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Figs Inc's Business Segments
Figs Inc's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Reportable Segments
-
Largest Segment
-
Total Revenue
$ 159
Regions Reported
1
Revenue Share by Region -
- Non-US17.8%
Revenue by Geographic Region -
| Region | Revenue (Millions) | % of Total |
|---|---|---|
| Non-US | $ 28 | 17.8% |
Revenue by Product & Service Category -
- Scrubwear79.5%
- Non-scrubwear/Lifestyle20.9%
Revenue by Product & Service Category -
| Category | Revenue (Millions) | % of Total |
|---|---|---|
| Scrubwear | $ 127 | 79.5% |
| Non-scrubwear/Lifestyle | $ 33 | 20.9% |
Product and service categories are a supplemental disclosure and are not required to sum to consolidated revenue or to the reportable segments above.
Description of Figs Inc
The healthcare apparel and lifestyle brand known as FIGS is founder-led and focuses on serving healthcare professionals. The company's mission is to celebrate and empower healthcare professionals, who they refer to as "Awesome Humans," and help them look, feel, and perform their best 24/7, 365 days a year. FIGS creates technically advanced apparel and products that combine comfort, durability, function, and style at an affordable price. The brand has redefined scrubs, giving rise to their tagline, "why wear scrubs when you can #wearFIGS'"
FIGS has revolutionized the large and fragmented healthcare apparel market by branding an unbranded industry, de-commoditizing a previously commoditized product, and elevating scrubs to create premium products for healthcare professionals. The company has built a community and lifestyle around a profession, becoming the industry's category-defining healthcare apparel and lifestyle brand.
FIGS sells purposefully designed products that serve the needs of healthcare professionals primarily through a convenient direct-to-consumer (DTC) digital platform consisting of a website and mobile app. Their offerings include scrubwear and non-scrubwear, such as lab coats, underscrubs, outerwear, loungewear, compression socks, footwear, and other lifestyle apparel. The company primarily designs all its products in-house, leveraging third-party suppliers and manufacturers to produce its product components and finished products. FIGS coordinates and supervises every step of its product development and production process to ensure its high-quality standards are met.
FIGS has a dynamic merchandising model that maintains lessened inventory risk driven by a relatively high volume of repeat purchases and a focus on its core scrubs offerings. The company uses its digital platform to celebrate Awesome Humans in aspirational, creative, and unexpected ways, leveraging social media platforms to listen, engage with, understand, and better serve its community at scale. FIGS's Ambassador Program consists of Awesome Humans from around the world who represent a diverse cross-section of the healthcare industry and help interact with the community and drive engagement.
FIGS has a growing base of approximately 2.3 million active customers as of December 31, 2022, who are passionate about and loyal to the brand. Giving back is ingrained in everything FIGS does, and the company has various philanthropic efforts, including Threads for Threads, which donates scrubs and other products to healthcare professionals in resource-poor countries. FIGS also gives in various ways, including through medical giving trips, tuition and student loan repayment grants, financial support to charitable organizations, and other partnerships and giving initiatives that support the healthcare community and the communities they serve every day. The company has also developed an advocacy program designed to address some of the biggest challenges facing healthcare professionals today.
The healthcare apparel market is a large, growing, and largely non-discretionary industry. According to the U.S. Census Bureau's 2019 American Community Survey, there are approximately 22 million healthcare professionals in the United States, and the employment of healthcare occupations in the United States is projected to grow 13% from 2021 to 2031, adding about 2 million new jobs, according to the Bureau of Labor Statistics. With an expanding aging population, proliferation of chronic illness, greater access to healthcare in the United States, and an increasing focus on health and wellness, the demand for healthcare professionals continues to grow.
FIGS has revolutionized the large and fragmented healthcare apparel market by branding an unbranded industry, de-commoditizing a previously commoditized product, and elevating scrubs to create premium products for healthcare professionals. The company has built a community and lifestyle around a profession, becoming the industry's category-defining healthcare apparel and lifestyle brand.
FIGS sells purposefully designed products that serve the needs of healthcare professionals primarily through a convenient direct-to-consumer (DTC) digital platform consisting of a website and mobile app. Their offerings include scrubwear and non-scrubwear, such as lab coats, underscrubs, outerwear, loungewear, compression socks, footwear, and other lifestyle apparel. The company primarily designs all its products in-house, leveraging third-party suppliers and manufacturers to produce its product components and finished products. FIGS coordinates and supervises every step of its product development and production process to ensure its high-quality standards are met.
FIGS has a dynamic merchandising model that maintains lessened inventory risk driven by a relatively high volume of repeat purchases and a focus on its core scrubs offerings. The company uses its digital platform to celebrate Awesome Humans in aspirational, creative, and unexpected ways, leveraging social media platforms to listen, engage with, understand, and better serve its community at scale. FIGS's Ambassador Program consists of Awesome Humans from around the world who represent a diverse cross-section of the healthcare industry and help interact with the community and drive engagement.
FIGS has a growing base of approximately 2.3 million active customers as of December 31, 2022, who are passionate about and loyal to the brand. Giving back is ingrained in everything FIGS does, and the company has various philanthropic efforts, including Threads for Threads, which donates scrubs and other products to healthcare professionals in resource-poor countries. FIGS also gives in various ways, including through medical giving trips, tuition and student loan repayment grants, financial support to charitable organizations, and other partnerships and giving initiatives that support the healthcare community and the communities they serve every day. The company has also developed an advocacy program designed to address some of the biggest challenges facing healthcare professionals today.
The healthcare apparel market is a large, growing, and largely non-discretionary industry. According to the U.S. Census Bureau's 2019 American Community Survey, there are approximately 22 million healthcare professionals in the United States, and the employment of healthcare occupations in the United States is projected to grow 13% from 2021 to 2031, adding about 2 million new jobs, according to the Bureau of Labor Statistics. With an expanding aging population, proliferation of chronic illness, greater access to healthcare in the United States, and an increasing focus on health and wellness, the demand for healthcare professionals continues to grow.
Segments:
Figs Inc caters to a wide range of segments, including healthcare professionals, medical students, veterinarians, and dental professionals. The company's primary focus is on healthcare professionals, but it also offers products and services for other related fields.
Products:
Figs Inc offers a variety of products designed specifically for healthcare professionals, including scrubs, lab coats, underscrubs, compression socks, hats, and tote bags. All of these products are made from high-quality materials that are both durable and comfortable. The scrubs come in a wide range of colors and styles, making it easy for healthcare professionals to find the perfect fit. Figs Inc also offers a range of lab coats that are tailored to fit a variety of body types and sizes.
Services:
In addition to its impressive line of products, Figs Inc also offers a range of services designed to make life easier for healthcare professionals. These services include free shipping, easy returns and exchanges, discounts for group orders, and a generous loyalty program that rewards customers for their repeat business. The company also offers a sizing chart that ensures customers get the perfect fit, as well as a style guide that helps them select the right scrubs for the job. Overall, Figs Inc is dedicated to providing healthcare professionals with everything they need to look and feel their best on the job.
Figs Inc caters to a wide range of segments, including healthcare professionals, medical students, veterinarians, and dental professionals. The company's primary focus is on healthcare professionals, but it also offers products and services for other related fields.
Products:
Figs Inc offers a variety of products designed specifically for healthcare professionals, including scrubs, lab coats, underscrubs, compression socks, hats, and tote bags. All of these products are made from high-quality materials that are both durable and comfortable. The scrubs come in a wide range of colors and styles, making it easy for healthcare professionals to find the perfect fit. Figs Inc also offers a range of lab coats that are tailored to fit a variety of body types and sizes.
Services:
In addition to its impressive line of products, Figs Inc also offers a range of services designed to make life easier for healthcare professionals. These services include free shipping, easy returns and exchanges, discounts for group orders, and a generous loyalty program that rewards customers for their repeat business. The company also offers a sizing chart that ensures customers get the perfect fit, as well as a style guide that helps them select the right scrubs for the job. Overall, Figs Inc is dedicated to providing healthcare professionals with everything they need to look and feel their best on the job.