Shares of FIGS, Inc. plummeted over 10% in after-hours trading on November 7th, following the company's release of its third-quarter financial results. The healthcare apparel company reported revenues of $140.2 million, falling short of analysts' expectations of $143.1 million.
The disappointing revenue performance was accompanied by a weaker-than-expected adjusted EBITDA margin of 3.4%. Investors reacted swiftly to the underwhelming earnings report, sending the stock tumbling in extended trading.
FIGS' failure to meet Wall Street's estimates for both top-line growth and profitability metrics has raised concerns among investors regarding the company's ability to maintain its growth trajectory and continue expanding its market share in the competitive healthcare apparel industry.
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