$AIRS reports robust revenue growth and expansion plans for 2023
Mar 10th 2023, 11:05 am
Analyst Summary: AirSculpt Technologies has announced its financial results for the fourth quarter and full year ended December 31, 2022. The company reported strong growth in case volume and revenue for both periods. In addition, AirSculpt Technologies provided guidance for 2023, disclosing its plans to enter five new markets, including a second international location. The company's Executive Chairman, Dr. Aaron Rollins, stated that "the pipeline for adding new centers is robust," and expressed excitement about the recent addition of Todd Magazine to the executive management team. The company's mission is to "generate the best results for our patients" using their proprietary technology and premium experience. Regarding the financial results, fourth quarter case volume grew 15% YoY, while revenue increased by 8.4% YoY, reaching $37.6 million. Full-year case volume grew by 18% YoY, with revenue up 26%, reaching $168.1 million. The company's net loss was $10.2 million for the year, which includes a $9.9 million loss on debt extinguishment. AirSculpt Technologies also announced a new credit facility that will lead to reduced cash interest going forward. The company provided forward-looking statements, but investors should remain cautious as these statements are subject to risks, uncertainties, and assumptions. The statement highlights potential challenges, including failure to open new centers, rising inflation, and litigation or medical malpractice claims. The company provides a presentation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Net Income per Share as supplemental measures of the company's performance. Overall, AirSculpt Technologies showed strong growth in case volume and revenue, with plans to enter new markets in 2023. However, investors should remain cautious and carefully review the risks and uncertainties outlined in the forward-looking statements.