FIGS, Inc. (NYSE:FIGS) Q2 2024 Earnings Call August 8, 2024 5:00 PM ET
Company Participants
Todd Maron - Investor Relations
Trina Spear - Co-Founder and Chief Executive Officer
Kevin Fosty - Interim Chief Financial Officer
Conference Call Participants
Brooke Roach - Goldman Sachs
Bob Drbul - Guggenheim
Dana Telsey - Telsey Group
Adrienne Yih - Barclays
Rakesh Patel - Raymond James
Chandana Madaka - KeyBanc
Matt Koranda - Roth Capital Partners
Nathan Feather - Morgan Stanley
John Kernan - TD Cowen
Brian Nagel - Oppenheimer
Operator
Good afternoon. Thank you for joining today’s FIGS Second Quarter and Fiscal 2024 Earnings Conference Call. My name is Cole, and I’ll be the moderator for today’s call. [Operator Instructions] I’d now like to pass the call over to Todd Maron. Please go ahead.
Todd Maron
Thank you. Good afternoon, and thank you for joining today’s call to discuss FIGS second quarter 2024 results, which we released this afternoon and can be found in our earnings press release and in the stockholder presentation posted to our Investor Relations website at ir.wearfigs.com. Presenting on today’s call are Trina Spear, our Co-Founder and CEO; and Kevin Fosty, our Interim CFO.
As a reminder, remarks on this call that do not concern past events are forward-looking statements. These may include 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. We do not place undue reliance on forward-looking statements, which speak only as of today and 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. Definitions and reconciliations of these non-GAAP measures to their most comparable GAAP measures are included in the stockholder presentation we issued today.
Now, I would like to turn the call over to Trina Spear, CEO of FIGS.
Trina Spear
Thank you, Todd. We delivered solid second quarter results with revenue growth at the high end of our expected range and adjusted EBITDA margin above our expectations. Our U.S. growth inflected back into positive territories, driven by better repeat frequency trends. Our international growth accelerated and scrubwear also returned to year-on-year growth. Our balance sheet is in stellar shape with a healthy inventory position and we have the financial flexibility to scale our brand and our business. We are particularly pleased that alongside these Q2 results, we saw leading indicators of revenue improve. We teed up our company for Olympics partnership, our most consequential marketing campaign ever and we drove innovation in products, marketing and supply chain.