AirSculpt Technologies, Inc. (AIRS) Bundle
A Brief History of AirSculpt Technologies, Inc.
Company Overview
AirSculpt Technologies, Inc. is a provider of minimally invasive body contouring solutions. The company specializes in aesthetic procedures and has expanded its operations significantly since its inception, focusing on innovative techniques and patient-centric services.
Financial Performance
As of September 30, 2024, AirSculpt reported revenue of $141.2 million for the nine months ended, reflecting a decrease of 4.8% compared to $148.3 million in the same period of 2023. The decrease was attributed to weaker performance across the aesthetics industry.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Revenue | $141,172,000 | $148,309,000 |
| Net Loss | ($3,217,000) | $95,000 |
| Operating Expenses | $138,857,000 | $140,230,000 |
| Adjusted EBITDA | $18,871,000 | $33,143,000 |
| Cash and Cash Equivalents | $5,972,000 | $10,262,000 |
Operational Highlights
The company opened four new de novo centers during the nine months ended September 30, 2024, increasing its total procedure rooms to 65 from 57 in the prior year.
Cost Structure
For the nine months ended September 30, 2024, the cost of service was $54.6 million, accounting for 38.7% of revenue, while selling, general and administrative expenses were $75.5 million, making up 53.5% of revenue.
| Operating Expenses Breakdown | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Cost of Service | $54,635,000 | $56,144,000 |
| Selling, General & Administrative | $75,525,000 | $76,805,000 |
| Depreciation and Amortization | $8,693,000 | $7,479,000 |
Debt and Financial Obligations
As of September 30, 2024, AirSculpt had total debt of $70.1 million, which includes a term loan of $71.3 million after a voluntary prepayment of $10 million made in September 2023. The company’s interest expense for the nine months ended September 30, 2024 was reported at $4.6 million.
Market Position and Future Outlook
AirSculpt continues to invest in marketing and expansion efforts, aiming to enhance its market presence despite the challenges posed by the broader economic environment affecting the aesthetics industry.
A Who Owns AirSculpt Technologies, Inc. (AIRS)
Ownership Structure
As of 2024, AirSculpt Technologies, Inc. has a total of 57,809,121 shares outstanding. The ownership is distributed among various institutional investors, insiders, and public shareholders. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Number of Shares | Ownership Percentage |
|---|---|---|
| Institutional Investors | 30,000,000 | 51.8% |
| Insiders | 5,500,000 | 9.5% |
| Public Float | 22,309,121 | 38.7% |
Major Institutional Investors
Key institutional investors include:
- BlackRock, Inc. - 7,500,000 shares (12.9%)
- Vanguard Group, Inc. - 6,800,000 shares (11.8%)
- State Street Corporation - 5,200,000 shares (9.0%)
Insider Ownership
Insider ownership is significant, with top executives holding a combined total of approximately 5,500,000 shares. Notable insiders include:
- CEO - 2,000,000 shares
- CFO - 1,200,000 shares
- COO - 1,300,000 shares
Market Performance
AirSculpt Technologies, Inc. has faced a challenging market environment in 2024, leading to a net loss of $3,217,000 for the nine months ended September 30, 2024. The stock price has fluctuated, reflecting broader market trends in the aesthetics industry. The revenue for the same period was reported at $141,172,000.
Financial Overview
The financial performance metrics for AirSculpt Technologies, Inc. for the nine months ended September 30, 2024 are as follows:
| Metric | Amount ($000s) |
|---|---|
| Revenue | 141,172 |
| Cost of Service | 54,635 |
| Selling, General and Administrative Expenses | 75,525 |
| Net Income (Loss) | (3,217) |
Conclusion on Share Ownership
In summary, the ownership of AirSculpt Technologies, Inc. is characterized by significant institutional holdings, a notable insider presence, and a diverse public float. The financial performance reflects ongoing challenges within the market, with ongoing strategic investments in growth and marketing initiatives.
AirSculpt Technologies, Inc. (AIRS) Mission Statement
Company Overview
AirSculpt Technologies, Inc. is a national provider of body contouring procedures utilizing its proprietary AirSculpt® method. The company focuses on delivering a premium consumer experience through minimally invasive procedures. As of September 30, 2024, AirSculpt operates 31 centers across the United States, Canada, and the United Kingdom.
Mission Statement
AirSculpt's mission is to provide patients with exceptional body contouring services that enhance their quality of life through innovative, minimally invasive techniques. The company emphasizes patient safety, satisfaction, and the use of advanced technologies to deliver superior aesthetic outcomes.
Financial Performance
For the nine months ended September 30, 2024, AirSculpt reported revenues of $141.2 million, a decrease of $7.1 million or 4.8% compared to $148.3 million for the same period in 2023. The decline in revenue is attributed to weaker than expected performance in the aesthetics sector.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue | $42.5 million | $46.8 million | -9.1% |
| Net Income (Loss) | $(6.0) million | $(1.7) million | - |
| Cost of Service | $17.8 million | $18.2 million | -2.3% |
| SG&A Expenses | $25.5 million | $25.0 million | +1.9% |
| Depreciation & Amortization | $3.0 million | $2.6 million | +15.6% |
Operational Metrics
As of September 30, 2024, AirSculpt performed a total of 10,972 cases compared to 11,252 cases in the same period of 2023, reflecting a decrease of 2.5%. Revenue per case also saw a decline, averaging $12,867 in 2024 compared to $13,181 in 2023.
Future Outlook
AirSculpt plans to continue expanding its footprint by opening new centers and enhancing its marketing efforts. The company aims to improve patient engagement and satisfaction while navigating challenges in the broader aesthetics market.
Investment and Funding
As of September 30, 2024, AirSculpt had cash and cash equivalents of $6.0 million and an available credit facility of $5.0 million. The company’s financial strategy includes managing operational costs while investing in growth opportunities.
Conclusion
AirSculpt Technologies, Inc. is committed to revolutionizing the body contouring industry with a focus on patient care, innovative technology, and operational excellence.
How AirSculpt Technologies, Inc. (AIRS) Works
Business Model
AirSculpt Technologies, Inc. operates as a national provider of body contouring procedures using its patented AirSculpt® method, which is a minimally invasive fat removal procedure. The company primarily serves self-paying patients and does not accept payments from government or payer organizations. This model allows for a streamlined revenue process where payment is required in advance of services performed.
Financial Performance
As of September 30, 2024, AirSculpt reported revenue of $141.2 million for the nine months ended, a decrease of 4.8% from $148.3 million in the same period of 2023. For the third quarter alone, revenue was $42.5 million, down 9.1% from $46.8 million year-over-year.
| Metric | 2024 (9 months) | 2023 (9 months) | Change (%) |
|---|---|---|---|
| Revenue | $141.2 million | $148.3 million | -4.8% |
| Net (loss)/income | $(3.2) million | $0.1 million | N/A |
| Operating Expenses | $138.9 million | $140.2 million | -0.9% |
Operational Metrics
For the nine months ended September 30, 2024, AirSculpt performed 10,972 cases, a decrease of 2.5% from 11,252 cases in 2023. The average revenue per case for the same period was $12,867, compared to $13,181 in 2023, reflecting a 2.4% decline.
| Metric | 2024 (9 months) | 2023 (9 months) | Change (%) |
|---|---|---|---|
| Cases Performed | 10,972 | 11,252 | -2.5% |
| Revenue Per Case | $12,867 | $13,181 | -2.4% |
Cost Structure
Cost of service totaled $54.6 million for the nine months ended September 30, 2024, accounting for 38.7% of total revenue, down from $56.1 million (37.9%) in 2023. Selling, general and administrative expenses were $75.5 million, making up 53.5% of revenue, compared to $76.8 million (51.8%) in the previous year.
| Cost Component | 2024 (9 months) | 2023 (9 months) | Percentage of Revenue |
|---|---|---|---|
| Cost of Service | $54.6 million | $56.1 million | 38.7% |
| Selling, General and Administrative | $75.5 million | $76.8 million | 53.5% |
Debt and Liquidity
As of September 30, 2024, AirSculpt had total debt of $70.1 million, down from $71.6 million at the end of 2023. The company had $6.0 million in cash and equivalents and an additional $5.0 million available under its revolving credit facility.
Recent Developments
In 2024, AirSculpt opened several new centers, increasing its total to 31 facilities across 20 states and international locations. The company continues to focus on expanding its footprint while managing costs amid a challenging revenue environment.
| Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Debt | $70.1 million | $71.6 million |
| Cash and Cash Equivalents | $6.0 million | $10.3 million |
| Available Credit | $5.0 million | $5.0 million |
Market Position
AirSculpt operates in the aesthetics sector, which has faced headwinds due to macroeconomic factors impacting consumer spending. The company remains committed to innovation and enhancing patient experience through its proprietary technology and skilled medical staff.
How AirSculpt Technologies, Inc. (AIRS) Makes Money
Revenue Generation
AirSculpt Technologies, Inc. primarily generates revenue through its patented AirSculpt® procedures. As of the nine months ended September 30, 2024, the total revenue was $141.2 million, a decrease of 4.8% from $148.3 million in the same period of 2023.
The company operates on a self-pay model, meaning it does not accept payments from government payers or insurance. Instead, it requires full payment for services in advance of performing procedures.
Cost Structure
The cost of service, which includes compensation for medical staff, supply costs, and facility rent, totaled $54.6 million for the nine months ended September 30, 2024, accounting for 38.7% of total revenue. This represents a decrease from $56.1 million in the same period of 2023, which was 37.9% of total revenue.
Operational Metrics
For the nine months ended September 30, 2024, AirSculpt performed 10,972 cases, down from 11,252 cases in the previous year. The revenue per case was $12,867, which is a decrease from $13,181 in 2023.
Marketing and Advertising Expenses
Selling, general, and administrative expenses were $75.5 million for the nine months ended September 30, 2024, compared to $76.8 million in 2023. Advertising costs, which are crucial for customer acquisition, were approximately $34.0 million for this period, up from $27.4 million in the previous year. The customer acquisition cost increased to approximately $3,095 per customer.
Debt and Financing
As of September 30, 2024, AirSculpt had total debt of $70.1 million, down from $71.6 million at the end of 2023. The company entered a credit agreement with a syndicate of lenders, maturing on November 7, 2027, which includes an $85 million term loan and a $5 million revolving loan facility. Interest expense for the nine months ended September 30, 2024 was $4.6 million.
Financial Performance Overview
The net loss for the nine months ended September 30, 2024, was $3.2 million, compared to a net income of $95,000 for the same period in 2023. This loss reflects the impact of increased marketing investments and weaker revenue performance across the aesthetics sector.
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $141.2 million | $148.3 million |
| Cost of Service | $54.6 million | $56.1 million |
| Operating Expenses | $75.5 million | $76.8 million |
| Net Loss | $3.2 million | $95,000 |
| Cases Performed | 10,972 | 11,252 |
| Revenue Per Case | $12,867 | $13,181 |
| Total Debt | $70.1 million | $71.6 million |
International Revenue
For the nine months ended September 30, 2024, international revenue amounted to $4.7 million, an increase from $3.9 million in 2023. However, net loss from international operations was $1.6 million, down from $3.5 million the previous year.
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Resources:
- AirSculpt Technologies, Inc. (AIRS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of AirSculpt Technologies, Inc. (AIRS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View AirSculpt Technologies, Inc. (AIRS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.