AIRS - AirSculpt Technologies reports mixed Q2 earnings; reaffirms FY23 outlook

2023-08-11 06:08:57 ET

• AirSculpt Technologies press release ( NASDAQ: AIRS ): Q2 Non-GAAP EPS of $0.13 misses by $0.02 .
• Revenue of $55.7M (+12.1% Y/Y) in-line.
• Case volume was 4,186 for the second quarter of 2023, representing growth of 13.4% over the prior year period case volume of 3,691.
• The Company’s adjusted EBITDA for the quarter was $14.6 million compared to $14.0 million for the prior year period.
• For the three months ended June 30, 2023 and 2022, pre-opening de novo and relocation costs were $1.4 million and $1.2 million, respectively.

• The Company projects full year 2023 revenue and adjusted EBITDA guidance as follows and expects to perform at the higher end of both revenue and Adjusted EBITDA ranges:

  • Revenues in a range of $187 to $192 million vs. consensus of $190.96M.
  • Adjusted EBITDA in a range of $43 to $45 million.
  • Adjusted EBITDA to cash flow from operations conversion ratio of approximately 65%.
  • Five new center openings. Pre-opening costs are projected to be approximately $5 million for the full year 2023.

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