Venus Concept Taps Endo's Former CEO As New Chief Executive, Withdraws FY22 Guidance

Venus Concept Taps Endo's Former CEO As New Chief Executive, Withdraws FY22 Guidance
  • Venus Concept Inc VERO appointed Rajiv De Silva as the company's CEO and board member, effective October 2
  • The company also announced the separation of Domenic Serafino as Chief Executive Officer and Director, effective October 2, 2022. 
  • Mr. De Silva currently serves as the Chairman of Covis Pharma, a privately-held, multinational specialty pharmaceutical company, and is a co-founder of Asiri Skincare, a privately-held company focused on topical consumer therapeutic skincare products. 
  • From 2013 to 2016, he served as President, CEO & Director of Endo International Plc ENDPQ.
  • In connection with Rajiv De Silva's appointment as Chief Executive Officer, the company has withdrawn its previously issued revenue guidance for FY22, which was last updated on August 12.
  • The company expected FY22 revenue of $110-$113 million, representing a Y/Y increase of approximately 4% to 7%.
  • While Venus Concept is evaluating potential near-term growth and profitability expectations under new leadership, it is providing preliminary Q3 2022 revenue expectations in the interest of transparency. 
  • It expects to deliver total revenue of at least $21 million for the three months ended September 30.
  • Price Action: VERO shares are down 6.16% at $0.41 on the last check Monday.

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