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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, Inc. (Nasdaq: XWEL) announced its financial results for the year ending December 31, 2022, reporting total revenue of $55.9 million, a decrease from $73.7 million in 2021. The net loss attributable to common shareholders was $32.8 million, compared to a net income of $3.3 million the previous year. Key initiatives include the opening of new XpresSpa locations and partnerships to integrate innovative health technologies. The company’s operational adjustments led to a reduction in cash operating costs and the closure of underperforming locations. Financial metrics indicate a working capital of $36.4 million with no long-term debt. XWELL continues to focus on growth in wellness services at airports, expanding its biosurveillance program, and enhancing retail strategies.
XWELL, Inc. (Nasdaq: XWEL) will announce its fiscal year 2022 financial results on April 17, 2023, after market close, followed by a webcast and conference call at 5:00 PM ET. Interested investors are encouraged to listen via the webcast due to limited phone line capacity.
The Company operates four brands: XpresSpa, a leader in airport wellness services with 35 locations; Treat, a travel health brand; XpresCheck, providing COVID-19 testing; and HyperPointe, a digital healthcare analytics firm. XWELL emphasizes the importance of health and wellness solutions for travelers.
Forward-looking statements are included regarding future performance expectations, which are not guaranteed and involve risks.
XWELL plans to submit a Form 12b-25 to the SEC for its Annual Report on Form 10-K for the fiscal year ending December 31, 2022. The company requires extra time to assess a non-cash impairment charge for Q4 2022, granting an additional 15 days for its audit. Total revenue for 2022 is projected at $56 million, with a gross profit margin decline from 44% to 22%. Costs rose to $44 million, and general administrative expenses increased to $31 million. Despite these challenges, XWELL opened five new XpresSpa locations and reduced cash operating costs through the closure of underperforming sites. The 2022 Form 10-K is expected by April 17, 2023.
XWELL has launched a groundbreaking beauty experience at airports by introducing Clockwork’s AI-powered manicure robots in its XpresSpa location at JFK, making it the first airport globally to offer this service. The robots, known as Clockwork MiNiCURE, provide efficient and high-quality manicures in under 10 minutes. XWELL plans to expand this innovative service by deploying up to 25 robots across its 31 spa locations soon. This partnership showcases XWELL's commitment to enhancing wellness offerings for travelers while embracing cutting-edge technology.
XWELL, Inc. (Nasdaq: XWEL) announced on January 31, 2023, that CEO Scott Milford will speak at the Water Tower Research Fireside Chat on February 1, 2023, at 10:00 am ET. Milford will discuss initiatives aimed at enhancing profitability in 2023. The event is open to all investors, and registration is required for participation. XWELL operates four wellness brands: XpresCheck®, XpresSpa®, Treat™, and HyperPointe, focusing on health services at airports and digital healthcare solutions. Replays of the event will be available post-broadcast.
Ginkgo Bioworks (NYSE: DNA) and XWELL, Inc. (Nasdaq: XWEL) have expanded their collaboration with the CDC to enhance the Traveler-based Genomic Surveillance program. The initiative, initially focused on SARS-CoV-2, now includes monitoring for influenza viruses in preparation for the 2023-2024 flu season. This pilot study aims to provide vital insights into viral trends by sampling international travelers at major U.S. airports. The data collected will assist in selecting influenza vaccine viruses and bolster the public health response to seasonal influenza while continuing to track COVID-19 variants.
XWELL, Inc. (Nasdaq: XWEL) shares a shareholder letter from CEO Scott Milford noting a strategic pivot towards sustainable profitability amid recent challenges. Following a decline in demand for COVID-19 testing, XWELL is focusing on four key objectives: improving airport unit economics, increasing retail revenue, leveraging capital for growth outside airports, and rationalizing costs. The company closed eight underperforming spas, saved approximately $1.3 million, and plans to invest $6 million in spa refreshes. XWELL aims for $25 million in incremental revenue by 2025 and targets $100 million in revenue by 2026.
XWELL, Inc. (Nasdaq: XWEL) announced a partnership with HydroMassage and Human Touch to introduce innovative, fully autonomous massage services across select XpresSpa and Treat locations in the U.S. starting Q1 2023. This initiative aims to enhance wellness offerings and operational efficiency amidst a tight labor market. The new high-tech services will include customizable chair massages powered by HydroMassage and Human Touch technology, potentially expanding to 50 units across various locations. Traditional massage services will still be offered alongside these advancements.
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