AirSculpt Revenue Falls 8.7%, Company Cuts 2026 Forecast After Case Volume Declines
Key Facts
AirSculpt Technologies said on November 6 that revenue in the third quarter of fiscal 2026 was $31.9 million, down 8.7% from $35.0 million a year earlier, results that prompted the company to cut its full-year forecast. Chief Executive Yogi Jashnani said the quarter’s results were "below expectations" and that the company had identified the key factors behind performance and was working urgently to address them. Revenue declined alongside lower case volume, weighing on operating profitability during the period. Adjusted earnings before interest, taxes, depreciation and amortization were $0.4 million, compared with $3.0 million in the third quarter of fiscal 2025. Meanwhile, the net loss narrowed to $7.2 million from $9.5 million a year earlier, an improvement of $2.3 million.
The company performed 2,483 cases in the quarter, down 9.6% on a same-center basis from the year-earlier period. Of those cases, the company performed about 250 procedures related to GLP-1 drugs, equivalent to about 10% of total cases. Jashnani said the company had expanded procedures related to these drugs and remained confident in its strategy, but acknowledged that the quarter’s results fell short of the expected level. The expansion came as overall activity declined, with same-center cases falling despite the contribution of these procedures to the mix. The company’s reported results did not provide additional quantitative detail linking these procedures to revenue or profit margins.
In the first nine months of fiscal 2026, AirSculpt recorded revenue of $114.2 million, down 3.5% from $118.4 million in the same period a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization were $8.6 million, compared with $12.6 million in the first nine months of fiscal 2025. These figures show that the third-quarter decline came within a broader period of year-over-year declines in revenue and adjusted earnings. In its second-quarter results, the company had reported that revenue for that quarter fell 3% to $42.9 million from $44.0 million, while adjusted earnings were $4.9 million versus $5.8 million. It also said then that same-center case volume grew 1.0% in the second quarter and 1.1% year to date, making the third-quarter decline in cases a reversal of the growth the company reported for the first half.
AirSculpt lowered its fiscal 2026 revenue forecast range to about $144–146 million, from $151–157 million previously. It also cut its forecast for adjusted earnings before interest, taxes, depreciation and amortization to about $9–10 million, compared with a prior range of $12–14 million. In August, the company had maintained its revenue forecast at the lower end of its $151–157 million range and cut its adjusted earnings target to $12–14 million. The latest update lowers both annual targets after the third-quarter results, rather than adjusting earnings alone, as it did in August. Jashnani said management had identified the factors that affected results, without the available reported information providing a separate estimate of each factor’s contribution.
The company had $15.2 million in cash, along with $5.0 million in available borrowing capacity, as of September 30, 2026, while total debt was about $37.2 million. After the quarter ended, on November 5, the company signed a financing agreement that included a $39.0 million senior secured term loan, fully funded at closing, and a revolving credit facility of up to $5.0 million that was undrawn at closing. The new agreement matures on November 5, 2031. The transaction follows the debt and liquidity balances reported at the end of September and provides a financing framework extending to that date. The company had scheduled the release of its results before the market opened on November 6, followed by an investor call at 8:30 a.m. Eastern Time that day.
Investing.com reported that third-quarter earnings per share were a loss of $0.10, $0.08 worse than analysts’ estimate of a loss of $0.02. Revenue of $31.9 million also came in below the average forecast of $34.51 million. The site said the stock closed at $1.44, down 47.64% over the previous three months and 76.47% over the previous twelve months, according to figures published on November 6. This places the quarterly results and forecast cuts in the context of the stock performance reported by the site, while the revenue and operating profitability figures reflect a year-over-year decline in the quarter. The company had announced that its results call would take place on the morning of their release, after issuing the results before the market opened.