Healthcare apparel company FIGS (NYSE:FIGS) has fallen sharply from its post-IPO highs, but the business seems to be firing on all cylinders. In this Fool Live video clip, recorded on Nov. 8, Fool.com contributors Matt Frankel and Danny Vena discuss FIGS' business and why the stock might be worth a look now.
Danny Vena: FIGS is a company that provides scrubs for medical professionals. Now, you'd think scrubs? Why would that be a big deal? It's a big deal because right now there are only a couple of companies out there that supply scrubs to the medical profession and these are big conglomerates that have been doing it for years, so FIGS is the little disruptor.
What FIGS did is they had a couple of folks who said, "Scrubs are baggy, they're boxy, they're uncomfortable, they're not form-fitting, we don't like the material," and they came up with, basically they built a better mousetrap. They created scrubs that were more comfortable, that were more form-fitting that had some color to them, and basically, a cottage industry springs up out of the trunk of somebody's car. They went out to the parking lots. Honestly, this is the origin story which fascinates me. They were selling these things out of the trunk of the car of the two founders, in the parking lots of hospitals and emergency rooms.