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XpresSpa Group has expanded its stock repurchase program by increasing the authorization by 10 million shares, extending it to September 15, 2023. This follows the original plan initiated in August 2021, which allowed for repurchase of 15 million shares, with around 3.2 million shares remaining as of the increase announcement. To date, XpresSpa has repurchased approximately 11.8 million shares for about $18.9 million. Chairman Bruce Bernstein emphasized the company's strong balance sheet and confidence in the stock being undervalued.
XpresSpa Group, Inc. (XSPA) reported a significant revenue increase of $24.0 million in Q1 2022, up from $8.5 million in Q1 2021, aided by XpresCheck locations. Adjusted EBITDA stood at $0.4 million. The company holds a robust cash balance of $83.0 million with no long-term debt. Share repurchases totaled $11.1 million this quarter, enhancing shareholder value. However, the firm anticipates lower revenues due to declining testing volumes and faster relaxations of Covid-19 restrictions. Key expansions in wellness services and international locations are underway.
XpresSpa Group, Inc. (Nasdaq: XSPA) will report its Q1 2022 financial results on May 16, 2022, after market close. The announcement will be followed by a webcast and conference call at 4:30 PM ET. Interested parties can listen via webcast due to limited capacity for the conference call. The company operates brands including XpresCheck for Covid-19 screening at airports, XpresSpa for wellness services, and Treat for on-demand healthcare. In January 2022, XpresSpa also acquired HyperPointe, enhancing its capabilities in digital healthcare.
XpresSpa Group (Nasdaq: XSPA) has opened its second Treat location at Phoenix Sky Harbor International Airport, expanding its health and wellness services for travelers. Treat offers various services including diagnostic testing for illnesses like Covid-19 and STIs, as well as wellness services like yoga and meditation. This strategic move is designed to enhance traveler health and safety. The company aims to provide a comprehensive experience, combining its existing offerings through XpresCheck and XpresSpa brands, creating a unique one-stop wellness solution for travelers.
XpresSpa Group, Inc. (Nasdaq: XSPA) has opened a new XpresCheck® COVID-19 testing facility at Orlando International Airport. Located pre-security in the South Walk area of the Main Terminal, the facility offers Rapid RT-PCR and standard PCR testing options to meet the strong demand for reliable COVID-19 testing among travelers. The company aims to enhance public health surveillance and support biosecurity efforts amid ongoing concerns regarding COVID-19 variants. With 16 locations in 13 domestic airports, XpresCheck continues to expand its footprint in the health and wellness sector.
XpresSpa Group announced the construction of five new locations at New Istanbul Airport to enhance its international presence. This expansion aims to meet the evolving health and wellness needs of travelers post-pandemic. CEO Scott Milford emphasized the strategic importance of this move, aligning with their goals for global business growth. The new sites will join existing international locations, enhancing services for travelers in key hubs globally. The initiative reflects a strong commitment to improving passenger health and safety.
The joint COVID-19 testing program by Concentric by Ginkgo, the CDC, and XpresCheck identified Omicron sublineages BA.2 and BA.3 ahead of other U.S. reports. This traveler-based genomic surveillance program, conducted at major U.S. airports, enrolled international travelers voluntarily from September 2021 to January 2022. The findings suggest that the program effectively monitors variants and can enhance public health responses. Leaders from the CDC and XpresCheck emphasized its importance in detecting variants and supporting a robust biosecurity infrastructure.
XpresSpa Group, Inc. (Nasdaq: XSPA) reported record financial results for Q4 and full year 2021, with quarterly revenue of $29.4 million and net income of $3.3 million, marking a strong end to the year. The company maintained an unrestricted cash balance of $105.5 million. XpresCheck expanded operations to 15 locations in major U.S. airports and initiated a biosurveillance pilot program with the CDC. XpresSpa expects over $100 million in revenue for 2022 and $500 million by 2025, focusing on growth strategies and shareholder value enhancement.
XpresSpa Group, Inc. (Nasdaq: XSPA) will report its fourth quarter and full-year 2021 financial results on March 15, 2022, after market close, followed by a conference call at 4:30 PM ET. Investors are encouraged to listen via webcast due to limited call capacity. XpresSpa operates three brands: XpresCheck, providing COVID-19 testing in airports; XpresSpa, an airport spa service retailer; and Treat, offering on-demand health services. The recent acquisition of HyperPointe enhances its digital healthcare capabilities.
XpresSpa Group, Inc. (Nasdaq: XSPA) announced that CEO Scott Milford will participate in the Water Tower Research Fireside Chat on March 9, 2022, at 1:00 pm ET, focusing on the company's wellness initiative, Treat™. Treat offers a suite of integrated health and wellness services for travelers, including diagnostic testing, IV therapy, and wellness activities at airport locations, primarily JFK, with expansions to Phoenix and Salt Lake City. The platform also includes a mobile app providing health information and services, enhancing travelers' experiences.
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