By Adriano Marchese
AirSculpt Technologies shares fell in premarket trading Monday after the company said it expects revenue to be lower than previously thought for fiscal 2024.
Shares fell 20% to $4.23.
The body contouring treatment company said it expects revenue to be $180 million in the year. This is down from $195.9 million a year earlier, and less that the company's previous guidance range of between $183 million to $189 million.
According to FactSet, analysts were expecting a $185.6 million.
Adjusted earnings before interest, taxes, depreciation and amortization are also expected lower in the year, now pegged at $20.5 million, down from previous forecasts of $23 million to $28 million.
Last fiscal year, the company logged adjusted Ebitda of $43.2 million.
Analysts expected $24.2 million in fiscal 2024.
Chief Executive Yogi Jashnani, who was appointed in mid-December, said there is work to be done to elevate the company's operating platform. He said this would be done by implementing business process changes and enhancing the use of technology and consumer insights to inform critical marketing, real estate and sales decisions.
"My priority in the year ahead is to set and begin to execute the strategy that builds the capabilities that position the Company to stabilize revenue and return to growth," Jashnani said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
January 13, 2025 08:17 ET (13:17 GMT)
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