AirSculpt Technologies, Inc.

Second-quarter revenue was $42.9 million, down 2.5% year over year. On a same-center basis excluding London, revenue declined about 1%, with 1% case growth offset by a 2% decline in average selling price to about $12,700. Cost of services was $16.6 million, producing gross margin of roughly 61% of revenue. SG&A was about $23.4 million, up roughly $750,000 year over year, and adjusted EBITDA was $4.9 million, or about 11.5% of revenue, down $900,000 from last year. Through June 30, cash provided by operating activities after capital expenditures was about $3.8 million year to date. The company ended the quarter with roughly $19 million of cash, $5 million available on its revolver, and about $24 million of liquidity, alongside approximately $44 million of gross debt. Management said it is reaffirming revenue guidance at the lower end of the prior range and now expects adjusted EBITDA of $12 million to $14 million, reflecting roughly $5 million of additional marketing investment this year. For Q3, on a comparable basis excluding London, revenue is expected to be down single digits; for Q4, management expects year-over-year growth in revenue and adjusted EBITDA on a comparable basis.

Yogesh Jashnani framed the quarter as evidence that the turnaround is working, citing stable revenue, positive same-center case growth, and a 21-point improvement in same-center sales versus Q2 last year. He emphasized a broader strategy built around GLP-1-related demand, new procedures, stronger marketing, and financial discipline, and said the company is focused on converting stabilization into sustained profitable growth. His tone was constructive but cautious, repeatedly referencing a dynamic and choppy consumer environment.

Michael Arthur highlighted the hard numbers: $42.9 million of revenue, $16.6 million of cost of services, about 61% gross margin, $23.4 million of SG&A, $4.9 million of adjusted EBITDA, and $3.8 million of operating cash flow after capex year to date. He said CAC was roughly $3,500 per case versus about $2,900 a year ago, because of deliberate brand and marketing investment, and noted year-to-date the company raised roughly $20 million via ATM and paid down about $13 million of debt. He also pointed to stronger liquidity at about $24 million, gross debt of about $44 million, and a maturity extension of the term loan to November 2027 while refinancing efforts continue.

Analysts focused on the softer June and July trends, the impact of employers trimming GLP-1 coverage, the economics of the new AlloClae partnership, and whether rising marketing spend is generating better ROI. Management said June softness continued into July, but it has not seen employer coverage changes materially affect volumes yet, and it believes the business can serve both GLP-1 and non-GLP-1 patients. On AlloClae, management said it is a complementary body-contouring procedure that expands reach to patients who lack enough fat for transfer, and that gross margin percentage will be lower because of product cost, but gross margin dollars should be accretive. On marketing, management described a test-and-learn approach across channels, creatives, and landing pages, while acknowledging AI search changes are making direct-to-consumer acquisition harder.