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AirSculpt Technologies Announces First Quarter 2023 Results, Reaffirms 2023 Guidance and Announces London Opening
MIAMI BEACH, Fla., May 12, 2023 (GLOBE NEWSWIRE) -- AirSculpt Technologies, Inc. (NASDAQ:AIRS)(“AirSculpt” or the “Company”), a national provider of premium
About this update from Airsculpt Technologies, Inc.
[{"type":"text","content":"MIAMI BEACH, Fla., May 12, 2023 (GLOBE NEWSWIRE) -- AirSculpt Technologies, Inc. (NASDAQ:AIRS)(“AirSculpt” or the “Company”), a national provider of premium body contouring procedures, today announced results for the first quarter ended March 31, 2023. Cases increased 15.3% over the prior year period to 3,640Revenue increased 15.9% over the prior year to $45.8 millionDiluted loss per share for the quarter of $(0.00)Diluted adjusted net income per share for the quarter of $0.10Cash flow from operating activities of $6.2 millionNet loss of $(14) thousand for the quarter compared to $(693) thousand in the prior year periodAdjusted EBITDA increased 9.5% over prior year period to $10.7 million “We are pleased with a strong first quarter for AirSculpt as demonstrated by 15% case growth over the prior year quarter,\" said Dr. Aaron Rollins, Executive Chairman of the Board of AirSculpt Technologies. \"We have made great progress on our new center openings. Orange County started performing cases this past month and we are excited to announce we have received approval to open our flagship center in London. We also expect to begin performing cases this month in Austin. I am excited about the outlook for the business and the momentum we are carrying into the remainder of the year.” Todd Magazine, Chief Executive Officer of AirSculpt Technologies, stated, \"I am pleased with the sustained momentum in our revenue growth and the demonstrated progress we are making on our cost management initiatives. I am confident that we are well-positioned for profitable and sustainable long-term growth which will allow us to expand our brand and deliver value to our shareholders.” First Quarter 2023 Results Case volume was 3,640 for the first quarter of 2023, representing growth of 15.3% over the prior year period case volume of 3,156. Revenue for the first quarter of 2023 increased by 15.9% to $45.8 million from $39.5 million in the prior year period. Net loss for the quarter was $(14.0) thousand. The Company’s adjusted EBITDA for the quarter was $10.7 million compared to $9.8 million for the prior year period. 2023 Outlook The Company continues to project full year 2023 revenue and adjusted EBITDA guidance as follows: Revenues in a range of $187 to $192 millionAdjusted EBITDA in a range of $48 to $50 million The Company expects to open a total of five new...