AirSculpt Technologies Reports Second Quarter Fiscal 2024 Results
AirSculpt Technologies (NASDAQ:AIRS) reported Q2 2024 results with revenue of $51.0 million, a net loss of $3.2 million, and Adjusted EBITDA of $6.9 million. The company faced challenges due to a difficult consumer spending environment and increased brand awareness spend. Key points include:
- Case volume declined 5.7% to 3,949
- Revenue decreased 8.4% year-over-year
- Net loss of $3.2 million compared to $1.8 million net income in Q2 2023
- Adjusted EBITDA of $6.9 million, down from $14.6 million in Q2 2023
AirSculpt revised its 2024 guidance, projecting revenues of $180-$190 million and Adjusted EBITDA of $23-$28 million. The company plans to open five new centers in H2 2024. Dennis Dean has been appointed Interim CEO following Todd Magazine's resignation.
AirSculpt Technologies (NASDAQ:AIRS) ha riportato i risultati del Q2 2024 con ricavi di 51,0 milioni di dollari, una perdita netta di 3,2 milioni di dollari e un EBITDA rettificato di 6,9 milioni di dollari. L'azienda ha affrontato sfide a causa di un difficile ambiente di spesa dei consumatori e un aumento della spesa per la consapevolezza del marchio. I punti chiave includono:
- Il volume dei casi è diminuito del 5,7% a 3.949
- I ricavi sono diminuiti dell'8,4% rispetto all'anno precedente
- Perdita netta di 3,2 milioni di dollari rispetto a un utile netto di 1,8 milioni di dollari nel Q2 2023
- EBITDA rettificato di 6,9 milioni di dollari, in calo rispetto ai 14,6 milioni di dollari nel Q2 2023
AirSculpt ha rivisto le sue previsioni per il 2024, stimando ricavi tra 180 e 190 milioni di dollari e un EBITDA rettificato tra 23 e 28 milioni di dollari. L'azienda prevede di aprire cinque nuovi centri nella seconda metà del 2024. Dennis Dean è stato nominato CEO ad interim dopo le dimissioni di Todd Magazine.
AirSculpt Technologies (NASDAQ:AIRS) informó los resultados del Q2 2024 con ingresos de 51,0 millones de dólares, una pérdida neta de 3,2 millones de dólares y un EBITDA ajustado de 6,9 millones de dólares. La compañía enfrentó desafíos debido a un difícil entorno de gasto del consumidor y un aumento en el gasto en concienciación de marca. Los puntos clave incluyen:
- El volumen de casos disminuyó un 5,7% a 3.949
- Los ingresos disminuyeron un 8,4% interanual
- Pérdida neta de 3,2 millones de dólares en comparación con un ingreso neto de 1,8 millones de dólares en el Q2 2023
- EBITDA ajustado de 6,9 millones de dólares, por debajo de los 14,6 millones de dólares del Q2 2023
AirSculpt revisó sus proyecciones para 2024, proyectando ingresos de entre 180 y 190 millones de dólares y un EBITDA ajustado de entre 23 y 28 millones de dólares. La compañía planea abrir cinco nuevos centros en la segunda mitad de 2024. Dennis Dean ha sido nombrado CEO interino tras la renuncia de Todd Magazine.
AirSculpt Technologies (NASDAQ:AIRS)는 2024년 2분기 결과를 발표하며 수익 5,100만 달러, 순손실 320만 달러, 조정 EBITDA 690만 달러를 기록했습니다. 이 회사는 소비자 지출 환경이 어려워지고 브랜드 인지도 확대를 위한 지출 증가로 어려움을 겪었습니다. 주요 사항은 다음과 같습니다:
- 사례 수가 5.7% 감소하여 3,949건으로 감소
- 수익이 전년 대비 8.4% 감소
- 2023년 2분기에 180만 달러의 순이익에 비해 320만 달러의 순손실 발생
- 조정 EBITDA가 690만 달러로, 2023년 2분기의 1,460만 달러에서 감소
AirSculpt는 2024년 가이던스를 수정하여 수익 1억8천만~1억9천만 달러, 조정 EBITDA 2천3백만~2천8백만 달러를 전망했습니다. 이 회사는 2024년 하반기에 5개 새로운 센터를 열 계획입니다. Dennis Dean은 Todd Magazine의 사임 후 임시 CEO로 임명되었습니다.
AirSculpt Technologies (NASDAQ:AIRS) a annoncé les résultats du T2 2024 avec un chiffre d'affaires de 51,0 millions de dollars, une perte nette de 3,2 millions de dollars et un EBITDA ajusté de 6,9 millions de dollars. La société a rencontré des défis en raison d'un environnement de dépenses des consommateurs difficile et d'une augmentation des dépenses de sensibilisation à la marque. Les points clés comprennent :
- Le volume des cas a diminué de 5,7 % pour atteindre 3 949
- Le chiffre d'affaires a diminué de 8,4 % par rapport à l'année précédente
- Perte nette de 3,2 millions de dollars par rapport à un bénéfice net de 1,8 million de dollars au T2 2023
- EBITDA ajusté de 6,9 millions de dollars, en baisse par rapport à 14,6 millions de dollars au T2 2023
AirSculpt a révisé ses prévisions pour 2024, projetant des revenus de 180 à 190 millions de dollars et un EBITDA ajusté de 23 à 28 millions de dollars. La société prévoit d'ouvrir cinq nouveaux centres au second semestre 2024. Dennis Dean a été nommé PDG par intérim suite à la démission de Todd Magazine.
AirSculpt Technologies (NASDAQ:AIRS) hat die Ergebnisse für Q2 2024 veröffentlicht mit einem Umsatz von 51,0 Millionen Dollar, einem Nettoverlust von 3,2 Millionen Dollar und einem angepassten EBITDA von 6,9 Millionen Dollar. Das Unternehmen sah sich Herausforderungen aufgrund eines schwierigen Verbraucherausgabenumfelds und gestiegener Ausgaben für Markenbekanntheit gegenüber. Die wichtigsten Punkte sind:
- Die Fallzahlen sanken um 5,7% auf 3.949
- Der Umsatz fiel im Jahresvergleich um 8,4%
- Nettoverlust von 3,2 Millionen Dollar im Vergleich zu einem Nettoergebnis von 1,8 Millionen Dollar im Q2 2023
- Angepasstes EBITDA von 6,9 Millionen Dollar, zurück von 14,6 Millionen Dollar im Q2 2023
AirSculpt hat seine Prognose für 2024 überarbeitet und erwartet Einnahmen zwischen 180 und 190 Millionen Dollar sowie ein angepasstes EBITDA zwischen 23 und 28 Millionen Dollar. Das Unternehmen plant, in der zweiten Hälfte von 2024 fünf neue Zentren zu eröffnen. Dennis Dean wurde nach dem Rücktritt von Todd Magazine zum interimistischen CEO ernannt.
- De novo locations opened in 2023 performed ahead of expectations
- Company maintains a strong and durable balance sheet
- Plans to open five new centers in the second half of 2024
- Q2 2024 revenue declined 8.4% year-over-year to $51.0 million
- Net loss of $3.2 million in Q2 2024 compared to net income of $1.8 million in Q2 2023
- Case volume decreased 5.7% to 3,949 in Q2 2024
- Adjusted EBITDA fell to $6.9 million from $14.6 million in Q2 2023
- Company revised down its 2024 revenue and adjusted EBITDA guidance
Insights
AirSculpt's Q2 2024 results paint a concerning picture. Revenue declined
The revised 2024 guidance is particularly worrying, with revenue now expected between
While new centers are performing well, the company's focus on returning to core business and cost reduction suggests a defensive strategy. Investors should closely monitor the company's ability to stabilize revenue and improve profitability in the coming quarters.
The Q2 results reflect a broader trend in discretionary spending. As a provider of premium body contouring procedures, AirSculpt is particularly vulnerable to economic downturns. The
However, the strong performance of new centers opened in 2023 indicates untapped market potential. This aligns with the company's plan to open five new centers in H2 2024, suggesting confidence in long-term demand despite short-term headwinds.
The shift in strategy towards core business and cost reduction is prudent but may limit growth potential. The challenge for AirSculpt will be balancing cost-cutting with maintaining brand awareness and market position in a competitive aesthetic procedure market.
Second Quarter Revenue of
Company Revises 2024 Guidance
MIAMI, Aug. 09, 2024 (GLOBE NEWSWIRE) -- AirSculpt Technologies, Inc. (NASDAQ:AIRS) (“AirSculpt” or the “Company”), a national provider of premium body contouring procedures, today announced results for the second quarter and first six months ended June 30, 2024. The Company also announced that Dennis Dean, Chief Financial Officer of the Company has assumed the position of Interim Chief Executive Officer as Todd Magazine has resigned from the Chief Executive Officer role and as a member of the Board of Directors. Mr. Magazine will continue in an advisory role while the Board of Directors conducts a search for a permanent successor.
“I step into the role as interim CEO disappointed with our second quarter results and eager to apply my financial foresight to lead the strategy that improves the foundation in support of our future growth,” said, Dennis Dean, Interim Chief Executive Officer and Chief Financial Officer.
“Our revenue performance in the quarter reflected the challenging consumer spending environment with profitability further pressured by brand awareness spend, which has a much longer case conversion cycle,” Mr. Dean continued. “Despite this, our de novo locations opened during 2023 performed ahead of our expectations demonstrating the strong demand for our procedures and our ongoing ability to successfully identify and open centers. Our priorities in the near term are to return to our core business, reduce costs, stabilize revenue and maintain our strong and durable balance sheet. Since our founding twelve years ago, we have provided more than 60,000 positive patient experiences with our body contouring procedures.”
Second Quarter 2024 Results
- Case volume was 3,949 for the second quarter of 2024, representing a
5.7% decline from the fiscal year 2023 second quarter case volume of 4,186; - Revenue declined
8.4% to$51.0 million from$55.7 million in the fiscal 2023 second quarter; - Net loss for the quarter was
$3.2 million compared to net income of$1.8 million in the fiscal 2023 second quarter; and - Adjusted EBITDA was
$6.9 million compared to$14.6 million for the fiscal 2023 second quarter.
First Six Months 2024 Results
- Case volume was 7,695 a decline of
1.7% from the first six months of fiscal 2023 case volume of 7,826; - Revenue declined
2.8% to$98.6 million from$101.5 million in the first six months of fiscal 2023; - Net income was
$2.8 million compared to net income of$1.8 million in the prior year period; and - Adjusted EBITDA was
$14.2 million compared to$24.1 million for the prior year period.
2024 Outlook
The Company is revising its full year 2024 revenue and adjusted EBITDA guidance as follows:
- Revenues of approximately
$180 t o$190 million - Adjusted EBITDA of approximately
$23 t o$28 million - Adjusted EBITDA to cash flow from operations conversion ratio of approximately
50% (1) - Five new centers to open in the second half of 2024
For additional information on forward-looking statements, see the section titled "Forward-Looking Statements" below.
(1) Calculated as cash flow from operating activities divided by Adjusted EBITDA.
Liquidity
As of June 30, 2024, the Company had
Conference Call Information
AirSculpt will hold a conference call today, August 9, 2024 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 13747871 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 Technologies, please visit the Company's website at https://investors.airsculpt.com. AirSculpt Technologies uses its website as a channel of distribution for material Company information. Financial and other material information regarding AirSculpt Technologies 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 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; 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 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 U.S. Securities and Exchange Commission 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 June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 51,004 | $ | 55,703 | $ | 98,624 | $ | 101,516 | |||||||
| Operating expenses: | |||||||||||||||
| Cost of service | 18,827 | 19,952 | 36,869 | 37,969 | |||||||||||
| Selling, general and administrative(1) | 34,274 | 27,893 | 50,030 | 51,775 | |||||||||||
| Depreciation and amortization | 2,885 | 2,514 | 5,690 | 4,850 | |||||||||||
| (Gain)/loss on disposal of long-lived assets | (1 | ) | (18 | ) | 4 | (202 | ) | ||||||||
| Total operating expenses | 55,985 | 50,341 | 92,593 | 94,392 | |||||||||||
| (Loss)/income from operations | (4,981 | ) | 5,362 | 6,031 | 7,124 | ||||||||||
| Interest expense, net | 1,515 | 1,891 | 3,047 | 3,626 | |||||||||||
| Pre-tax net (loss)/income | (6,496 | ) | 3,471 | 2,984 | 3,498 | ||||||||||
| Income tax (benefit)/expense | (3,290 | ) | 1,695 | 161 | 1,736 | ||||||||||
| Net (loss)/income | $ | (3,206 | ) | $ | 1,776 | $ | 2,823 | $ | 1,762 | ||||||
| (Loss)/income per share of common stock | |||||||||||||||
| Basic | $ | (0.06 | ) | $ | 0.03 | $ | 0.05 | $ | 0.03 | ||||||
| Diluted | $ | (0.06 | ) | $ | 0.03 | $ | 0.05 | $ | 0.03 | ||||||
| Weighted average shares outstanding | |||||||||||||||
| Basic | 57,557,178 | 56,753,498 | 57,489,466 | 56,599,291 | |||||||||||
| Diluted | 57,557,178 | 58,511,766 | 58,066,133 | 58,095,736 | |||||||||||
(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) | ||||||
| June 30, 2024 | December 31, 2023 | |||||
| Balance Sheet Data (at period end): | ||||||
| Cash and cash equivalents | $ | 9,866 | $ | 10,262 | ||
| Total current assets | 21,694 | 15,961 | ||||
| Total assets | $ | 210,110 | $ | 204,019 | ||
| Current portion of long-term debt | $ | 3,188 | $ | 2,125 | ||
| Deferred revenue and patient deposits | 942 | 1,463 | ||||
| Total current liabilities | 25,119 | 20,315 | ||||
| Long-term debt, net | 67,540 | 69,503 | ||||
| Total liabilities | $ | 125,096 | $ | 120,027 | ||
| Total stockholders’ equity | $ | 85,014 | $ | 83,992 | ||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Cash Flow Data: | ||||||||||||||||
| Net cash provided by (used in): | ||||||||||||||||
| Operating activities | $ | 3,442 | $ | 12,236 | $ | 6,807 | $ | 18,455 | ||||||||
| Investing activities | (4,018 | ) | (2,161 | ) | (5,580 | ) | (5,976 | ) | ||||||||
| Financing activities | (527 | ) | (579 | ) | (1,623 | ) | (1,316 | ) | ||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Other Data: | ||||||||||||||||
| Number of facilities | 27 | 25 | 27 | 25 | ||||||||||||
| Number of total procedure rooms | 57 | 53 | 57 | 53 | ||||||||||||
| Cases | 3,949 | 4,186 | 7,695 | 7,826 | ||||||||||||
| Revenue per case | $ | 12,916 | $ | 13,307 | $ | 12,817 | $ | 12,972 | ||||||||
| Adjusted EBITDA (1) (3) | $ | 6,868 | $ | 14,612 | $ | 14,205 | $ | 24,068 | ||||||||
| Adjusted EBITDA margin (2) | 13.5 | % | 26.2 | % | 14.4 | % | 23.7 | % | ||||||||
| AirSculpt Technologies, Inc. and Subsidiaries Selected Financial and Operating Data (Dollars in thousands, except per case amounts) |
| (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 June 30, 2024 and 2023, pre-opening de novo and relocation costs were |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Same-center Information (1): | ||||||||||||||
| Cases | 3,598 | 4,186 | 6,866 | 7,826 | ||||||||||
| Case growth | (14.0 | )% | N/A | (12.3 | )% | N/A | ||||||||
| Revenue per case | $ | 12,836 | $ | 13,307 | $ | 12,741 | $ | 12,972 | ||||||
| Revenue per case growth | (3.5 | )% | N/A | (1.8 | )% | N/A | ||||||||
| Number of facilities | 25 | 25 | 25 | 25 | ||||||||||
| Number of total procedure rooms | 53 | 53 | 53 | 53 | ||||||||||
| (1) | For the three months ended June 30, 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 month period ended June 30, 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 June 30, 2024 in which such facilities were owned and operated during the three months ended June 30, 2023. We define same-center facilities and procedure rooms based on if a facility was owned or operated as of June 30, 2023. |
| For the six months ended June 30, 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 six month period ended June 30, 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 six months ended June 30, 2024 in which such facilities were owned and operated during the six months ended June 30, 2023. We define same-center facilities and procedure rooms based on if a facility was owned or operated as of June 30, 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)/income excluding depreciation and amortization, net interest expense, income tax (benefit)/expense, restructuring and related severance costs, (gain)/loss on disposal of long-lived assets, and equity-based compensation.
We define Adjusted Net Income as net (loss)/income excluding restructuring and related severance costs, (gain)/loss on disposal of long-lived assets, 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 income/(loss), the most directly comparable GAAP financial measure:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net (loss)/income | $ | (3,206 | ) | $ | 1,776 | $ | 2,823 | $ | 1,762 | |||||||
| Plus | | |||||||||||||||
| Equity-based compensation(1) | 4,873 | 4,603 | (1,908 | ) | 8,991 | |||||||||||
| Restructuring and related severance costs | 4,092 | 2,151 | 4,388 | 3,305 | ||||||||||||
| Depreciation and amortization | 2,885 | 2,514 | 5,690 | 4,850 | ||||||||||||
| (Gain)/loss on disposal of long-lived assets | (1 | ) | (18 | ) | 4 | (202 | ) | |||||||||
| Interest expense, net | 1,515 | 1,891 | 3,047 | 3,626 | ||||||||||||
| Income tax (benefit)/expense | (3,290 | ) | 1,695 | 161 | 1,736 | |||||||||||
| Adjusted EBITDA | $ | 6,868 | $ | 14,612 | $ | 14,205 | $ | 24,068 | ||||||||
| Adjusted EBITDA Margin | 13.5 | % | 26.2 | % | 14.4 | % | 23.7 | % | ||||||||
(1) As of the six months ended June 30, 2024, this amount contains a cumulative reversal of stock compensation expense of
| AirSculpt Technologies, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Dollars in thousands) |
| For further discussion, see Note 6 to the condensed consolidated financial statements of the Company's Quarterly Report on Form 10-Q for the Quarterly Period ended June 30, 2024. |
For the three months ended June 30, 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 June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net (loss)/income | $ | (3,206 | ) | $ | 1,776 | $ | 2,823 | $ | 1,762 | |||||||
| Plus | ||||||||||||||||
| Equity-based compensation(1) | 4,873 | 4,603 | (1,908 | ) | 4,850 | |||||||||||
| Restructuring and related severance costs | 4,092 | 2,151 | 4,388 | 3,305 | ||||||||||||
| (Gain)/loss on disposal of long-lived assets | (1 | ) | (18 | ) | 4 | (202 | ) | |||||||||
| Tax effect of adjustments | (618 | ) | (869 | ) | 1,713 | (1,328 | ) | |||||||||
| Adjusted net income | $ | 5,140 | $ | 7,643 | $ | 7,020 | $ | 8,387 | ||||||||
| Adjusted net income per share of common stock (1) | ||||||||||||||||
| Basic | $ | 0.09 | $ | 0.13 | $ | 0.12 | $ | 0.15 | ||||||||
| Diluted | $ | 0.09 | $ | 0.13 | $ | 0.12 | $ | 0.14 | ||||||||
| Weighted average shares outstanding | ||||||||||||||||
| Basic | 57,557,178 | 56,753,498 | 57,489,466 | 56,599,291 | ||||||||||||
| Diluted | 57,990,621 | 58,511,766 | 58,066,133 | 58,095,736 | ||||||||||||
(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
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