AirSculpt Technologies Sees Sales Rebound, GLP-1 Tailwind for Body Contouring Growth

Key Points

• AirSculpt Technologies said it has returned to same-store sales growth after more than two years of declines, with first-quarter comparable sales up 1%. Management linked the rebound to better targeted direct-to-consumer marketing and said 2026 guidance calls for about 2.5% same-store sales growth.
• The company sees a major growth opportunity from GLP-1 weight-loss drug users, aiming to treat loose skin and stubborn fat left after weight loss rather than sell the drugs themselves. It has already expanded skin-tightening offerings and piloted skin-removal procedures.
• Executives said AirSculpt could expand materially in the U.S., with room for roughly 100 additional clinics beyond its current 31 centers. The company also said it has reduced debt, improved cash levels, and is preparing to refinance debt due in 2026.

AirSculpt Technologies NASDAQ: AIRS executives said the body contouring company has returned to same-store sales growth after more than two years of declines, while outlining plans to expand services tied to GLP-1 weight-loss drug side effects and eventually resume clinic growth across the U.S.

Chief Executive Officer Yogi Jashnani described AirSculpt as a “premier body contouring service provider” offering fat removal, fat transfer and skin tightening procedures across 31 corporate centers. He said the company generates about $150 million in revenue, with an approximately 10% EBITDA margin and 60% gross margin.

Jashnani said AirSculpt’s procedures are minimally invasive and performed without scalpels, stitches or general anesthesia. Patients are awake during procedures, which are performed under local anesthesia through a 2-millimeter or smaller opening, he said. The company’s average procedure costs about $12,000 to $13,000, is paid entirely in cash and is not covered by insurance.

Company Points to Marketing Changes Behind Sales Improvement

Jashnani said AirSculpt’s core customer is typically a woman between 35 and 55 years old with household income above $100,000 who is “looking to invest in herself.” The company’s centers are located in metropolitan areas and high-end retail corridors, including near The Plaza in New York City and off Rodeo Drive in Los Angeles, he said.

AirSculpt’s recent improvement has been driven in part by changes to its direct-to-consumer marketing strategy, Jashnani said. He said the company engages potential patients through paid media, paid social, paid search, influencers and word of mouth, then uses a consultative sales process to build custom treatment packages with surgeons.

“Over the last year or so, we've been able to drive revenue growth by optimizing where we are spending our marketing dollars,” Jashnani said, citing improvements in channel selection, targeting and outreach. He said same-store sales improved from negative levels to a positive 1% comparable sales result in the first quarter, the company’s first positive quarter in more than two years.

For 2026, Jashnani said the company has provided guidance with a midpoint reflecting roughly 2.5% same-store sales growth and adjusted EBITDA growth of about 28% at the midpoint.

GLP-1 Side Effects Seen as Service Expansion Opportunity

Jashnani highlighted GLP-1 weight-loss drug users as a potential growth market for AirSculpt, saying the company is not seeking to sell GLP-1 medications but instead address aesthetic issues that can follow weight loss.

He cited McKinsey data showing GLP-1 users rising from 5 million in 2023 to an estimated 25 million users. Jashnani said 60% to 70% of users may experience side effects such as loose skin or remaining stubborn fat deposits. He said AirSculpt’s targeted fat removal and skin procedures can help patients “complete their aesthetic journey.”

The company expanded into standalone skin tightening in the middle of last year, Jashnani said, after previously performing skin tightening alongside fat removal and fat transfer procedures. In the fourth quarter, AirSculpt also began piloting skin removal procedures for patients with more significant loose skin. Jashnani said the company performed about 100 skin removal surgeries in the fourth quarter and about 150 in the first quarter.

In response to an analyst question, Jashnani said AirSculpt uses helium plasma technology for skin tightening, specifically Apyx Medical’s Renuvion device, and also performs skin excisions as part of the pilot program.

Executives See Room for More U.S. Clinics

Jashnani said AirSculpt currently operates 31 centers, roughly one in each major metropolitan area where it has a presence, but believes it could add another 100 U.S. locations without significant cannibalization. He named Tampa, Indianapolis, Long Island and Portland as examples of markets where the company does not currently operate.

He said AirSculpt previously opened five new locations annually and has a track record with de novo centers, many of which have paid back within a year. During the question-and-answer portion, executives said the company leases all clinics, usually in medical centers, and that it costs roughly $1 million to build out a clinic.

Balance Sheet and Operations Update

Chief Financial Officer Michael Arthur said the company has reduced debt from roughly $75 million at the start of last year to $46 million at the end of the first quarter. Cash increased over that period, with AirSculpt ending the first quarter of 2026 with about $16.7 million in cash, he said.

Arthur said AirSculpt’s net debt-to-EBITDA leverage ratio is now below 2.5 times, giving the company more flexibility to reinvest in the business. He said the company is focused on refinancing its current debt, which comes current in the second quarter of 2026, and expects to provide an update during its second-quarter earnings call in August.

When asked whether the company would issue stock or bonds to refinance the debt, Arthur said AirSculpt is “just looking to roll it over” and is working with its current lender group and a financing partner.

Arthur also said AirSculpt has refreshed its executive team, including Jashnani’s arrival in January 2025, Arthur’s arrival in January 2026, and the hiring of a president of operations and general counsel. He said the company has identified and executed on roughly $4 million in annualized savings by reducing complexity and increasing efficiency.

Arthur reaffirmed 2026 guidance at a midpoint of $154 million in annualized revenue, implying roughly 2.5% comparable sales growth, and EBITDA of $15 million to $17 million.

Procedure Model and Patient Follow-Up

Executives said AirSculpt performs all procedures in its own facilities and does not use third-party surgery centers. Arthur said the company’s cost of service is about 40% of revenue, including roughly 20% paid to physicians under revenue-sharing agreements, about 15% for nursing and medical supplies, and lease costs of about 5%.

Jashnani said fat removal is permanent for treated areas, with patients typically followed up the same day, at one week, and in some cases at three and six months. Repeat customers generally return to address additional body areas, he said.

Asked about complications, Jashnani said AirSculpt does not publish its complication rate but tracks outcomes closely and comes in below industry standards, which he described as low single digits.

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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