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AirSculpt Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $42.5 million from $46.8 million in the same quarter the previous year. The decline is attributed to weaker performance across the aesthetics and high-end retail industries.
Cost of service for the quarter was $17,766,000, representing 41.8% of revenue, compared to 38.8% in the same quarter of the previous year. This increase is due to the opening of new facilities and fixed costs.
The company reported a net loss of $6,040,000 for the quarter, compared to a net loss of $1,667,000 in the previous year.
Operating expenses, including selling, general, and administrative costs, increased slightly to $25,495,000 from $25,030,000, primarily due to marketing and corporate support for new centers.
Depreciation and amortization expenses increased to $3,003,000 from $2,629,000, reflecting the addition of new centers.
Interest expense decreased to $1,591,000 from $1,836,000, following a voluntary prepayment of $10 million on term loans.
Cash provided by operating activities was $8,637,000, while cash used in investing and financing activities was $10,479,000 and $2,448,000, respectively.
AirSculpt had a working capital of $(12.5) million as of September 30, 2024. The company relies on cash flows from operations and a revolving credit facility for liquidity.
The filing also details a credit agreement amendment that modifies financial covenants and adjusts interest rates based on leverage ratios.
The company does not anticipate any significant changes in its internal control over financial reporting.
AirSculpt continues to expand its footprint, opening new centers and adding procedure rooms, with a focus on marketing its AirSculpt® procedures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AirSculpt Technologies Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.