Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ:
VERO), a global medical aesthetic technology leader, today
announced that Rajiv De Silva has been appointed as the Company’s
Chief Executive Officer and a member of the Board of Directors (the
“Board”), effective October 2, 2022. The Company also announced the
separation of Domenic Serafino as Chief Executive Officer and
Director, effective October 2, 2022. This separation was not the
result of any specific disagreement about strategy with management
or the Board, inappropriate action, violation of company policy or
any accounting irregularity.
Mr. De Silva currently serves as the Chairman of
Covis Pharma, a privately-held, multinational specialty
pharmaceutical company, and is a co-founder of Asiri Skincare, a
privately-held company focused on topical consumer therapeutic
skincare products. From 2013 to 2016, he served as President, CEO
and Director of Endo International Plc, a publicly traded
multinational specialty pharmaceutical company. Prior to Endo, Mr.
De Silva served as President of Valeant Pharmaceuticals
International, Inc. (now Bausch Health) from 2010 to 2013, and as
COO of Valeant’s Specialty Pharmaceuticals business, which included
its flagship dermatology and aesthetics unit, from 2009 to 2013.
From 2003 to 2008, he held multiple leadership positions within
Novartis AG, including President, Novartis Pharma Canada. Mr. De
Silva started his career in healthcare at McKinsey & Company in
1995, where he rose to Partner. Mr. De Silva has a BSE, Honors from
Princeton University, an MS from Stanford University, and an MBA
with Distinction from the Wharton School at the University of
Pennsylvania.
“We are excited to have Rajiv join the Company
to lead Venus Concept through its next stage of growth and
development,” said Scott Barry, Chairman and Director of Venus
Concept. “He is a seasoned executive with significant experience in
larger, multinational healthcare companies. Rajiv has a proven
track of record of managing companies through multiple stages of
growth – both organically and inorganically – and through complex
turnarounds that included organizational restructuring and capital
structure transformation. With Rajiv at the helm, the Board feels
the Company has a strong leader to execute its strategic objectives
of achieving sustainable, profitable, growth in the global medical
aesthetics and hair restoration markets and advancing product
development, including our next generation robotic technology
platform for medical aesthetic applications.”
Mr. De Silva commented: “I am delighted to join
Venus Concept at a pivotal time for the company. I believe that the
Company’s best-in-class products and cutting-edge R&D
capabilities provide an exciting platform to create meaningful
partnerships with aesthetics professionals and make a difference in
the lives of consumers. I am excited by the opportunity to build on
the Company’s past successes and achieve near-term profitability
and sustainable, long-term growth.”
Mr. Barry continued: “On behalf of the Board, I
would like to express to Dom our deep gratitude for his 12 years of
service to our Company. From his early days as a co-founder, his
vision and leadership fueled the notable growth of Venus Concept to
an established, publicly-traded company today. His legacy will be
substantial: he built a Company that is an innovative, global
leader in the medical aesthetic technology market, with a broad
product portfolio of minimally invasive and non-invasive medical
aesthetic and hair restoration technologies. We wish him continued
personal growth in his future endeavors.”
Updated Fiscal Year 2022 Revenue
Guidance:
In connection with Rajiv De Silva's appointment
as Chief Executive Officer, the Company has withdrawn its
previously issued revenue guidance for fiscal year 2022, which was
last updated on August 12, 2022.
While Venus Concept is evaluating potential
near-term growth and profitability expectations under new
leadership, it is providing preliminary third quarter 2022 revenue
expectations in the interest of transparency. Specifically,
the Company expects to deliver total revenue of at least $21
million for the three months ended September 30, 2022. The
preliminary revenue results announced today are based solely upon
information available to management as of the date of this press
release. The Company’s actual results may differ from these
estimates due to the completion of its quarter-end closing
procedures, final adjustments and developments that may arise or
information that may become available between now and the time the
Company’s financial results for the third quarter ended September
30, 2022 are finalized.
Third Quarter 2022 Conference Call
Information:
The Company plans to report financial results
for the three and nine-months ended September 30, 2022 before the
market opens on Friday, November 11, 2022. Management will host a
conference call beginning at 8:00 a.m. Eastern Time to discuss
third quarter financial results, recent business developments and
the Company’s near-term financial outlook. Those who would like to
participate may dial 877-407-2991 (201-389-0925 for international
callers) and provide access code 13733044. A live webcast of the
call will also be provided on the investor relations section of the
Company's website at ir.venusconcept.com. For those unable to
participate, a replay of the call will be available for two weeks
at 877-660-6853 (201-612-7415 for international callers); access
code 13733044. The webcast will be archived at
ir.venusconcept.com.
About Venus Concept
Venus Concept is an innovative global medical
aesthetic technology leader with a broad product portfolio of
minimally invasive and non-invasive medical aesthetic and hair
restoration technologies and reach in over 60 countries and 18
direct markets. Venus Concept focuses its product sales strategy on
a subscription-based business model in North America and in its
well-established direct global markets. Venus Concept’s product
portfolio consists of aesthetic device platforms, including Venus
Versa, Venus Legacy, Venus Velocity, Venus Fiore, Venus Viva, Venus
Glow, Venus Bliss, Venus BlissMAX, Venus Epileve and Venus Viva MD.
Venus Concept’s hair restoration systems include NeoGraft® and the
ARTAS® and ARTAS iX® Robotic Hair Restoration systems. Venus
Concept has been backed by leading healthcare industry growth
equity investors including EW Healthcare Partners (formerly Essex
Woodlands), HealthQuest Capital, Longitude Capital Management,
Aperture Venture Partners, and Masters Special Situations.
Cautionary Statement Regarding
Forward-Looking Statements
This communication contains contains
“forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended and Section 21E of
the Securities Exchange Act of 1934, as amended. Any statements
contained herein that are not of historical facts may be deemed to
be forward-looking statements. In some cases, you can identify
these statements by words such as such as “anticipates,”
“believes,” “plans,” “expects,” “projects,” “future,” “intends,”
“may,” “should,” “could,” “estimates,” “predicts,” “potential,”
“continue,” “guidance,” and other similar expressions that are
predictions of or indicate future events and future trends. These
forward-looking statements include, but are not limited to,
statements about our financial performance; the growth in demand
for our systems and other products; and general economic
conditions, including the global economic impact of COVID-19, and
involve risks and uncertainties that may cause results to differ
materially from those set forth in the statements. These
forward-looking statements are based on current expectations,
estimates, forecasts, and projections about our business and the
industry in which the Company operates and management's beliefs and
assumptions and are not guarantees of future performance or
developments and involve known and unknown risks, uncertainties,
and other factors that are in some cases beyond our control. As a
result, any or all of our forward-looking statements in this
communication may turn out to be inaccurate. Factors that could
materially affect our business operations and financial performance
and condition include, but are not limited to, those risks and
uncertainties described under Part II Item 1A—“Risk Factors” in our
Quarterly Reports on Form 10-Q and Part I Item 1A—“Risk Factors” in
our Annual Report on Form 10-K for the fiscal year ended
December 31, 2021. You are urged to consider these factors
carefully in evaluating the forward-looking statements and are
cautioned not to place undue reliance on the forward-looking
statements. The forward-looking statements are based on information
available to us as of the date of this communication. Unless
required by law, the Company does not intend to publicly update or
revise any forward-looking statements to reflect new information or
future events or otherwise.
Investor Relations Contact:
ICR Westwicke on behalf of Venus Concept:
Mike Piccinino, CFA
VenusConceptIR@westwicke.com
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