Registered Direct Off
• $222 — ng shares and warrants, net of costs of $222 976 — Dividends from subsidiaries
• $310 — Financing from Madryn, net of costs of $310 3,928 — 2024 Convertible Notes iss
• $393 — ble Notes issued to EW, net of costs of $393 1,607 — Net cash provided by finan

Filing Documents

• vero20240930_10q.htm (10-Q) — 2248KB
• ex_715029.htm (EX-31.1) — 13KB
• ex_715030.htm (EX-31.2) — 14KB
• ex_715031.htm (EX-32.1) — 6KB
• ex_715032.htm (EX-32.2) — 6KB
• 0001437749-24-034660.txt ( ) — 10232KB
• vero-20240930.xsd (EX-101.SCH) — 93KB
• vero-20240930_cal.xml (EX-101.CAL) — 77KB
• vero-20240930_def.xml (EX-101.DEF) — 585KB
• vero-20240930_lab.xml (EX-101.LAB) — 493KB
• vero-20240930_pre.xml (EX-101.PRE) — 637KB
• vero20240930_10q_htm.xml (XML) — 1637KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II. Other Information 43 Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 45

Signatures

Signatures 46 i Table of Contents PART I

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS VENUS CONCEPT INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) September 30, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 4,489 $ 5,396 Accounts receivable, net of allowance of $ 4,133 and $ 7,415 as of September 30, 2024, and December 31, 2023, respectively 21,102 29,151 Inventories 18,904 23,072 Prepaid expenses 1,002 1,298 Advances to suppliers 4,508 5,604 Other current assets 1,213 1,925 Total current assets 51,218 66,446 LONG-TERM ASSETS: Long-term receivables, net 8,865 11,318 Deferred tax assets 1,292 1,032 Severance pay funds 426 573 Property and equipment, net 1,038 1,322 Operating right-of-use assets, net 3,591 4,517 Intangible assets 5,846 8,446 Total long-term assets 21,058 27,208 TOTAL ASSETS $ 72,276 $ 93,654 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Trade payables $ 7,120 9,038 Accrued expenses and other current liabilities 10,674 12,437 Note payable 4,389 — Current portion of long-term debt 200 4,155 Income taxes payable 663 366 Unearned interest income 1,027 1,468 Warranty accrual 1,072 1,029 Deferred revenues 915 1,076 Operating lease liabilities 1,407 1,590 Total current liabilities 27,467 31,159 LONG-TERM LIABILITIES: Long-term debt 30,025 70,790 Accrued severance pay 464 634 Deferred tax liabilities — 15 Unearned interest revenue 394 671 Warranty accrual 269 334 Operating lease liabilities 2,333 3,162 Other long-term liabilities 696 338 Total long-term liabilities 34,181 75,944 TOTAL LIABILITIES 61,648 107,103 Commitments and Contingencies (Note 9) STOCKHOLDERS' EQUITY (DEFICIT) (Note 15): Common Stock, $ 0.0001 par value: 300,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 7,255,277 and 5,529,149 issued and outstanding as of Septembe

View Full Filing

View this 10-Q filing on SEC EDGAR