FIGS, Inc. reported fourth quarter 2024 net revenues of $151.8 million, an increase of 4.8% year-over-year, exceeding expectations. The company achieved a net income of $1.9 million, or $0.01 in diluted earnings per share, and an adjusted EBITDA margin of 13.9%. For the full year 2024, net revenues grew 1.8% to $555.6 million, with an adjusted EBITDA margin of 9.3%.
The Board of Directors authorized a $50.0 million increase in the ongoing share repurchase program, adding to the approximately $4.6 million remaining as of December 31, 2024. This action underscores the company's commitment to returning value to shareholders and leveraging its strong financial position.
Looking ahead to full year 2025, FIGS projects net revenues growth to be down in the low-single-digit range compared to 2024, with an adjusted EBITDA margin between 9.0% and 9.5%. The company plans to accelerate investments in emerging channels and brand marketing, while also reducing reliance on promotions, which is expected to impact near-term top-line performance but support long-term brand health.
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