AirSculpt Technologies: In Good Shape…
AirSculpt Technologies Inc. (AIRS), which made its debut on the NASDAQ, as recently as October, closed at a new high of $17.99 yesterday.
AirSculpt Technologies is a provider of custom body contouring procedures under its brand named Elite Body Sculpture. The proprietary AirSculpt method of body contouring removes unwanted fat in a minimally invasive procedure. The company also offers fat transfer procedures that use the patient’s own fat cells to enhance the breasts, buttocks, hips or other areas without the need of silicone or foreign materials to be implanted.
For the third quarter ended September 30, 2021, AirSculpt’s revenue rose to $34.7 million from $17.8 million in the prior year period, thanks to strong demand for its body contouring services. Case volume was 2,743 for the third quarter of 2021, representing growth of 60.4% over the prior year period case volume of 1,710.
Revenue is generated from performing AirSculpt procedures. The company delivers its body contouring procedures through a growing, nationwide footprint of *18 centers across 14 states (*As of Nov.2021).
Net income for the quarter grew to $8.1 compared to $2.9 million in the prior year period and pro forma net income increased to $6.1 million from $2.4 million.
For full year 2021, the company expects revenue to be approximately $130 million. This compares to revenue of approximately $63 million for full year 2020.
As of September 30, 2021, the company had $20.7 million in cash and cash equivalents.
AirSculpt Technologies commenced trading on The Nasdaq Stock Market on October 29, 2021, offering its shares at a price of $11.00 each.
AIRS has thus far hit a low of $9.83 and a high of $18.26. The stock closed yesterday’s trading at $17.99, up 6.77%.
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