FIGS (FIGS) 47th Annual Raymond James Institutional Investor Conference summary

Business overview and industry positioning

• Focuses on premium, functional products for healthcare professionals, transforming a traditionally unbranded, commoditized industry into a branded, community-driven space.

• Serves a replenishment-driven, non-seasonal, and non-cyclical market with 2.9 million active customers out of 140 million global healthcare professionals.

• Expanded from a digitally native model to an omni-channel presence, including five Community Hubs in major U.S. cities, with plans to open four more in 2026.

• Maintains a low SKU count, with 17 core styles driving over 60% of revenue, minimizing fashion and inventory risk.

• First public company in the medical apparel space, previously dominated by private equity-backed firms.

Product innovation and marketing

• Proprietary FIONx and new FORMx fabrications offer technical, durable, and comfortable apparel for various healthcare environments.

• Expanded product categories include underscrubs, outerwear, compression socks, footwear, and accessories, supporting a head-to-toe outfitting strategy.

• Viral marketing campaigns, such as outfitting Team USA’s medical team and celebrity collaborations, have significantly increased brand engagement and organic traffic.

• New product launches are tested with shallow inventory and must sell out multiple times before becoming core offerings.

• Marketing investments remain around 15% of sales, with a focus on both top-of-funnel and performance-based strategies.

Global expansion and growth strategy

• Now operates in 59 countries, with a go-deep, go-broad strategy focusing on Canada, Mexico, U.K., and Australia.

• Uses data-driven market entry and a global ambassador program with 600 influencers to drive word-of-mouth growth.

• International sales grew 55% in the latest quarter, with plans to enter 20 additional markets in 2026.

• Community Hubs drive omni-channel growth, with 40% of store customers new to the brand and higher lifetime value for omni-channel customers.