Heather Hasson, Executive Chair at FIGS, Inc. (NYSE:FIGS), recently sold 3,076 shares of the company's Class A Common Stock. The shares were sold at an average price of $5.1868 each, amounting to a total transaction value of $15,954. This sale was conducted to cover taxes and fees associated with the vesting and settlement of restricted stock units (RSUs), as per a 10b5-1 plan. Following this transaction, Hasson holds 381,076 shares directly, with additional shares held indirectly through trusts and other entities.The transaction comes as FIGS maintains a strong balance sheet with a current ratio of 4.58x, indicating robust liquidity. According to InvestingPro analysis, the company's stock has experienced significant volatility, declining about 27% over the past year. While FIGS trades at a premium valuation with a P/E ratio of 81x, the company maintains impressive gross profit margins of 68%. Investors seeking detailed insights can access comprehensive analysis through InvestingPro's exclusive research reports, available for over 1,400 US stocks including FIGS.
In other recent news, FIGS, a prominent player in the healthcare apparel industry, reported mixed results for Q3. Despite a 17% growth, the company experienced a net revenue decrease of 2% to $140.2 million, coupled with a net loss of $1.7 million. This is in contrast to the previous year's Q3 profit of $6.1 million. The company's scrubwear sales saw a marginal increase of 2%, however, non-scrubwear sales, particularly footwear, declined by 16%.
In response to these developments, FIGS revised its 2024 revenue outlook to a decline of 1% to flat and adjusted its EBITDA margin projections to approximately 8%. The company plans to bolster its growth by expanding its international presence, with a focus on Asia.
In addition, FIGS is investing in community engagement and education initiatives through a $25 million investment in a new company, OOG. While the company faces challenges, these recent developments illustrate FIGS' commitment to strategic growth and community engagement.
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