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.

• Positioned as the only public company in the medical apparel space, with a widened competitive moat and leading brand recognition.

Product innovation and assortment

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

• Expanded product categories include under scrubs, outerwear, compression socks, footwear, and accessories, supporting a head-to-toe lifestyle approach.

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

• New products must sell out three times before joining the core assortment, ensuring only proven items are scaled.

Marketing and brand campaigns

• Viral campaigns like "Where Do You Wear FIGS" and partnerships with Team USA and celebrities have driven significant brand engagement and organic traffic.

• Social engagement and direct traffic have doubled or tripled year-over-year, fueling growth.

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