Venus Concept Inc. (NASDAQ:VERO) watched its shares descend Friday, on third-quarter figures.
VERO’s Q3 sales increased 19% Y/Y to $24.6 million, missing the consensus of $26.43 million. On a sequential basis, the sales declined around 5%.
The increase was driven by strong U.S. revenue growth of 67% Y/Y to $13 million, which offset a 10% decrease in international revenue.
International revenue was impacted by global supply disruptions related to COVID-19, which resulted in a backlog for customer purchase orders.
The gross margin improved to 70.5% from 65.3% a year ago, primarily driven by higher sales of Venus consumables and improved revenue mix of system sales.
The company posted a higher than expected EPS loss of $(0.18) than the analysts' estimated $(0.12).
Venus Concept expects FY21 sales of $104 million - $107 million, compared with the Wall Street estimate of $105.41 million.
Prior sales estimate were $102 million - $107 million, +28% to 35%, Y/Y.
Said CEO Domenic Serafino,, "Strong execution of our focused commercial strategy in the United States drove revenue growth of 67% year-over-year, which offset a 10% year-over year decrease in international revenue."
VERO shares are down 17 cents, or 8.6% at $1.75 during the market session on the last check Friday.
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