AirSculpt Technologies NASDAQ: AIRS reported second-quarter revenue of $42.9 million, down 2.5% from the prior-year period, as the company cited stable revenue trends, positive same-center case growth and continued investment in marketing and expanded procedure offerings.
Chief Executive Officer Yogi Jashnani said the company’s transformation efforts have contributed to improving sales comparisons. Same-center sales improved by 21 percentage points from the second quarter of 2025 and by 23 percentage points year to date, he said. On a comparable basis, the company recorded roughly flat same-center sales growth in the first half of 2026.
“Our near-term focus remains squarely on increasing same-center sales,” Jashnani said, while adding that the company sees longer-term growth opportunities in new procedures and future de novo center expansion as its balance sheet and cash generation improve.
Case Growth Offset by Lower Selling Price
Chief Financial Officer Michael Arthur said second-quarter same-center revenue, excluding the impact of the London location, declined approximately 1% from a year earlier. That result reflected 1% same-center case growth, the company’s second consecutive quarter of year-over-year case growth, offset by a 2% decline in average selling price.
Average selling price was about $12,700 during the quarter, which Arthur said remained within the company’s historical range. He attributed the year-over-year decline principally to comparison with an unusually high average selling price in the prior-year quarter.
Cost of services was $16.6 million, resulting in gross margin of roughly 61% of revenue. Selling, general and administrative expenses rose by about $750,000 year over year to approximately $23.4 million, driven by a deliberate $1.5 million increase in marketing and brand-development spending, partially offset by general and administrative efficiencies.
Customer acquisition cost increased to roughly $3,500 per case from approximately $2,900 in the prior-year period. Arthur said the higher expense reflected intentional investments in brand marketing, which management expects to support future returns even though the spending is not fully optimized currently.
Adjusted EBITDA totaled $4.9 million, or roughly 11.5% of revenue, down $900,000 from a year earlier. Cash provided by operating activities after capital expenditures was approximately $3.8 million through June 30, slightly above the prior-year period.
New Procedures Target GLP-1 Opportunity
Management continued to emphasize the potential opportunity among patients using GLP-1 medications. Jashnani said the company estimates that nearly 19 million potential patients may be interested over time in body contouring or related aesthetic procedures.
During the quarter, AirSculpt completed more than 200 skin excision procedures and expanded that service to additional centers. The company also broadened its offerings to include upper breastoplasty and mastopexy. Jashnani said expanded procedures could represent a long-term revenue opportunity of more than $100 million across the existing center base, with additional potential if the company resumes de novo expansion.
The company also announced a partnership with Tiger Aesthetics to offer alloClae, a structural adipose tissue allograft used for nonsurgical body contouring and targeted volume restoration. The offering is expected to begin rolling out to select centers later in the third quarter.
Jashnani said alloClae could help AirSculpt serve patients who do not have enough fat for a traditional fat transfer or prefer an external-fat option. He added that the procedure fits the company’s body-contouring focus and can be performed in its facilities under local anesthesia.
In response to an analyst question, Jashnani said skin tightening is available at all of the company’s centers, while skin excision procedures are offered at roughly 20 of its 31 locations. Management said the gross-margin profile for skin tightening and skin removal is generally similar to its core fat-removal and fat-transfer business, at approximately 60%. alloClae is expected to carry a lower gross-margin percentage because of product costs, though management expects it to be accretive on a gross-margin-dollar basis.
Balance Sheet and Outlook
AirSculpt raised approximately $5 million through its at-the-market equity program during the quarter. Year to date, the company raised roughly $20 million through the program and repaid approximately $13 million in debt.
At quarter end, the company had about $19 million in cash and $5 million available on its revolving credit facility, for approximately $24 million of available liquidity. Gross debt stood at about $44 million. Arthur said AirSculpt remained in compliance with its credit covenants and recently amended its term loan to extend the facility’s maturity to November 2027.
Arthur said the company has received multiple refinancing term sheets and continues to work toward a transaction it believes aligns with its long-term interests.
The company reaffirmed its revenue outlook at the lower end of its previously provided range and updated its adjusted EBITDA outlook to $12 million to $14 million. The revised EBITDA outlook reflects an additional $5 million of marketing investment planned for 2026.
Management expects comparable third-quarter revenue, excluding 2025 London center sales, to decline by a single-digit percentage. For the fourth quarter, AirSculpt expects expanded service offerings and marketing efforts to contribute to year-over-year growth in comparable revenue and adjusted EBITDA. The outlook assumes a stable macroeconomic environment and no further deterioration in consumer demand.
Jashnani said sales trends softened in June and continued into July amid what he described as a “choppy consumer environment.” Still, he said management expects new services, marketing initiatives and operating discipline to support growth by year end.
About AirSculpt Technologies (NASDAQ:AIRS)
AirSculpt Technologies, Inc NASDAQ: AIRS is a medical technology company specializing in minimally invasive body contouring. The company’s flagship AirSculpt® platform combines pneumatic power with precision microcannulas to deliver fat removal, transfer and sculpting procedures. AirSculpt Technologies partners with both company-owned and franchised cosmetic surgery practices to offer a streamlined, office-based alternative to traditional liposuction.
Through its proprietary system, AirSculpt Technologies provides both consumers and medical professionals with an integrated solution that emphasizes reduced downtime, smaller incision sites, and more predictable outcomes.
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