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XWELL, Inc. (Nasdaq: XWEL) is a premier global wellness holding company dedicated to delivering health and wellness services to travelers. The company's flagship brand, XpresSpa, boasts the title of the largest airport spa company globally, with 57 locations across 23 airports. XpresSpa offers a range of premium spa services tailored to the needs of busy travelers, including massages, nail services, skincare treatments, and exclusive travel products.
Alongside XpresSpa, XWELL operates the Treat brand, which focuses on travel health and wellness by offering spa services at airports. The company also runs XpresTest, a segment providing COVID-19 screening and diagnostic testing in collaboration with the CDC. Additionally, XWELL’s portfolio includes Naples Wax Center, known for its high-performing locations offering face and body waxing services, and HyperPointe, which provides specialized marketing services.
In recent developments, XWELL has introduced automated beauty and wellness experiences, such as the Clockwork MiNiCURE, which delivers express manicures through advanced robotic technology. This innovation is part of XWELL’s commitment to enhancing customer experiences and operational efficiency. The company has also expanded its wellness services with automated massage chairs and IV hydration drip therapy, aiming to boost revenue and provide high-margin services.
Financially, XWELL had cash and cash equivalents of $8.4 million and marketable securities worth $14.6 million as of December 31, 2023. Despite a challenging year with total revenue of $30.1 million and notable non-cash goodwill impairment charges, the company remains focused on operational efficiency and revenue growth through new service offerings and strategic partnerships.
Strategically, XWELL continues to enhance its service offerings and expand its global footprint, including recent openings in Abu Dhabi and planned expansions in key locations such as New York City's Penn Station. The company’s commitment to public health is evident through its TGS program, aimed at expanding biosecurity infrastructure with support from the CDC.
XWELL announced the introduction of the Ceragem V6 Therapeutic Thermal Massager at select XpresSpa locations starting in Q2 2024. This FDA-cleared Class II medical device aims to enhance blood circulation, relieve muscle and joint discomfort, and offer muscle relaxation. The new service will be first launched at Salt Lake City International Airport on May 22, 2024, with subsequent launches at Philadelphia and Orlando airports. XWELL's CEO, Scott Milford, states that this integration supports their strategy to increase revenue and retail traffic cost-effectively. The partnership with Ceragem International is part of XWELL's broader tech-forward initiatives, including IV hydration drip therapies and robotic manicures, solidifying its position in travel wellness.
XWELL, an authority in wellness solutions, reported its first quarter 2024 financial results. The company saw a 24% revenue growth to $8.7 million compared to the same quarter in 2023. Total cost of sales decreased by 7%, and general and administrative expenses were cut by 47%, leading to a 62% reduction in operating loss, now at $2.4 million. XWELL continued to enhance its business model by expanding its CDC Traveler-based Genomic Surveillance Program to Miami and Chicago airports.
Additionally, the company signed leases for new Naples Wax Center locations in Florida and confirmed the opening of an XpresSpa at Penn Station in New York. XWELL also introduced new tech-forward wellness services at its airport locations, including IV hydration therapy. Overall, XWELL aims to return to profitability by focusing on strategic priorities and expanding its wellness portfolio.
XWELL, Inc. (Nasdaq: XWEL) introduces IV hydration drip therapy at its Miami International Airport location in partnership with Revitalize IV Lounge. The therapy aims to deliver essential nutrients directly into the bloodstream, boosting energy levels and aiding recovery from jet lag and illness. The service offers four options starting at $220 per session, with potential for revenue growth and expansion to other markets.
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