Business
XWELL, Inc. Reports Second Quarter 2024 Results
NEW YORK, Aug. 14, 2024 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) ("XWELL" or the "Company"), an authority in wellness solutions for people on the go,
About this update from Xwell, Inc.
[{"type":"text","content":"NEW YORK, Aug. 14, 2024 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) (\"XWELL\" or the \"Company\"), an authority in wellness solutions for people on the go, today reported results for the second quarter ended June 30, 2024. Recent Highlights: XWELL delivered 2024 second quarter revenue growth of approximately 14% from the comparable quarter in 2023 driven by stronger demand for services and retail products.In June, XpresSpa opened a new spa in Philadelphia International Airport -- its first in a U.S. airport in more than 5 years and the first to leverage the Company’s “labor-lite, tech-forward” offering.In June, the CDC issued a new three-year biosurveillance program RFP which XpresTest is answering and, if awarded, will commence during the third quarter of 2024. It is anticipated that the value of this new contract will be similar to prior contracts.In May, Naples Wax began offering aesthetic services as part of its evolution as a full-service spa.In May, XpresSpa launched a program to introduce IV-hydration therapy into its spa locations.XWELL continues to focus on reducing its cost structure and returning to profitability including: Reducing cost of sales by approximately 11% when compared to the 2023 second quarter.Reducing general and administrative expenses by approximately 3% when compared to the 2023 second quarter.Reducing salaries and benefits by approximately 22% when compared to the 2023 second quarter.Reducing operating expenses by approximately 16% when compared to the 2023 second quarter. In August, XWELL continued to fuel its future growth plans by executing a $1.4 million registered direct offering, which was priced at a premium to market. “We continue to look towards the future, successfully implementing our strategy to balance our portfolio with growth outside the airport, and cost-effectively integrating innovative services and retail products into our offering,” commented Scott Milford, XWELL’s Chief Executive Officer. “At the same time, we remain laser-focused on returning to profitability and are pleased with the significant progress we’ve made reducing costs and operating expenses. Looking ahead, we remain focused on continuous improvement across our business, and we believe we’re well positioned to extend our collaboration with the CDC for our traveler-based SARS-CoV-2 Genomic Surveillance program.” T...