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AirSculpt Technologies Announces Strong Preliminary Second Quarter 2023 Revenue, Reaffirms 2023 Revenue Guidance and Updates 2023 Adjusted EBITDA Guidance
MIAMI BEACH, Fla., July 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., July 11, 2023 (GLOBE NEWSWIRE) -- AirSculpt Technologies, Inc. (NASDAQ:AIRS)(“AirSculpt” or the “Company”), a national provider of premium body contouring procedures, today announced selected unaudited preliminary financial results for its second quarter ended June 30, 2023. For the second quarter, revenue is expected to be approximately $55.7 million, an increase of 12.2% over the prior year. “The results for the second quarter for both revenue and Adjusted EBITDA are ahead of our expectations and speak to the continued demand for AirSculpt,” said Todd Magazine, Chief Executive Officer of AirSculpt Technologies, Inc. “We are very pleased with our performance through the first half of 2023. We continue to focus our attention on strengthening the organization focusing on revenue growth, which includes ramping up our de novo expansion program, and right sizing our cost structure.” The Company’s 2023 revenue guidance remains unchanged at $187 million to $192 million with the expectation of achieving the upper end of this range. The Company is also reaffirming opening five new centers in 2023. Three centers have opened in the first half of the year and are off to very strong starts and two more are expected to open in July, which is ahead of the original plan. The Company expects to report its complete second quarter results on August 11, 2023. Also, in response to comments from the staff of the U.S. Securities and Exchange Commission (the “SEC”) pursuant to the SEC’s interpretations for non-GAAP financial reporting, the Company will no longer include pre-opening de novo and relocation costs as an adjustment to calculate Adjusted EBITDA in future filings. As a result, the Company is revising its full year guidance for Adjusted EBITDA to reflect this change. This adjustment does not change historical income from operations or future expected income from operations or cash flow and the Company will continue to disclose total pre-opening de novo and relocation costs supplementally in future filings. Additionally, this change will have no impact on the Company’s leverage ratio as calculated under its credit agreement as adjustments for pre-opening de novo and relocation costs are allowed under the existing agreement. The Company’s 2023 Adjusted EBITDA outlook, as reported on May 12, 2023, was $48 to $50 million. For t...