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AirSculpt Technologies, Inc. (NASDAQ:AIRS)("AirSculpt" or the "Company"), a national provider of premium body contouring procedures, today announced selected unaudited preliminary financial results for its third quarter ended September 30, 2023.
For the third quarter, revenue is expected to be approximately $46.5 million, which is ahead of the Company's expectations and represents an increase of 20.0% over the prior year. "The strong performance was driven by both better-than-expected same-store revenue growth of approximately 5.5% and a significant contribution from our most recent de novo centers. Our strong performance for the quarter demonstrates our ability to leverage our position as the premium provider of body contouring procedures," said Todd Magazine, Chief Executive Officer of AirSculpt. "We look forward to a strong finish to 2023 where we will continue to focus our attention on revenue growth and right sizing our cost structure to set up the Company for margin expansion going forward."
After considering the preliminary third quarter 2023 revenue results, the Company is issuing an update to its 2023 revenue guidance. The Company now forecasts 2023 revenue guidance of approximately $196 million versus the prior guidance of $187 million to $192 million. The Company now expects to achieve at least $45 million in Adjusted EBITDA, versus the prior guidance of $43 to $45 million (with the prior expectation of performing at the upper end of the range).
Additionally, as we continue to achieve strong free cash flow generation, the Company elected to voluntarily pre-pay $10.0 million on its outstanding term loan debt to further strengthen its balance sheet.
The preliminary results described in this press release are estimates only and are subject to revision until the Company reports its financial results for the third quarter ended September 30, 2023. There can be no assurance that the Company's final results for this period will not be materially affected by these changes.
Posted In: AIRS
