Venus Concept falls on downbeat FY prelim revenue; announces job cuts

Venus Concept

07/02/2023 13:05

Feb 7 (Reuters) - ** Shares of U.S.-based medical
technology company Venus Concept  VERO.N  down 2.8% at 36 cents
in premarket trade
    ** VERO sees preliminary total GAAP revenue for fiscal year
2022 between $98.7 mln and $99.7 mln vs avg analysts' estimates
of $100.25 mln - Refinitiv IBES
    ** Co also reports Q4 preliminary total GAAP revenue of
$23.5 mln to $24.5 mln vs $32.6 mln in revenue last year
    ** Board approved restructuring plan on Jan 27 including 18%
reduction of global workforce
    ** VERO estimates to incur pre-tax restructuring charges of
$2.0 mln - $2.5 mln, a portion of which is expected to be
recognized in Q4 2022 and remaining before June 30, 2023
    ** Co sees total annual pre-tax savings related to
restructuring between $13 mln and $15 mln beginning in 2024
    ** VERO shares down 81.18% in 2022
 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))