Brief: Venus Concept Announces Strategic Business Realignment To Accelerate Its Path To Long-Term, Sustainable, Profitability And Reports Preliminary Revenue Results For Fourth Quarter And Fiscal Year 2022

Venus Concept

07/02/2023 12:08

Feb 7 (Reuters) - Venus Concept Inc  VERO.O :
    * VENUS CONCEPT ANNOUNCES STRATEGIC BUSINESS REALIGNMENT TO
ACCELERATE ITS PATH TO LONG-TERM, SUSTAINABLE, PROFITABILITY AND
REPORTS PRELIMINARY REVENUE RESULTS FOR FOURTH QUARTER AND
FISCAL YEAR 2022
    * VENUS CONCEPT INC - ANNOUNCED A RESTRUCTURING PLAN,
WORKFORCE
REDUCTION, MANAGEMENT TRANSITION
    * VENUS CONCEPT INC - RESTRUCTURING PLAN ALSO INCLUDES
TARGETED
REDUCTIONS IN OUR WORKFORCE
    * VENUS CONCEPT INC - PLAN INCLUDES A REDUCTION IN COMPANY'S
EMPLOYEE BASE BY UP TO 70 EMPLOYEES
    * VENUS CONCEPT INC - RESTRUCTURING PLAN ALSO INCLUDES
TARGETED
REDUCTIONS IN WORKFORCE
    * VENUS CONCEPT - TO PROVIDING MORE DETAIL ON BOTH
TRANSFORMATIONAL PLAN AND STRATEGIC PRIORITIES FOR 2023 ON Q4
EARNINGS CALL ON MARCH 27, 2023
    * VENUS CONCEPT INC - PLAN INCLUDES PLAN INCLUDES A
REDUCTION IN
APPROXIMATELY 18% IN COMPANY'S GLOBAL WORKFORCE AS OF DECEMBER
31, 2022
    * VENUS CONCEPT INC - FROM PLAN, COMPANY ESTIMATES THAT IT
WILL
INCUR AGGREGATE PRE-TAX RESTRUCTURING CHARGES OF $2.0 MILLION TO
$2.5 MILLION
    * VENUS CONCEPT INC - EXPECTS RESTRUCTURING PLAN TO RESULT
IN
TOTAL ANNUAL PRE-TAX SAVINGS OF $13 MILLION TO $15 MILLION
BEGINNING IN 2024
    * VENUS CONCEPT INC - PRELIMINARY TOTAL GAAP REVENUE FOR
THREE
MONTHS ENDED DECEMBER 31, 2022 IS EXPECTED TO BE IN RANGE OF
$23.5 MILLION TO $24.5 MILLION
    * VENUS CONCEPT INC - PRELIMINARY TOTAL GAAP REVENUE FOR
TWELVE
MONTHS ENDED DECEMBER 31, 2022 IS EXPECTED TO BE IN RANGE OF
$98.7 MILLION TO $99.7 MILLION
    * VENUS CONCEPT INC - EXPECTS TO BEGIN REALIZING
RESTRUCTURING
PLAN-RELATED EXPENSE SAVINGS IMMEDIATELY, MAJORITY OF SAVINGS
WILL BE REALIZED IN H2 2023
    * VENUS CONCEPT INC - FIRST PHASE OF REDUCTION IN WORKFORCE
IMPACTED EMPLOYEES IN ISRAEL AND NORTH AMERICA AND WAS COMPLETED
ON FEBRUARY 6, 2023

Source text for Eikon:  ID:nGNX7XZSKr 
Further company coverage:  VERO.O 
 ((Reuters.Briefs@thomsonreuters.com;))