Q2 2024 Airsculpt Technologies Inc Earnings Call Transcript
Key Points
- AirSculpt Technologies Inc (AIRS) has successfully completed over 60,000 procedures since its founding in 2012, demonstrating a strong track record.
- The 2023 de novo class of centers performed ahead of expectations, indicating effective identification and opening of new centers.
- Lead generation activities saw a 30% sequential increase in lead volumes, showing strong interest in AirSculpt's procedures.
- The company has a solid balance sheet with approximately $10 million in cash and a modest leverage ratio of 1.81 times.
- AirSculpt Technologies Inc (AIRS) is taking decisive actions to align its cost base with the current environment, including reducing marketing costs by over $4 million in the second half of the year.
- Second quarter revenue decreased by 8.4% to $51 million, reflecting a 17% decline in same-store revenue compared to the prior year quarter.
- Adjusted EBITDA was down $7.7 million year-over-year, resulting from lower revenue combined with growth in brand awareness marketing activities and advertising cost inflation.
- Selling, general, and administrative expenses increased by $6.4 million or 22.9% in the second quarter compared to the same period in fiscal 2023.
- Customer acquisition cost for the quarter increased to $3,325 per case compared to $2,250 in the prior year, driven by further investments in brand awareness activities.
- The company experienced lower-than-expected conversion rates despite an increase in lead volumes, attributed to the difficult macro environment.
Greetings and welcome to the AirSculpt Technologies second quarter fiscal 2024 earnings call. (Operator Instructions).
I would now like to turn the conference over to your host, Allison Malkin with ICR. Thank you. You may begin.
Good morning, everyone. Thank you for joining us to discuss AirSculpt Technologies results for the second quarter of fiscal 2024. Joining me on the call today are the companyâs Founder and Executive Chairman, Dr. Aaron Rollins; and Interim Chief Executive Officer and Chief Financial Officer, Dennis Dean.
Before we begin, I would like to remind you that this conference call may include forward-looking statements. These statements may include our future expectations regarding financial results and guidance, market opportunities and our growth.
Risks and uncertainties that may impact these statements and could cause actual future results to differ materially from currently projected results are described in this morningâs press release and the reports we will file with the SEC,
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