AirSculpt Technologies Slashes FY24 Revenue Outlook As Q2 Results Miss Estimates

(RTTNews) - AirSculpt Technologies, Inc. (AIRS) reported Friday a net loss for the second quarter of $3.21 million or $0.06 per share, compared to net income of $1.8 million or $0.03 per share in the prior-year quarter.

Revenue for the quarter declined 8.4 percent to $51.0 million from $55.70 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share on revenues of $55.26 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects revenues in a range of about $180 million to $190 million, down from the prior forecast for revenues of about $220 million. The Street is looking for revenues of $209.32 million for the year.

The company also said it is looking to open five new centers in the second half of 2024. Earlier, it was looking to open six new centers.

Additionally, the Company also announced that Chief Financial Officer Dennis Dean has assumed the position of Interim Chief Executive Officer as Todd Magazine has resigned from the CEO role and as a member of the Board of Directors. Magazine will continue in an advisory role while the Board of Directors conducts a search for a permanent successor.