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FIGS, Inc.

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FIGS, Inc.
A Forensic Examination of FIGS’ Leaf
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Research Overview

S&P 500
Consumer Discretionary
Sep 7, 2022

After conducting a forensic financial and accounting review, Spruce Point believes FIGS, Inc. (NYSE: FIGS), a retailer of healthcare apparel to medical professionals, is inflating historical revenue figures, exaggerating their professional work history and misleading shareholders with current financial metrics. Based on our investigation, we estimate 45% to 60% downside risk, or $4.40 — $6.05 per share.

The report highlights several key concerns with the company, including:

  • We believe that FIGS inflated historical revenue figures, gross margins, and its total addressable market potential
  • Evidence of impending financial pressures on the horizon
  • Discrepancies point to exaggerated claims of co-founder Heather Hasson’s biography
  • An ongoing lawsuit and interviews of former employees paint a picture of mistrust of management and dysfunction
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