Figs, Inc. · NYSE:FIGS
Figs — Q1 2025 Earnings Presentation
26 slides from Figs's earnings presentation, May 8, 2025
Slide 1: Q1 2025 Earnings Presentation
Q1 2025 Earnings Presentation EUGENE B., DDS
Slide 2: Disclaimer
DISCLAIMER Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by FIGS, Inc. (the “Company”) or any officer, director, employee, agent or advisor of the Company. This presentation does not purport to be all inclusive or to contain all of
Slide 3: Our Mission
OUR MISSION To celebrate, empower, & serve those who serve others EARNINGS 3 PRESENTATION
Slide 4: Why FIGS?
WHY FIGS? • Large, replenishment-driven sector with strong long-term growth fundamentals • Disrupting the healthcare apparel industry globally with best- in-class product and storytelling that centers around an underserved community • Sustainable brand differentiators within marketing, product innov
Slide 5: Q1 at a Glance
Q1 at a Glance NET REVENUES • Delivered year-over-year net revenues growth of 5% in Q1 2025, exceeding our outlook $124.9M o Customer Data: Average Order Value (“AOV”)(1) increased 3% to $119, a record high for the company; active customers(1) grew 4% to 2.7 million, supported by strong growth of cu
Slide 6: Key Operating Metrics
KEY OPERATING METRICS (1) (1) Active Customers Net Revenues Per Active Customer ( T RA I LI N G T W ELV E M O N T H S , I N T H O U S A N DS ) ( T RA I LI N G T W ELV E M O N T H S ) +4% 3, 00 0 YOY $25 0 -1% 2,670 2,696 $224 $221 YOY 2,593 2,597 $210 $208 $210 $208 2, 50 0 $202 2,294 $20 0 $185 2,
Slide 7: Key Operating Metrics
KEY OPERATING METRICS (1) Average Order Value (AOV) $12 5 +2.6% YOY $12 0 $119 $116 $115 $11 5 $113 $112 $11 0 $105 $10 5 $10 0 $95 $95 $94 $90 $85 $80 2019 2020 2021 2022 2023 2024 Q1'24 Q1'25 (1) AOV is a key operational and business metrics that is important to understanding our performance. See
Slide 8: Diversified Growth Strategy
DIVERSIFIED GROWTH STRATEGY Product Innovation Deep Connection with Purpose with the Healthcare Community Continued disruption and technical innovation Drive awareness and engagement through across styles, categories, and fabrications to powerful, purposeful storytelling, and unwavering better serve
Slide 9: Product Innovation
Product Innovation We introduced new products across the layering system designed for maximum comfort, versatility, and durability, including: • FORMx™: Our revolutionary new fabric that delivers unparalleled flexibility with a premium touch. Our FORMx collection is the sleekest, stretchiest, and mo
Slide 10: Build and Deepen Connection with Community
Build and Deepen Connection with Community BLACK HISTORY MONTH We celebrated Black History Month by spotlighting standout ambassadors in our first- ever “Must-Have” Shops and brought our community together through intimate events in LA and Chicago—creating space for connection, reflection, and celeb
Slide 11: Impact
Impact LA FIRE RELIEF: The fires in Los Angeles impacted hundreds of thousands in our hometown. Amid the devastation, Awesome Humans kept showing up — caring for their patients no matter what. In the wake of this disaster, we rallied around our community — making sure they felt seen, supported, and
Slide 12: Expanding Global Presence
INTERNATIONAL Expanding Global Presence Disrupting global healthcare apparel with product innovation, powerful top of funnel marketing campaigns and localized engagement with the community • Opportunity: over 80% of global healthcare professionals are outside the U.S. yet represented only 15% of our
Slide 13: Serving Healthcare Institutions
TEAMS Serving Healthcare Institutions Serving hospitals, medical offices, and concierge clinics to professionalize and standardize their teams • Opportunity: estimate 15% of the U.S. scrubs industry has historically been driven by institutions buying for their teams, while the commercialization of h
Slide 14: Creating Community Presence
RETAIL Creating Community Presence Executing a retail strategy that enables healthcare professionals to connect with FIGS and their peers • Opportunity: over 60% of non-FIGS customers want to try and feel a product before a purchase. • Continue to employ a thoughtful and disciplined “Test, Learn, Ap
Slide 15: Why FIGS?
WHY FIGS? Large Industry Sector with Strong Long Sustainable Differentiators Term Growth Fundamentals • Largely non-discretionary, replenishment-driven industry with approximately • Authentic, category-defining brand with deeply passionate, loyal community 23 million workers in the U.S.(1) • Industr
Slide 16: Financials
Financials EARNINGS 16 PRESENTATION
Slide 17: Q1 2025 Net Revenues
Q1 2025 NET REVENUES (IN M IL L ION S ) SCRUBWEAR / NON-SCRUBWEAR NET REVENUES MIX AND YOY GROWTH $60 0 $555.6 $545.6 20%, +4% YOY $505.8 $50 0 80%, $419.6 +5% YOY $40 0 Scrubwear Non-Scrubwear $30 0 $263.1 US / INTERNATIONAL NET REVENUES MIX AND YOY GROWTH $20 0 +4.7% 15%, YOY +16% YOY $119.3 $124.
Slide 18: Q1 2025 Gross Margin
Q1 2025 GROSS MARGIN 73% 72.3% 71.8% The decline in gross margin compared to Q1 2024 primarily 71% reflected mix headwinds within the scrubwear category, 70.1% including the impact of limited- edition styles, as well as higher 69.1% freight expense given our action 69% 68.9% to mitigate shipping iss
Slide 19: Q1 2025 Operating Expense
Q1 2025 OPERATING EXPENSE 68.5% 67.8% 70 % The increase in selling expense in Q1 2025 as a percentage of net revenues primarily reflects the impact of 60 % the higher cost structure of our new fulfillment center in 23.9% 26.2% Arizona, as well as elevated outbound shipping expenses 50 % given our in
Slide 20: Q1 2025 Profitability
Q1 2025 PROFITABILITY Net Income (Loss) Margin ( % O F N ET REV EN U ES ) 6% 4.2% 4.1% 3% 1.2% 0.5% 0% -0.1% -2.3% -3% FY'21 FY'22 FY'23 FY'24 Q1'24 Q1'25 Adjusted EBITDA Margin (1) ( % O F N ET REV EN U ES ) 30% 25.1% 20% 17.2% 15.8% 10% 10.9% 9.3% 7.2% 0% FY'21 FY'22 FY'23 FY'24 Q1'24 Q1'25 (1) Ad
Slide 21: Q1 2025 Balance Sheet and Cash Flow Results
Q1 2025 BALANCE SHEET AND CASH FLOW RESULTS Cash, Cash Equivalents & Short-Term Investments Cash Flow Changes ( F O R T H E Q U A RT ER EN D ED M A RC H 3 1 , 2 0 2 5 ) 350 $259.2 $251.2 300 $25.1 -$15.8 -$1.3 ( $ IN M ILLION S , U N A U D ITE D ) -$2.7 $0.9 $251.2 $245.1 -$0.1 ( $ IN M ILLION S , U
Slide 22: Full Year 2025 Outlook
Full Year 2025 Outlook “ First quarter results were ahead of expectations, supported by customer growth, strong full-priced selling, NET REVENUES GROWTH VS. 2024 record AOV, and ultimately, a return to growth in the U.S.,” said Trina Spear, Chief Executive Officer and Co- Down Founder. “These positi
Slide 23: Appendix
SOPHIE P., OTD STUDENT Appendix EARNINGS 23 PRESENTATION
Slide 24: Non-GAAP Financial Measures and Key Operating Metrics
NON-GAAP FINANCIAL MEASURES AND KEY OPERATING METRICS Included in this presentation are certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) and which are designed to supplement, and not as a substitute for, the Company’s financ
Slide 25: Non-GAAP Financial Measures and Key Operating Metrics (Cont.)
NON-GAAP FINANCIAL MEASURES AND KEY OPERATING METRICS (CONT.) The following table presents a reconciliation of adjusted EBITDA to net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP, and presents adjusted EBITDA margin with net income (loss)
Slide 26: Non-GAAP Financial Measures and Key Operating Metrics (Cont.)
NON-GAAP FINANCIAL MEASURES AND KEY OPERATING METRICS (CONT.) The Company has also included herein “active customers,” “net revenues per active customer” and “average order value,” which are key operational and business metrics that are important to understanding Company performance. The Company bel