Figs (NYSE: FIGS) delivered a standout performance this quarter, with net revenue rising sharply by 28.8% to $196.6 million. This leap was fueled by more orders and higher customer spending. The company, which specializes in medical apparel like scrubs, saw its active customer count grow by 13.2% to 3.1 million by June 30. Each customer spent an average of $127 per order, a gain of 8.5% compared to last year. These results helped position Figs for an even stronger future.
Looking forward, Figs has raised its revenue forecast for 2026 to about 20%, up from a previous target of 14% to 16%. CEO Trina Spear remains confident, stating, 'Given that we are still only serving a tiny percentage of the world's healthcare professionals, we believe we are just getting started.' Her comments highlight the company's belief in untapped potential, especially as global demand for medical apparel grows.
Global Expansion and Tariff Refunds Boost Margins
Figs' growth came from across its product range. Revenue from scrubs climbed 26.5% to $161.2 million, while non-scrub items, such as lab coats and protective gear, generated $35.4 million, up 40.3%. Overseas, the company saw a dramatic 67% rise in international sales, reaching $37.9 million. This expansion highlights Figs' efforts to reach new markets around the world.
Tariff refunds contributed significantly to Figs' financial success. Gross margin hit 75.2%, a rise of 8.2 percentage points. This helped push net income to $28.4 million, or $0.15 per share, far surpassing the $0.07 per share analysts had predicted. The impressive results prompted the company to increase its stock buyback program by $100 million, signaling confidence in its long-term trajectory.