AirSculpt Technologies Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
AirSculpt Technologies Reports Second Quarter 2024 Financial Results
Overview AirSculpt Technologies, Inc. (NASDAQ: AIRS), a national provider of premium body contouring procedures, announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics (in millions, except per share data):
| Metric | Q2 2024 | Q2 2023 | Change YoY | Wall Street Est. |
|---|---|---|---|---|
| Revenue | $51.0 | $55.7 | -8.4% | $55.26 |
| Net Income (Loss) | ($3.2) | $1.8 | -277.8% | N/A |
| Adjusted EBITDA | $6.9 | $14.6 | -52.7% | N/A |
| EPS | N/A | N/A | N/A | $0.04 |
AirSculpt Technologies experienced a notable decline in revenue and profitability in the second quarter, missing Wall Street estimates. The YoY decrease in revenue and Adjusted EBITDA indicates a challenging consumer environment and higher spending on brand awareness.
Segment Performance (in millions):
| Segment | Q2 2024 | Q2 2023 | Change YoY |
|---|---|---|---|
| Case Volume | 3,949 | 4,186 | -5.7% |
| Revenue | $51.0 | $55.7 | -8.4% |
The company's segment performance reflects lower case volumes and revenue due to unfavorable consumer spending trends.
Key Operational Data:
| Metric | 6M 2024 | 6M 2023 | Change YoY |
|---|---|---|---|
| Operating Cash Flow | $6.8 | $18.5 | -63.2% |
| Cash and Equivalents | $9.9 | N/A | N/A |
| Borrowing Capacity | $5.0 | N/A | N/A |
Comments from Officers: Dennis Dean, Interim CEO and CFO, commented on the disappointing results and emphasized a strategy focused on core business operations, cost reduction, revenue stabilization, and maintaining a strong balance sheet. Dean acknowledged the challenging consumer spending environment and highlighted the stronger-than-expected performance of recently opened de novo locations.
Dividends or Share Repurchase Programs:
No information on dividends or share repurchase programs was provided in the release.
Forward Guidance:
| Metric | Revised Guidance 2024 |
|---|---|
| Revenue | $180M - $190M |
| Adjusted EBITDA | $23M - $28M |
| New Centers | 5 |
AirSculpt revised its full-year 2024 revenue and Adjusted EBITDA guidance downward, implicating a cautious stance for the remainder of the year.
Stock Price Movement:
The company's stock experienced a 2.07% increase post-earnings release, suggesting a minor positive reaction from investors despite the underperformance.
In summary, AirSculpt Technologies faced a difficult second quarter with declines in revenue and profitability. The firm is revisiting its strategies under the interim leadership of Dennis Dean, aiming for cost control and stabilization amidst the challenging market conditions.
