FIGS is a direct-to-consumer healthcare apparel brand that sells premium scrubs and related apparel to healthcare professionals, including nurses, doctors, and veterinarians. FIGS sells almost entirely through its own digital platform — website and mobile app — with no intermediary retailers. This DTC model gives FIGS full control over pricing, margins, and customer data. FIGS also sells through a B2B platform called TEAMS for institutional buyers, and operates a small number of physical retail stores called Community Hubs, with five locations open as of late 2025. Scrubwear — tops and pants made from FIGS' proprietary FIONx fabric — accounts for roughly 83–84% of net revenues, with the balance coming from non-scrubwear products like footwear, outerwear, compression socks, and lab coats. FIGS targets gross margins in the high 60s percent range. Revenue is driven by active customer count, purchase frequency, and average order value, which hit a record $119 in Q1 2025. The replenishment-driven nature of scrubwear — healthcare professionals wear scrubs every shift — means demand is largely non-discretionary, giving FIGS a predictable repeat-purchase base across its roughly 2.9 million active customers. FIGS' growth strategy centers on three areas: international expansion (currently ~16% of revenues, targeting ~60 markets), growing the TEAMS B2B channel, and expanding Community Hubs near major hospital clusters to acquire new customers.
Read full business overview →Mid to long-term bullish thesis
View →Mid to long-term bearish thesis
View →Mid to long-term bull-bear debate
View → NEWSummary and scoring of the bull-bear debate
View →Find ideas with similar bull or bear theses
View →Investor-relevant company attributes
View →Key risks to the business
View →Comparisons of annual risk disclosures
View →