The S&P 500 and Nasdaq Composite indexes dropped double-digit percentages in 2022, and Figs (NYSE: FIGS) wasn't spared. The maker of scrubs for medical professionals saw its stock slide 78% last year, thanks to business struggles and generally risk-averse investor sentiment in a higher-interest rate environment. 

But the small-cap stock is up 23% so far this year. Does this foreshadow a further recovery in 2023? Might Figs shares reach $20 this year -- more than double its current price? Let's take a closer look. 

After posting annual revenue growth of 138.1% in 2020 and 59.5% in 2021, Figs experienced a sharp slowdown in 2022, like many other companies. In the most recent quarter (ended Sept. 30), sales and active customers increased 25.2% and 23.6%, respectively, year over year -- not what investors have been accustomed to seeing.  

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Source Fool.com