Figs Inc., an apparel and lifestyle company for healthcare workers, has filed to take the company public, eight years after the co-founders started the company by selling products out of their cars.
Net revenue for the company grew to $263.1 million in 2020 from $110.5 million in 2019. The company grew from $17.6 million in 2017, a compound annual growth rate of 146%.In 2020, Figs had operating income of $57.9 million after a net operating loss of $300,000 in 2019.Launched in 2013 and based in Santa Monica, Calif., Figs is an emerging growth company, which means it does not have to make the same disclosures required of bigger public companies.
“Over time, healthcare apparel purchasing has shifted from institutions to the individual, with approximately 85% of all medical professionals now purchasing their own uniforms. Due to frequent wear, healthcare apparel continuously needs to be replenished, resulting in highly predictable, recurring demand for such products.”
iframe.twitter-tweet { width: 100% !important; } Figs was founded by Heather Hasson and Trina Spear, who started the business in 2013 selling product out of their cars. Now they serve as co-chief executives. All outstanding class B shares will be owned by the company’s co-founders and by majority shareholder Tulco, LLC. After the IPO, those holders will represent 79.3% of the voting power of the outstanding shares.
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