FIGS Plunges As Earnings Miss Estimates, Revenue Outlook Cut

(RTTNews) - Shares of FIGS, Inc. (FIGS) are down more than 22% Friday morning after the direct-to-consumer healthcare apparel and lifestyle company cut its full-year revenue outlook. FIGS' first-quarter earnings also missed analysts' view.

Looking forward to the full year, the company has reduced its revenue outlook to $510 million-$530 million from $550 million-$560 million citing supply chain challenges, high inflation and shifts in consumer spending patterns. On average, 11 analysts polled by Thomson Reuters expect the company to report revenue of $556.53 million.

For the first quarter net income was $8.9 million or $0.05 per share, lower than 11.44 million or $0.07 per share a year ago, due to higher expenses.

Excluding one-time items, earnings were 10.5 million or $0.05 per share, that missed the consensus estimate of $0.06 per share.

Revenues for the quarter, however, increased 26.4% year over year to $110.1 million.

FIGS touched a new low of $9.94 this morning, before edging up to $10.10 currently.