Airsculpt Technologies, Inc.
Business
Airsculpt Technologies, Inc. provides minimally invasive body contouring treatments using its proprietary, patented AirSculpt® method to remove fat, tighten skin, and sculpt targeted areas in a single awake session. It offers a suite of procedures including fat removal, fat transfer enhancements (Power BBL®, Up a Cup™, Hip Flip®), and adjunct technologies such as AirSculpt®+ and AirSculpt® Smooth for skin tightening and cellulite reduction. The company operates through accredited, spa-like patient centers and Professional Associations, with management services provided under MSAs. Services are delivered across a national and international footprint and promoted via digital marketing, social media, celebrity endorsements, virtual consults and referral channels.
Summary from filing dated 2025-03-14
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 152 | 180 | 196 | 169 | 133 | |
| Cost of service (exclusive of depreciation and amortization) | 62 | 71 | 74 | 63 | 45 | |
| Selling, general and administrative | 82 | 99 | 102 | 101 | 66 | |
| Depreciation and amortization | 13 | 12 | 10 | 8 | 7 | |
| Loss/(gain) on disposal of long-lived assets | 5 | 16,000 | −212,000 | 147,000 | 0 | |
| Loss/(gain) on disposal of long-lived assets | 2 | 0 | 0 | — | — | |
| Total operating expenses | 163 | 182 | 186 | 173 | 118 | |
| (Loss)/income from operations | −12 | −2 | 10 | −5 | 16 | |
| Interest expense, net | 6 | 6 | 6 | 7 | — | |
| Pre-tax net loss | −18 | −8 | 3 | −11 | 11 | |
| Total | −6 | 188,000 | 7 | 3 | 329,000 | |
| Net loss | −12 | −8 | −4 | −15 | 11 | |
| Basic (in dollars per share) | −0.19 | −0.14 | −0.08 | −0.26 | −0.01 | |
| Diluted (in dollars per share) | −0.19 | −0.14 | −0.08 | −0.26 | −0.01 | |
| Basic (in shares) | 60 | 58 | 57 | 56 | 56 | |
| Diluted (in shares) | 60 | 58 | 57 | 56 | 56 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 8 | 8 | 10 | 10 | 25 | |
| Taxes receivable | 1 | 3 | 2 | 3 | 0 | |
| Prepaid expenses and other current assets | 6 | 6 | 4 | 4 | 4 | |
| Total current assets | 15 | 17 | 16 | 17 | 29 | |
| Property and equipment, net | 28 | 37 | 29 | 24 | 14 | |
| Other long-term assets | 3 | 5 | 6 | 3 | 2 | |
| Right of use operating lease assets | 22 | 29 | 25 | 24 | 18 | |
| Intangible assets, net | 37 | 42 | 46 | 51 | 56 | |
| Goodwill | 82 | 82 | 82 | 82 | 82 | |
| Total assets | 187 | 213 | 204 | 201 | 201 | |
| Accounts payable | 5 | 6 | 4 | 4 | 3 | |
| Accrued payroll and benefits | 3 | 3 | 4 | 3 | 3 | |
| Current portion of long-term debt | 5 | 4 | 2 | 2 | 850,000 | |
| Deferred revenue and patient deposits | 2 | 1 | 1 | 2 | 3 | |
| Accrued and other current liabilities | 5 | 8 | 3 | 7 | 4 | |
| Current operating lease liabilities | 7 | 6 | 5 | 4 | 3 | |
| Total current liabilities | 28 | 29 | 20 | 22 | 16 | |
| Long-term debt, net | 51 | 65 | 70 | 81 | 82 | |
| Deferred tax liability, net | 878,000 | 7 | 7 | 5 | 4 | |
| Long-term operating lease liabilities | 20 | 28 | 23 | 20 | 15 | |
| Revolving credit funds payable | 0 | 5 | 0 | — | — | |
| Other long-term liabilities | 0 | 817,000 | 716,000 | 1 | 0 | |
| Total liabilities | 100 | 135 | 120 | 130 | 117 | |
| Commitments and contingent liabilities (Note 9) | — | — | — | — | — | |
| Common stock, $0.001 par value; shares authorized - 450,000,000; shares issued and outstanding - 64,455,872 and 58,369,138, respectively | 64,000 | 58,000 | 57,000 | 56,000 | 56,000 | |
| Additional paid-in capital | 128 | 108 | 104 | 86 | 84 | |
| Accumulated other comprehensive loss | −96,000 | −687,000 | −412,000 | −76,000 | 0 | |
| Accumulated deficit | −41 | −29 | −20 | −15 | −393,000 | |
| Total stockholders' equity | 88 | 78 | 83 | 71 | 84 | |
| Total liabilities and stockholders' equity | 187 | 213 | 204 | 201 | 201 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Equity-based compensation | 2 | 4 | 18 | 29 | 7 | |
| Non-cash interest expense; amortization of debt costs | 500,000 | 300,000 | 200,000 | 900,000 | 600,000 | |
| Deferred income taxes | −6 | −252,000 | 1 | 1 | 208,000 | |
| Cost related to closing location | 2 | 0 | 0 | — | — | |
| Taxes receivable | 2 | −1 | 890,000 | −3 | 0 | |
| Prepaid expense and other current assets | −4 | −2 | 466,000 | −5,000 | −4 | |
| Other assets | 7 | −3 | −5 | −7 | −1 | |
| Accounts payable | 579,000 | 739,000 | −206,000 | 865,000 | 2 | |
| Deferred revenue and patient deposits | 735,000 | −293,000 | −896,000 | −452,000 | −423,000 | |
| Accrued and other liabilities | −7 | 9 | 3 | 8 | 5 | |
| Net cash used in operating activities | 3 | 11 | 24 | 24 | 27 | |
| Purchases of property and equipment, net | −2 | −14 | −10 | −13 | −7 | |
| Net cash used in investing activities | −2 | −14 | −10 | −13 | −7 | |
| Payments on term loan | −14 | −2 | −12 | −84 | −838,000 | |
| Payments for debt modification | −393,000 | −136,000 | 0 | 0 | — | |
| Payments on revolving credit facility | −5 | 5 | 0 | — | — | |
| Proceeds from public offerings, net | 19 | 0 | 0 | — | — | |
| Distribution to member | 0 | 0 | −79,000 | −1 | −67 | |
| Dividends paid to shareholders | 0 | −252,000 | −385,000 | −23 | 0 | |
| Payment of taxes withheld through vested equity-based compensation | −56,000 | −903,000 | −233,000 | −2 | 0 | |
| Other financing activity | 0 | −954,000 | −569,000 | −147,000 | 0 | |
| Net cash used in financing activities | −478,000 | 630,000 | −13 | −27 | −5 | |
| Net decrease in cash and cash equivalents | 214,000 | −2 | 646,000 | −16 | 15 | |
| Cash paid for interest | 6 | 6 | 6 | 6 | 4 | |
| Property and equipment included in accounts payable and accrued expenses | 2 | 2 | 283,000 | 1 | 255,000 |