Venus Concept announces the appointment of Rajiv De Silva as

TORONTO, Oct. 03, 2022 (GLOBE NEWSWIRE) — Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global leader in medical aesthetic technologies, today announced the appointment of Rajiv De Silva as Chief Executive Officer of the Company and member of the Board of Directors (the “Board”), effective October 2, 2022. The Company also announced the separation of Domenic Serafino as Chief Executive Officer and director, effective October 2, 2022. This separation was not the result of a specific disagreement over strategy with management or the board of directors, improper action, breach of company policy or any accounting irregularity.

Mr. De Silva is currently President of Covis Pharma, a private multinational specialty pharmaceutical company, and co-founder of Asiri Skincare, a private company specializing in consumer topical therapeutic skin care products. From 2013 to 2016, he was Chairman, Chief Executive Officer and Director of Endo International Plc, a listed multinational specialty pharmaceutical company. Prior to Endo, Mr. De Silva served as President of Valeant Pharmaceuticals International, Inc. (now Bausch Health) from 2010 to 2013, and Chief Operating Officer of Valeant’s Specialty Pharmaceuticals business, which included its flagship unit of dermatology and aesthetics, from 2009 to 2013. From 2003 to 2008, he held several management positions within Novartis AG, including that of President, Novartis Pharmaceuticals Canada. Mr. De Silva began his healthcare career at McKinsey & Company in 1995, where he became a partner. Mr. De Silva holds a BSE, with honors, from Princeton University, a master’s degree from Stanford University, and an MBA, with honors, from the Wharton School at the University of Pennsylvania.

“We are thrilled to have Rajiv join the company to lead Venus Concept in its next stage of growth and development,” said Scott Barry, President and CEO of Venus Concept. “He is a seasoned executive with extensive experience in large multinational healthcare companies. Rajiv has a proven track record of managing businesses through multiple stages of growth – both organic and inorganic – and through complex turnarounds that included organizational restructuring and capital structure transformation. With Rajiv at the helm, the Board of Directors believes that the company has a strong leader to execute on its strategic objectives to achieve sustainable and profitable growth in the global medical aesthetics and hair restoration markets and to advancing product development, including our next-generation robotics technology platform for medical applications. aesthetic applications.

Mr. De Silva said, “I am delighted to join Venus Concept at a pivotal time for the company. I believe that the company’s best-in-class products and cutting-edge R&D capabilities provide an exciting platform to create meaningful partnerships with aesthetic professionals and make a difference in consumers’ lives. I am excited about the opportunity to build on the company’s past successes and achieve near-term profitability and long-term sustainable growth.

Mr. Barry continued, “On behalf of the Board of Directors, I would like to express our deepest gratitude to Dom for his 12 years of service to our company. From his earliest days as co-founder, his vision and leadership fueled Venus Concept’s notable growth into an established, publicly traded company today. His legacy will be substantial: he has built a company that is an innovative global leader in the medical aesthetics technology market, with a broad product portfolio of minimally invasive and non-invasive medical aesthetics and hair restoration technologies. We wish him continued personal growth in his future endeavours.

Updated revenue guidance for fiscal year 2022:

As part of the appointment of Rajiv De Silva as Chief Executive Officer, the company has withdrawn its previously released revenue guidance for fiscal year 2022, which was last updated on August 12, 2022.

As Venus Concept assesses potential near-term growth and profitability expectations under new management, it provides preliminary revenue forecasts for the third quarter of 2022 in the interest of transparency. Specifically, the company expects to generate total revenue of at least $21 million for the three months ended September 30, 2022. The preliminary results announced today are based solely on information available to management at the date of this press release. The Company’s actual results may differ from these estimates due to the completion of its quarter-end closing procedures, final adjustments and developments that may occur, or information that may become available by the time the results Company financial statements for the third quarter ended September 30, 2022 are finalized.

Q3 2022 Conference Call Information:

The company plans to release its financial results for the three and nine months ended September 30, 2022 before the market opens on Friday, November 11, 2022. Management will host a conference call beginning at 8:00 a.m. Eastern Time, to discuss the third quarter financial results. results, recent business developments and the Company’s short-term financial outlook. Those wishing to participate can dial 877-407-2991 (201-389-0925 for international callers) and provide the passcode 13733044. A live webcast of the call will also be available in the member relations section. investors from the company’s website at ir .venusconcept.com. For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13733044. The webcast will be archived at ir.venusconcept.com.

About Venus Concept

Venus Concept is an innovative global leader in medical aesthetic technologies with a broad product portfolio of minimally invasive and non-invasive medical aesthetic and hair restoration technologies and reach in over 60 countries and 18 direct markets. Venus Concept focuses its product sales strategy on a subscription business model in North America and its well-established direct global markets. Venus Concept’s product portfolio includes aesthetic device platforms including Venus Versa, Venus Legacy, Venus Velocity, Venus Fiore, Venus Viva, Venus Glow, Venus Bliss, Venus BlissMAX, Venus Epileve and Venus Viva MD. Venus Concept hair restoration systems include NeoGraft® and ARTAS® and ARTAS iX® Robotic hair restoration systems. Venus Concept has been backed by leading healthcare growth capital investors including EW Healthcare Partners (formerly Essex Woodlands), HealthQuest Capital, Longitude Capital Management, Aperture Venture Partners and Masters Special Situations.

Caution Regarding Forward-Looking Statements

This communication contains contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained herein that are not historical facts may be deemed to be forward-looking statements. In some cases, you can identify these statements by words such as “anticipates”, “believes”, “plans”, “expects”, “plans”, “future”, “intends”, ” may”, “should”, “could”, “estimate”, “predict”, “potential”, “continue”, “direction” and other similar expressions that are predictions or indicate future events and future trends. These forward-looking statements include, but are not limited to, statements about our financial performance; growth in demand for our systems and other products; and general economic conditions, including the global economic impact of COVID-19, and involve risks and uncertainties that could cause actual results to differ materially from those set forth in the statements. These forward-looking statements are based on current expectations, estimates, forecasts and projections regarding our business and the industry in which the company operates and on the beliefs and assumptions of management and are not guarantees of future performance or developments and involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. Accordingly, some or all of our forward-looking statements contained in this communication may prove to be inaccurate. Factors that could materially affect our business operations, financial performance and condition include, but are not limited to, the risks and uncertainties described in Part II, Item 1A — “Risk Factors” in our reports. quarterly reports on Form 10-Q and in Part I, Item 1A. —“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. You are urged to carefully consider these factors when evaluating forward-looking statements and cautioned not to rely unduly to forward-looking statements. – look at the statements. Forward-looking statements are based on information available to us as of the date of this communication. Except as required by law, the Company does not intend to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise.


        

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