VEROOTCSurgical & Medical Instruments & ApparatusUS GAAP · USD

Venus Concept Inc.

Venus Concept Inc. develops and commercializes aesthetic medical devices and related consumables, service contracts, and financing programs for clinics and medical practices. Its portfolio includes systems used for non-invasive and minimally invasive aesthetic procedures, sold across the United States and selected international markets through direct sales, distributors, and internal financing arrangements.

Revenue64.8m USD
−15.1 %y/y
Operating profit (EBIT)-27.2m USD
+4.0 %y/y
EBIT margin-41.9%
−4.9 ppy/y
Net income-47.0m USD
−26.2 %y/y
Free cash flow-11.2m USD
+13.8 %y/y

Fiscal year 2024 · change from previous year

Development 2019–2024

-100-50050100150m USD2019: 110 m USD2019: EBIT -30 m USD20192020: 78 m USD2020: EBIT -68 m USD20202021: 106 m USD2021: EBIT -15 m USD20212022: 99 m USD2022: EBIT -35 m USD20222023: 76 m USD2023: EBIT -28 m USD20232024: 65 m USD2024: EBIT -27 m USD202465-27
RevenueOperating profit (EBIT)

Business

Share of revenue
Aesthetic systems55 %

Console-based medical aesthetic devices sold for clinic procedures and treatments.

Consumables and procedure kits15 %

Recurring-use kits, consumables, and disposable items used with installed systems.

Service and warranty10 %

Extended warranty and service contracts provided to existing customers.

Financing and lease programs15 %

Venus Prime and legacy subscription-based arrangements that support system adoption.

Hair restoration systems5 %

ARTAS robotic hair restoration platforms and related procedure products.

Products

Reported · share of revenue
58.6%20.5%16.1%FY2024100 %
  • System58.6 %
  • Leases20.5 %
  • Products16.1 %
  • Services4.7 %

Source: 10-K FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Venus Concept sells primarily to medical aesthetics practices, dermatology and plastic surgery clinics, and other providers that purchase equipment to perform patient procedures. It also serves distributors in certain markets and customers that prefer structured financing or lease-like payment plans to reduce upfront capital needs.

Medical aesthetics clinics

Buy aesthetic systems and consumables to offer non-invasive treatments and recurring patient services.

Dermatology and plastic surgery practices

Purchase platforms and service contracts to expand procedure offerings and patient throughput.

Financing-oriented customers

Use Venus Prime or legacy subscription programs to lower upfront cash outlay for systems.

Distributors

Buy systems for resale in certain countries where the company uses indirect channels.

Installed base customers

Purchase consumables, replacement handpieces, and warranty services after initial system sale.

Strategy

Venus Concept is prioritizing traditional cash sales over financing-heavy system sales to improve cash generation and reduce credit exposure. It is also concentrating resources on markets where it believes demand and operating economics are more sustainable, while using product breadth and in-house financing to support customer adoption.

Increase traditional cash sales mixShort term

Reduces working-capital intensity and lowers exposure to customer defaults.

Expand Venus Prime financing adoptionMedium term

Keeps the sales proposition flexible while replacing the legacy subscription model.

Concentrate on sustainable geographiesMedium term

Improves operating efficiency by reducing the burden of underperforming markets.

Geography

Q3/2025

The company sells in the United States and in selected international markets, with direct offices and sales teams in countries where it operates. Management disclosures indicate a stronger focus on the U.S. market, while certain operations, employees, and service providers are located in Israel and the company continues to use distributors in some non-U.S. markets.

United States54 %
Other countries (US filing)46 %

Share of the revenue the company reports by geography.

Risks

The business is exposed to customer credit risk, financing risk, and demand sensitivity because a meaningful portion of sales is tied to installment or lease-like programs. It also faces geopolitical, tariff, and supply-chain risks due to operations in Israel and international sourcing and distribution, while product and regulatory execution risks are important in a medical-device business.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer credit and default risk in financing programs1Geopolitical disruption in Israel2Market demand sensitivity in aesthetic devices3Tariffs and customs classification changes4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer credit and default risk in financing programsImpact: HighLikelihood: Medium

    Venus Prime and legacy subscription sales create long-dated receivables and collection exposure.

    Exposure: Internal lease programs and subscription-based system sales

  2. Geopolitical disruption in IsraelImpact: HighLikelihood: Medium

    Operations, employees, manufacturers, and consultants are located in Israel.

    Exposure: Operations and service continuity

  3. Market demand sensitivity in aesthetic devicesImpact: HighLikelihood: Medium

    Clinic purchases depend on discretionary spending, financing availability, and procedure volumes.

    Exposure: System sales and consumables demand

  4. Tariffs and customs classification changesImpact: MediumLikelihood: High

    Import duties and origin determinations can increase product costs and compliance burden.

    Exposure: International sourcing and cross-border sales

  5. Execution risk on geographic exits and business salesImpact: Medium

    Closing conditions, approvals, and litigation can delay or alter strategic transactions.

    Exposure: Portfolio rationalization and asset sales

Accounting

Judgemental items
Revenue recognition across multiple sales models

Systems, consumables, service contracts, and financing programs are recognized differently and at different times.

Impact: Affects revenue timing, deferred revenue, and lease-related interest income

Long-term receivables and expected credit losses

Financing programs create multi-year receivables that require collectability estimates.

Impact: Affects balance-sheet carrying value and provision expense

Warranty accruals

Extended warranty obligations require estimates of future service and repair costs.

Impact: Affects cost of sales and liabilities

Stock-based compensation

Equity awards can be a meaningful non-cash expense in a smaller growth company.

Impact: Affects operating expenses and adjusted EBITDA reconciliation

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026