Business
XWELL, Inc. Reports Third Quarter 2022 Results
Strengthening Direction as Leading Authority in Wellness for ‘People on the Go’ Rebranded as XWELL to Reflect Wellness Evolution Early Successes Evolving
About this update from Xwell, Inc.
[{"type":"text","content":"Strengthening Direction as Leading Authority in Wellness for ‘People on the Go’ Rebranded as XWELL to Reflect Wellness Evolution Early Successes Evolving Retail Segment Refreshing Core Spa Business Continued Success Expanding CDC Collaboration Laying Foundation for Profitability NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL), a leading global health and wellness holding company, today reported results for the third quarter ending September 30, 2022. Business Highlights:We’re continuing to evolve our organization and, reflecting the Company’s commitment to better serve clients, optimize efficiencies, and deliver long-term growth, management has recently: Rebranded to XWELL, reflecting the Company’s wellness evolutionReopened a refreshed XpresSpa® location at JFK’s Terminal 4Opened a new Treat™ location in Salt Lake City International AirportOpened three XpresSpa locations at Turkey’s Istanbul Airport, with two additional Istanbul locations expected to open by year-end, and additional growth in Abu Dhabi in 2023Scaled new retail products, integrated innovative health and wellness technologies, and introducing a new XWELL Loyalty Rewards Program, each designed to drive customer engagement, strengthen brand presence, and increase foot trafficContinued to support and expand the Centers for Disease Control and Prevention (CDC) traveler-based genomic surveillance program through its partnership with Ginkgo BioworksReduced cash operating costs by $1 million a month; shuttered five unprofitable XpresCheck® locations during the third quarter with plans to close another seven during the fourth quarterRetained the services of Benchmark to help identify potential acquisition targets “We’re aggressively executing on our strategic objectives and, since the end of the second quarter, have continued to make meaningful progress expanding internationally, rolling out our new retail strategy, adding new customers, and reducing infrastructure costs,” commented Scott Milford, XWELL’s Chief Executive Officer. “We also recently introduced our new corporate identity, XWELL, further aligning our focus and reflecting our position as a global health and wellness authority for people on the go.” Mr. Milford added, “Looking ahead, we believe the Company is entering 2023 as a leaner business with a path to returned profitability. We’re...