Summary of the Earnings Call Company Overview - The company is a premier body contouring provider, operating 32 centers across 30 states in the U.S., one in Canada, and one in the UK, having started in 2012 [3][4] - The company has performed close to 75,000 procedures, indicating significant growth and patient satisfaction [4] Core Services - The company specializes in minimally invasive body contouring services, including fat removal, fat transfer, skin tightening, and cellulite removal [5][8][10][12] - The fat removal procedure can remove up to ten pounds of fat in a single session, with patients typically returning to normal activities within 24 hours [6][44] - The average ticket size for procedures is approximately $12,000 to $13,000, with all payments made in cash [7][16] Financial Performance - In 2024, the company generated approximately $180 million in revenue and $21 million in adjusted EBITDA [19][20] - The company has a strong historical performance, with a 34% compound annual growth rate (CAGR) in top-line revenue from 2019 to 2023 [25] - The average profit per procedure is around $8,000, contributing to significant EBITDA and cash flow generation [26][28] - The company has reduced its debt from $85 million at the time of going public in 2021 to $58 million as of the end of Q2 2023 [29] Growth Strategy - The company has paused new center openings in 2025 to focus on improving same-store sales growth due to recent downturns in core business [23][24] - There are over 100 potential new center opportunities in the U.S. and around 200 when including Canada [31] - The company has successfully doubled its center footprint from 16 to 32 since 2021 [17] Market Dynamics - The company has experienced some downturns due to macroeconomic pressures affecting high-end consumers [22] - The rise of GLP-1 medications (e.g., Ozempic) is expected to impact the aesthetics market, particularly in addressing skin laxity and volume loss [48][49] - The company is piloting a skin tightening procedure to address skin laxity resulting from weight loss associated with GLP-1 usage [50] Business Priorities - The company is focusing on two main areas: enhancing company culture and improving revenue through better marketing and sales strategies [32] - Key initiatives include optimizing marketing spend, expanding financing options for patients, and introducing new services [34][35][36] - Cost-saving measures have been implemented, resulting in over $3 million in annual savings [39] Outlook - The company has reiterated its annual revenue outlook of approximately $160 million to $170 million and adjusted EBITDA of $16 million to $18 million for the year [40] - The management believes that the company has a compelling business case and anticipates strong future growth once macroeconomic conditions stabilize [53]