VERO - Venus appoints CEO as co-founder steps down; FY revenue outlook withdrawn Q3 seen below estimates

Venus Concept ( NASDAQ: VERO ) appointed Rajiv De Silva as CEO and board member, effective Oct. 2, and withdrew its FY 2022 revenue guidance, which was seen below estimates, issued on Aug. 12.

Meanwhile, Co-Founder Domenic Serafino left the role of CEO and Director, effective Oct. 2. Serafino's separation was not due to any specific disagreement about strategy with management or the board, inappropriate action, violation of company policy or any accounting irregularity, the company said in an Oct. 3 press release.

De Silva currently serves as Chairman of privately-held Covis Pharma and is a co-founder of Asiri Skincare. From 2013 to 2016, he served as president, CEO and director of Endo International.

In addition, Venus said it is evaluating potential near-term growth and profitability expectations under new leadership and has withdrawn its 2022 revenue guidance.

The company added that for Q3 it expects revenue of at least $21M. Consensus Revenue Estimate for Q3 is $24.53M.

During its Q2 results on Aug. 12 the company the company had said that it expected FY 2022 revenue to be between $110M to $113M from a prior forecast of $126M to $130M.

Full year 2022 Consensus Revenue Estimate is $111.16M.

The company plans to report its Q3 results on Nov. 11.

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