Venus Concept Inc. (NASDAQ:VERO) Q3 2023 Earnings Call Transcript

Page 2 of 2

Sam Eiber: Okay. Sounds good looking forward to that. And maybe if I could just squeeze in a last clarification question. You mentioned OUS being able to grow year-over-year in 2024. Is that on a year-over-year basis, 2024 or 2023? Or is that just meant to mean a quarter in 2024 growing over 2023

Domenic Della Penna: We would expect to see some growth for the full year in 2024. But as we’ve described, the distributor onboarding will continue into the first quarter, right? So I think the trajectory of that return to growth is slightly in the — more in the second half.

Sam Eiber: Got it. Thanks for taking the question

Rajiv De Silva: Thank you.

Operator: [Operator Instructions] Our next question comes from the line of Anthony Vendetti with Maxim Group. Please proceed with your question.

Unidentified Analyst: Thank you for taking the question. This is actually Jeremy [ph] on the line for Anthony. So just in terms of just general macro, the economic, you talked about the customers from year-end, but what are your customers seeing in terms of patient traffic, patient volume is there some — how they see anything rebound in there? Or is that still lagging?

Rajiv De Silva: The — I think as we described, where we are seeing a difference in end customer behavior is primarily for the higher-priced procedures. So that is primarily for us the hair business. So that dynamic still continues, and we talked about that in the second quarter that has continued in the third quarter and will likely continue into the fourth quarter as well. In terms of end customer demand for other procedures such as removal, body contouring, skin tightening, we’re not hearing from our customers any major downward trend in those types of procedures.

Unidentified Analyst: Okay. Understood. And then just — I know you mentioned on the call that Aime you said it’s still on schedule for commercialization in the second half of 2024 late 2024. So what is going to happen here? Maybe just walk us some of the steps a year out, what has to happen until then for make sure that, that commercialization is successful?

Rajiv De Silva: Yes. So as we have announced in previous announcements this year, we launched a medical advisory board with a top-flight group of physicians to work with us around the Aime development and launch. We already received clearance. So the majority of work that’s ongoing would be clinical supporting specific indications, generating the kind of data that would actually support a strong commercial launch at the back end of next year. So that’s what you’d expect to see as well as the ramp-up preparation for manufacturing that would be occurring next year. But from a regulatory perspective, it’s largely complete. It’s working on specific applications and indications that will support the launch. That will be the focus.

Unidentified Analyst: Okay. Understood. Thank you for taking the questions.

Rajiv De Silva: Thank you.

Operator: And we are currently showing no additional participants in the queue. That does conclude our conference for today. Thank you for your participation.

Follow Venus Concept Inc.

Page 2 of 2