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Venus Concept Announces First Quarter of 2021 Financial Results ; Increases Fiscal Year 2021 Revenue Guidance Ⓒir.venusconcept.com / news - releases / news - release - details / venus - concept - announces - first - quarter - 2021 - financial - results logo News Release TORONTO , May 17 , 2021 ( GLOBE NEWSWIRE ) -- Venus Concept Inc. ( " Venus Concept " or the " Company " ) ( NASDAQ : VERO ) , a global medical aesthetic technology leader , announced financial results for the three months ended March 31 , 2021 . First Quarter 2021 Financial Summary : • Total revenue of $ 22.6 million , compared to $ 14.5 million for the first quarter of 2020 , an increase of $ 8.1 million , or 56 % , year - over - year . • Gross margin of 67.4 % , compared to 64.0 % for the first quarter of 2020 . • GAAP operating loss of $ 6.8 million , compared to a loss of $ 43.6 million for the first quarter of 2020 , a decrease of $ 36.7 million , or 84 % , year - over - year . • GAAP net loss attributable to stockholders of $ 9.3 million , compared to a net loss attributable to stockholders of $ 50.2 million for the first quarter of 2020 , a decrease of $ 40.9 million , or 82 % , year - over - year . Adjusted EBITDA loss of $ 5.0 million , compared to Adjusted EBITDA loss of $ 13.7 million in the first quarter of 2020 , a decrease of $ 8.7 million , or 63 % , year - over - year . • The Company had $ 27.1 million and $ 34.4 million of cash and cash equivalents as of March 31 , 2021 and December 31 , 2020 , respectively , and total debt obligations of approximately $ 80.1 million and $ 79.6 million as of March 31 , 2021 and December 31 , 2020 , respectively . Management Commentary : " We delivered Q1 revenue growth of 56 % year - over - year , ahead of expectations and reflecting our team's strong execution of our focused commercial strategy amidst the continued challenging operating environment , " said Domenic Serafino , Chief Executive Officer of Venus Concept . " First quarter sales growth was driven by 93 % growth in sales to U.S. customers and 32 % growth in sales to International customers . First quarter sales benefitted from strong procedure - related activity in both our aesthetics and hair restoration businesses , and strong system sales results of our ARTAS IXⓇ , Venus Versa and Venus Bliss compared to the prior year period . " Mr. Serafino continued : " First quarter financial results reflect improvements in our gross margin and significant reduction in our operating loss and adjusted EBITDA compared to the prior year period . Based on our current assessment and strong pipeline activity , we believe that we will continue to see an improvement in capital equipment demand in the aesthetics and hair restoration markets as we move through 2021. We remain confident in our ability to deliver strong , above - market , growth in 2021 and we have increased our expectations for revenue growth of 28 % to 35 % year - over year in fiscal year 2021. We continue to expect to drive strong operating leverage in 2021 , as well . Importantly , the longer - term outlook for the Company is compelling as we continue to make progress in the area of product development ; specifically , our efforts to develop the next generation robotic technology for medical aesthetic applications . " First Quarter 2021 Highlights : On March 25 , 2021 , the Company announced that Venus Williams , four - time Olympic Gold Medalist , seven - time Grand Slam Champion and entrepreneur , signed on as celebrity brand ambassador / endorser for Venus Bliss . First Quarter 2021 Revenue by Region and by Product Type : Revenues by region : << Back Three Months Ended March 31 2021 2020 ( dollars in thousands ) 1/7