Venus Concept reshuffles senior management team

TORONTO - Venus Concept Inc. (NASDAQ: NASDAQ:VERO), a prominent player in the medical aesthetic technology sector, announced significant changes to its senior leadership, signaling a strategic shift towards growth and profitability. The company, which operates in over 60 countries, will see Dr. Hemanth Varghese, its President and COO, leave to explore new opportunities by March 28, and Bill McGrail, EVP of Technical Operations & Compliance, retire by the end of February.

In response to these departures, Venus Concept has appointed Kirk Gunhus as Chief Revenue Officer, entrusting him with global sales, direct field force, distributor relations, and customer technical support. Ross Portaro steps in as EVP, Commercial Strategy and Head of Venus Hair, focusing on commercial guidance and expansion of the Venus Hair business. Melissa Kang rejoins as Chief Product Officer to continue the company’s innovative legacy by steering product vision and roadmap. Additionally, Michael Mandarello, currently Chief Legal Officer, will take on a broader role as Head of Strategy & Operations.

CEO Rajiv De Silva expressed confidence in the new structure, emphasizing its role in streamlining decision-making and driving the company’s growth trajectory and profitability. This transformation comes at a crucial time, as InvestingPro data shows the company experienced an 18.55% revenue decline in the last twelve months, with analysts anticipating further sales challenges ahead. De Silva also acknowledged the critical contributions of Varghese and McGrail to Venus Concept’s transformation and wished them well in their future endeavors.

Venus Concept’s broad portfolio includes various aesthetic device platforms and hair restoration systems, such as NeoGraft® and the ARTAS iX® Robotic Hair Restoration system. While InvestingPro analysis indicates the stock is currently trading below its Fair Value, subscribers can access 12 additional ProTips and comprehensive financial metrics to better understand the company’s potential. The company’s evolution is supported by prominent healthcare industry investors, including EW Healthcare Partners and HealthQuest Capital.

This reorganization is part of Venus Concept’s ongoing transformation efforts aimed at optimizing its senior management for future challenges and opportunities. The information for this article is based on a press release statement from Venus Concept Inc.

In other recent news, Venus Concept Inc. has secured several financial agreements aimed at enhancing its financial flexibility. The company entered into a Consent Agreement with Madryn Health Partners, LP, which waives certain liquidity requirements and allows Venus Concept USA to apply upcoming cash interest payments directly to outstanding principal balances. This agreement, effective until February 28, 2025, is part of a broader strategy to manage cash flow effectively. Additionally, Venus Concept has enacted an Eleventh Bridge Loan Amendment, increasing its Delayed Draw Commitment from $6 million to $11 million and extending the maturity date of the Bridge Financing to February 28, 2025.

These developments follow a series of drawdowns, with the most recent being a $3 million drawdown intended for general working capital. Venus Concept has also announced a change in its board, with Dr. Garheng Kong resigning, though this was not due to any disagreements with the company. Investors and stakeholders are closely watching these moves as the company navigates the competitive landscape of the medical technology sector. The agreements and financial strategies are detailed in the company’s recent 8-K filings with the U.S. Securities and Exchange Commission.

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