AirSculpt Technologies (AIRS) Canaccord Genuity's 46th Annual Growth Conference summary

Business overview and market positioning

• Operates 31 minimally invasive body contouring centers in North America, targeting affluent women with procedures averaging $12,000-$13,000, all cash pay.

• Focuses on fat removal, fat transfer, and skin tightening, with rapid patient recovery and high margins.

• Sees significant opportunity in addressing side effects of GLP-1 drugs, such as loose skin and volume loss.

• Recently partnered with Tiger Aesthetics to offer alloClae, a donor-derived fat product for volume restoration.

• GLP-1 related procedures are growing, now representing mid to high single digits of total procedures, with higher penetration expected.

Financial performance and growth drivers

• Business stabilized to positive case growth after several quarters of decline, driven by new talent and revamped sales and marketing.

• Transformation efforts and disciplined execution have led to two consecutive quarters of stability.

• GLP-1 patient segment seen as a $100 million+ opportunity, potentially doubling current $150 million top line.

• Updated 2026 outlook driven by foundational improvements, new procedures, and increased marketing investment.

• Expectation for flat to slightly up same-store sales in 2024, with growth resuming in Q4 and momentum into 2027.

Procedure economics and clinic performance

• Skin removal procedures often combined with other services, resulting in higher average ticket sizes.

• Gross margin for core and skin removal procedures is about 60%.

• alloClae expected to be gross margin dollar accretive but percentage dilutive, expanding the addressable market.

• Mature clinics generate about $5 million in annual sales, with payback on new clinics typically within 1-2 years.

• All clinics are currently profitable, supporting future de novo expansion.