FIGS, Inc. (NYSE: FIGS)

FIGS, Inc. is a founder led direct to consumer healthcare apparel and lifestyle brand that designs, markets and sells technically advanced apparel and products for healthcare professionals. The company’s mission is to celebrate, empower and serve those who serve others, a goal it pursues by creating premium scrubs and related gear that combine comfort, durability, function and style at an affordable price. FIGS operates primarily through its direct to consumer digital platform, which includes its website and mobile application, and through its business to business TEAMS platform, complemented by five physical Community Hub stores. Its product portfolio encompasses scrubwear and non scrubwear items such as outerwear, underscrubs, footwear, compression socks, lab coats, loungewear and various accessories. By designing in house and leveraging third party manufacturers, FIGS maintains tight control over quality while using data driven repurchasing to manage inventory risk.

FIGS generates revenue primarily from the sale of its apparel and lifestyle products to healthcare professionals across its direct to consumer and business to business channels. The direct to consumer channel, which includes the website, mobile app and Community Hub stores, accounts for the majority of sales, with core scrubwear styles representing over sixty percent of net revenues in 2025. The TEAMS business to business platform provides institutional sales to hospitals, medical offices, concierge clinics and other healthcare organizations seeking standardized uniform programs. FIGS also earns revenue from limited edition product launches and seasonal collections that drive repeat traffic to its digital platform. The company’s efficient merchandising approach, characterized by shallow initial buys and data driven replenishment, contributes to a low return rate of approximately ten percent, well below the broader online apparel average.

The company operates through the following segments.

• DTC segment: This segment comprises the company’s direct to consumer digital platform, including its website, mobile application and five Community Hub stores, through which it sells scrubwear and non scrubwear products directly to individual healthcare professionals. It also leverages customer data and feedback to inform product design, inventory planning and marketing efforts.

• TEAMS segment: This segment consists of the business to business platform that enables healthcare administrators and institutions to procure FIGS products for their organizations, offering customized ordering, inventory management and uniform standardization services. The TEAMS channel supports long term contracts and volume pricing for institutional customers.

FIGS holds a category defining position in the highly fragmented healthcare apparel market, competing against established uniform wholesalers such as Barco Uniforms, Landau Uniforms and Superior Group of Companies. It also faces competition from aggregated retailers like Scrubs & Beyond and Uniform Advantage, as well as other direct to consumer brands including Jaanuu, Mandala and Fabletics. The company’s competitive advantages stem from its proprietary FIONx fabric technology, which delivers four way stretch, anti odor, anti wrinkle and moisture wicking properties, and from its purpose driven brand narrative that resonates with healthcare professionals. FIGS benefits from a strong digitally native direct to consumer model, supported by its Community Hub stores and an extensive data analytics capability that informs product innovation, inventory optimization and personalized marketing. Additionally, its commitment to ethical manufacturing, including WRAP Gold or Platinum certification for all tier one suppliers, and its community centric marketing through the Ambassador Program further differentiate it from traditional incumbents.

FIGS serves a broad and diverse base of healthcare professionals, including registered nurses, nurse practitioners, doctors, surgeons, pharmacists, physical therapists, occupational therapists, veterinarians, medical technicians, healthcare administrators and students. As of December 31, 2025, the company reported approximately 2.9 million active customers who demonstrate strong loyalty to the brand. The FIGS Ambassador Program consists of Awesome Humans from around the world who represent a wide range of specialties and experience levels, helping to engage the broader community through authentic storytelling. Social media engagement is robust, with over 1.4 million followers on Instagram and more than three million followers across all platforms. This engaged customer base underpins the company’s repeat purchase behavior and supports its mission to celebrate, empower and serve those who serve others.