10-K · April 1, 2024
Venus Concept reported full-year 2023 revenue of $76.4 million, down from $99.5 million in 2022, with a net loss attributable to the company of $37.2 million (improved from $43.7 million) and an Adjusted EBITDA loss of…
Earnings analysis · 10-Q
VERO earnings analysis
Filed November 13, 2025 · Our reading of the company's report
The latest report
Venus Concept reported Q3 FY2025 revenue of $13,776,000, down versus $15,007,000 in Q3 2024 and down versus the prior quarter. Gross margin held at ~64.0% while operating margin deteriorated to -68.9%, driven by higher…
Read full summary
Venus Concept reported Q3 FY2025 revenue of $13,776,000, down versus $15,007,000 in Q3 2024 and down versus the prior quarter. Gross margin held at ~64.0% while operating margin deteriorated to -68.9%, driven by higher operating expenses and a large loss on debt extinguishment. The company recorded a net loss of $22,549,000 for the quarter (basic EPS -$12.14) and continues to report substantial doubt about its ability to continue as a going concern.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-12.14
What stood out
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Stable gross margin
Gross profit of $8,817,000 on revenue of $13,776,000 produced a gross margin of 64.0% in Q3 2025 (8,817 / 13,776 = 64.0%).
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Lease revenue grew year-over-year
Lease revenue increased to $2,935,000 in Q3 2025 from $2,684,000 in Q3 2024 (up $251,000).
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Liquidity improvement vs. prior year quarter
Cash and cash equivalents were $4,312,000 as of September 30, 2025 (versus $4,271,000 at December 31, 2024) and restricted cash of $1,619,000 produced total cash and restricted cash of $5,931,000 at period end (net increase of $1,660,000 for the nine months).
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Material equity / financing activity
Additional paid-in capital rose to $358,190,000 as of September 30, 2025 from $311,238,000 at December 31, 2024, supported by registered direct offerings and exchanges of convertible notes (detailed in equity rollforward).
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Significant debt reduction on balance sheet
Long-term debt declined to $4,996,000 as of September 30, 2025 from $31,437,000 at December 31, 2024 (reduction of $26,441,000), though the quarter included a loss on debt extinguishment of $11,297,000.
What to watch
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Large net loss and severe operating loss margin
Net loss for the quarter was $22,549,000 (net loss attributable to stockholders $22,565,000) and operating loss was $9,496,000, producing an operating margin of -68.9% (‑9,496 / 13,776).
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Revenue decline vs. prior year and prior quarter
Total revenue decreased to $13,776,000 in Q3 2025 from $15,007,000 in Q3 2024 (down $1,231,000) and from $16,000,000 in 2025Q2 (quarterly history).
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Negative working capital and higher current liabilities
Current liabilities increased to $50,650,000 as of September 30, 2025 from $30,287,000 at December 31, 2024 (increase of $20,363,000); current assets were $45,824,000, producing negative working capital of $4,826,000 (45,824 - 50,650 = -4,826).
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Substantial doubt about going concern persists
Management states the recurring losses and negative cash flows 'raise substantial doubt about the Company’s ability to continue as a going concern' and that as of September 30, 2025 the accumulated deficit was $355,548,000 (up from $308,899,000 at December 31, 2024).
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Transaction uncertainty (hair business sale)
Company entered into a Unit Purchase Agreement to sell the Venus Hair Business for $20,000,000 (subject to working capital adjustment) on June 5, 2025, but closing is subject to conditions and the Company filed a complaint in the Delaware Court of Chancery on November 7, 2025 seeking assistance to close the Transaction.
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Large non-cash finance charges
The quarter included a loss on debt extinguishment of $11,297,000 and finance expenses of $1,016,000, contributing to a pre-tax loss of $22,018,000.
Management's outlook
No numeric forward guidance provided in the 10-Q. MD&A states management 'expects to continue to incur substantial operating losses and net cash outflows from operating activities' and plans to 'fund operations and capital expenditures with cash on hand, borrowings, and issuance of capital stock.' Outlook appears deferred to financing / strategic processes (e.g., the proposed $20,000,000 sale of the Venus Hair Business) and potential future public disclosures.
Earlier filings 4
10-Q · November 14, 2023
Venus Concept reported Q3 revenue of $17,616 (in thousands), down versus $21,539 in Q3 2022, while gross margin expanded to ~69.2% and operating loss narrowed to $6,762 (in thousands). Cash declined to $4,926 (in…
10-Q · August 14, 2023
Venus Concept reported quarterly revenue of $20,075,000 (reported as $20,075 in the filing, in thousands) for the three months ended June 30, 2023, with product & services revenue slightly up while lease revenue…
10-Q · May 12, 2022
Venus Concept reported quarterly revenue of $26,406,000 (up from $22,597,000 a year ago) and a net loss of $8,636,000 (net loss per share $0.13) for the three months ended March 31, 2022. Revenue growth was driven by…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.