Sam Boughedda

Investing.com — Direct-to-consumer shares of lifestyle and healthcare brands Figs Inc (NYSE) has fallen 22% during extended trading following the reduction of its revenue forecast for 2022.

Also, Figs missed the top- and bottom line estimates. They posted $0.05 per share on $110.1 million in revenue. Investing.com polled analysts and found that they expected $0.06 earnings per share on $117.13million in revenue. The increase in revenue was due to higher average order values, and stronger lifestyle products.

The number of active customers was up 31.1%, to 2,000,000, and net revenues per customer increased 6.1% annually to $226 at the end the quarter. Additionally, $116 was reported by the company as the average order value. This is an increase of 16% year on year due to the higher variety of lifestyle products.

Figs predicts that revenue in 2022 will be $510 to $530 millions, which is down from its previous forecast of $550 to $560 million. Figs explained that lower revenue guidance can be attributed to supply chain issues and more macroeconomic factors like high inflation, shifts in consumer spending patterns and other macroeconomic factors.

“We are well positioned to fuel profitable growth for the years to come due to our strong foundation, recession resistant industry and deep understanding of the healthcare community,” said Figs Co-CEO and Co-Founder, Trina Spear.