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 third quarter ended September 30, 2023.
For the third quarter, revenue is expected to be approximately
$46.5 million, which is ahead of the Company's expectations and
represents an increase of 20.0% over the prior year. “The strong
performance was driven by both better-than-expected same-store
revenue growth of approximately 5.5% and a significant contribution
from our most recent de novo centers. Our strong performance for
the quarter demonstrates our ability to leverage our position as
the premium provider of body contouring procedures,” said Todd
Magazine, Chief Executive Officer of AirSculpt. “We look forward to
a strong finish to 2023 where we will continue to focus our
attention on revenue growth and right sizing our cost structure to
set up the Company for margin expansion going forward.”
After considering the preliminary third quarter 2023 revenue
results, the Company is issuing an update to its 2023 revenue
guidance. The Company now forecasts 2023 revenue guidance of
approximately $196 million versus the prior guidance of $187
million to $192 million. The Company now expects to achieve at
least $45 million in Adjusted EBITDA, versus the prior guidance of
$43 to $45 million (with the prior expectation of performing at the
upper end of the range).
Additionally, as we continue to achieve strong free cash flow
generation, the Company elected to voluntarily pre-pay $10.0
million on its outstanding term loan debt to further strengthen its
balance sheet.
The preliminary results described in this press release are
estimates only and are subject to revision until the Company
reports its financial results for the third quarter ended September
30, 2023. There can be no assurance that the Company’s final
results for this period will not be materially affected by these
changes.
About AirSculpt
AirSculpt® is a next-generation body contouring treatment
designed to optimize both comfort and precision, available
exclusively at AirSculpt offices. The minimally invasive procedure
removes fat and tightens skin, while sculpting targeted areas of
the body, allowing for quick healing with minimal bruising, tighter
skin, and precise results.
Forward-Looking Statements
This press release contains forward-looking statements. In some
cases, you can identify these statements by forward-looking words
such as “may,” “might,” “will,” “should,” “expects,” “plans,”
“anticipates,” “believes,” “estimates,” “predicts,” “potential” or
“continue,” the negative of these terms and other comparable
terminology. These forward-looking statements, which are subject to
risks, uncertainties, and assumptions about us, may include
projections of our future financial performance, our anticipated
growth strategies, and anticipated trends in our business. These
statements are only predictions based on our current expectations
and projections about future events. There are important factors
that could cause our actual results, level of activity,
performance, or achievements to differ materially from the results,
level of activity, performance or achievements expressed or implied
by the forward-looking statements, including those factors
discussed in the section titled “Risk Factors” in our Annual Report
on Form 10-K.
Our future results could be affected by a variety of other
factors, including, but not limited to, failure to open and operate
new centers in a timely and cost-effective manner; inability to
open new centers due to rising interest rates and increased
operating expenses due to rising inflation; shortages or quality
control issues with third-party manufacturers or suppliers;
competition for surgeons; litigation or medical malpractice claims;
inability to protect the confidentiality of our proprietary
information; changes in the laws governing the corporate practice
of medicine or fee-splitting; changes in the regulatory, economic
and other conditions of the states and jurisdictions where our
facilities are located; and business disruption or other losses
from war, pandemic, terrorist acts or political unrest.
The risk factors discussed in “Risk Factors” in our Annual
Report on Form 10-K could cause our results to differ materially
from those expressed in the forward-looking statements made in this
press release.
There also may be other risks that are currently unknown to us
or that we are unable to predict at this time.
Although we believe the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, level of activity, performance, or achievements.
Moreover, neither we nor any other person assumes responsibility
for the accuracy and completeness of any of these forward-looking
statements. Forward-looking statements speak only as of the date
they were made, and we are under no duty to update any of these
forward-looking statements after the date of this press release to
confirm our prior statements to actual results or revised
expectations.
Use of Non-GAAP Financial Measures
The Company reports financial results in accordance with
generally accepted accounting principles in the United States
(“GAAP”), however, the Company believes the evaluation of ongoing
operating results may be enhanced by a presentation of Adjusted
EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted
Net Income per Share, which are non-GAAP financial measures.
Although the Company provides guidance for adjusted EBITDA, it is
not able to provide guidance for net income, the most directly
comparable GAAP measure. Certain elements of the composition of net
income, including equity-based compensation, are not predictable,
making it impractical for us to provide guidance on net income or
to reconcile our adjusted EBITDA guidance to net income without
unreasonable efforts. For the same reasons, the Company is unable
to address the probable significance of the unavailable information
regarding net income, which could be material to future
results.
These non-GAAP financial measures are not intended to replace
financial performance measures determined in accordance with GAAP.
Rather, they are presented as supplemental measures of the
Company's performance that management believes may enhance the
evaluation of the Company's ongoing operating results. These
non-GAAP financial measures are not presented in accordance with
GAAP, and the Company’s computation of these non-GAAP financial
measures may vary from similar measures used by other companies.
These measures have limitations as an analytical tool and should
not be considered in isolation or as a substitute or alternative to
revenue, net income, operating income, cash flows from operating
activities, total indebtedness or any other measures of operating
performance, liquidity or indebtedness derived in accordance with
GAAP.
Investor ContactSteven Halper/Caroline
PaulManaging Directors, LifeSci
Advisorsinvestors@elitebodysculpture.com
Media ContactStephanie Evans GreeneChief
Marketing OfficerAirSculpt Technologies,
Inc.sevansgreene@elitebodysculpture.com
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