• AirSculpt Technologies, Inc. Announces Second Quarter 2022 Results and Authorizes Special Cash Dividend

    Источник: Nasdaq GlobeNewswire / 12 авг 2022 06:01:00   America/New_York

    MIAMI BEACH, Fla., Aug. 12, 2022 (GLOBE NEWSWIRE) -- AirSculpt Technologies, Inc. (NASDAQ:AIRS)(“AirSculpt” or the “Company”), a national provider of premium body contouring procedures, today announced results for the second quarter ended June 30, 2022. Additionally, its Board of Directors declared a $0.41 per share special cash dividend. The dividend will be paid on September 14, 2022, to shareholders of record at the close of business on August 26, 2022. The dividend is expected to be funded through cash from operations with no additional debt being raised.

    • Revenue increased 42.0% from prior year period to $49.7 million
    • Strong same-center revenue growth of 20.4%
    • Robust cash flow from operations of $10.4 million
    • Expect to open four de novo centers per year
    • Reiterating 2022 outlook

    “We are very pleased with the results of the quarter and are excited to once again report that we achieved our highest volume and revenue in our history,” said Dr. Aaron Rollins, Chief Executive Officer of AirSculpt Technologies. “Our revenues grew 42% over the prior year as demand for AirSculpt continued to accelerate. We opened our center in Boston in mid-July and anticipate opening our Philadelphia location late in the third quarter and Toronto toward the end of the fourth quarter. The first half of the year has been outstanding, and it highlights the demand for AirSculpt. We are also announcing that our Board of Directors has approved a special cash dividend in an aggregate amount of approximately $25 million.”

    “We are pleased to announce this return of capital to shareholders,” said Adam Feinstein, Chairman of the Board of Directors. “Our Board’s approval of the special dividend reflects our confidence in the Company’s long-term growth potential and strong balance sheet, allowing us to pay a dividend to shareholders, while maintaining financial and operational flexibility to continue to grow our business over the long term.”

    “We have a full pipeline of de novo opportunities,” said Chief Operating Officer, Ron Zelhof. “We have opened two centers so far this year and expect to open a total of four. In the past seven months, we have opened four new centers and each center is performing in-line with our expectations. Additionally, we have now finished our center relocation efforts whereby all our centers have at least two procedure rooms.”

    Second Quarter 2022 Results

    Case volume was 3,691 for the second quarter of 2022, representing growth of 22.5% over the prior year period case volume of 3,014. Revenue for the second quarter of 2022 increased by 42.0% to $49.7 million from $35.0 million in the prior year period. Same-center cases and revenue per case for the second quarter of 2022 were up 4.7% and 15.0%, respectively, over the prior year period. Net income for the quarter was $0.6 million compared to net income of $10.0 million in the prior year period. Net income for the current quarter was impacted by a $7.2 million increase in equity-based compensation compared to the prior year period and approximately $1.9 million of public company related costs which did not exist in the prior year period. For the second quarter of 2022, the Company’s adjusted EBITDA grew 7.1% to $15.2 million as compared to $14.2 million for the prior year period. Adjusted EBITDA for the current year period was impacted by approximately $1.9 million of public company costs. Adjusting the prior year to include these costs, our Adjusted EBITDA growth rate would have been approximately 24%.

    Year to Date 2022 Results

    Case volume was 6,847 for the first half of 2022, representing growth of 26.3% over the prior year period case volume of 5,422. Revenue for 2022 increased by 46.0% to $89.2 million from $61.1 million in the prior year period. Same-center cases and revenue per case for 2022 were up 7.6% and 15.3%, respectively, over the prior year period. Year to date net income for 2022 declined to $(0.1) million compared to $16.6 million from the prior year period. Net income for the current year period was impacted by a $14.4 million increase in equity-based compensation and approximately $4.2 million of public company related costs which did not exist in the prior year period. For year to date 2022, the Company’s adjusted EBITDA grew 5.2% to $25.0 million as compared to $23.8 million for the prior year period. Adjusted EBITDA for the current year period was impacted by approximately $4.2 million of public company costs. Adjusting the prior year to include these costs, our Adjusted EBITDA growth rate would have been approximately 28%.

    2022 Outlook

    The Company is reiterating its revenue outlook of $175-179 million and its Adjusted EBITDA guidance in the range of $58 - $60 million. The Company has opened two centers in 2022 and anticipates opening two additional centers in the second half of the year.

    For additional information on forward-looking statements, see the section titled "Forward-Looking Statements" below.

    Liquidity

    As of June 30, 2022, the Company had $35.3 million in cash and cash equivalents and $5.0 million of borrowing capacity under its revolving credit facility. The Company generated $17.5 million in operating cash flows for the six months ended June 30, 2022, compared to $23.8 million for the same period of 2021.

    Special Cash Dividend

    On August 10, 2022, the Board of Directors approved a special cash dividend of $0.41 per share to be paid to stockholders of record as of August 26, 2022 with a payment date of September 14, 2022. The dividend is expected to be funded through excess cash from operations and not require any additional debt to be issued.

    Conference Call Information

    AirSculpt will hold a conference call today, August 12, 2022 at 8:30 am (Eastern Time). The conference call can be accessed live over the phone by dialing 1-877-407-9716 or for international callers, 1-201-493-6779. A replay will be available two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the replay is 13731010. The replay will be available until August 19, 2022.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company’s website at https://investors.elitebodysculpture.com/. The online replay will be available for one week following the call.

    About AirSculpt

    AirSculpt is an experienced, fast-growing national provider of body contouring procedures delivering a premium consumer experience under its brand, Elite Body Sculpture. At Elite Body Sculpture, we provide custom body contouring using our proprietary AirSculpt® method that removes unwanted fat in a minimally invasive procedure, producing dramatic results. It is our mission to generate the best results for our patients.

    Forward-Looking Statements

    This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies, and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed in the section titled “Risk Factors” in our Annual Report on Form 10-K.

    Our future results could be affected by a variety of other factors, including, but not limited to, failure to open and operate new centers in a timely and cost-effective manner; shortages or quality control issues with third-party manufacturers or suppliers; competition for surgeons; litigation or medical malpractice claims; inability to protect the confidentiality of our proprietary information; changes in the laws governing the corporate practice of medicine or fee-splitting; changes in the regulatory, economic and other conditions of the states and jurisdictions where our facilities are located; and business disruption or other losses from war, pandemic, terrorist acts or political unrest.

    The risk factors discussed in “Risk Factors” in our Annual Report on Form 10-K could cause our results to differ materially from those expressed in the forward-looking statements made in this press release.

    There also may be other risks that are currently unknown to us or that we are unable to predict at this time.

    Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Forward-looking statements speak only as of the date they were made, and we are under no duty to update any of these forward-looking statements after the date of this press release to conform our prior statements to actual results or revised expectations.

    Use of Non-GAAP Financial Measures

    The Company reports financial results in accordance with generally accepted accounting principles in the United States (“GAAP”), however, the Company believes the evaluation of ongoing operating results may be enhanced by a presentation of Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures.

    These non-GAAP financial measures are not intended to replace financial performance measures determined in accordance with GAAP. Rather, they are presented as supplemental measures of the Company's performance that management believes may enhance the evaluation of the Company's ongoing operating results. These non-GAAP financial measures are not presented in accordance with GAAP, and the Company’s computation of these non-GAAP financial measures may vary from similar measures used by other companies. These measures have limitations as an analytical tool and should not be considered in isolation or as a substitute or alternative to revenue, net income, operating income, cash flows from operating activities, total indebtedness or any other measures of operating performance, liquidity or indebtedness derived in accordance with GAAP.

    AirSculpt Technologies, Inc. and Subsidiaries
    Selected Consolidated Financial Data
    (Dollars in thousands)

     Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
      2022  2021  2022   2021
    Revenue$49,654 $34,967 $89,198  $61,108
    Operating expenses:       
    Cost of service 17,492  11,223  32,154   20,008
    Selling, general and administrative 26,010  10,332  50,177   18,990
    Loss on debt modification —  682  —   682
    Depreciation and amortization 1,962  1,532  3,848   3,023
    Loss on disposal of long-lived assets 227  —  227   —
    Total operating expenses 45,691  23,769  86,406   42,703
    Income from operations 3,963  11,198  2,792   18,405
    Interest expense, net 1,559  1,171  3,051   1,757
    Pre-tax net income/(loss) 2,404  10,027  (259)  16,648
    Income tax expense/(benefit) 1,821  —  (149)  —
    Net income/(loss)$583 $10,027 $(110) $16,648
            
    Income per share of common stock       
    Basic$0.01 N/A $—  N/A
    Diluted$0.01 N/A $—  N/A
    Weighted average shares outstanding       
    Basic 55,640,154 N/A  55,640,154  N/A
    Diluted 58,360,685 N/A  55,640,154  N/A

    AirSculpt Technologies, Inc. and Subsidiaries
    Selected Financial and Operating Data
    (Dollars in thousands, except per case amounts)

     June 30,
    2022    		 December 31,
    2021
    Balance Sheet Data (at period end):   
    Cash and cash equivalents$35,253 $25,347
    Total current assets 38,710  29,440
    Total assets$218,775 $200,554
        
    Current portion of long-term debt$850 $850
    Deferred revenue and patient deposits 2,607  2,810
    Total current liabilities 17,267  16,415
    Long-term debt, net 81,812  81,755
    Total liabilities$121,342 $117,026
        
    Total stockholders’ equity$97,433 $83,528


     Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
      2022   2021   2022   2021 
    Cash Flow Data:       
    Net cash provided by (used in):       
    Operating activities$10,398  $14,636  $17,478  $23,814 
    Investing activities (1,865)  (1,557)  (6,139)  (3,149)
    Financing activities (509)  (10,439)  (1,433)  (14,196)


     Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
      2022   2021   2022   2021 
    Other Data:       
    Number of centers as of the end of the period 19   15   19   15 
    Number of procedure rooms as of the end of the period 38   25   38   25 
            
    Cases 3,691   3,014   6,847   5,422 
    Revenue per case$13,453  $11,602  $13,027  $11,270 
    Adjusted EBITDA(1)$15,226  $14,214  $25,015  $23,784 
    Adjusted EBITDA margin(2) 30.7%  40.6%  28.0%  38.9%
    (1) A reconciliation of this non-GAAP financial measure appears below.
    (2) Defined as Adjusted EBITDA as a percentage of revenue.

    AirSculpt Technologies, Inc. and Subsidiaries
    Supplemental Information
    (Dollars in thousands, except per case amounts)

     Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
      2022   2021  2022   2021
    Same-center Information(1):       
    Cases 3,155   3,014  5,710   5,308
    Case growth 4.7% N/A  7.6% N/A
    Revenue per case$13,343  $11,602 $12,975  $11,258
    Revenue per case growth 15.0% N/A  15.3% N/A
    Number of facilities 15   15  14   14
    Number of total procedure rooms 30   25  28   23
    (1) For the three months ended June 30, 2022 and 2021, we define same-center case and revenue growth as the growth in each of our cases and revenue at facilities that have been owned and operated since April 1, 2021. We define same-center facilities and procedure rooms as facilities and procedure rooms that have been owned or operated since April 1, 2021.

    For the six months ended June 30, 2022 and 2021, we define same-center case and revenue growth as the growth in each of our cases and revenue at facilities that have been owned and operated since January 1, 2021. We define same-center facilities and procedure rooms as facilities and procedure rooms that have been owned or operated since January 1, 2021.

    AirSculpt Technologies, Inc. and Subsidiaries
    Reconciliation of Non-GAAP Financial Measures
    (Dollars in thousands)

    We report our financial results in accordance with GAAP, however, management believes the evaluation of our ongoing operating results may be enhanced by a presentation of Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures.

    We define Adjusted EBITDA as net income/(loss) excluding initial public offering (“IPO”) related costs, sponsor management fee, pre-opening de novo and relocation costs, restructuring and related severance, equity-based compensation, loss on debt modification, depreciation and amortization, loss on disposal of long-lived assets, interest expense, net and income tax expense/(benefit).

    We include Adjusted EBITDA because it is an important measure on which our management assesses and believes investors should assess our operating performance. We consider Adjusted EBITDA to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis. Adjusted EBITDA has limitations as an analytical tool including: (i) Adjusted EBITDA does not include results from equity-based compensation and (ii) Adjusted EBITDA does not reflect interest expense on our debt or the cash requirements necessary to service interest or principal payments.

    We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. We included Adjusted EBITDA Margin because it is an important measure on which our management assesses and believes investors should assess our operating performance. We consider Adjusted EBITDA Margin to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis.

    The following table reconciles Adjusted EBITDA and Adjusted EBITDA Margin to net income/(loss), the most directly comparable GAAP financial measure:

     Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
      2022   2021   2022   2021 
    Net income/(loss)$583  $10,027  $(110) $16,648 
    Plus      ​
    Sponsor management fee —   125   —   250 
    Equity-based compensation 7,275   86   14,591   172 
    Loss on debt modification —   682   —   682 
    IPO related costs —   —   731   — 
    Pre-opening de novo and relocation costs 1,249   430   2,096   982 
    Restructuring and related severance costs 550   161   730   270 
    Depreciation and amortization 1,962   1,532   3,848   3,023 
    Loss on disposal of long-lived assets 227   —   227   — 
    Interest expense, net 1,559   1,171   3,051   1,757 
    Income tax expense/(benefit) 1,821   —   (149)  — 
    Adjusted EBITDA$15,226  $14,214  $25,015  $23,784 
    Adjusted EBITDA Margin 30.7%  40.6%  28.0%  38.9%

    Investor Contact
    Dennis Dean
    Chief Financial Officer
    investors@elitebodysculpture.com

     


Опубликовать