Slide 1: Earnings Presentation
Earnings Presentation
Slide 2: Disclaimer and Forward-Looking Statements
D IS C LA IM E R 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 a
Slide 3: Our Mission
OUR MISSION To celebrate, empower, & serve those who serve others EARNINGS 3 PRESENTATION
Slide 4: Why FIGS?
W HY 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 inno
Slide 5: Q3 at a Glance
Q3 at a Glance N E T RE V E N U E S $151.7M • Delivered year-over-year net revenues growth of 8%, exceeding our outlook and reflecting pronounced strength across the core parts of our business — scrubwear, our U.S. business, and our business-as-usual selling days o Average order value (“AOV”)(1) inc
Slide 6: Key Operating Metrics
KEY OPERATING METRICS (1) (1) Active Customers Net Revenues Per Active Customer ( T R A ILIN G T WE LVE MON T HS, IN T HOU SA N DS) ( T RA ILIN G T WE LVE MON T HS) +4% YOY 3,000 $225 2,781 2,670 2,673 2,593 $221 2,500 $220 2,294 2,000 $215 +2% YOY $210 1,500 $210 $209 $208 $205 1,000 $205 500 $200
Slide 7: Key Operating Metrics
KEY OPERATING METRICS (1) Average Order Value (AOV) $118 +6% $115 YOY $115 $114 $113 $112 $112 $109 $108 $106 $103 $100 2022 2023 2024 Q3'24 Q3'25 (1) AOV is a key operational and business metrics that is important to understanding our performance. See “Non-GAAP Financial Measures and Key Operating
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 Expansion: Our new fabric with unparalleled stretch and a premium touch continued to gain traction this quarter with the support of new styles (Ora,
Slide 10: Build and Deepen Connection with Community
Build and Deepen Connection with Community Earlier this year, we continued our important advocacy work in Washington, D.C. with actor Noah Wyle — work which went viral across our community. When Noah was then nominated for Best Actor for The Pitt, he challenged us to make a tuxedo for the Emmys that
Slide 11: Impact for Breast Cancer Awareness
Impact for Breast Cancer Awareness NOT ABOUT PINK. ABOUT PATIENTS — AND THE PEOPLE WHO FIGHT FOR TH EM. When the world talks about breast cancer, it often stops at pink ribbons. FIGS started somewhere else: with the Awesome Humans who fight this disease every single day. The campaign gave voice to s
Slide 12: Expanding Global Presence
I NTERNATI ONAL 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% and
Slide 13: Serving Healthcare Institutions
TEAMS Serving Healthcare Institutions Serving hospitals, medical offices, and concierge clinics to professionalize and standardize their teams • Opportunity: ~15% of the U.S. scrubs industry has historically been driven by institutions buying for their teams, while the commercialization of healthcar
Slide 14: Creating Community Presence
C OMMU NI TY HU BS 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 “Tes
Slide 15: Why FIGS?
WHY FIGS? Large Industry Sector with Strong Long Sustainable Differentiators Term Growth Fundamentals • Largely non-discretionary, replenishment-driven industry with over 23 million • Authentic, category-defining brand with deeply passionate, loyal community workers in the U.S.(1) • Industry leading
Slide 16: Earnings Presentation
EARNINGS 16 PRESENTATION
Slide 17: Q3 2025 Net Revenues
Q3 2025 NET REVENU ES ( IN M IL L ION S) SCRUBWEAR / NON-SCRUBWEAR NET REVENUES MIX AND YOY GROWTH $600 $555.6 $545.6 16%, +7% YOY $505.8 $500 84%, +8% YOY $400 Scrubwear Non-Scrubwear $300 US / INTERNATIONAL NET REVENUES MIX AND YOY GROWTH +8% $200 YOY 16%, $151.7 +12% $140.2 YOY $100 84%, +8% YOY
Slide 18: Q3 2025 Gross Margin
Q3 2025 GROSS MARGIN 71% 70.1% 70% 69.9% The increase in gross margin compared to Q3 2024 primarily 69.1% 69% reflects lower discounts from the reduction in promotional days, improved return rates and 68% processing, reduced inbound 67.6% freight costs, and lower duty 67.1% 67% rates. This impact wa
Slide 19: Q3 2025 Operating Expense
Q3 2025 OPERATING EXPENS E 73.2% 63.6% The decrease in selling expense in Q3 2025 as a 80% percentage of net revenues primarily reflects the lapping of 70% transition costs to our Arizona fulfillment center last year as well as successful efficiency and mitigation strategies across 60% 27.5% both fu
Slide 20: Q3 2025 Profitability
Q3 2025 PROFITABILITY Net Income (Loss) Margin ( % OF N E T RE VEN UES) 6% 5.8% 4.2% 4.1% 4% 2% 0.5% 0% -2% -1.2% FY'22 FY'23 FY'24 Q3'24 Q3'25 (1) Adjusted EBITDA Margin ( % OF N E T RE VEN UES) 20% 17.2% 15.8% 15% 12.4% 10% 9.3% 5% 3.4% 0% FY'22 FY'23 FY'24 Q3'24 Q3'25 (1) Adjusted EBITDA margin i
Slide 21: Q3 2025 Balance Sheet and Cash Flow Results
Q3 2025 BALANC E SHEET AND CASH FLOW RESULTS Cash, Cash Equivalents & Short-Term Investments Cash Flow Changes ( FOR T HE Y T D P E RIOD E N DE D SE P T E MBER 3 0 , 2 0 2 5 ) 350 $281.7 300 $241.5 $20.0 -$35.5 $232.1 $15.7 ( $ I N M I LL I ON S, U N AU D I TED ) $245.1 -$5.3 $4.2 ( $ I N M I LLI ON
Slide 22: Updated Full Year 2025 Outlook
Updated Full Year 2025 Outlook “ FIGS’ third quarter was highlighted by top and bottom line results that exceeded our internal N E T RE V E N U E S G ROWT H V S . 2 0 2 4 expectations, including the strongest revenue growth over the past two years. Our diligent work this year to support our communit
Slide 23: Appendix
HITOMI U., DDS EARNINGS 23 PRESENTATION
Slide 24: Non-GAAP Financial Measures and Key Operating Metrics
N ON - G A A P FIN A N C IA L MEA S URES A N D KEY OP ERA T IN G MET RIC S 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,
Slide 25: Non-GAAP Financial Measures and Key Operating Metrics (Cont.)
N ON - G A A P FIN A N C IA L MEA S URES A N D KEY OP ERA T IN G MET RIC S (C ON T . ) 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 margi
Slide 26: Non-GAAP Financial Measures and Key Operating Metrics (Cont.)
N ON - G A A P FIN A N C IA L MEA S URES A N D KEY OP ERA T IN G MET RIC S (C ON T . ) 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 per