AirSculpt Technologies Reports Fourth Quarter, and Full Year Fiscal 2024 Results

Core Insights - AirSculpt Technologies, Inc. reported a challenging year in 2024, with a focus on stabilizing same-center sales performance and implementing strategic changes to enhance shareholder value [2][4]. Financial Performance - For Q4 2024, case volume decreased by 16.7% to 3,064 from 3,680 in Q4 2023, while revenue fell by 17.7% to $39.2 million from$47.6 million [6][17]. - The net loss for Q4 2024 was $5.0 million, compared to a net loss of$4.6 million in Q4 2023, and adjusted EBITDA dropped to $1.9 million from$10.1 million [6][17]. - For the full year 2024, case volume declined by 6.0% to 14,036 from 14,932 in 2023, with revenue decreasing by 7.9% to $180.4 million from$195.9 million [6][17]. - The net loss for the full year 2024 was $8.3 million, compared to a net loss of$4.5 million in 2023, and adjusted EBITDA was $20.7 million, down from$43.2 million [6][17]. Liquidity and Cash Flow - As of December 31, 2024, the company had $8.2 million in cash and cash equivalents, with no availability on its revolving credit facility [4][19]. - Operating cash flow for the year was$11.4 million, a significant decrease from $24.0 million in 2023 [4][19]. Strategic Initiatives - The CEO emphasized the importance of utilizing data to optimize marketing investments, improving the go-to-market strategy, and expanding financing options for consumers [2][4]. - A cost reduction program is expected to yield approximately$3 million in annualized savings, and the company has paused new procedure room openings to focus on existing operations [2][4]. Operational Metrics - The company operated 32 centers as of December 31, 2024, an increase from 27 centers in the previous year [19]. - Revenue per case for Q4 2024 was $12,787, slightly down from$12,937 in Q4 2023 [19][21].