AirSculpt Technologies Reports Fourth Quarter, and Full Year Fiscal 2024 Results
AirSculpt Technologies (NASDAQ:AIRS) reported challenging fourth quarter and full year 2024 results, showing significant declines across key metrics. Q4 revenue dropped 17.7% to $39.2 million, with case volume declining 16.7% to 3,064 cases. The company posted a Q4 net loss of $5.0 million.
For full year 2024, revenue decreased 7.9% to $180.4 million, with case volume falling 6.0% to 14,036. Net loss widened to $8.3 million from $4.5 million in 2023, while Adjusted EBITDA declined to $20.7 million from $43.2 million.
The company has implemented a cost reduction program targeting $3 million in annual savings and has paused new center openings. With $8.2 million in cash and operating cash flow of $11.4 million for 2024, AirSculpt has secured additional covenant relief from lenders to support its transformation efforts.
AirSculpt Technologies (NASDAQ:AIRS) ha riportato risultati difficili per il quarto trimestre e l'intero anno 2024, mostrando significative diminuzioni in vari indicatori chiave. Le entrate del Q4 sono scese del 17,7% a 39,2 milioni di dollari, con il volume dei casi in calo del 16,7% a 3.064 casi. L'azienda ha registrato una perdita netta di 5,0 milioni di dollari nel Q4.
Per l'intero anno 2024, le entrate sono diminuite del 7,9% a 180,4 milioni di dollari, con il volume dei casi che è sceso del 6,0% a 14.036. La perdita netta è aumentata a 8,3 milioni di dollari rispetto ai 4,5 milioni di dollari del 2023, mentre l'EBITDA rettificato è sceso a 20,7 milioni di dollari rispetto ai 43,2 milioni di dollari.
L'azienda ha implementato un programma di riduzione dei costi mirato a risparmiare 3 milioni di dollari all'anno e ha sospeso l'apertura di nuovi centri. Con 8,2 milioni di dollari in contante e un flusso di cassa operativo di 11,4 milioni di dollari per il 2024, AirSculpt ha ottenuto un ulteriore allentamento delle clausole dai creditori per sostenere i suoi sforzi di trasformazione.
AirSculpt Technologies (NASDAQ:AIRS) informó sobre resultados desafiantes para el cuarto trimestre y el año completo 2024, mostrando disminuciones significativas en métricas clave. Los ingresos del Q4 cayeron un 17.7% a 39.2 millones de dólares, con un volumen de casos disminuyendo un 16.7% a 3,064 casos. La compañía reportó una pérdida neta de 5.0 millones de dólares en el Q4.
Para el año completo 2024, los ingresos disminuyeron un 7.9% a 180.4 millones de dólares, con un volumen de casos cayendo un 6.0% a 14,036. La pérdida neta se amplió a 8.3 millones de dólares desde 4.5 millones de dólares en 2023, mientras que el EBITDA ajustado disminuyó a 20.7 millones de dólares desde 43.2 millones de dólares.
La compañía ha implementado un programa de reducción de costos con un objetivo de ahorro anual de 3 millones de dólares y ha pausado la apertura de nuevos centros. Con 8.2 millones de dólares en efectivo y un flujo de efectivo operativo de 11.4 millones de dólares para 2024, AirSculpt ha asegurado un alivio adicional de convenios por parte de los prestamistas para apoyar sus esfuerzos de transformación.
AirSculpt Technologies (NASDAQ:AIRS)는 2024년 4분기 및 연간 실적이 어려웠다고 보고하며 주요 지표에서 상당한 감소를 보였습니다. 4분기 매출은 17.7% 감소하여 3920만 달러에 달했으며, 사례 수는 16.7% 감소하여 3064건에 이르렀습니다. 회사는 4분기에 500만 달러의 순손실을 기록했습니다.
2024년 전체 연도에 대해 매출은 7.9% 감소하여 1억8040만 달러에 이르렀고, 사례 수는 6.0% 감소하여 14,036건에 이르렀습니다. 순손실은 2023년 450만 달러에서 830만 달러로 확대되었고, 조정된 EBITDA는 4320만 달러에서 2070만 달러로 감소했습니다.
회사는 연간 300만 달러의 절감 목표를 둔 비용 절감 프로그램을 시행했으며, 새로운 센터의 개장을 일시 중단했습니다. 820만 달러의 현금과 2024년 운영 현금 흐름 1140만 달러를 보유한 AirSculpt는 변화를 지원하기 위해 대출자들로부터 추가적인 계약 완화를 확보했습니다.
AirSculpt Technologies (NASDAQ:AIRS) a annoncé des résultats difficiles pour le quatrième trimestre et l'année entière 2024, montrant des baisses significatives dans des indicateurs clés. Les revenus du Q4 ont chuté de 17,7% pour atteindre 39,2 millions de dollars, avec un volume de cas en baisse de 16,7% à 3 064 cas. L'entreprise a enregistré une perte nette de 5,0 millions de dollars au Q4.
Pour l'année entière 2024, les revenus ont diminué de 7,9% pour atteindre 180,4 millions de dollars, avec un volume de cas en baisse de 6,0% à 14 036. La perte nette s'est élargie à 8,3 millions de dollars contre 4,5 millions de dollars en 2023, tandis que l'EBITDA ajusté a chuté à 20,7 millions de dollars contre 43,2 millions de dollars.
L'entreprise a mis en œuvre un programme de réduction des coûts visant à économiser 3 millions de dollars par an et a suspendu l'ouverture de nouveaux centres. Avec 8,2 millions de dollars en liquidités et un flux de trésorerie opérationnel de 11,4 millions de dollars pour 2024, AirSculpt a obtenu un allègement supplémentaire des engagements de la part des prêteurs pour soutenir ses efforts de transformation.
AirSculpt Technologies (NASDAQ:AIRS) berichtete über herausfordernde Ergebnisse für das vierte Quartal und das gesamte Jahr 2024, mit erheblichen Rückgängen bei wichtigen Kennzahlen. Der Umsatz im Q4 fiel um 17,7% auf 39,2 Millionen Dollar, während das Fallvolumen um 16,7% auf 3.064 Fälle zurückging. Das Unternehmen verzeichnete im Q4 einen Nettoverlust von 5,0 Millionen Dollar.
Für das gesamte Jahr 2024 sank der Umsatz um 7,9% auf 180,4 Millionen Dollar, während das Fallvolumen um 6,0% auf 14.036 fiel. Der Nettoverlust weitete sich auf 8,3 Millionen Dollar aus, verglichen mit 4,5 Millionen Dollar im Jahr 2023, während das bereinigte EBITDA auf 20,7 Millionen Dollar von 43,2 Millionen Dollar zurückging.
Das Unternehmen hat ein Kostensenkungsprogramm mit einem Ziel von 3 Millionen Dollar jährlichen Einsparungen implementiert und hat die Eröffnung neuer Zentren ausgesetzt. Mit 8,2 Millionen Dollar in bar und einem operativen Cashflow von 11,4 Millionen Dollar für 2024 hat AirSculpt zusätzliche Erleichterungen von den Kreditgebern gesichert, um seine Transformationsbemühungen zu unterstützen.
- Secured additional covenant relief from lenders for transformation support
- Implementing $3 million annual cost reduction program
- Generated $11.4 million in operating cash flow in 2024
- Maintained network of 32 centers with over 70,000 procedures performed
- Q4 revenue declined 17.7% to $39.2 million
- Q4 net loss increased to $5.0 million
- Full year revenue dropped 7.9% to $180.4 million
- Case volume declined 16.7% in Q4 2024
- Adjusted EBITDA fell to $1.9 million in Q4 from $10.1 million year-over-year
- No availability on revolving credit facility
Insights
AirSculpt Technologies' Q4 and full-year 2024 results reveal a company in defensive mode amid deteriorating financial performance. The
The company's financial flexibility is increasingly constrained. With only
New CEO Yogi Jashnani has initiated emergency measures including
The core issue appears structural: AirSculpt's operating model demonstrates severe negative operating leverage, where the
MIAMI BEACH, Fla., March 14, 2025 (GLOBE NEWSWIRE) -- AirSculpt Technologies, Inc. (NASDAQ:AIRS)(“AirSculpt” or the “Company”), a national provider of premium body contouring procedures, today announced results for the fourth quarter and twelve months ended December 31, 2024.
“Following a challenging 2024, I am eager to help write the next chapter for AirSculpt and focus on setting a strategy, implementing business processes and developing a culture that delivers meaningful value for our shareholders,” stated Yogi Jashnani, Chief Executive Officer. “AirSculpt possesses many strengths given its proprietary method, its successful track record of providing more than 70,000 minimally invasive body contouring procedures and its international footprint with 32 centers in operation.”
“While we anticipate facing a tough year-over-year comparison in the first quarter in terms of same center revenue, I am confident we are developing the right operating plan and implementing the right actions to improve our platform and progress toward positive revenue and profit growth.”
“My number one priority in the year ahead is to stabilize our same center sales performance, which we aim to accomplish by: utilizing data to optimize our marketing investment; improving our go-to-market strategy, implementing more robust training modules for our sales team; expanding our financing options for consumers and working on product and sales innovation,” continued Mr. Jashnani. “We also recognize that transformations take time, and as such we are taking measures to increase our liquidity and focus on the areas of our business that offer us the highest opportunity. In this regard, we have implemented a cost reduction program that is expected to deliver approximately
“While we have experienced an improvement in our lead generation as we begin 2025, we expect the reduction in our marketing activity at the end of 2024 to pressure our first quarter performance. That said, we expect to deliver improving trends sequentially each quarter as our strategic priorities gain traction. I believe that AirSculpt is an attractive business with a competitive moat that is ripe for disruption and that the best years lie ahead for AirSculpt and its shareholders,” concluded Mr. Jashnani.
Fourth Quarter 2024 Results
- Case volume was 3,064 for the fourth quarter of 2024, representing a
16.7% decline from the fiscal year 2023 fourth quarter case volume of 3,680; - Revenue declined
17.7% to$39.2 million from$47.6 million in the fiscal year 2023 fourth quarter; - Net loss for the quarter was
$5.0 million compared to net loss of$4.6 million in the fiscal year 2023 fourth quarter; and - Adjusted EBITDA was
$1.9 million compared to$10.1 million for the fiscal year 2023 fourth quarter.
Full Year 2024 Results
- Case volume was 14,036, a decline of
6.0% from the full fiscal year 2023 case volume of 14,932; - Revenue declined
7.9% to$180.4 million from$195.9 million in the full fiscal year 2023; - Net loss was
$8.3 million compared to net loss of$4.5 million in the full fiscal year 2023; and - Adjusted EBITDA was
$20.7 million compared to$43.2 million for the full fiscal year 2023.
Liquidity
As of December 31, 2024, the Company had
Conference Call Information
AirSculpt will hold a conference call today, March 14, 2025 at 8:30 am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (toll-free domestic) or 1-201-493-6779 (international) using the conference ID 13751643 or by visiting the link below to request a return call for instant telephone access to the event.
https://callme.viavid.com/viavid/?callme=true&passcode=13725116&h=true&info=company&r=true&B=6
The live webcast may be accessed via the investor relations section of the AirSculpt Technologies website at https://investors.airsculpt.com. A replay of the webcast will be available for approximately 90 days following the call.
To learn more about AirSculpt, please visit the Company's website at https://investors.airsculpt.com. AirSculpt uses its website as a channel of distribution for material Company information. Financial and other material information regarding AirSculpt is routinely posted on the Company's website and is readily accessible.
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, but the absence of these words does not mean that a statement is not forward-looking. 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. You are cautioned that there are important risks and uncertainties, many of which are beyond our control, that could cause our actual results, level of activity, performance, or achievements to differ materially from the projected results, level of activity, performance or achievements that are expressed or implied by such forward-looking statements. We qualify all of our forward-looking statements by these cautionary 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 stabilize same-store performance; not being able to optimize our marketing investment, go-to market strategy and sales process; not having the ability to expand our financing options for consumers; being unsuccessful in further product innovations; failure to operate centers in a cost-effective manner; increased competition in the weight loss and obesity solutions market, including as a result of the recent regulatory approval, increased market acceptance, availability and customer awareness of weight-loss drugs; 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, macroeconomic conditions, including inflation and the threat of recession, economic and other conditions of the states and jurisdictions where our facilities are located; and business disruption or other losses from natural disasters, war, pandemic, terrorist acts or political unrest.
The risk factors discussed in “Item 1A. Risk Factors” in our Annual Report on Form 10-K and in other filings we make from time to time with the SEC 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 and uncertainties 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 represent our estimates and assumptions only as of the date they were made, which are inherently subject to change, and we are under no duty and we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated after the date of this press release to conform our prior statements to actual results or revised expectations, except as required by law. Given these uncertainties, investors should not place undue reliance on these forward-looking statements.
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.
| AirSculpt Technologies, Inc. and Subsidiaries Selected Consolidated Financial Data (Dollars in thousands, except shares and per share amounts) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 39,178 | $ | 47,608 | $ | 180,350 | $ | 195,917 | |||||||
| Operating expenses: | |||||||||||||||
| Cost of service | 16,747 | 17,868 | 71,382 | 74,012 | |||||||||||
| Selling, general and administrative(1) | 23,355 | 25,576 | 98,880 | 102,381 | |||||||||||
| Depreciation and amortization | 3,195 | 2,774 | 11,888 | 10,253 | |||||||||||
| Loss/(gain) on disposal of long-lived assets | 12 | (14 | ) | 16 | (212 | ) | |||||||||
| Total operating expenses | 43,309 | 46,204 | 182,166 | 186,434 | |||||||||||
| (Loss)/income from operations | (4,131 | ) | 1,404 | (1,816 | ) | 9,483 | |||||||||
| Interest expense, net | 1,609 | 1,023 | 6,247 | 6,485 | |||||||||||
| Pre-tax net (loss)/income | (5,740 | ) | 381 | (8,063 | ) | 2,998 | |||||||||
| Income tax (benefit)/expense | (706 | ) | 4,955 | 188 | 7,477 | ||||||||||
| Net loss | $ | (5,034 | ) | $ | (4,574 | ) | $ | (8,251 | ) | $ | (4,479 | ) | |||
| Loss per share of common stock | |||||||||||||||
| Basic | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.14 | ) | $ | (0.08 | ) | |||
| Diluted | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.14 | ) | $ | (0.08 | ) | |||
| Weighted average shares outstanding | |||||||||||||||
| Basic | 58,121,431 | 57,132,355 | 57,688,906 | 56,778,793 | |||||||||||
| Diluted | 58,121,431 | 57,132,355 | 57,688,906 | 56,778,793 | |||||||||||
| (1) | During the first quarter of fiscal year 2024, the Company recorded a cumulative reversal of stock compensation expense of |
| AirSculpt Technologies, Inc. and Subsidiaries Selected Financial and Operating Data (Dollars in thousands, except per case amounts) | |||||
| December 31, 2024 | December 31, 2023 | ||||
| Balance Sheet Data (at period end): | |||||
| Cash and cash equivalents | $ | 8,235 | $ | 10,262 | |
| Total current assets | 17,117 | 15,961 | |||
| Total assets | $ | 209,996 | $ | 204,019 | |
| Current portion of long-term debt | $ | 4,250 | $ | 2,125 | |
| Deferred revenue and patient deposits | 1,169 | 1,463 | |||
| Total current liabilities | 28,609 | 20,315 | |||
| Long-term debt, net | 65,456 | 69,503 | |||
| Revolving credit funds payable | 5,000 | — | |||
| Total liabilities | $ | 130,706 | $ | 120,027 | |
| Total stockholders’ equity | $ | 79,290 | $ | 83,992 | |
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Cash Flow Data: | |||||||||||||||
| Net cash provided by (used in): | |||||||||||||||
| Operating activities | $ | 2,713 | $ | 4,866 | $ | 11,350 | $ | 23,956 | |||||||
| Investing activities | (3,528 | ) | (1,827 | ) | (14,007 | ) | (9,919 | ) | |||||||
| Financing activities | 3,078 | (1,437 | ) | 630 | (13,391 | ) | |||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Other Data: | |||||||||||||||
| Number of facilities | 32 | 27 | 32 | 27 | |||||||||||
| Number of total procedure rooms | 67 | 57 | 67 | 57 | |||||||||||
| Cases | 3,064 | 3,680 | 14,036 | 14,932 | |||||||||||
| Revenue per case | $ | 12,787 | $ | 12,937 | $ | 12,849 | $ | 13,121 | |||||||
| Adjusted EBITDA (1) (3) | $ | 1,855 | $ | 10,093 | $ | 20,726 | $ | 43,236 | |||||||
| Adjusted EBITDA margin (2) | 4.7 | % | 21.2 | % | 11.5 | % | 22.1 | % | |||||||
| (1) A reconciliation of this non-GAAP financial measure appears below. |
| (2) Defined as Adjusted EBITDA as a percentage of revenue. |
| (3) For the three months ended December 31, 2024 and 2023, pre-opening de novo and relocation costs were |
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Same-center Information (1): | |||||||||||
| Cases | 2,879 | 3,680 | 12,892 | 14,932 | |||||||
| Case growth | (21.8)% | N/A | (13.7)% | N/A | |||||||
| Revenue per case | $ | 12,797 | $ | 12,937 | $ | 12,801 | $ | 13,121 | |||
| Revenue per case growth | (1.1)% | N/A | (2.4)% | N/A | |||||||
| Number of facilities | 27 | 27 | 27 | 27 | |||||||
| Number of total procedure rooms | 57 | 57 | 57 | 57 | |||||||
| (1) | For the three months ended December 31, 2024 and 2023, we define same-center case and revenue growth as the growth in each of our cases and revenue at facilities that were owned and operated during the three months ended December 31, 2024 and 2023, respectively. At facilities that were not owned or operated for the entirety of the prior year period, the current year period has been pro-rated to reflect only growth experienced during the portion of the three months ended December 31, 2024 in which such facilities were owned and operated during the three months ended December 31, 2023. We define same-center facilities and procedure rooms based on if a facility was owned or operated as of December 31, 2023. |
| For the twelve months ended December 31, 2024 and 2023, we define same-center case and revenue growth as the growth in each of our cases and revenue at facilities that were owned and operated during the twelve months ended December 31, 2024 and 2023, respectively. At facilities that were not owned or operated for the entirety of the prior year period, the current year period has been pro-rated to reflect only growth experienced during the portion of the twelve months ended December 31, 2024 in which such facilities were owned and operated during the twelve months ended December 31, 2023. We define same-center facilities and procedure rooms based on if a facility was owned or operated as of December 31, 2023. | |
AirSculpt Technologies, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands)
We report our financial results in accordance with GAAP, however, management believes the evaluation of our 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.
We define Adjusted EBITDA as net loss excluding depreciation and amortization, net interest expense, income tax (benefit)/expense, restructuring and related severance costs, loss/(gain) on disposal of long-lived assets, settlement costs for non-recurring litigation, and equity-based compensation.
We define Adjusted Net Income as net loss excluding restructuring and related severance costs, loss/(gain) on disposal of long-lived assets, settlement costs for non-recurring litigation, equity-based compensation and the tax effect of these adjustments.
We include Adjusted EBITDA and Adjusted Net Income because they are important measures on which our management assesses and believes investors should assess our operating performance. We consider Adjusted EBITDA and Adjusted Net Income each to be an important measure because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. Adjusted EBITDA has limitations as an analytical tool including: (i) Adjusted EBITDA does not include results from equity-based compensation and (ii) Adjusted EBITDA does not reflect interest expense on our debt or the cash requirements necessary to service interest or principal payments. Adjusted Net Income has limitations as an analytical tool because it does not include results from equity-based compensation.
We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. We define Adjusted Net Income per Share as Adjusted Net Income divided by weighted average basic and diluted shares. We included Adjusted EBITDA Margin and Adjusted Net Income per Share because they are important measures on which our management assesses and believes investors should assess our operating performance. We consider Adjusted EBITDA Margin and Adjusted Net Income per Share to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis.
The following table reconciles Adjusted EBITDA and Adjusted EBITDA Margin to net (loss)/income, the most directly comparable GAAP financial measure:
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (5,034 | ) | $ | (4,574 | ) | $ | (8,251 | ) | $ | (4,479 | ) | |||
| Plus | | ||||||||||||||
| Equity-based compensation(1) | 2,240 | 4,741 | 3,762 | 18,224 | |||||||||||
| Restructuring and related severance costs | 539 | 1,188 | 6,026 | 5,488 | |||||||||||
| Depreciation and amortization | 3,195 | 2,774 | 11,888 | 10,253 | |||||||||||
| Loss/(gain) on disposal of long-lived assets | 12 | (14 | ) | 16 | (212 | ) | |||||||||
| Litigation settlements(2) | — | — | 850 | — | |||||||||||
| Interest expense, net | 1,609 | 1,023 | 6,247 | 6,485 | |||||||||||
| Income tax (benefit)/expense | (706 | ) | 4,955 | 188 | 7,477 | ||||||||||
| Adjusted EBITDA | $ | 1,855 | $ | 10,093 | $ | 20,726 | $ | 43,236 | |||||||
| Adjusted EBITDA Margin | 4.7 | % | 21.2 | % | 11.5 | % | 22.1 | % | |||||||
| (1) | As of the twelve months ended December 31, 2024, this amount contains a cumulative reversal of stock compensation expense of |
| (2) | This amount relates to settlement costs for non-recurring litigation of |
For the three months ended December 31, 2024 and 2023, pre-opening de novo and relocation costs were
The following table reconciles Adjusted Net Income and Adjusted Net Income per Share to net income/(loss), the most directly comparable GAAP financial measure:
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (5,034 | ) | $ | (4,574 | ) | $ | (8,251 | ) | $ | (4,479 | ) | |||
| Plus | |||||||||||||||
| Equity-based compensation(1) | 2,240 | 4,741 | 3,762 | 18,224 | |||||||||||
| Restructuring and related severance costs | 539 | 1,188 | 6,026 | 5,488 | |||||||||||
| Loss/(gain) on disposal of long-lived assets | 12 | (14 | ) | 16 | (212 | ) | |||||||||
| Litigation settlements | — | — | 850 | — | |||||||||||
| Tax effect of adjustments | (2,267 | ) | (653 | ) | (1,271 | ) | (2,732 | ) | |||||||
| Adjusted net (loss)/income | $ | (4,510 | ) | $ | 688 | $ | 1,132 | $ | 16,289 | ||||||
| Adjusted net (loss)/income per share of common stock (2) | |||||||||||||||
| Basic | $ | (0.08 | ) | $ | 0.01 | $ | 0.02 | $ | 0.29 | ||||||
| Diluted | $ | (0.08 | ) | $ | 0.01 | $ | 0.02 | $ | 0.28 | ||||||
| Weighted average shares outstanding | |||||||||||||||
| Basic | 58,121,431 | 57,132,355 | 57,688,906 | 56,778,793 | |||||||||||
| Diluted | 58,121,431 | 58,134,210 | 58,281,133 | 57,611,469 | |||||||||||
| (1) | During the first quarter of fiscal year 2024, the Company recorded a cumulative reversal of stock compensation expense of |
| (2) | Diluted Adjusted Net Income Per Share is computed by dividing adjusted net income by the weighted-average number of shares of common stock outstanding adjusted for the dilutive effect of all potential shares of common stock. |
Investor Contact
Allison Malkin
ICR, Inc.
airsculpt@icrinc.com
FAQ
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