FIGS, Inc. (NYSE:FIGS) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET

Company Participants

Jean Fontana – Head-Investor Relations

Trina Spear – Co-Founder and Chief Executive Officer

Daniella Turenshine – Chief Financial Officer

Conference Call Participants

Ed Yruma – Piper Sandler

Alice Xiao – Bank of America

John Kernan – TD Cowen

Brooke Roach – Goldman Sachs

Matt Koranda – ROTH/MKM

Bob Drbul – Guggenheim

Dana Telsey – Telsey Advisory Group

Rick Patel – Raymond James

Brian Nagel – Oppenheimer

Adrienne Yih – Barclays

Operator

Good afternoon, and thank you for joining the FIGS’ First Quarter Fiscal 2023 Earnings Call. My name is Kate, and I will be the moderator for today’s call. [Operator Instructions]

I would now like to pass the call over to our host, Jean Fontana, Head of Investor Relations at FIGS. You may proceed.

Jean Fontana

Good afternoon. Thank you for joining today’s call to discuss FIGS’ first quarter 2023 results, which we released this afternoon, can be found in our earnings press release and in the stockholder slide deck on our Investor Relations website at ir.wearfigs.com.

Presenting on today’s call are Trina Spear, our Co-Founder and Chief Executive Officer; Daniella Turenshine, our Chief Financial Officer.

As a reminder, remarks on this call that do not concern past events are forward-looking statements. We may see predictions, expectations or estimates, including about future financial performance, market opportunity or business plans. Forward-looking statements involve risks and uncertainties and actual results could differ materially. These and other risks are discussed in our SEC filings, including in the 10-Q we filed today, which we encourage you to review. Do not place undue reliance on forward-looking statements, which speak only as of today which we undertake no obligation to update.

Finally, we will discuss certain non-GAAP metrics and key performance indicators, which we believe are useful supplemental measures for understanding our business. That submission or reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in the cycle of slide deck issued today.

Now, I would like to turn the call over to Trina Spear, Chief Executive Officer of FIGS.

Trina Spear

Thank you, and good afternoon, everyone. We are pleased that exceeded our first quarter expectations across key financial metrics. We delivered profitable growth through disciplined execution of our strategy that are on track to achieve meaningfully improved inventory levels by year-end. While the macro environment remains uncertain, FIGS is an iconic brand and I believe that we will advance our leadership position in the healthcare apparel industry while expanding our TAM.