Business
AirSculpt Technologies Announces Second Quarter 2023 Results and Reaffirms 2023 Guidance
MIAMI BEACH, Fla., Aug. 11, 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., Aug. 11, 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 second quarter ended June 30, 2023. Cases increased 13.4% over the prior year period to 4,186 Revenue increased 12.2% over the prior year to $55.7 million Net income of $1.8 million for the quarter compared to $0.6 million in the prior year period Diluted income per share for the quarter of $0.03 Diluted adjusted net income per share for the quarter of $0.13 Cash flow from operating activities of $12.2 million Opened second international center in London \"I am pleased with our performance for the second quarter and for the first half of the year,” said Todd Magazine, Chief Executive Officer of AirSculpt Technologies. \"Our 13.4% case growth continues to reflect the significant demand for AirSculpt’s minimally invasive and permanent solution to body transformation. We have opened four new centers this year, including our flagship London location. All new centers are meeting or beating our expectations. We expect to open our fifth center late in the third quarter, which is in line with what we had planned. We continue to see positive momentum and are well-positioned to deliver strong growth in the back half of 2023.” Second Quarter 2023 Results Case volume was 4,186 for the second quarter of 2023, representing growth of 13.4% over the prior year period case volume of 3,691. Revenue for the second quarter of 2023 increased by 12.2% to $55.7 million from $49.7 million in the prior year period. Net income for the quarter was $1.8 million compared to $0.6 million in the prior year period. The Company’s adjusted EBITDA for the quarter was $14.6 million compared to $14.0 million for the prior year period. For the three months ended June 30, 2023 and 2022, pre-opening de novo and relocation costs were $1.4 million and $1.2 million, respectively. Year to Date 2023 Results Case volume was 7,826 for year to date 2023, representing growth of 14.3% over the prior year case volume of 6,847. Revenue for 2023 increased by 13.8% to $101.5 million from $89.2 million in the prior year period. Year to date net income/(loss) for 2023 increased to $1.8 million compared to $(0.1) million from the prior year period. For the six months end...