FIGS, Inc. is building on renewed sales momentum as demand for premium healthcare apparel and growth in international markets strengthen its business outlook. The company, which trades on the New York Stock Exchange under the ticker FIGS, is an established public retailer rather than a new IPO candidate. For investors, the focus is whether its direct-to-consumer model can sustain rapid growth while protecting margins against competition, tariffs and shifting consumer spending.

FIGS Builds a Direct-to-Consumer Healthcare Apparel Brand

Founded by co-chief executives Trina Spear and Heather Hasson, FIGS designs and sells medical scrubs, lab coats, footwear and other apparel for healthcare professionals. Its business model relies heavily on selling directly through its online platform, giving the company greater control over branding, customer relationships, pricing and product launches than a wholesale-led model typically allows.

The company has cultivated a premium brand around technical fabrics, functional design and a community of medical professionals. Beyond core scrubwear, FIGS is expanding into non-scrub apparel, team sales and international markets. Its active customer base reached 3.1 million at the end of June 2026, up 13.2% year over year, while revenue per active customer rose 10.1% to $229, indicating that growth has been supported by both customer acquisition and higher spending.

NYSE Listing and Latest Financial Performance

FIGS trades on the NYSE under FIGS. As an already-listed company, it has no new IPO price range, offering-size revision, underwriting syndicate or $8 million fundraising target associated with a fresh market debut. Investors instead assess the stock through operating results, profitability, cash generation and management’s outlook.

In the second quarter of 2026, net revenue climbed 28.8% year over year to $196.6 million. Scrubwear revenue increased 26.5% to $161.2 million, while non-scrubwear revenue rose 40.3% to $35.4 million. International revenue grew 67% to $37.9 million, outpacing the 22.2% increase in U.S. revenue. Net income reached $28.4 million, compared with $7.1 million a year earlier. FIGS raised its full-year outlook to approximately 20% revenue growth and an adjusted EBITDA margin of 14.8% to 15%.

International Expansion and Product Innovation Offer Upside

FIGS operates in a specialized segment of the broader apparel market, where healthcare workers need durable, comfortable uniforms but may also value fit, style and brand identity. Its direct customer relationships create opportunities to introduce complementary products, increase repeat purchases and expand into new countries. Growth in international sales suggests that the brand’s appeal is extending beyond its established U.S. customer base.

The company’s premium positioning may support pricing power, while its digital model provides direct access to customer data and product feedback. However, maintaining that advantage requires continued investment in product development, marketing and customer experience.

Competition, Tariffs and Consumer Demand Remain Key Risks

FIGS faces competition from established uniform suppliers, lower-priced online retailers and private-label apparel. Its margins are also exposed to sourcing costs, freight expenses, tariffs and reliance on third-party manufacturers. Recent gross-margin improvement included a benefit from tariff refunds, making it important for investors to distinguish underlying operating performance from temporary adjustments.

Rapid growth may also prove difficult to sustain as the company expands into unfamiliar markets and product categories. If customer acquisition becomes more expensive or discretionary purchases weaken, revenue growth and profitability could come under pressure.

What Investors Should Watch as FIGS Scales

The next phase of FIGS’ performance will depend on whether strong customer growth and international expansion translate into durable earnings and cash flow. Investors should monitor repeat purchasing, average order value, gross margins and the contribution of newer product categories. FIGS has demonstrated that specialized medical apparel can support a differentiated consumer brand, but its longer-term stock performance will depend on sustaining that distinction while navigating competition and cost volatility.