FIGS: 3 Key Takeaways for Long-Term Investors
Supply fixes in Vietnam and Indonesia are racing a U.S. import ban, and inventory is down 20% heading into a strong fourth quarter.
FIGS reported impressive growth in its third-quarter 2026 earnings, driven by strong international sales and expanded production capacity. The company's net revenues increased 26% year-over-year to $191 million, with international sales surging 51% to $36.8 million, representing nearly 20% of total sales. FIGS is localizing its digital marketing efforts across Europe, Latin America, and the Middle East to tap into a global total addressable market of over 100 million healthcare workers.
Despite a Withhold Release Order limiting supply from its Jordan manufacturer, the company is mitigating stockouts by increasing production in Vietnam and Indonesia. Management is also securing institutional accounts through its business-to-business platform, TEAMS, and forming partnerships with corporate healthcare providers to expand distribution beyond direct sales to individual medical professionals.
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