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SANTA MONICA, Calif. - FIGS, Inc. (NYSE: FIGS), a leader in healthcare apparel, announced on Monday the addition of Jerry Jao to its board of directors. Jao, a seasoned professional in marketing, technology, and finance, is set to enhance the board’s expertise as he assumes roles including Chair of the Audit Committee. According to InvestingPro data, FIGS maintains impressive gross profit margins of 67.6% and holds more cash than debt on its balance sheet, demonstrating strong financial management.
Jao’s appointment, effective April 1, 2025, follows his tenure at Constant Contact, Inc., where he served as SVP and GM since August 2020. He brings a wealth of experience, having also been the CEO of Retention Science, a marketing SaaS company he founded, which was acquired by Constant Contact. His earlier career included positions at KPMG LLP and Morgan Stanley, and he is an alumnus of the Haas School of Business at the University of California, Berkeley.
Trina Spear, CEO and Co-Founder of FIGS, expressed enthusiasm for Jao’s appointment, citing his digital marketing and AI expertise as valuable assets for the company’s growth. Spear also thanked Mario Marte, who served as Interim Chair of the Audit Committee, for his contributions.
FIGS is recognized for its commitment to the healthcare community through its innovative and functional apparel. The company operates across North America, Europe, Asia Pacific, and the Middle East, and also caters to healthcare institutions via its TEAMS platform. Despite the stock’s recent decline of over 28% in the past six months, InvestingPro analysis suggests net income growth is expected this year, with the company maintaining a healthy current ratio of 4.25.
This announcement is based on a press release statement and contains forward-looking statements that involve risks and uncertainties. The company advises caution in reliance on these statements, as actual results may differ materially. The future performance and prospects of FIGS are subject to a range of factors detailed in the company’s SEC filings, including its most recent annual report.
Investors and media interested in FIGS can refer to the company’s communications for further information.
In other recent news, Figs Inc. reported its fourth-quarter 2024 earnings, with revenue reaching $151.8 million, surpassing the forecast of $139.49 million. Despite this revenue beat, the company’s earnings per share (EPS) fell short of expectations, coming in at $0.01 against a projected $0.03. Figs is actively expanding its international presence, entering new markets in Japan and South Korea, while also launching new products, including the Formax fabric. In addition to these developments, the company is focusing on reducing promotional activities to maintain gross margins and anticipates a low single-digit decline in net revenues for 2025. Analyst firms have not provided any upgrades or downgrades following these announcements, but they are closely observing Figs’ strategic initiatives. The company also reported a strong cash position with $245.1 million in cash and investments, alongside a 3% year-over-year decrease in inventory levels. These recent developments indicate Figs’ strategic focus on innovation and international growth, despite the challenges faced in meeting EPS expectations.
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