Venus Concept Inc. announced on September 27, 2024, that it completed a debt-to-equity exchange transaction with affiliates of Madryn Asset Management, LP. The company exchanged $15.0 million of its senior debt for 203,583 shares of its Series Y preferred stock.
Following this transaction, Venus Concept's total debt obligations were reduced to approximately $34.6 million. This represents a 25% decrease from the $46.0 million outstanding as of June 30, 2024, and a 54% reduction from $74.9 million outstanding at December 31, 2023.
Rajiv De Silva, Chief Executive Officer, stated that this transaction is a step towards optimizing the company's capital structure and debt profile. The reduction in debt is intended to strengthen the company's financial health and advance its plan towards achieving sustained, long-term profitability.
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