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AirSculpt Technologies Announces Third Quarter 2023 Results and Reaffirms 2023 Guidance
MIAMI BEACH, Fla., Nov. 09, 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., Nov. 09, 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 third quarter ended September 30, 2023. Cases increased 19.0% over the prior year period to 3,426Revenue increased 20.3% over the prior year to $46.8 millionNet loss of $(1.7) million for the quarter compared to $(7.4) million in the prior year periodDiluted loss per share for the quarter of $(0.03)Diluted adjusted net income per share for the quarter of $0.05Opened facilities in San Jose, CA and Raleigh, NC \"I am pleased with our performance for the third quarter reflecting a 20% year over year increase in total revenue and a 5.3% increase in same store sales growth,” said Todd Magazine, Chief Executive Officer of AirSculpt. \"We are pleased to see a return to same store growth, which further supports the demand for AirSculpt procedures. With the openings of centers in San Jose, CA, and Raleigh, NC, we have now opened five new centers in 2023, the highest number in a single year in our company's history. Importantly, all five new centers are performing in line or above our original expectations. As announced previously, we have a robust pipeline of de novo centers, which will include at least six openings in 2024.\" Third Quarter 2023 Results Case volume was 3,426 for the third quarter of 2023, representing growth of 19.0% over the prior year period case volume of 2,879. Revenue for the third quarter of 2023 increased by 20.3% to $46.8 million from $38.9 million in the prior year period. Net loss for the quarter was $(1.7) million compared to $(7.4) million in the prior year period. The Company’s adjusted EBITDA for the quarter was $9.1 million compared to $8.1 million for the prior year period, reflecting a 12.2% growth rate. For the three months ended September 30, 2023 and 2022, pre-opening de novo and relocation costs were $0.5 million and $1.1 million, respectively. Year to Date 2023 Results Case volume was 11,252 for year to date 2023, representing growth of 15.7% over the prior year case volume of 9,726. Revenue for 2023 increased by 15.8% to $148.3 million from $128.1 million in the prior year period. Year to date net income/(loss) for 2023 increased to $0.1 million compared to a net loss of $(7.5) millio...