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Here are 1-3 brief analogies for FIGS:

• Lululemon for healthcare professionals
• Warby Parker for medical scrubs

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• Scrubs: Medical uniform tops and pants designed for healthcare professionals, featuring proprietary fabric technology and modern styling.
• Underscrubs: Base layers intended to be worn beneath scrubs for added comfort, warmth, and style.
• Outerwear: Jackets, vests, and lab coats specifically tailored for healthcare environments, combining functionality with modern design.
• Footwear: Shoes engineered for the demands of healthcare work, prioritizing comfort, support, and slip resistance.
• Accessories: Complementary items such as scrub caps, compression socks, and bags designed to meet the needs of healthcare professionals.

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Major Customers of FIGS (FIGS)

• Nurses: This includes Registered Nurses (RNs), Licensed Practical Nurses (LPNs), Nurse Practitioners (NPs), and other nursing professionals across various specialties and care settings. This represents a significant portion of their customer base.
• Physicians and Surgeons: Doctors specializing in various fields, including general practitioners, specialists, and surgeons, who purchase FIGS' medical apparel for professional use.
• Other Healthcare Professionals and Students: This broad category encompasses a wide range of individuals such as Physician Assistants (PAs), Physical Therapists (PTs), Dentists, Veterinarians, Medical Assistants, Technicians, and students pursuing degrees in healthcare fields (e.g., medical students, nursing students, dental students).

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Trina Spear, CEO & Co-Founder

Trina Spear co-founded FIGS in 2013. Prior to co-founding FIGS, she worked as an associate at The Blackstone Group Inc., a global alternative investment business, in its hedge fund group. She also spent four years in the investment banking and private equity divisions at Citigroup Global Markets Inc. Spear has served as a member of the board of directors of Amer Sports, Inc. since February 2024.

Sarah Oughtred, CFO

Sarah Oughtred has served as FIGS' CFO since August 2024. Before joining FIGS, Oughtred spent nearly 17 years at lululemon athletica inc., where she held various finance leadership roles, including Senior Vice President, Financial Planning & Analysis (FP&A) since 2021. During her tenure at Lululemon, she played a significant role in increasing net revenues from $270 million to approximately $10 billion and expanding its retail footprint from fewer than 50 stores to over 700. Prior to Lululemon, she worked for three years at PricewaterhouseCoopers in the audit and assurance practice, focusing on public and private companies in the consumer products and services sector.

Heather Hasson, Executive Chair & Co-Founder

Heather Hasson co-founded FIGS in 2013. She previously served as Co-Chief Executive Officer until August 2022 and currently serves as the Executive Chair of the Board. Prior to co-founding FIGS, Ms. Hasson was an entrepreneur, having founded and served as CEO of Heather Hasson bags, a high-end bag line, and FIGS Ties, a tie and scarf company. She currently serves as CEO and a board member of OOG, Inc., a healthcare education technology company.

Devon Duff Gago, Chief Business Development Officer

Devon Duff Gago serves as FIGS' Chief Business Development Officer. She has a diverse professional background with experience in analytics, finance, operations, and investment in the consumer and retail sectors. Prior to this role, Gago served as Chief Operating Officer and Chief Strategy Officer at FIGS. Her previous experience includes leadership positions at companies such as Bacardi, Coach, Tory Burch, Sands Capital Management, and Lehman Brothers. She holds an MBA from The Wharton School and an MA in International Studies from The Lauder Institute.

Shefali Shah, Chief Merchandising And Digital Product Officer

Shefali Shah is the Chief Merchandising and Digital Product Officer at FIGS. She has extensive experience in merchandising and digital product management within the retail industry. Her background includes leadership roles at Bandier, Fabletics, and Victoria's Secret. Shah's expertise spans apparel, beauty, and fashion sectors, with a focus on driving innovation and enhancing inventory analytics. She earned a triple major in Finance, Marketing, and Transportation Logistics, with a minor in Economics, from The Ohio State University Fisher College of Business.

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The key risks to FIGS (symbol: FIGS) include:

1. Increased Competition and Market Saturation: FIGS operates in a highly competitive healthcare apparel market, facing pressure from both established brands and new entrants. This intense competition, coupled with a market nearing saturation, could lead to price wars, margin compression, and slower growth rates for the company.
2. Supply Chain Disruptions, Tariffs, and Rising Operational Costs: FIGS is exposed to risks associated with disruptions in its supply chain, particularly due to reliance on suppliers in specific regions. Tariffs are expected to negatively impact gross margins in 2025 and 2026, and the company is also facing higher operational costs related to freight and the transition to new fulfillment centers.
3. Reliance on Digital Platforms and Marketing Effectiveness: Given FIGS's direct-to-consumer (DTC) business model, there is a heavy reliance on digital sales channels. This dependence exposes the company to risks such as technological disruptions, cybersecurity threats, changes in online consumer behavior, and the ongoing challenge of effectively acquiring and retaining customers through marketing efforts at a sustainable cost.

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The emergence of direct-to-consumer (DTC) competitors offering similar quality and stylish medical apparel at significantly lower price points poses a clear emerging threat to FIGS. Companies like Mandala Scrubs, which launched in 2020, have rapidly gained market traction by providing aesthetically similar products to FIGS but at a fraction of the cost. This directly challenges FIGS' premium pricing strategy and market share by appealing to price-sensitive healthcare professionals who still seek fashionable and functional workwear. This competitive pressure forces FIGS to potentially increase promotional activity, which can erode margins, or risk losing customers to more affordable alternatives.

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The addressable markets for FIGS' main products and services are significant both globally and within the U.S.

Medical Scrubs

• Global: The global medical scrubs market was valued at approximately $90.37 billion in 2024 and is forecast to reach $123.52 billion by 2030. Other estimates place the global market size at $49-90 billion in 2024, projected to reach $88-124 billion by 2032, or approximately $54.35 billion in 2025, projected to reach $102.09 billion by 2032.
• U.S.: The U.S. medical scrubs market size was valued at USD 9.71 billion in 2024 and is expected to reach USD 17.98 billion by 2032. Another estimate indicates the U.S. market size is $9.8 billion in 2025, growing to $13.4 billion by 2030. FIGS has already reached over 10% of its total addressable market of 20 million healthcare workers in the U.S..

Medical Clothing (Broader Category, including Scrubs, Outerwear, Underscrubs, etc.)

• Global: The global medical clothing market size was valued at USD 115.24 billion in 2024 and is projected to grow to USD 187.53 billion by 2032. Another projection estimates the market to grow from USD 141.7 billion in 2024 to USD 250.4 billion by 2035.
• U.S.: The U.S. medical clothing market size was worth USD 42.26 billion in 2022. The North America medical clothing market accounted for USD 38.4 billion in revenue in 2023.

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FIGS (NYSE: FIGS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Customer Growth and Increased Average Order Value (AOV): The company has consistently reported an increase in active customers and a higher average order value, which are direct contributors to revenue growth. This trend is expected to continue with efforts to acquire new customers and retain existing ones.
2. International Expansion: FIGS is actively expanding its global footprint by entering new international markets. With a significant majority of healthcare professionals residing outside the U.S., international expansion presents a substantial long-term growth opportunity.
3. New Product Launches and Innovation: The introduction of new product lines and continuous innovation in both scrubwear and non-scrubwear categories are crucial for attracting and retaining customers, thereby fueling revenue growth.
4. Expansion of Community Hubs and Teams Initiatives: FIGS is investing in emerging growth drivers such as community hubs and initiatives targeting healthcare teams, which are anticipated to have a more significant impact on revenue in the coming years.
5. Strategic Partnerships: Partnerships, such as the one with Team USA for the 2026 Winter Olympics, are expected to enhance brand visibility and contribute to market expansion.

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Share Repurchases

• On February 27, 2025, FIGS increased its share repurchase authorization by $50 million, bringing the total authorized program to $100 million.
• As of December 31, 2024, approximately $4.6 million remained available for future repurchases under the ongoing program.
• The company repurchased 567,607 shares of Class A common stock, with a reported dollar amount of $2.688 million, as of December 31, 2024.

Share Issuance

• FIGS completed its initial public offering (IPO) on June 1, 2021, with Class A common stock priced at $22.00 per share.
• During the IPO, FIGS itself sold 4,636,364 shares of Class A common stock.
• The IPO included the sale of a total of 30,344,317 shares, but FIGS did not receive any proceeds from the 25,707,953 shares sold by its largest stockholder, Tulco, LLC.

Outbound Investments

• In Q3 2024, FIGS made a $25 million minority investment in OOG, Inc., an AI-powered platform designed for healthcare professionals.

Capital Expenditures

• Capital expenditures were reported as $17 million in 2024 and $16 million in 2023.
• Expected capital expenditures for 2025 are projected to be $10 million.
• A notable focus for capital expenditures has been investments related to the development and transition to a new fulfillment center.