SBC Medical Group Q2 Growth Re-Accelerates as EBITDA Surges 32%

Key Points

• Q2 performance accelerated: Revenue rose 13% year over year to $49 million, while adjusted EBITDA surged 32% to $20 million, producing a 41% margin despite yen weakness.
• Clinic expansion and customer spending supported growth: SBC’s network grew to 287 locations, trailing 12-month visits increased 10% to 6.92 million, and average spending per visit rose 9%.
• Management is broadening future growth drivers: SBC is expanding its multi-brand aesthetic offerings, developing non-aesthetic healthcare through acquisitions and utilization improvements, and pursuing AI, overseas partnerships and a Japan longevity center planned for 2027.

SBC Medical Group NASDAQ: SBC said its growth re-accelerated in the second quarter of 2026 as the company completed structural reforms undertaken in 2025, expanded its clinic network and increased management-services revenue.

The medical services organization, which provides centralized management support to clinics across aesthetic medicine and other healthcare categories, reported second-quarter revenue of $49 million, up 13% from a year earlier. Adjusted EBITDA rose 32% to $20 million, while adjusted EBITDA margin reached 41%.

The company said profit growth exceeded revenue growth despite the impact of a weaker Japanese yen on reported results. SBC conducts most of its business in yen, making currency weakness a headwind when results are reported in U.S. dollars.

Management attributed the improvement partly to higher management-services revenue following an operating-policy change involving its points business in June 2025, as well as revisions to certain service fees.

Clinic Network and Customer Trends

As of the end of June 2026, SBC had 287 locations, an increase of 34 from a year earlier. Trailing 12-month customer visits reached 6.92 million, up 10% year over year.

Year-to-date clinic revenue increased 11%, while same-clinic revenue rose 6%. Average spending per visit increased 9% in the quarter, with both customer volume and spending per customer rising, according to the company.

Hikaru Fukui, SBC’s Head of Investor Relations, said the company had revisited its marketing, pricing, services and customer communications as competition intensified over the past two years.

“We also strengthened our multi-branding strategy so that we can offer the right service at the right price to each customer group,” Fukui said. He added that SBC has made marketing more data-driven and is seeing growth in both customer visits and customer spending.

Multi-Brand Strategy and Non-Aesthetic Expansion

SBC said it is accelerating a multi-brand strategy in aesthetic dermatology to address different customer segments and increase lifetime value. First-half transaction value in the segment increased 19% year over year.

The company is renaming Shonan Aesthetic Dermatology to SBC NEO Skin Clinic, a move intended to broaden its appeal among customers seeking basic dermatological treatments. It plans to add two locations under that brand.

For higher-value customers focused on physician expertise and equipment, SBC plans to add three skin clinic locations, bringing that total to four, and one JUN CLINIC location, bringing that total to seven. It is also launching THE LASER, a large-scale hair-removal clinic format, and SBC MEN’S FLASH, a high-speed men’s hair-removal format.

Gorilla Clinic’s first-half transaction value was JPY 62 million, up 19% from a year earlier, SBC said.

The company identified non-aesthetic healthcare as its second growth engine. Currently, roughly 84% of transaction value comes from aesthetic services and 16% from non-aesthetic healthcare.

In June, SBC formed a dedicated non-aesthetic healthcare team led by Naoya Fujimoto, formerly an executive officer at a healthcare and IT talent platform company. The team will seek to improve utilization and revenue at existing clinics while expanding through acquisitions.

“We are not setting a specific target for the mix today,” Fukui said. “Aesthetic will remain very important. But over time, we expect non-aesthetics healthcare to become a much larger part of SBC.”

AI, Overseas Operations and Longevity

SBC said artificial intelligence is intended to support both growth and efficiency by improving customer service, helping select clinic locations, sharing operating knowledge and supporting higher service fees. The company cited more than 26 years of management data as a foundation for its AI development.

Enhanced call-center functions are expected to add about $11 million annually in service fees, while stronger support for Gorilla and Rize Clinic is expected to add roughly $4 million, for a combined annualized opportunity of approximately $15 million. Fukui said the services require limited incremental cost, allowing a large portion of the additional revenue to support profit and earnings per share.

Internationally, SBC is working with OrangeTwist in the U.S., where it took a minority stake in December 2025. OrangeTwist operates 24 locations across six states and derives more than 40% of sales from recurring membership revenue, according to SBC. The companies are sharing operating practices and expanding service offerings.

In Southeast Asia, SBC is pursuing a “Powered by SBC” model in which local partners provide capital and operations while SBC supplies procurement, standardization, training and patient acquisition in exchange for revenue-linked recurring fees. Its first Thai clinic is BLEZ CLINIC, and the company said it aims to expand the model across ASEAN over time.

SBC also plans to open a longevity center in Japan in 2027 and develop an online platform. Fukui said the company views longevity as a combination of appearance-based aesthetic medicine and functional healthcare services such as orthopedics and dental care.

Looking ahead, SBC said it intends to use its cash position for organic investment and disciplined acquisitions while pursuing steady EPS growth. The company also said it is increasing investor outreach in the U.S. and other markets, noting that its shareholder base had grown roughly 4.7 times year over year as of July 2026.

About SBC Medical Group (NASDAQ:SBC)

SBC Medical Group, Inc is a publicly traded healthcare management services company listed on the Nasdaq under the ticker SBC. The company specializes in supporting in-office ancillary service providers by offering a suite of administrative and operational solutions designed to streamline practice management and enhance revenue performance. Its core mission is to help physician practices, imaging centers and other ancillary service providers focus on patient care while outsourcing complex back-office functions.

The company's primary offerings include revenue cycle management, medical billing and coding, compliance oversight and transcription services.

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