Venus Concept Launches Venus Prime
January 17 2024 - 7:30AM
Venus Concept Inc. ("Venus Concept" or the "Company") (NASDAQ:
VERO), a global medical aesthetic technology leader, announced
today the launch of Venus Prime, a structured in-house financing
program replacing its legacy subscription program for new customers
in North America. Under our Venus Prime program, select customers
can qualify for competitive financing rates and continue to benefit
from the payment flexibility afforded by our previous subscription
financing program when purchasing our aesthetic medical devices, as
well as a seamless technology upgrade program made available to our
customers in years 2 and 3 of ownership. Venus Prime is now
available to qualifying customers who may not currently be eligible
for financing by traditional third-party lenders under current
tight lending practices but demonstrate reputable credit and
business practices.
“The current macroenvironment has restricted many customers in
their ability to secure financing, regardless of creditworthiness,”
said Domenic Della Penna, Executive Vice President & Chief
Financial Officer of Venus. “Venus Prime is an innovative business
to business offering we can provide as an attractive financing
alternative, supporting select, high-quality customers that meet
our credit screening practices in purchasing our devices. This
launch coupled with our successful shift to a focus on cash sales
through preferred lending partners allows us to provide seamless
lending solutions to our customers while continuing our effort to
achieve cashflow breakeven.”
“Venus Aesthetic Intelligence is about redefining what's
possible in aesthetics by delivering innovative solutions that
maximize value for clinics and address the most in-demand patient
needs. Venus Prime is the latest example of flexible business
solutions we can offer to support our customers in developing their
businesses with our leading aesthetic devices,” said Rajiv De
Silva, Chief Executive Officer of Venus Concept. “Furthermore, our
growing network of Venus AI connected devices is uniquely suited
for the Venus Prime program, providing remote connectivity to our
systems, with added security and customer insights to enhance
customer protection and business success.”
Venus Prime was soft-launched in Q4 2023 and is now available to
customers in most jurisdictions within the United States and
Canada. The introduction of Venus Prime will not impact existing
Venus subscription plan customers and current customers in good
standing can inquire regarding upgrade opportunities for their
system under the new program.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains “forward-looking” statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “1933 Act”) and Section 21E of the Securities Exchange
Act of 1934, as amended (the “1934 Act”), including, without
limitation, statements about the Company’s financial condition, and
other statements containing the words “expect,” “intend,” “may,”
“will,” and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations, estimates, forecasts, and projections about
the Company’s business and the industry in which it 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 the Company’s control. Factors that could materially affect
the Company’s business operations and financial performance and
condition include, but are not limited to, those risks and
uncertainties described under Part I Item 1A - “Risk Factors” in
the Company’s most recent Annual Report on Form 10-K, Part II Item
1A - “Risk Factors” in the Company’s most recent Form 10-Q and in
other documents the Company may file with the SEC. 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 the Company as of the date
hereof. 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.
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 14 direct 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, Venus Viva MD and AI.ME. Venus Concept's hair
restoration systems include NeoGraft® and the ARTAS iX® Robotic
Hair Restoration system. 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.
Investor Relations Contact:
ICR Westwicke on behalf of Venus Concept:
Mike Piccinino, CFA
VenusConceptIR@westwicke.com
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