Business
AirSculpt Technologies Reports Second Quarter Fiscal 2024 Results
Second Quarter Revenue of $51.0 million, Net Loss of $3.2 million and Adjusted EBITDA of $6.9 million Company Revises 2024 Guidance MIAMI, Aug. 09, 2024
About this update from Airsculpt Technologies, Inc.
[{"type":"text","content":"Second Quarter Revenue of $51.0 million, Net Loss of $3.2 million and Adjusted EBITDA of $6.9 million Company Revises 2024 Guidance MIAMI, Aug. 09, 2024 (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 and first six months ended June 30, 2024. The Company also announced that Dennis Dean, Chief Financial Officer of the Company has assumed the position of Interim Chief Executive Officer as Todd Magazine has resigned from the Chief Executive Officer role and as a member of the Board of Directors. Mr. Magazine will continue in an advisory role while the Board of Directors conducts a search for a permanent successor. “I step into the role as interim CEO disappointed with our second quarter results and eager to apply my financial foresight to lead the strategy that improves the foundation in support of our future growth,” said, Dennis Dean, Interim Chief Executive Officer and Chief Financial Officer. “Our revenue performance in the quarter reflected the challenging consumer spending environment with profitability further pressured by brand awareness spend, which has a much longer case conversion cycle,” Mr. Dean continued. “Despite this, our de novo locations opened during 2023 performed ahead of our expectations demonstrating the strong demand for our procedures and our ongoing ability to successfully identify and open centers. Our priorities in the near term are to return to our core business, reduce costs, stabilize revenue and maintain our strong and durable balance sheet. Since our founding twelve years ago, we have provided more than 60,000 positive patient experiences with our body contouring procedures.” Second Quarter 2024 Results Case volume was 3,949 for the second quarter of 2024, representing a 5.7% decline from the fiscal year 2023 second quarter case volume of 4,186;Revenue declined 8.4% to $51.0 million from $55.7 million in the fiscal 2023 second quarter;Net loss for the quarter was $3.2 million compared to net income of $1.8 million in the fiscal 2023 second quarter; andAdjusted EBITDA was $6.9 million compared to $14.6 million for the fiscal 2023 second quarter. First Six Months 2024 Results Case volume was 7,695 a decline of 1.7% from the first six months of fiscal ...