Figs Inc. (FIGS) stock prices were up by 2.84% as of the market closing on August 12th, 2021. This brought the price per share up to USD$42.01 at the end of the trading day. Subsequent after-hours trading saw the stock dip by 9.31%, bringing it down to USD$38.10.
Net Revenue Breakdown
FIGS stock reported net revenues for the second quarter of fiscal 2021 in the amount of USD$101.1 million. This is a 57.6% increase from numbers reported for the period year quarter. The year-over-year difference is largely attributable to higher-order volumes reported for the quarter. Higher average order for the 2021 quarter also contributed to the yearly increase. The company reported a growth of 79.2% in its active customer base, which hit 1.6 million, as compared to numbers from the second quarter of 2020.
FIGS Stock’s Gross Margins
Gross margin was Q2 2021 was reported to have increased by 280 basis points as compared to Q2 2020. This brought the gross margin for the 2021 quarter up to 73.3%. The year over year increase is largely attributable to a transition of the sales mix from lower margin products towards higher margin scrubware. Further facilitating the year over year difference was a decrease in freight-in, owing to lower utilization of more expensive air freight.
Net Loss Reports
FIGS Stock reported net loss for the quarter in the amount of USD$40.5 million, down substantially from the net income of USD$14.2 million reported in Q2 2020. Net loss for the 2021 quarter was largely driven by USD$50.4 million of pre-tax stock-based compensation expense. This expense occurred in connection with FIGS stock’s recent public offering. Adjusted net income for the second quarter of fiscal 2021 came out to USD$14.3 million.
EPS & EBITDA
Earnings per diluted share came out to USD$0.26 for the 2021 quarter, a decrease from diluted EPS reported for Q2 2020. The year over year decrease was largely owing to decreases in net income, as well as a higher diluted share count. Adjusted EBITDA for Q2 2021 was up by 54.5%, coming in at USD$26.8 million. The year over year increase was largely due to higher order volumes, as well as higher average order values.
Future Outlook for FIGS Stock
FIGS stock is poised to capitalize on the momentum generated by its strong financial performance during Q2 2021. The company is keen to leverage the resources at its disposal, with investors hoping for a continued trajectory of success.
