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AirSculpt Technologies, Inc. (NASDAQ:AIRS) Q2 revenues increased 12.2% year-over-year to $55.703 million, broadly in line with the consensus of $55.710 million.
Q2 adjusted EPS of $0.13 missed the street view of $0.15.
Case volume jumped 13.4% Y/Y to 4,186 in Q2.
Net income in Q2 was $1.8 million, higher than $0.6 million in the prior year period.
Operating income jumped 35.3% Y/Y to $5.36 million.
Q2 adjusted EBITDA was $14.6 million, marginally higher than $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.
AIRS exited the quarter with $20.8 million in cash and equivalents and $5 million of borrowing capacity under its revolving credit facility.
"We have opened four new centers this year, including our flagship London location. All new centers are meeting or beating our expectations. We expect to open our fifth center late in the third quarter, which is in line with what we had planned. We continue to see positive momentum and are well-positioned to deliver strong growth in the back half of 2023," said Todd Magazine, Chief Executive Officer of AirSculpt Technologies.
Outlook: AirSculpt expects to perform at the higher end of its revenue and Adjusted EBITDA ranges of $187 million-$192 million (consensus $191.47 million) and $43 million-$45 million, respectively.
The company plans to open five new center openings in FY23.
Price Action: AIRS shares closed lower by 1.75% to $7.86 on Thursday.
Posted In: AIRS
