AirSculpt Technologies, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing a decline in revenue and increased net losses compared to the previous fiscal period. For the three months ended September 30, 2024, the company generated revenue of $42.5 million, a decrease of 9.1% from $46.8 million in the same period of 2023. For the nine months, revenue totaled $141.2 million, down 4.8% from $148.3 million in the prior year. The decline in revenue was attributed to weaker performance in the aesthetics and high-end retail sectors, impacting same-store sales.
Operating expenses for the third quarter increased to $46.3 million, representing 108.7% of revenue, compared to $45.8 million (98.0% of revenue) in the prior year. This led to a loss from operations of $3.7 million for the quarter, contrasting with an income of $955,000 in Q3 2023. The net loss for the third quarter was $6.0 million, compared to a loss of $1.7 million in the same period last year. For the nine months, the net loss was $3.2 million, a significant shift from a net income of $95,000 in 2023.
The company’s cash and cash equivalents decreased to $6.0 million as of September 30, 2024, down from $10.3 million at the end of 2023. Total current assets also fell to $12.9 million from $16.0 million, while total liabilities increased to $125.7 million from $120.0 million. The accumulated deficit grew to $(22.8 million) from $(19.6 million) at the end of 2023.
AirSculpt opened four new centers in 2024, bringing the total to 31 centers across 20 states, Canada, and the UK. The company performed 3,277 cases in Q3 2024, down from 3,426 cases in Q3 2023. Revenue per case also declined, with $12,984 in Q3 2024 compared to $13,658 in Q3 2023.
In terms of expenses, advertising costs rose to $6.9 million for the third quarter, up from $6.5 million in the previous year. The company recorded a cumulative reversal of stock compensation expense of $10.4 million in Q1 2024 due to reassessing performance targets. The effective tax rate for the third quarter was (13.8)%, a significant change from (89.2)% in the prior year, primarily due to non-deductible executive compensation.
Overall, AirSculpt Technologies is navigating a challenging market environment, reflected in its financial performance and strategic decisions.
About Airsculpt Technologies, Inc.
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