Q3 2024 Airsculpt Technologies Inc Earnings Call Transcript
Key Points
- AirSculpt Technologies Inc (AIRS) reported revenue of $42.5 million for the third quarter, which was in line with expectations.
- The company has made significant progress on its 'back to basics' priorities, focusing on improving lead conversion, successful new center openings, and better cost management.
- Recent De Novo center openings are performing well, with U.S. centers exceeding the year one revenue objective of $4.5 million.
- AirSculpt Technologies Inc (AIRS) has implemented new payment options to provide consumers with more flexibility, potentially driving incremental revenue.
- The company has identified and achieved half of its planned $1 million cost savings goal for the second half of the year, with an expected annualized savings of $2 million.
- Revenue for the third quarter declined by 9.1% year-over-year, with case volume down 4.3% from the prior year.
- Same store cases declined by 8.1% over the prior year, although this was an improvement from a 14% decline in the second quarter.
- Adjusted EBITDA decreased to $4.7 million, or 11% of revenue, compared to $9.1 million, or 19.4% of revenue, in the prior year quarter.
- The average revenue per case decreased to $12,984 from $13,658 in the previous year's third quarter.
- The cost of service as a percentage of revenue increased to 41.8% from 38.8% in the prior year period, partly due to costs related to new De Novo openings.
Greetings and welcome to Airsculpt Technologies in third quarter, 2024 earnings conference call. (Operator Instructions)It is now my pleasure to introduce your host, MS Allison Malkin from ICR. Thank you, Miss Malkin. You may begin.
Good morning everyone and thank you for joining us to discuss our Airsculpt Technologies results for the third quarter of fiscal 2024.
Joining me on the call today is 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 risk and uncertainties that may impact these statements and could cause actual future results to differ materially from currently projected results are described in this morning's press release and the reports we will file with the SEC, all of which can be found on our website at investors dot airscape dotcom
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