Venus Concept Inc. (NASDAQ:VERO) Q1 2020 Earnings Conference Call - Final Transcript

May 14, 2020 • 05:00 pm ET

Previous

Venus Concept Inc. (NASDAQ:VERO) Q1 2020 Earnings Conference Call - Final Transcript

Share
Close

Loading Event

Loading Transcript

Presentation
Operator
Operator

Good afternoon, ladies and gentlemen, and welcome to the First Quarter of 2020 Earnings Conference Call for Venus Concept Incorporated. At this time, all participants have been placed in a listen-only mode. Please note that this conference call is being recorded and that the recording will be available on the company's website for replay.

Before we begin, I would like to remind everyone that our remarks and responses to your questions today may contain forward-looking statements that are based on the current expectations of management and involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated, including those identified in the risk factors section of our most recent annual report on Form 10-K filed with the Securities and Exchange Commission.

Such factors may be updated from time to time in our filings with the SEC, which are available on our website. We undertake no obligation to publicly update or revise our forward-looking statements as a result of new information, future events, or otherwise. This call will also include references to certain financial measures that are not calculated in accordance with Generally Accepted Accounting Principles, or GAAP. We generally refer to these as non-GAAP financial measures. Reconciliations of those non-GAAP financial measures to the most comparable measures calculated and presented in accordance with GAAP are available in our earnings press release issued today on the Investor Relations portion of our website.

I would now like to turn the call over to Mr. Dom Serafino, Chief Executive Officer of Venus Concept. Thank you. Please go ahead, sir.

Executive
Domenic Serafino

Thank you, operator. And welcome everybody to Venus Concept's first quarter 2020 earnings conference call. Today, I'm joined by our Chief Financial Officer, Domenic Della Penna and Chad Zaring, who we recently appointed as Chief Commercial Officer of the company. Let me first start with a brief agenda of what we will be covering during our prepared remarks.

I will start with an overview of our revenue performance in the first quarter including color on our business trends have been impacted to-date by corona-- COVID-19 pandemic and how we are managing our business to keep us well-positioned for growth as the recovery begins. After my opening remarks, Dominic will provide you with more in depth review of our quarterly financial results, as well as a summary of our balance sheet and financial condition. And then we will open up the call for your questions.

With that in mind, let's get started. Beginning with the review of our first quarter revenue performance, we reported GAAP revenue of $14.5 million for the first quarter of 2020, representing a decrease of 41% year-over-year, which came in at the low end of our preliminary guidance range. Obviously, these results do not reflect the growth expectations we had coming into the year and the delta is entirely related to the disruption we experienced as a result of this global pandemic caused by COVID-19.

As discussed on our fourth quarter call on March 30th, our revenue