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For Immediate Release FIGS Announces Second Quarter 2021 Financial Results Net revenues increased by 57.6 % to $ 101.1 million Active customers increased by 79.2 % to 1.6 million Exhibit 99.1 Santa Monica , California - August 12 , 2021 - FIGS , Inc. ( " FIGS " or the " Company " ) ( NYSE : FIGS ) , a founder - led direct - to - consumer healthcare apparel and lifestyle brand that seeks to celebrate , empower , and serve current and future generations of healthcare professionals , announced results for the quarter ended June 30 , 2021. Net revenues were $ 101.1 million in Q2 2021 , an increase of 57.6 % as compared to Q2 2020. Active customers grew to 1.6 million at the end of Q2 2021 , an increase of 79.2 % as compared to the end of Q2 2020 . " We are extremely pleased to have delivered strong financial performance in our first quarter as a public company following a successful IPO . We are so proud to have completed our public offering in the only way we could have imagined - by ringing the bell with as many Awesome Humans as we could fit on the podium right alongside us , " said Co - Chief Executive Officers Heather Hasson and Trina Spear . " Healthcare professionals deserve to be celebrated , empowered , and served , and that's what we aim to do every day . The way we executed and grew our business in Q2 was another step in that direction . We generated over $ 100 million in net revenues , we grew to 1.6 million active customers , and we continued to drive growth in a sustainable way . Thank you to the entire FIGS team , and most importantly , to all the healthcare professionals who serve and inspire all of us on a daily basis . We will continue to make investments that expand your access to the best products , the most seamless direct - to - consumer experience , and to share your stories with the world . " Financial Highlights ( Unaudited ) : Three months ended June 30 , Six months ended June 30 , in thousands , except per share and margin percentage amounts 2021 2020 2021 2020 Net revenues $ 101,117 $ 64,143 S 188,196 $ 96,110 Net income ( loss ) $ ( 40,546 ) $ 14,175 $ ( 29,106 ) $ 18,309 Net income , as adjusted ( ¹ ) $ 14,342 $ 14,487 $ 27,896 $ 18,897 Diluted EPS $ ( 0.26 ) $ 0.09 $ ( 0.19 ) $ 0.12 Diluted EPS , as adjusted ( ¹ ) Adjusted EBITDA ( 1 ) $ 0.08 $ 0.09 $ 0.15 $ 0.12 $ 26,793 $ 17,343 $ 51,141 $ 21,947 Adjusted EBITDA margin ( ¹ ) ( 1 ) 26.5 % 27.0 % 27.2 % 22.8 % Net income , as adjusted , Diluted EPS , as adjusted , Adjusted EBITDA , and Adjusted EBITDA margin are non - GAAP financial measures . See " Non - GAAP Financial Measures and Key Operating Metrics " for additional information on non - GAAP financial measures and a reconciliation to the most comparable GAAP measures . Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by net revenues . • Net revenues for Q2 2021 increased by 57.6 % to $ 101.1 million , as compared to Q2 2020. Net revenues were driven by higher order volumes and , to a lesser extent , a higher average order value during Q2 2021. Our active customer base grew by 79.2 % to 1.6 million , as compared to Q2 2020 . • Gross margin for Q2 2021 increased by 280 basis points to 73.3 % , as compared to Q2 2020. This increase was primarily driven by a sales mix shift away from lower margin products toward higher margin scrubwear and a decrease in freight - in due to lower utilization of more expensive air freight . Net income ( loss ) for Q2 2021 was a $ 40.5 million loss , as compared to net income of $ 14.2 million for Q2 2020. Net loss for Q2 2021 was primarily driven by $ 50.4 million of pre - tax stock - based compensation expense incurred in connection with our IPO . • Net income , as adjusted for Q2 2021 of $ 14.3 million was comparable to Q2 2020 . • Diluted EPS for Q2 2021 decreased to $ ( 0.26 ) , as compared to Q2 2020. The decrease in Diluted EPS was primarily driven by the decrease in net income described above and a higher diluted share count . • Diluted EPS , as adjusted for Q2 2021 decreased to $ 0.08 , as compared to Q2 2020. The decrease in Diluted EPS , as adjusted was driven by a higher diluted share count . • Adjusted EBITDA for Q2 2021 increased by 54.5 % to $ 26.8 million , as compared to Q2 2020. The increase in Adjusted EBITDA was primarily due to higher order volumes , and to a lesser extent , higher average order values .