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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 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.
XWELL, a global health and wellness firm, reported its Q3 2022 results, showing total revenue of $10.7 million, significantly down from $26.8 million in Q3 2021. The company has shifted focus by rebranding and optimizing its operations, including closing unprofitable locations. XWELL opened several new spa locations and reduced cash operating costs by $1 million monthly. The partnership with CDC for genomic surveillance is expected to generate $16 million in revenue. The adjusted EBITDA was $(4.56 million), a notable decrease from the previous year, reflecting operational challenges.
XWELL, Inc. (Nasdaq: XWEL) continues its international growth with the opening of five new XpresSpa locations in Istanbul International Airport. This move further establishes XWELL as a leader in health and wellness solutions for travelers. Currently, two locations are operational, with one more set to launch on November 10 and the final two in December. XpresSpa offers a variety of wellness services, including massages and manicures, operating 24/7. CEO Scott Milford highlights this expansion as a significant milestone in the company's transformation.
XWELL, Inc. (Nasdaq: XWEL) is set to enhance wellness offerings with the launch of AI-driven robot manicures in collaboration with Clockwork. Starting in Q1 2023, this initiative introduces 3D technology to provide express manicures at select XpresSpa locations across 28 airport venues. The plan includes deploying up to 25 units of Clockwork's technology over three months. The self-service model aims to provide affordable and efficient beauty solutions for travelers, transforming wait times into productive self-care experiences.
XWELL, Inc. (Nasdaq: XWEL) plans to announce its third quarter 2022 financial results on November 10, 2022, after the market closes. Following this announcement, a webcast and conference call will be held at 4:30 PM ET. Investors can participate via a limited-capacity conference call or stream the event live from the Investor Relations section of XWELL's website. The company operates several wellness brands, including XpresCheck, XpresSpa, Treat, and HyperPointe.
XWELL, Inc. (formerly XpresSpa Group, Inc.) announced its corporate rebranding aimed at establishing itself as a leader in health and wellness. Effective October 25, 2022, the ticker symbol changes from XSPA to XWEL. The rebrand underscores the company's transition towards comprehensive wellness solutions for travelers, aligning with its four transformational imperatives for growth. Recent developments include the reopening of XpresSpa at JFK, new locations in Istanbul and Salt Lake City, and a partnership with Ginkgo Bioworks for COVID-19 genomic surveillance initiatives.
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