Venus Concept Inc. (NASDAQ:VERO) Q4 2022 Earnings Call Transcript

Anthony Vendetti: Thanks. Just a couple of quick follow-ups. On the workforce reduction, is all of that and I know there’s some charges that’ll still happen in 2023, but is that largely over? And when do you expect these, I guess it seems like more second half 2023 when the efficiencies will start to be realized, is that the way to look at it?

Rajiv De Silva: Yes, that’s correct. If you look at the projected 13 million to 15 million of full-year run rate savings that we are projecting for 2024, there’s a component of that that is headcount and personnel. There’s a component of that which is more variable expense as a component in there of reduction in lease costs. There are lots of different components, which will kick-in at different times in 2023, right? Now, in terms of the actual headcount reductions, we are completed with those restructuring puts in North America and in Israel. With international markets, it’s a little bit more complex because we continue to evaluate markets in terms of profitability and for potential to move to distributor relationships. When you do that, sometimes it results in restructuring; sometimes it results in turning over our workforce to a new owner, effectively a new distributor.

So, the way that transitions happen, that work a little differently, which is why it will take us the better part of this year to fully implement all of those changes.

Anthony Vendetti: Okay, great. That’s all I have. Thanks.

Rajiv De Silva: Thank you.

Operator: Thank you. We are currently showing no additional participants in the queue. That does conclude our conference call for today. Thank you for your participation.