AirSculpt Technologies Inc (AIRS) 2025 Q2 法說會逐字稿

Greetings and welcome to the Air Sculp Technologies Incorporated second-quarter 2025 earnings conference call. (Operator Instructions)

問候並歡迎參加 Air Sculp Technologies Incorporated 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the conference over to Allison Malkin, a partner of ICR.

現在我想將會議交給 ICR 合夥人 Allison Malkin。

Good morning, everyone. Thank you for joining us to discuss AirSculpt Technologies results for the second quarter of fiscal 2025. Joining me on this call today are Yogi Jashnani, Chief Executive Officer, and Dennis Dean, Chief Financial Officer.

大家早安。感謝您加入我們討論 AirSculpt Technologies 2025 財年第二季的業績。今天與我一起參加電話會議的還有執行長 Yogi Jashnani 和財務長 Dennis Dean。

Before we begin, I would like to remind you that this conference call may include forward-looking statements. These statements may include our future expectations regarding financial results and guidance, market opportunities and our growth.

在我們開始之前，我想提醒您，本次電話會議可能包含前瞻性陳述。這些聲明可能包括我們對財務表現和指導、市場機會和成長的未來預期。

Risks and uncertainties that may impact these statements could cause actual future results to differ materially from currently projected results are described in this morning's press release and the reports we file with the SEC, all of which can be found on our website at investors.airsculpt.com. We undertake no obligation to revise or update any forward-looking statements or information except as required by law.

可能影響這些陳述的風險和不確定性可能導致實際未來結果與當前預測結果存在重大差異，這些風險和不確定性已在今天上午的新聞稿以及我們向美國證券交易委員會 (SEC) 提交的報告中進行了說明，所有這些報告均可在我們的網站 investors.airsculpt.com 上查閱。除法律要求外，我們不承擔修改或更新任何前瞻性陳述或資訊的義務。

During our call today, we will also reference certain non-GAAP financial measures. We use non-GAAP measures in some of our financial discussions as we believe they more accurately represent the true operational performance and underlying results of our business.

在今天的電話會議中，我們也將參考某些非公認會計準則財務指標。我們在一些財務討論中使用非公認會計準則指標，因為我們相信它們更準確地反映我們業務的真實營運績效和基本結果。

A reconciliation of these measures can be found in our earnings release as filed this morning, and in our most recent 10-Q, which will also be available on our website. For today's call, Yogi will begin with an overview of our second-quarter performance and share an update on our strategic priorities. Then Dennis will review our financial results in more detail and provide our outlook.

這些措施的對帳可以在我們今天早上提交的收益報告和我們最新的 10-Q 報告中找到，這些報告也將在我們的網站上提供。在今天的電話會議上，Yogi 將首先概述我們的第二季業績，並分享我們的策略重點的最新情況。然後丹尼斯將更詳細地審查我們的財務結果並提供我們的展望。

With that, I'll turn the call over to Yogi.

說完這些，我將把電話轉給 Yogi。

Thank you, Allison. Good morning, everyone, and thank you for joining today's call. As we outlined in our earnings release this morning, Dennis Dean has announced his intention to retire later this year following a transition to a new Chief Financial Officer. We currently have a search underway to identify his replacement. Dennis has been integral to our business, setting up the financial framework and the team that supported our successful initial public offering, and most recently a common stock offering. I am very thankful for Dennis's partnership.

謝謝你，艾莉森。大家早安，感謝大家參加今天的電話會議。正如我們今天早上在收益報告中概述的那樣，丹尼斯·迪恩 (Dennis Dean) 宣布，在新的財務長過渡後，他打算在今年晚些時候退休。我們目前正在尋找他的繼任者。丹尼斯是我們業務不可或缺的一部分，他建立了財務框架和團隊，支持我們成功進行首次公開募股，以及最近的普通股發行。我非常感謝丹尼斯的合作。

AirSculpt is better capitalized today versus when I joined the business seven months ago and our transformation is well underway.

與我七個月前加入公司時相比，AirSculpt 如今的資本狀況更加良好，而且我們的轉型正在順利進行。

Now turning to our results. In the second quarter, we made encouraging progress on our strategic initiatives to deliver improved revenue and profit trends. While we continue to operate in a dynamic demand environment, I am pleased to see us realize the early benefits of our actions. This has manifested in three things: a sequential improvement in our year-over-year revenue performance, a record level of lead growth, and a meaningful increase in consultation volume.

現在來看看我們的結果。第二季度，我們的策略性措施取得了令人鼓舞的進展，實現了營收和利潤趨勢的改善。雖然我們繼續在動態的需求環境中運營，但我很高興看到我們實現了行動的早期效益。這體現在三個方面：我們的收入表現較去年同期連續改善、領先成長達到創紀錄水準、諮詢量顯著增加。

We once again saw strong consumer interest in AirSculpt this quarter, with the average revenue per case consistent between $12,000 and $13,000. The quarter also saw us take important steps to strengthen our capital structure with the completion of our follow-on offering which allowed us to pay down $16 million in debt with no borrowings on our revolving credit facility at quarter end.

本季我們再次看到消費者對 AirSculpt 的濃厚興趣，每箱平均收入穩定在 12,000 美元至 13,000 美元之間。本季我們也採取了重要措施來加強我們的資本結構，完成了後續發行，這使我們能夠在季度末償還 1,600 萬美元的債務，而無需透過循環信貸額度進行借款。

Looking forward, I am confident that we have the right strategy in place to stabilize our sales and return to growth. In total for the second quarter, revenue was $44 million, declining 13.7% from the second quarter of 2024, and adjusted EBITDA was $5.8 million for a margin of 13.3% versus $6.9 million for a margin of 13.5% in the second quarter of 2024.

展望未來，我相信我們已經制定了正確的策略來穩定我們的銷售並恢復成長。第二季總營收為 4,400 萬美元，較 2024 年第二季下降 13.7%，調整後 EBITDA 為 580 萬美元，利潤率為 13.3%，而 2024 年第二季為 690 萬美元，利潤率為 13.5%。

We narrowed our year over year revenue decline by 4% points versus the first quarter. The decline in revenue was driven by lower case volume, which reflects the challenging macro environment. Chain store revenue, which does not include new centers, improved marginally from the first quarter and declined approximately 22% over the prior year quarter. While we are experiencing early progress from improvements made to our go to market strategy, our new growth initiatives are only just beginning to pilot and therefore we're not expected to drive growth in the quarter.

與第一季相比，我們的年收入降幅縮小了 4%。收入下降是由於案件數量減少，這反映了嚴峻的宏觀環境。連鎖店收入（不包括新中心）較第一季略有改善，但比去年同期下降約 22%。雖然我們在市場進入策略的改進方面取得了初步進展，但我們的新成長計劃才剛開始試行，因此預計我們不會在本季度推動成長。

Adjusted EBITDA totaled $5.8 million marking an improvement from Q1 2025 of $2 million which mainly reflects the sequential increase in our revenue as well as a more meaningful impact from a cost reduction plan. We have achieved these cost savings while simultaneously enhancing our operational efficiency. We will remain disciplined with regard to spend, focusing on the highest return opportunities. I will now discuss the progress we have made against our business imperatives this quarter which center on enhancing our culture and improving our go to market strategy.

調整後的 EBITDA 總計 580 萬美元，較 2025 年第一季度增加了 200 萬美元，這主要反映了我們收入的連續增長以及成本削減計劃帶來的更有意義的影響。我們在實現這些成本節約的同時也提高了營運效率。我們將在支出方面保持紀律，專注於獲得最高回報的機會。我現在將討論本季我們在業務要務方面的進展，重點是加強我們的文化和改善我們的市場策略。

At AirSculpt, we believe it is integral to foster a culture that propels our transformation and positions us for long term success. Having visited 20 of our 32 centers since I joined AirSculpt in January, I have seen firsthand that our teams are committed to deliver against our strategic priorities and are fueled by a deeper sense of purpose in what we are achieving together. Their enthusiasm and continued dedication is truly inspiring, and I am grateful for their efforts, as they are the engine behind the progress we have made and the momentum we are building.

在 AirSculpt，我們相信培育一種推動我們轉型並讓我們獲得長期成功的文化至關重要。自從我於一月份加入 AirSculpt 以來，我已經訪問了我們 32 個中心中的 20 個，親眼看到我們的團隊致力於實現我們的戰略重點，並且對我們共同實現的目標有著更深層次的使命感。他們的熱情和持續的奉獻精神確實鼓舞人心，我感謝他們的努力，因為他們是我們進步和正在建立的勢頭的動力。

As you may recall, our go to market strategy includes five business priorities. First is marketing. We continue to see benefits from our reallocated marketing spend to proven strategies including search engine marketing, social media, and online video. As a result, we have seen lead generation at record highs with improvements in marketing spend as a percentage of revenue and a reduction in customer acquisition costs. This is a signal that we are better monetizing our marketing tactics, and we ended the quarter with a robust pipeline of leads that we will continue to work to convert to cases.

您可能還記得，我們​​的市場策略包括五個業務重點。首先是行銷。我們將行銷支出重新分配給搜尋引擎行銷、社群媒體和線上影片等行之有效的策略，並繼續看到其帶來的好處。因此，我們看到潛在客戶的產生量達到了歷史最高水平，行銷支出佔收入的百分比有所提高，而客戶獲取成本則降低。這表明我們正在更好地將我們的行銷策略貨幣化，並且我們在本季度結束時擁有強大的銷售線索管道，我們將繼續努力將其轉化為案例。

We are laser focused on using data to optimize our marketing investment by dedicating spend to channels that show performance. Second is optimizing sales to convert these leads into cases. We have been supporting our sales team with enhanced training on key initiatives, including our expanded financing options to ensure they are well equipped to convert interest into cases. Additionally, the expansion of virtual appointments has contributed to higher concert volumes. Third, we are introducing new services to tap into more consumer demand.

我們專注於利用數據來優化我們的行銷投資，將支出投入到表現優異的管道。第二是優化銷售，將這些潛在客戶轉化為案例。我們一直在為我們的銷售團隊提供加強關鍵措施的培訓，包括擴大融資選擇，以確保他們有能力將興趣轉化為案例。此外，虛擬預約的擴大也促進了音樂會數量的增加。第三，我們正在推出新服務以滿足更多的消費者需求。

We launched a pilot of our skin tightening procedure in the second quarter to three centers and planned to extend the pilot into the third quarter to additional centers. We are gaining valuable learnings from the pilot and believe it can be a meaningful opportunity for us given the skin laxity that occurs following the use of GLP ones.

我們在第二季在三個中心啟動了皮膚緊緻程序的試點，並計劃在第三季將試點擴展到更多中心。我們從試驗中獲得了寶貴的經驗，並相信考慮到使用 GLP 產品後出現的皮膚鬆弛問題，這對我們來說是一個有意義的機會。

Forth is enhancing our customer experience to ensure we consistently provide premium results. I've been impressed by the excellent quality of care delivered across our locations. That being said, we recognize there is an opportunity to further elevate the experience with initiatives we have planned in the back half of the year and into 2026. Lastly, we continue to invest in technology to accelerate these priorities. In support of this, we have launched expanded financing options across all our centers, and our sales team have been trained on the benefits of these offerings. We expect to see positive impacts on conversion rates in the back half of the year.

第四，我們不斷提升客戶體驗，以確保我們始終如一地提供優質的服務。我們各分部提供的優質照護給我留下了深刻的印象。話雖如此，我們認識到有機會透過我們計劃在今年下半年和 2026 年實施的舉措來進一步提升體驗。最後，我們將繼續投資技術以加速實現這些優先事項。為了支持這一點，我們在所有中​​心推出了擴展的融資選擇，我們的銷售團隊接受了這些產品優勢的培訓。我們預計今年下半年轉換率將出現正面影響。

Second, we upgraded our IT system to enable more efficient routing of sales calls, significantly improving workflow and increasing the number of consultations booked. This has helped reduce friction for customers and made the process smoother for our team.

其次，我們升級了 IT 系統，以便更有效率地安排銷售電話，顯著改善工作流程並增加預約諮詢的數量。這有助於減少客戶的摩擦，並使我們的團隊的流程更加順暢。

Third, we expanded the use of Salesforce in the first half of the year, which has contributed to higher consultation volume. By reconnecting with past customers through this platform, we have seen strong response rates.

第三，上半年我們擴大了Salesforce的使用，這有助於提高諮詢量。透過這個平台與過去的客戶重新建立聯繫，我們看到了很高的回應率。

As Dennis will discuss in detail shortly, we are reiterating our annual outlook and currently expect fiscal 2025 revenue in the range of $160 million to $170 million and adjusted EBITDA between $16 million and $18 million. Our guidance reflects the current economic conditions, with some conservatism built in due to consumer spending uncertainty, but does not anticipate a downturn in the economy.

正如丹尼斯稍後將詳細討論的那樣，我們重申我們的年度展望，目前預計 2025 財年收入在 1.6 億美元至 1.7 億美元之間，調整後的 EBITDA 在 1600 萬美元至 1800 萬美元之間。我們的指導反映了當前的經濟狀況，由於消費者支出的不確定性而具有一定的保守性，但並不預期經濟會出現下滑。

In summary, we have continued to make progress on our initiatives in the second quarter and have seen encouraging signs with plans for the remainder of the year to further improve our performance. Our intense focus on our business priorities and cost management, along with our durable balance sheet, positions us well to return our business to growth and perform at a higher rate of profitability.

總而言之，我們在第二季度繼續推進各項舉措，並看到了令人鼓舞的跡象，並計劃在今年剩餘時間內進一步提高我們的業績。我們高度重視業務重點和成本管理，加上我們持久的資產負債表，使我們能夠恢復業務成長並實現更高的獲利率。

Overall, I continue to believe that AirSculpt is a compelling business with a competitive mode that is ripe for disruption and that the best years lie ahead for AirSculpt and its shareholders. And with that, I will now pass it over to Dennis.

總的來說，我仍然相信 AirSculpt 是一家引人注目的企業，其競爭模式已經成熟，可以被顛覆，而且 AirSculpt 及其股東將迎來最好的年華。現在我將把麥克風交給丹尼斯。

Thank you, Yogi, and good morning everyone. I'd like to begin by expressing my gratitude to the team at AirSculpt for the opportunity to lead this organization as Chief Financial Officer over the past four years. It has been a privilege to be a part of AirSculpt's journey, and I continue to believe in the long-term potential of AirSculpt under Yogi's leadership and execution of our business plan.

謝謝你，Yogi，大家早安。首先，我要向 AirSculpt 團隊表示感謝，感謝他們給予我過去四年擔任財務長領導該組織的機會。我很榮幸能夠成為 AirSculpt 旅程的一部分，我仍然相信在 Yogi 的領導和我們商業計劃的執行下，AirSculpt 具有長期潛力。

My healthcare career has spanned over 25 years, mostly in the public domain, and I look forward to this next phase of my life where I can spend more time with my family and pursue personal life goals. Until my replacement is identified, I am committed to continuing to lead the financial strategy of the business and facilitating a seamless transition as we identify the next AirSculpt CFO.

我的醫療保健職業生涯超過 25 年，大部分時間都在公共領域，我期待人生的下一個階段，屆時我可以花更多時間陪伴家人並追求個人生活目標。在我的繼任者確定之前，我致力於繼續領導公司的財務策略，並在我們確定下一任 AirSculpt 財務長時促進無縫過渡。

Now turning to our financial performance, as mentioned, revenue for the quarter was $44 million, a 13.7% decline versus the prior year quarter, with same store revenue down approximately 22%. Cases declined 14.1% to 3,392, and average revenue per case for the quarter was $12,975 which is approximately flat to the second quarter of 2024.

現在談談我們的財務業績，如上所述，本季營收為 4,400 萬美元，比去年同期下降 13.7%，同店營收下降約 22%。案件數量下降 14.1% 至 3,392 起，本季每起案件的平均收入為 12,975 美元，與 2024 年第二季基本持平。

The decline in revenue was mainly driven by lower cases due to operating in a challenging market environment with softness in consumer spending. But the percentage of patients using financing to pay for procedures was 50%, which is above the 44% rate we have experienced in the first quarter.

收入下降主要是因為市場環境充滿挑戰，且消費者支出疲軟，導致銷售額下降。但使用融資支付治療費用的患者比例為 50%，高於第一季的 44%。

We look forward to sharing updates on our broadening financing solutions as we experience the full benefit in the back half of the year. As a reminder, we receive full payment of all procedures up front, and we have no recourse related to patients who finance their procedures with third-party vendors.

我們期待在今年下半年充分享受我們不斷擴大的融資解決方案的好處，並分享最新進展。提醒一下，我們會預先收到所有手術的全部費用，對於透過第三方供應商支付手術費用的患者，我們不提供任何追索權。

The costs of service decreased $1.6 million compared to the prior year period, and as a percentage of revenue increased to 39.1% versus 36.9%, primarily due to certain fixed cost components such as rent and nursing, which do not scale down completely with short term revenue fluctuations.

與去年同期相比，服務成本減少了 160 萬美元，佔收入的百分比從 36.9% 上升至 39.1%，這主要是由於某些固定成本組成部分（例如租金和護理）不會隨著短期收入波動而完全減少。

However, on a sequential basis, our percentage improved 140 basis points compared to the first quarter of 2025. Selling, general, and administrative expenses decreased $11.6 million in the quarter compared to the same period in fiscal 2024, which reflect reductions in equity-based compensation, restructuring costs, and advertising expense.

然而，與 2025 年第一季相比，我們的百分比季比提高了 140 個基點。與 2024 財年同期相比，本季銷售、一般和行政費用減少了 1,160 萬美元，這反映了股權薪酬、重組成本和廣告費用的減少。

Our customer acquisition cost for the quarter was $2,905 per case as compared to $3,325 in the prior year quarter, marking the first quarter over quarter decline in our CAC since we went public.

本季我們的客戶獲取成本為每例 2,905 美元，而去年同期為 3,325 美元，這是我們上市以來 CAC 首次出現環比下降。

Our CAC was lower year over year driven by our marketing and sales efforts gaining traction. Adjusted EBITDA was $5.8 million compared to $6.9 million for the fiscal 2024 second quarter as a result of our revenue declines. Adjusted EBITDA margin was 13.3% compared to 13.5% in the prior year quarter. Adjusted net income for the quarter was $1.2 million or income of $0.02 per diluted share.

由於我們的行銷和銷售努力不斷取得進展，我們的 CAC 年比有所下降。由於營收下降，調整後的 EBITDA 為 580 萬美元，而 2024 財年第二季為 690 萬美元。調整後的 EBITDA 利潤率為 13.3%，而去年同期為 13.5%。本季調整後的淨收入為 120 萬美元，即每股收益 0.02 美元。

Turning to the balance sheet, during the quarter, we made substantial progress toward improving our financial position. As of June 30, 2025, cash was $8.2 million and gross debt outstanding was $58.8 million. We repaid $16 million of debt, including $5 million on our revolver and a $10 million prepayment on our long-term debt, which was in addition to our regular quarterly amortization payment.

談到資產負債表，在本季度，我們在改善財務狀況方面取得了實質進展。截至 2025 年 6 月 30 日，現金為 820 萬美元，未償還債務總額為 5,880 萬美元。我們償還了 1,600 萬美元的債務，其中包括 500 萬美元的循環信貸和 1,000 萬美元的長期債務預付款，這筆款項還不包括在我們定期的季度攤銷付款中。

We were able to reduce our debt through using proceeds from our capital raise last month, as well as cash from operations. Our leverage ratio was 2.87 times at June 30, 2025, down from 3.76 times as of March 31, 2025, and we are in compliance with all covenants under the terms of our credit agreement.

我們能夠透過使用上個月籌集的資金以及營運現金來減少債務。截至 2025 年 6 月 30 日，我們的槓桿率為 2.87 倍，低於截至 2025 年 3 月 31 日的 3.76 倍，並且我們遵守了信貸協議條款下的所有契約。

These activities reflect our ongoing commitment to strengthening the balance sheet, which allows us to move forward with an improved capital structure and enhanced financial flexibility. Cash flow from operations for the quarter was $5 million compared to $3.4 million in the second quarter of fiscal 2024.

這些活動反映了我們對加強資產負債表的持續承諾，這使我們能夠改善資本結構並增強財務靈活性。本季的經營現金流為 500 萬美元，而 2024 財年第二季為 340 萬美元。

Turning to our outlook for 2025, we are reiterating our guidance of revenue in the range of $160 million to $170 million and adjusted EBITDA between $16 million and $18 million. As we remain committed to strengthening same store sales across our existing footprint, our 2025 guidance reflects no planned de novo openings. Also, we anticipate remaining in compliance with the terms of our credit agreement throughout the fiscal year.

談到我們對 2025 年的展望，我們重申我們的預期：營收在 1.6 億美元至 1.7 億美元之間，調整後的 EBITDA 在 1,600 萬美元至 1,800 萬美元之間。由於我們仍致力於加強現有門市的同店銷售額，因此我們的 2025 年指引並未反映出任何新開店的計畫。此外，我們預計整個財政年度都將遵守信貸協議的條款。

As a reminder, we are not directly impacted by tariffs given our service-based business model and the immateriality of our products costs to our expenses. However, we are impacted by weakening consumer sentiment to tariffs and inflationary pressures and have taken actions such as providing more financing options in order to provide flexibility to our customers.

提醒一下，鑑於我們基於服務的業務模式以及產品成本對我們的支出的影響不大，我們不會直接受到關稅的影響。然而，我們受到關稅和通膨壓力導致的消費者信心減弱的影響，並採取了提供更多融資選擇等措施，以便為客戶提供靈活性。

Despite the challenged operating environment, we believe that executing our business priorities will help us improve our sales trend, and we achieve our guidance.

儘管經營環境充滿挑戰，但我們相信，執行我們的業務重點將有助於我們改善銷售趨勢，並實現我們的預期。

I will now turn the call over to the operator to begin the question-and-answer portion of the call.

我現在將把電話轉給接線員，開始電話的問答部分。

Thank you. (Operator Instructions) Josh Raskin, Nephron Research.

謝謝。（操作員指示）Josh Raskin，Nephron Research。

Hi, thanks, good morning. I'll start obviously with a congrats to Dennis and really just a thank you for the help over the last couple of years since the IPO. My question, my first question, just guidance implies revenues that are sort of flattish in the second half. EBITDA actually up close to mid-teens, obviously a lot better than what we saw in the first half on a year-to-year basis, so maybe you could speak to the drivers, other than the easier comps and maybe, what's driving that acceleration and perhaps more color on that record level of lead growth and the consultations you're talking about.

嗨，謝謝，早安。我首先要向丹尼斯表示祝賀，並感謝他自 IPO 以來過去幾年給予的幫助。我的問題，我的第一個問題，只是指導意味著下半年的收入將持平。EBITDA 實際上接近 15% 左右，顯然比我們上半年同比看到的情況要好得多，所以也許您可以談談除了更容易比較之外的驅動因素，也許是什麼推動了這種加速，也許對創紀錄的領先增長和您正在談論的諮詢有更多的了解。

Hey, Josh, this is Yogi. Thank you for the question. Yes, we're really appreciative of Dennis's contributions to AirSculpt. To your question that we continue to see uncertainty with the consumer, but we are seeing a lot of interest in AirSculpt, so leads are at record highs. We're seeing growth in consultations as well, but we have consumers hesitant to spend and pull the trigger in the back half.

嘿，喬希，我是尤吉。謝謝你的提問。是的，我們非常感謝丹尼斯對 AirSculpt 的貢獻。對於您的問題，我們仍然看到消費者的不確定性，但我們看到人們對 AirSculpt 很感興趣，因此銷售線索達到了歷史最高水準。我們也看到諮詢量有所增長，但消費者在下半年仍猶豫是否要消費並採取行動。

So, for the back half we continue to build a solid foundation for the business aligned with the five key priorities. We expect those are going to definitely help us stabilize revenue as he called out, and all of our actions along with that on EBITDA cost management, reducing marketing spend will help drive EBITDA margin as well. So that's our expectation from the back half in order to meet guidance.

因此，下半年我們將繼續以五個關鍵優先事項為業務奠定堅實的基礎。正如他所說，我們預計這些肯定會幫助我們穩定收入，而我們在 EBITDA 成本管理、減少行銷支出方面採取的所有行動也將有助於提高 EBITDA 利潤率。這就是我們對下半年的期望，以達到指導目標。

Okay, that's helpful. And then just to follow up on the skin tightening offering and I'm curious maybe commentary versus, what you're seeing in terms of people that are on GLP1, are they coming in for bigger procedures and then adding skin tightening, or are they coming in just for skin tightening? And then I think last quarter you said that there was still no skin tightening expectations and guidance. I'm just curious if that's still the case.

好的，這很有幫助。然後只是為了跟進皮膚緊緻服務，我很好奇也許評論與您看到的使用 GLP1 的人相比，他們是來做更大的手術然後添加皮膚緊緻，還是他們只是為了緊緻皮膚而來？然後我想上個季度您說過仍然沒有皮膚緊緻的預期和指導。我只是好奇情況是否仍然如此。

I'll answer your last question first. There's still no skin tightening -- standalone skin tightening expectations within our guidance. So in Q3, we started a pilot -- in Q2, sorry, we started a pilot with three locations and what we are seeing is there's strong interest in skin tightening. We also know that we offer a compelling solution. It is too early to report on the results from the pilot, but we look forward to keep everyone apprised in the coming quarters as we expand the pilot and get learnings on how that interacts with the GLP1 and how that will impact our revenue going forward.

我先回答你的最後一個問題。仍然沒有皮膚緊緻——在我們的指導範圍內有獨立的皮膚緊緻預期。因此，在第三季度，我們開始了一項試點——在第二季度，抱歉，我們在三個地點開始了一項試點，我們看到人們對皮膚緊緻有著濃厚的興趣。我們也知道我們提供了一個令人信服的解決方案。現在報告試點結果還為時過早，但我們期待在未來幾季擴大試點範圍，並了解其如何與 GLP1 互動以及如何影響我們未來的收入，從而讓每個人都了解情況。

Okay, that's fair.

好的，這很公平。

Whit Mayo, Leerink Partners.

惠特·梅奧 (Whit Mayo)，Leerink Partners。

Hey, good morning. This is Morgan McCarthy on for Whit Mayo. Just wanted to first say congratulations on your retirement, Dennis, thanks for all the help over the years, and we'll really miss working with you. So my first question is, as we approach the second half, I believe the five centers you opened in 2024 will enter the same store pool. So is there any more color you can share there on how those centers are performing relative to your expectations? And then, within the guidance range, what are you actually assuming for same sort case growth across the business in the second half and should we actually see some benefit in that metric from the 2024 facilities entering the same sort of pool as they continue to ramp?

嘿，早安。這是摩根麥卡錫 (Morgan McCarthy)，取代惠特梅奧 (Whit Mayo)。丹尼斯，首先我要祝賀你退休，感謝你多年來的幫助，我們真的很懷念和你一起工作的日子。所以我的第一個問題是，隨著我們接近下半年，我相信您在 2024 年開設的五個中心將進入同一個商店池。那麼，您能否進一步說明這些中心的表現是否符合您的預期？然後，在指導範圍內，您實際上對下半年整個業務的同類案例成長有何假設？隨著 2024 年設施繼續擴大規模，我們是否應該看到該指標從進入同類池中受益？

Hey, Morgan, this is Dennis. I appreciate the kind words and Josh, also thank you for the kind words as well. As it relates to the 2024 class of de novos, they're performing in line with our expectations. They are performing lower than historical simply because they're under similar pressures from the consumer environment as our existing footprint.

嘿，摩根，我是丹尼斯。我很感激你的善意，喬希，也謝謝你的善意。就 2024 年新生而言，他們的表現符合我們的預期。他們的表現低於歷史水平，只是因為他們面臨著與我們現有足跡類似的來自消費環境的壓力。

But yes, in your answer, we will see some modest help if you will from the same store metric as those come into the to the same store calculation. We will do expect, again, a reduction in our same store decline. Still expect Q3 to be declining but not as significant as Q1 and Q2, and then as we kind of exit into Q4, we'll start to see modest or I say modest, significant improvement, one, because this again the full complement of the new centers coming in, and then secondly, some of the comps as from Q4 of last year were relatively lower.

但是的，在您的回答中，如果您從同一家商店的指標中獲得相同的商店計算結果，我們將看到一些適度的幫助。我們確實會再次預期同店銷售額下降幅度會減少。仍然預計第三季度會下降，但不會像第一季度和第二季度那麼顯著，然後隨著我們進入第四季度，我們將開始看到適度的，或者我說適度的，顯著的改善，首先，因為這又是新中心的全部補充，其次，與去年第四季度相比，一些可比數據相對較低。

Okay, that's helpful and then. On seasonality, is there anything we should consider entering the third quarter, like any, flow through from some of the initiatives that you guys have been implementing or even around cash flow.

好的，這很有幫助，然後。關於季節性，進入第三季我們是否應該考慮一些因素，例如你們一直在實施的一些舉措，甚至是現金流。

Yeah, so what we think of in Q3 and Q4 is we typically see a little bit of softening in Q3, and that begins to pick up a little bit more in Q4. I think as I'm modeling it, I'm looking really almost at an equal split, maybe again with a little bit of softerness in Q3 as it relates to how I'm putting the revenues down or kind of looking forward at those. The initiatives that we've done, that the heavy portion of it, that's going to impact the numbers are in the cost initiatives, as Yogi spoke of as well, marketing and our SG&A spend that we that we focused on reducing, we'll get the full impact of that in the back half of the year. Both of the quarters should get similar impact to that as we said we are expecting a little over $3 million for the year. Didn't get a full portion of that in Q1. Saw significant improvement there on Q2 and expect the Q3 and Q4 to follow suit there on the cost equation.

是的，所以我們對第三季和第四季的看法是，我們通常會看到第三季有些疲軟，而第四季則會開始回升。我認為，當我對其進行建模時，我實際上看到的是幾乎均等的分割，也許第三季度再次出現一些疲軟，因為這與我如何降低收入或展望這些收入有關。我們所採取的舉措，其中最主要的部分，將對數字產生影響的是成本舉措，正如 Yogi 所說的那樣，我們專注於減少營銷和銷售、一般及行政費用 (SG&A) 支出，我們將在今年下半年獲得其全部影響。這兩個季度應該都會產生類似的影響，正如我們所說，我們預計今年的收入將略高於 300 萬美元。第一季沒有獲得全部份額。在第二季看到了顯著的改善，預計第三季和第四季的成本方程式也會隨之改善。

Okay, and if I could just squeeze one last one in there, can you give us an update on how the London facility is progressing? I know you guys have a bit of a slower start there, but do you think you have a better handle on this now, or if you could just give us any more color on some of the expectations of this facility moving forward. Thank you.

好的，如果我可以再問最後一個問題，您能向我們介紹倫敦設施的進展嗎？我知道你們的起步有點慢，但你認為現在對這個問題有更好的處理了嗎，或者你是否可以給我們更多關於這個設施未來發展的期望的信息。謝謝。

Yes. Yeah, Morgan, this is Yogi. So London, as you said before that has, that has been off to a slow start. Having said that, for the last quarter, London outperformed the rest of the chain as it relates to comp sales. However, London continues to be cash flow negative. So we saw some encouraging signs in Q2 and we remain focused on improving results over there.

是的。是的，摩根，這是尤吉。因此，正如您之前所說，倫敦的起步一直很緩慢。話雖如此，但就上個季度而言，倫敦的銷售額表現優於其他連鎖店。然而，倫敦的現金流仍然為負。因此，我們在第二季度看到了一些令人鼓舞的跡象，我們仍然專注於改善那裡的表現。

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Hi, good morning. Thanks for taking the questions and let me echo my congratulations to Dennis here. Thank you for your help, helping us get up to speed with the story, over the last year. Maybe I can dive a little bit deeper on the state of the market, obviously discussed some of the challenging macroeconomic dynamics, but would love any more details you could share on consumer sentiment, if some centers are perhaps doing better than others, if there's a dynamic where patients are maybe moving away toward independent plastic surgeons, and if so, does that present an opportunity to win those patients back as some of these initiatives start to fully ramp here.

嗨，早安。感謝您回答這些問題，讓我在這裡向丹尼斯表示祝賀。感謝您在過去一年中給予的幫助，幫助我們了解這個故事。也許我可以更深入地探討一下市場狀況，顯然討論了一些具有挑戰性的宏觀經濟動態，但我希望您能分享更多關於消費者情緒的細節，看看一些中心的表現是否比其他中心更好，是否存在患者轉向獨立整形外科醫生的動態，如果是這樣，那麼隨著這些舉措中的一些開始全面展開，這是否提供了一個贏回這些患者的機會。

Hey, Sam, this is Yogi. Thank you. Thank you again for the question. So, we saw the through the quarter, we saw the seasonal lift that's typical in our business at the beginning of the quarter and the moderation that happens towards the end of the quarter, which is also typical seasonality. What we are also seeing is we said leads at record highs, consultations are strong. But we're seeing the consumer continues to -- I think the best word I can use is that there's choppiness in consumer behavior.

嘿，薩姆，我是 Yogi。謝謝。再次感謝您的提問。因此，我們看到整個季度，我們看到季度初我們業務中典型的季節性成長以及季度末出現的放緩，這也是典型的季節性。我們也看到，我們所說的線索數量創歷史新高，磋商力度強勁。但我們看到消費者繼續——我認為我能用的最好的詞就是消費者行為的波動性。

We continue to see that consumers are tentative to pull the trigger on the purchase and that is broadly reflective of the macroeconomic situation that we are seeing, and that is what we continue to hear. So that has not changed much through the quarter as we went through.

我們繼續看到消費者在購買時猶豫不決，這大體上反映了我們所看到的宏觀經濟形勢，這也是我們不斷聽到的。因此，在我們經歷的這個季度中，情況並沒有太大變化。

We do believe that you called out just the strength of our balance sheet, the marketing and all the initiatives that we're putting together, we believe, position us well and much better than our competition, which predominantly consists of independent plastic surgeons. So while the environment is challenged, we have the right initiatives in place and we anticipate improvement in the back half of the year.

我們確實相信，您剛才提到了我們的資產負債表、行銷和我們正在實施的所有舉措的實力，我們相信，這些使我們比我們的競爭對手（主要由獨立整形外科醫生組成）處於更有利的地位。因此，儘管環境面臨挑戰，但我們已採取正確的舉措，並預計今年下半年情況將會有所改善。

Okay, that's really helpful, thank you, Yogi, and then, any thoughts on maybe what you need to see from the base business before you start thinking or evaluating expansion opportunities. It still sounds like it's a lot of white space, especially in the US, right? So, love any thoughts on what you need to see before exploring expansion again. Thank you for taking the questions.

好的，這真的很有幫助，謝謝你，Yogi，然後，在你開始思考或評估擴張機會之前，你可能需要從基礎業務中看到什麼？聽起來還是有很多空白，特別是在美國，對嗎？因此，在再次探索擴充之前，請您先思考一下需要看到什麼。感謝您回答這些問題。

Yeah, absolutely, Sam. And look I'll start by sharing excitement. We continue to be excited about the long-term center opportunity we have. We believe that there is a lot of white space and we have a proven track record in opening de novos and running them successfully.

是的，絕對是，山姆。首先我要分享一下我的興奮之情。我們繼續對我們擁有的長期中心機會感到興奮。我們相信，存在著很大的空白，並且我們在開設新店和成功運營方面擁有良好的記錄。

So in the short term we are focused on improving our same center sales growth. That's the highest priority. As we see that turn, as we see our same store sales get to growth, get to stability, and we continue to see stability in our balance sheet, we would revisit the de novo question after that.

因此，短期內我們專注於提高同一中心的銷售成長。這是最優先考慮的事情。當我們看到這種轉變時，當我們看到我們的同店銷售額實現成長、趨於穩定，而我們的資產負債表繼續保持穩定時，我們會在那之後重新審視這個問題。

Thank you. This now concludes our question-and-answer session. I would like to turn the floor back over to Yogi Jashnani for closing comments.

謝謝。我們的問答環節到此結束。我想把發言權交還給 Yogi Jashnani，請他發表最後評論。

Thank you again for joining us. We look forward to speaking with you when we report third quarter results.

再次感謝您的參與。我們期待在報告第三季業績時與您交談。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路並度過美好的一天。