VERO - Venus Concept stock slips 13% after Q2 results miss lowered FY revenue guidance

• Shares of micro-cap medical aesthetics company Venus Concept ( NASDAQ: VERO ) fell 13% to $0.50 in Friday late afternoon trading, after it reported a Q2 results miss and cut its FY 2022 revenue guidance.
• VERO earlier in the day posted Q2 GAAP EPS of -$0.16 which missed estimates by $0.09 . Its revenue of $27.3M missed expectations by $2.95M .
• “Second quarter total revenue results were below expectations driven by significant sales force disruption in a key market in the U.S.,” VERO CEO Domenic Serafino said in the earnings report .
• "This was a leadership issue in this key U.S. market, which unfortunately drove regrettable turnover in our sales team and lower sales force productivity in this U.S. market during the quarter," Serafino further elaborated on the earnings conference call .
• The company said it now expects FY 2022 revenue of $110M to $113M from a previous forecast of $126M to $130M. The consensus revenue estimate is $126.82M.
• The lowered revenue guidance was due to the company's shifting of its revenue mix towards cash sales versus subscription sales, according to VERO CFO Domenic Penna.

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