Core Viewpoint - AirSculpt Technologies, Inc. has updated its fiscal year 2024 guidance, indicating a shift in expected financial performance as the company aims to stabilize revenue and return to growth under new CEO Yogi Jashnani's leadership [1][2][3]. Financial Performance - The company expects revenues of approximately $180 million, a decrease from the previous guidance of $183 million to $189 million [6]. - Adjusted EBITDA is projected to be around $20.5 million, down from the earlier guidance of $23 million to $28 million [6]. Leadership and Strategy - Yogi Jashnani has officially started as CEO and emphasizes leveraging the company's proprietary technology and asset-light business model to drive long-term profitable growth [2]. - The CEO plans to implement business process changes and enhance technology and consumer insights to inform marketing, real estate, and sales decisions [2]. Business Model and Operations - AirSculpt operates 32 centers globally, with a strong foundation based on over 70,000 successful procedures [2]. - The company offers a next-generation body contouring treatment that is minimally invasive, designed for quick healing and precise results [8]. Upcoming Events - AirSculpt will participate in the ICR Conference 2025, where the CEO and CFO will present insights into the company's business model and future strategy [7].

Company Overview - AirSculpt Technologies, Inc. is an industry leader in premium body contouring procedures, offering next-generation treatments designed for comfort and precision [3] - The company operates 31 centers in North America and one location in the United Kingdom, providing minimally invasive procedures that remove fat and tighten skin [3] Upcoming Events - AirSculpt will participate in investor meetings and host a presentation at the ICR Conference 2025 from January 13 to January 14, 2025, in Orlando, Florida [1] - The presentation will be led by CEO Yogi Jashnani and CFO Dennis Dean on January 14, 2025, at 10:00 a.m. Eastern Standard Time, and will be available via live webcast [2] Investor Relations - An archive of the webcast presentation will be accessible for 90 days following the event [2] - The company utilizes its website as a distribution channel for material information, which is routinely updated and readily accessible [4]

Core Viewpoint - AirSculpt Technologies, Inc. has appointed Yogi Jashnani as the new CEO, effective January 7, 2025, succeeding Dennis Dean, who will remain as CFO [1][3]. Company Leadership - Yogi Jashnani brings over two decades of experience in transforming public and private companies across various industries, including aesthetics and finance [2]. - Dr. Aaron Rollins, Executive Chairman, expressed confidence in Jashnani's ability to enhance company value and capitalize on AirSculpt's strengths, including proprietary technology and a large addressable market [3]. Strategic Focus - Jashnani aims to stabilize and accelerate same-center sales growth, enhance operational efficiencies, and unlock the full potential of the AirSculpt method [3]. - The company has a strong foundation with innovative technology and significant market opportunities, which Jashnani plans to leverage for growth [3]. Previous Experience - Prior to joining AirSculpt, Jashnani served as Chief Revenue Officer at Sky Zone and held executive roles at Ideal Image, Advance Auto Parts, and Capital One Financial Services [2][4]. - At Ideal Image, he drove revenue growth through the introduction of new services and a loyalty membership program [2]. Company Overview - AirSculpt offers a next-generation body contouring treatment that is minimally invasive, designed for comfort and precision, and available at 31 centers in North America and one in the UK [5].

Company Overview - AirSculpt® Technologies, Inc. is a leader in premium body contouring procedures and has opened its 32nd clinic in White Plains, New York [1][4] - The company has performed over 60,000 AirSculpt® cases since 2012 across the U.S., Canada, and the United Kingdom [4] New Clinic Details - The new White Plains center features three operating rooms, allowing for simultaneous procedures [2] - The clinic will offer the AirSculpt®+ skin tightening procedure, which enhances the results of the fat removal process [2][3] Strategic Expansion - The opening of the White Plains clinic is part of a strategic expansion into New York, driven by increasing market demand [3] - The AirSculpt®+ procedure combines fat removal with skin tightening using Renuvion®, which utilizes helium gas and radiofrequency energy [3][5]

Financial Performance - Revenue for the three months ended September 30, 2024, was $42.548 million, a decrease of 9.6% compared to $46.793 million for the same period in 2023[8] - Operating expenses for the three months ended September 30, 2024, totaled $46.264 million, an increase of 0.9% from $45.838 million in the prior year[8] - Net loss for the three months ended September 30, 2024, was $6.040 million, compared to a net loss of $1.667 million for the same period in 2023[8] - Basic loss per share for the three months ended September 30, 2024, was $(0.10), compared to $(0.03) for the same period in 2023[8] - Comprehensive loss for the three months ended September 30, 2024, was $5.834 million, compared to a comprehensive loss of $1.773 million for the same period in 2023[11] - For the nine months ended September 30, 2024, the net loss was $3,217,000, while the previous year showed a net income of $95,000[16] - Cash flows from operating activities for the nine months ended September 30, 2024, provided $8,637,000, down from $19,090,000 in the prior year[16] Assets and Liabilities - Total current assets decreased to $12.892 million as of September 30, 2024, from $15.961 million as of December 31, 2023[7] - Total liabilities increased to $125.708 million as of September 30, 2024, compared to $120.027 million as of December 31, 2023[7] - Cash and cash equivalents decreased to $5.972 million as of September 30, 2024, from $10.262 million as of December 31, 2023[7] - Total assets increased to $208.245 million as of September 30, 2024, compared to $204.019 million as of December 31, 2023[7] - Total debt, net as of September 30, 2024, was $70.1 million, a decrease from $71.6 million as of December 31, 2023[53] Equity and Compensation - The company recorded a cumulative reversal of stock compensation expense of $10.4 million during the first quarter of fiscal year 2024[8] - The total equity-based compensation for the nine months ended September 30, 2024, was $1,522,000, significantly lower than $13,483,000 in the prior year[16] - The Company recognized equity-based compensation expenses of $3.4 million for the three months ended September 30, 2024, down from $4.5 million in 2023, and $1.5 million for the nine months ended September 30, 2024, compared to $13.5 million in 2023[63] - The Company granted 515,804 restricted stock units (RSUs) during the nine months ended September 30, 2024, compared to 767,261 RSUs in the same period of 2023, representing a decrease of 32.8%[60] Expenses - Advertising expenses for the three months ended September 30, 2024, were approximately $6.9 million, compared to $6.5 million for the same period in 2023, reflecting a 6.2% increase[39] - The Company incurred rent expenses of $1.8 million and $5.0 million for the three and nine months ended September 30, 2024, respectively, compared to $1.5 million and $4.4 million for the same periods in 2023, indicating a year-over-year increase of 20% and 13.6%[55] - The company reported depreciation and amortization of $8,693,000 for the nine months ended September 30, 2024, compared to $7,479,000 in the previous year[16] - Depreciation expense for the three months ended September 30, 2024, was approximately $1.8 million, compared to $1.4 million for the same period in 2023, representing a 28.6% increase[49] Tax and Compliance - The effective tax rate for the three months ended September 30, 2024, was approximately (13.8)%, a significant improvement from (89.2)% in the same period of 2023[43] - The income tax expense for the three months ended September 30, 2024, was $0.7 million, down from $0.8 million in 2023, while the nine-month tax expense decreased from $2.5 million in 2023 to $0.9 million in 2024[68] - The Company is in compliance with all covenants under its Credit Agreement and has no letters of credit outstanding as of September 30, 2024[54] Future Outlook - The company anticipates potential impacts from rising interest rates and increased competition in the weight loss market[4] - Total future minimum rental payments under non-cancellable operating lease agreements amount to $45.981 million, with $1.777 million due in 2024 and $7.445 million in 2025[59] - Amortization of intangible assets will be $4.8 million per year for each of the next five fiscal years[46]

Financial Data and Key Metrics - Revenue for Q3 2024 was $42.5 million, down 9.1% YoY, with case volume declining 4.3% YoY [8] - Same-store cases declined 8.1% YoY, an improvement from the 14% decline in Q2 2024 [8] - Adjusted EBITDA was $4.7 million, or 11% of revenue, compared to $9.1 million, or 19.4% of revenue, in Q3 2023 [8] - Average revenue per case was $12,984, on the high side of the $12,000 to $13,000 range, but down from $13,658 in Q3 2023 [15] - Customer acquisition cost (CAC) was $2,900 per case, up from $2,750 in the prior year [17] Business Line Performance - The company opened four new centers in Q3 2024: Kansas City, Columbus, Deerfield, and Birmingham, with a fifth center in White Plains expected to open soon [13] - The 2023 de novo centers are performing ahead of the $4.5 million first-year revenue target, with a payback period of less than one year [12] - The company operated 31 facilities as of September 30, 2024, up from 27 in Q3 2023 [13] Market Performance - The company is seeing measured improvement in converting leads to consultations, attributed to a more targeted advertising approach [9] - The percentage of patients using financing for procedures remained consistent at 53% [16] - The company is exploring opportunities to extend payment options for qualified customers, potentially increasing revenue per case [31] Strategic Initiatives and Industry Competition - The company is focusing on three back-to-basics priorities: improving lead-to-case conversion, ensuring successful de novo center openings, and better cost management [7] - The company is leveraging Salesforce to reconnect with customer leads and improve conversion rates [11] - The company is exploring opportunities in skin tightening procedures, particularly in response to the growing use of GLP-1 drugs [26][27] Management Commentary on Operating Environment and Future Outlook - The company is navigating a challenging consumer spending environment, with lower case and lead volumes impacting revenue [15] - The company expects to achieve $2 million in annualized cost savings and plans to reinvest savings into higher-return marketing activities [14] - The company increased its 2024 revenue guidance midpoint to $183 million to $189 million and maintained its adjusted EBITDA guidance of $23 million to $28 million [19] Other Important Information - The company promoted Philip Bodie to Chief Accounting Officer, citing his significant experience in the healthcare industry [20] - The search for a permanent CEO is ongoing, with several interviews conducted and an announcement expected soon [21] Q&A Session Summary Question: New Center Ramp-Up and Contribution Expectations - The four new centers opened in Q3 contributed 530 cases, with Deerfield and Birmingham contributing minimally due to late-quarter openings [23] - The company expects a significant improvement in Q4, with centers potentially doubling their Q3 case volume [24] Question: Impact of GLP-1 Drugs on Demand - The company has not seen significant changes in demand due to GLP-1 drugs but is exploring opportunities in skin tightening procedures [26][27] Question: New Payment Options for Consumers - The company is extending payment options for qualified customers, potentially increasing revenue per case and volume [31] Question: Cost of Service Increase and Future Expectations - The increase in cost of service was driven by new center openings and pre-opening costs, with improvement expected in Q4 as centers ramp up [36][37] Question: SG&A Spend and Future Outlook - The company reduced marketing spend by $4.1 million sequentially and expects a slight uptick in Q4, focusing on optimizing marketing spend [40][41] - Corporate overhead reductions of $0.5 million are expected to continue into Q4 and 2025 [42]

AirSculpt Technologies, Inc. (AIRS) reported $42.55 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 9.1%. EPS of -$0.02 for the same period compares to $0.05 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $42.49 million, representing a surprise of +0.14%. The company delivered an EPS surprise of -150.00%, with the consensus EPS estimate being $0.04. While investors closely watch year-over-year changes in headline numbers -- reve ...

AirSculpt Technologies, Inc. (AIRS) came out with a quarterly loss of $0.02 per share versus the Zacks Consensus Estimate of $0.04. This compares to earnings of $0.05 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -150%. A quarter ago, it was expected that this company would post earnings of $0.13 per share when it actually produced earnings of $0.09, delivering a surprise of -30.77%. Over the last four quarters, the company ...

[Form 8-K Filing Details](index=1&type=section&id=Form%208-K%20Filing%20Details) This section provides the fundamental identification details of AirSculpt Technologies, Inc. as the registrant [Registrant Information](index=1&type=section&id=Registrant%20Information) This section provides the basic identification details for AirSculpt Technologies, Inc. as the registrant, including incorporation state, SEC file number, address, trading symbol, and emerging growth company status - Registrant Name: AirSculpt Technologies, Inc.[1](index=1&type=chunk) - State of Incorporation: Delaware[1](index=1&type=chunk) Trading Information | Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | | :------------------ | :---------------- | :----------------------------------- | | Common Stock, $0.001 par value per share | AIRS | The Nasdaq Global Market | - Emerging Growth Company: Yes[2](index=2&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This section details AirSculpt Technologies, Inc.'s preliminary third-quarter 2024 financial results and updated full-year guidance [Preliminary Q3 2024 Financial Announcements](index=2&type=section&id=Preliminary%20Q3%202024%20Financial%20Announcements) AirSculpt Technologies, Inc. announced preliminary Q3 2024 revenue, updated full-year 2024 revenue guidance, and reaffirmed full-year Adjusted EBITDA guidance via a press release - AirSculpt Technologies, Inc. issued a press release announcing preliminary revenue for the three months ended September 30, 2024[3](index=3&type=chunk) - The company updated its 2024 full-year revenue guidance[3](index=3&type=chunk) - The company reaffirmed its 2024 full-year Adjusted EBITDA guidance[3](index=3&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section enumerates the financial statements and other documents filed as exhibits to the Form 8-K [Exhibits Filed](index=2&type=section&id=Exhibits%20Filed) This section lists the documents filed as exhibits to the Form 8-K, including the press release and interactive data file - Exhibit 99.1: Press release dated October 24, 2024[4](index=4&type=chunk) - Exhibit 104: Cover Page Interactive Data File (embedded within the Inline XBRL document)[4](index=4&type=chunk) [Signatures](index=3&type=section&id=Signatures) This section confirms the authorized signatory and date for the Form 8-K filing [Authorized Signatory](index=3&type=section&id=Authorized%20Signatory) The report was signed by Dennis Dean, Interim Chief Executive Officer and Chief Financial Officer, on October 24, 2024 - The report was signed by Dennis Dean[5](index=5&type=chunk) - Dennis Dean's title is Interim Chief Executive Officer and Chief Financial Officer[5](index=5&type=chunk) - The report was dated October 24, 2024[5](index=5&type=chunk)

MIAMI BEACH, Fla., Nov. 08, 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 third quarter and nine months ended September 30, 2024. “Our revenue and Adjusted EBITDA for the quarter were in line with our expectations with the period including progress on our strategy despite continued challenges in the consumer environment,” said Dennis Dean, Interim Chief Executive Of ...