AirSculpt Technologies Inc (AIRS) 2026 Q2 法說會逐字稿

Greetings, and welcome to the AirSculpt Technologies Inc second quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 AirSculpt Technologies Inc 2026 年第二季財報電話會議。(接線員指示) 提醒您，本次會議將被錄音。

I would now like to turn the conference over to your host, Allison Malkin with ICR. Please begin.

現在我想將會議交給本次會議主持人、ICR 的 Allison Malkin。請開始。

Good morning, everyone. Thank you for joining us to discuss AirSculpt Technologies' results for the second quarter of fiscal 2026. Joining me on the call today are Yogesh Jashnani, Chief Executive Officer; and Michael Arthur, Chief Financial Officer. For this morning's call, Yogi will begin with a review of our second quarter results and the progress made on our strategic priorities, and Michael will share a detailed review of our second quarter and first six-month performance and guidance. Before we begin, I would like to remind you that this conference call may include forward-looking statements.

各位早安。感謝各位加入我們，一同討論 AirSculpt Technologies 2026 會計年度第二季的業績表現。今天與我一同出席電話會議的有執行長 Yogesh Jashnani，以及財務長 Michael Arthur。在今天上午的電話會議中，Yogi 將先回顧我們第二季的業績，以及在策略優先事項上的進展；Michael 則會詳細說明第二季與前六個月的表現與財測指引。在開始之前，我想提醒各位，本次電話會議可能包含前瞻性陳述。

These statements may include our future expectations regarding financial results and guidance, market opportunities, and our growth. Risks and uncertainties that may impact these statements and could cause actual future results to differ materially from currently projected results are described in this morning's press release and the reports we will file with the SEC, all of which can be found on our website at investors.airsculpt.com.

這些陳述可能包括我們對未來財務結果與指引、市場機會以及成長的預期。可能影響這些陳述、並可能導致未來實際結果與目前預估結果出現重大差異的風險與不確定性，已在今天上午的新聞稿以及我們將向美國證券交易委員會（SEC）提交的報告中說明；上述文件皆可於我們網站 investors.airsculpt.com 查閱。

We undertake no obligation to revise or update any forward-looking statements or information except as required by law. 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. A reconciliation of these measures can be found in our earnings release as filed this morning and in our most recent 10-K, which will also be available on our website.

除法律要求外，我們不承擔修訂或更新任何前瞻性陳述或資訊之義務。在今天的電話會議中，我們也將提及若干非 GAAP 財務衡量指標。我們在部分財務討論中使用非 GAAP 指標，因為我們認為其能更準確反映本公司真實的營運表現與業務的基本成果。這些指標的調節表可在我們今天上午提交的財報新聞稿以及最新的 10-K 中找到，並同樣會在我們網站上提供。

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

接下來，我把電話交給 Yogi。

Thank you, Allison, and good morning, everyone. Welcome to AirSculpt's second quarter earnings call. I am pleased to share that our second quarter and first half results marked meaningful progress on our transformation. For the quarter, on a comparable basis, we delivered stable revenue and positive same-center case growth. Center sales began the quarter positively and saw moderating sales trends in June, which we attribute to a dynamic consumer environment.

謝謝你，Allison，各位早安。歡迎參加 AirSculpt 第二季財報電話會議。我很高興與各位分享，我們第二季以及上半年業績在轉型上取得了具體且重要的進展。就可比基礎而言，本季我們實現營收穩定，且同店手術量（case）成長為正。中心銷售在本季初表現正向，但 6 月銷售趨勢有所放緩，我們將其歸因於多變的消費環境。

Overall, we generated a 21 percentage-point improvement in same-center sales versus Q2 last year and a 23 percentage-point improvement year-to-date. Over the past 18 months, we have broadened our consumer reach to capture the growing opportunity presented by GLP-1 patients, bolstered our talent, invested in new marketing strategies, and strengthened our balance sheet to provide the financial flexibility to support future growth. Those actions are showing in the continued stabilization of the business with roughly flat same-center sales growth in the first half. Our near-term focus remains squarely on increasing same-center sales. Longer term, we believe there is meaningful growth in new procedures and de novo expansion.

整體而言，我們同店銷售相較去年第二季改善了 21 個百分點，年初至今改善了 23 個百分點。過去 18 個月，我們擴大了消費者觸及範圍，以掌握 GLP-1 患者帶來的成長機會；同時強化人才配置、投資新的行銷策略，並強健資產負債表，以提供支持未來成長所需的財務彈性。這些行動反映在業務持續趨於穩定：上半年同店銷售成長約為持平。我們短期的重點仍然明確聚焦於提升同店銷售。長期而言，我們相信新療程與新設中心（de novo）擴張將帶來可觀的成長。

As our balance sheet and cash flow generation strengthen, we intend to expand our geographic footprint and center base over time. Let me now turn to our progress on the three strategic priorities. As a reminder, these are, first, introducing new services to capture our GLP-1 market opportunity; second, enhancing our sales and marketing strategy; and third, maintaining strong financial discipline. First, introducing new services to capture our GLP-1 market opportunity. GLP-1 continues to represent a significant long-term growth driver for AirSculpt, with nearly 19 million potential patients interested in body contouring or related aesthetic procedures over time.

隨著我們的資產負債表與現金流創造能力持續強化，我們計畫隨時間推進擴大地理版圖與中心據點數量。接下來我將說明我們在三項策略優先事項上的進展。提醒各位，三項優先事項分別是：第一，推出新服務以掌握 GLP-1 市場機會；第二，強化銷售與行銷策略；第三，維持嚴謹的財務紀律。首先，推出新服務以掌握 GLP-1 市場機會。GLP-1 仍是 AirSculpt 重要的長期成長驅動因素；長期來看，約有 1,900 萬名潛在患者對身體雕塑或相關醫美療程感興趣。

Our core body contouring procedures continue to resonate with GLP-1 patients, and we are expediting the expansion of our portfolio of procedures to serve their evolving aesthetic needs. During the quarter, we completed over 200 skin excision procedures and expanded the offering to additional centers. We also broadened our services to include upper blepharoplasty and mastopexy. These procedures further expand our addressable market and increase our center productivity, while allowing us to better serve the needs of our patients. We continue to expect this to represent a $100 million-plus long-term revenue opportunity across our existing base of centers with an increasing long-term potential as we resume de novos.

我們的核心身體雕塑療程持續受到 GLP-1 患者青睞，我們也正加速擴充療程組合，以滿足其不斷演變的美學需求。本季我們完成了 200 例以上的皮膚切除手術，並將該項服務擴展至更多中心。我們也將服務範圍擴大至上眼瞼整形（upper blepharoplasty）與乳房上提（mastopexy）。這些療程進一步擴大我們的可服務市場並提升中心生產力，同時讓我們能更好地滿足患者需求。我們仍預期，僅在現有中心基礎上，這將代表長期超過 1 億美元的營收機會；而當我們恢復新設中心（de novo）後，其長期潛力亦將進一步提升。

As part of our strategy to expand our body contouring platform, today we are announcing a partnership with Tiger Aesthetics to offer AlloClae for patients. AlloClae is a structural adipose tissue allograft used for non-surgical body contouring designed to add subtle, natural-looking targeted volume. We are excited about this partnership for several reasons. First, it allows us to reach patients we previously could not serve, including those without enough fat for a traditional fat transfer. Second, we expect a quicker ramp as many of our surgeons are trained in this procedure already.

作為擴展我們身體雕塑平台策略的一部分，今天我們宣布與 Tiger Aesthetics 建立合作夥伴關係，為患者提供 AlloClae。AlloClae 是一種結構性脂肪組織同種移植物（allograft），用於非手術身體雕塑，旨在增加細緻、自然外觀的局部體積。我們對這項合作感到振奮，原因有幾點。第一，它讓我們能觸及過去無法服務的患者，包括脂肪量不足、無法進行傳統自體脂肪移植者。第二，我們預期導入速度更快，因為我們許多外科醫師已接受過此療程訓練。

And finally, consumer interest in this category continues to grow as the use of GLP-1 creates the need for targeted restoration of volume. We believe this further strengthens our ability to serve consumers across their entire aesthetics journey. AlloClae will start rolling into our centers later this quarter. Looking forward, we have additional procedures in the pipeline that are core to body contouring and are a strong fit for our brand. We remain focused on thoughtfully expanding our capabilities to enhance the patient experience and increase center productivity.

最後，隨著 GLP-1 的使用帶來局部體積修復的需求，消費者對此類別的興趣持續成長。我們相信，這將進一步強化我們在消費者完整醫美旅程中提供服務的能力。AlloClae 將於本季稍晚開始逐步導入我們的各中心。展望未來，我們還有其他療程正在開發管線中，這些療程屬於身體雕塑核心範疇，且與我們的品牌高度契合。我們將持續專注於審慎擴充能力，以提升患者體驗並提高中心生產力。

Our second focus is enhancing our sales and marketing strategy. As we expand our portfolio of procedures, we're also evolving how we market and sell them. During the quarter, we refined our marketing through a test and learn approach, optimizing how we reach GLP-1 patients and educate prospective patients on our new procedures. As we fine-tune our marketing investments in these procedures, we expect to achieve a higher return on that spend, driving revenue growth and greater marketing efficiency. At the same time, we trained our sales team and implemented additional sales optimization tools to make them more efficient and effective, recognizing that selling these procedures requires a different approach than a traditional body contouring business.

我們第二項重點是強化銷售與行銷策略。隨著我們擴大療程組合，我們也在調整行銷與銷售方式。本季我們透過「測試與學習」的方法精進行銷，優化觸及 GLP-1 患者的方式，並教育潛在患者了解我們的新療程。隨著我們持續微調在這些療程上的行銷投資，我們預期能取得更高的投資報酬率，進而帶動營收成長並提升行銷效率。同時，我們也訓練銷售團隊並導入更多銷售優化工具，以提升其效率與成效；我們也認知到，銷售這些療程需要不同於傳統身體雕塑業務的方式。

We believe these investments will enable us to better reach patients and improve commercial execution as our portfolio continues to grow. Third area of focus is maintaining strong financial discipline. Maintaining a strong balance sheet remains a key priority as we execute our long-term strategy. During the quarter, we raised approximately $5 million through our ATM program, which continues to provide us with the balance sheet flexibility and liquidity to support our growth. Michael will discuss our balance sheet in more detail shortly.

我們相信，這些投資將使我們能更有效觸及病患，並在我們的產品組合持續擴大之際，提升商業執行力。第三個重點領域是維持嚴謹的財務紀律。在我們執行長期策略的同時，維持強健的資產負債表仍是關鍵優先事項。本季期間，我們透過 ATM 計畫募得約 500 萬美元，該計畫持續為我們提供資產負債表的彈性與流動性，以支持成長。Michael 稍後將更詳細說明我們的資產負債表。

In summary, we made progress in the second quarter, and while our results reflect the expected variability of a turnaround being executed in a dynamic consumer environment, we entered the second half of the year a stronger company with the right strategy and team. Our addressable market is larger, our procedure mix is broader, and our operating platform is more disciplined than it was 12 months ago. Our focus for the balance of the year is unchanged. Convert the stabilization achieved year-to-date into sustained profitable growth. That means same-center sales, marketing efficiency, and consistent execution across our locations. We expect the actions underway to be reflected in our results in the quarters ahead.

總結而言，我們在第二季取得進展；儘管我們的結果反映了在動態消費者環境中推動轉型所預期的波動性，但我們以更強健的公司體質、正確的策略與團隊進入下半年。我們的可服務市場更大、手術組合更廣，且營運平台較 12 個月前更具紀律。我們在今年剩餘期間的重點維持不變。將年初至今所達成的穩定轉化為可持續的獲利成長。這意味著同中心銷售、行銷效率，以及各據點一致且穩定的執行。我們預期目前進行中的行動將在未來幾季的結果中反映出來。

And with that, I will now pass it over to Michael.

接下來，我把時間交給 Michael。

Thank you, Yogi. Good morning, everyone. As Yogi mentioned, we are pleased to deliver our second consecutive quarter of stable revenue. We continue to see encouraging signs across the business. Underlying case volume increased year over year. Our newer procedures continue to gain traction, and we remain focused on executing the strategic priorities Yogi outlined.

謝謝你，Yogi。各位早安。如 Yogi 所提到的，我們很高興交出連續第二季營收穩定的成績。我們持續在整體業務中看到令人鼓舞的跡象。基礎案例量（case volume）年增。我們較新的療程持續獲得市場動能，我們也將持續聚焦於執行 Yogi 所概述的策略優先事項。

Turning to the second quarter, revenue for the quarter was $42.9 million, a decrease of 2.5% versus the prior year quarter. On a same-center basis, excluding the impact of London, revenue declined approximately 1%, reflecting positive 1% case growth in the quarter, the second consecutive quarter of year over year case growth, a continued sign of stabilization. This was offset by a 2% decline in average selling price in the quarter. The decline in average selling price was primarily driven by our comparison against an unusually high average selling price in the prior year period.

回到第二季，本季營收為 4,290 萬美元，較去年同期下降 2.5%。以同中心口徑計算（排除倫敦的影響），營收約下降 1%，反映本季案例量成長 1%，為連續第二季案例量年增，持續顯示業務正在趨於穩定。但本季平均售價下降 2% 抵銷了上述成長。平均售價下滑主要是因為去年同期的平均售價異常偏高，形成比較基期。

Average selling price for the quarter of approximately $12,700 remains well within our historical range. Cost of services was $16.6 million, resulting in gross margin expansion to roughly 61% of revenue. Selling, general and administrative expenses were approximately $23.4 million, an increase of approximately $750,000 compared to prior year. This reflects the deliberate choice to increase investment in marketing and brand development by $1.5 million in the quarter. This was offset by efficiencies in general and administrative expense.

本季平均售價約 12,700 美元，仍完全落在我們的歷史區間內。服務成本為 1,660 萬美元，使毛利率擴張至約占營收的 61%。銷售、一般及行政費用約 2,340 萬美元，較去年增加約 75 萬美元。這反映我們在本季刻意將行銷與品牌發展投資提高 150 萬美元的決策。上述增加部分由一般及行政費用的效率提升所抵銷。

Customer acquisition cost for the quarter was roughly $3,500 per case, compared to approximately $2,900 in the prior year quarter. While elevated, as Yogi mentioned, we made intentional investments in brand marketing. While the spend is not fully optimized today, we do expect these investments to pay off in the future. Overall, cost disciplines continue to be a priority. And equally important is being strategic about where we reinvest those savings to drive long-term shareholder value.

本季客戶取得成本約為每案 3,500 美元，去年同期約為 2,900 美元。雖然偏高，但如 Yogi 所提到，我們有意進行品牌行銷投資。雖然目前支出尚未完全最佳化，但我們預期這些投資將在未來帶來回報。整體而言，成本紀律仍是優先事項。同樣重要的是，策略性地決定將這些節省下來的成本再投資於何處，以推動長期股東價值。

As a result, adjusted EBITDA was $4.9 million, roughly 11.5% of revenue, a decrease of $900,000 from the prior year. Through June 30, 2026, cash provided by operating activities after capital expenditures was approximately $3.8 million, up slightly year over year. Also, year-to-date, we raised roughly $20 million on our ATM and paid down debt of approximately $13 million. As it relates to our balance sheet, we ended the quarter with roughly $19 million in cash and $5 million available in our revolver, resulting in roughly $24 million of liquidity available to the company at the end of the quarter. Turning to our term loan, we ended the quarter with approximately $44 million of gross debt and remain in compliance with all covenants under our credit agreement.

因此，調整後 EBITDA 為 490 萬美元，約占營收的 11.5%，較去年減少 90 萬美元。截至 2026 年 6 月 30 日，扣除資本支出後，營運活動提供的現金約為 380 萬美元，年增小幅上升。此外，年初至今我們透過 ATM 募得約 2,000 萬美元，並償還約 1,300 萬美元的債務。就資產負債表而言，本季末我們約有 1,900 萬美元現金，循環信貸（revolver）尚可動用 500 萬美元，使公司在季末可用流動性合計約 2,400 萬美元。至於定期貸款（term loan），本季末我們的總負債約為 4,400 萬美元，且仍符合信貸協議下的所有財務契約條款（covenants）。

We recently signed an amendment extending the maturity of the facility to November 2027. At the same time, we continue to make progress refinancing. The continued stability in our business has allowed us to receive multiple term sheets that we believe are aligned with our long-term interests, and a maturity extension gives us additional time to achieve the right transaction. Now, turning to guidance. As you saw in our earnings release, we are reaffirming our outlook at the lower end of our revenue guidance and updating our adjusted EBITDA outlook to a range of $12 million to $14 million, which reflects our intentional investment and marketing of an additional $5 million this year to support future growth.

我們近期簽署修訂案，將該融資安排的到期日延長至 2027 年 11 月。同時，我們也持續在再融資方面取得進展。業務的持續穩定使我們得以收到多份條款書（term sheets），我們相信其與我們的長期利益一致；而到期延長也讓我們有更多時間完成合適的交易。接著談指引。如各位在財報新聞稿中所見，我們重申營收展望落在原先指引區間的低端，並將調整後 EBITDA 展望更新為 1,200 萬至 1,400 萬美元，反映我們今年有意額外投入 500 萬美元於投資與行銷，以支持未來成長。

We believe this will strengthen the business and support improving performance over time. Our guidance assumes a stable macroeconomic environment through the balance of the year and does not contemplate any further deterioration in consumer demand. While we are not providing quarterly guidance, we thought it would be helpful to provide context for our expectations in Q3 versus Q4. On a comparable basis, excluding London center sales from 2025, we expect third quarter revenue to be down single digits. In Q4, we expect continued ramp of our existing and new service offerings and market efforts to deliver year over year growth in revenue and adjusted EBITDA on a comparable basis.

我們相信這將強化業務，並隨時間推進支持績效改善。我們的指引假設今年剩餘期間宏觀經濟環境保持穩定，且未納入消費需求進一步惡化的情境。雖然我們不提供季度指引，但我們認為提供第三季相較第四季的預期背景將有所幫助。以可比口徑計算（排除 2025 年倫敦中心銷售），我們預期第三季營收將呈現個位數百分比下滑。在第四季，我們預期既有與新服務項目的持續爬坡，以及市場推廣努力，將在可比口徑下帶動營收與調整後 EBITDA 的年增成長。

Additionally, while we're introducing new procedures such as AlloClae, our guidance does not include any contributions from these offerings given how early they are in the implementation process. While we remain mindful of the current environment, we continue to be encouraged by the underlying fundamentals of the business, including continued growth in case volume, progress of our strategic initiatives, and the early impact we're seeing from our expanded marketing efforts.

此外，儘管我們正在導入如 AlloClae 等新療程，但鑑於其仍處於導入流程的早期階段，我們的指引未包含這些項目的任何貢獻。雖然我們仍留意當前環境，但我們持續對業務的基本面感到鼓舞，包括案例量持續成長、策略性計畫的進展，以及我們擴大行銷投入所帶來的初步成效。

We believe these investments position the business well for improving performance as we move through the remainder of the year. Importantly, we've made significant strides strengthening the business. In the past year alone, we have stabilized revenue trends, improved same-center sales from 23% in the first half of 2025 to flat year-to-date, reduced gross debt by over $30 million since the start of 2025, and increased cash by over $10 million since the start of 2025.

我們相信，這些投資使公司在今年剩餘期間逐步前進時，具備改善績效的良好定位。重要的是，我們在強化業務方面已取得顯著進展。僅在過去一年，我們已穩定營收趨勢、將同中心銷售從 2025 年上半年的 23% 改善至年初至今持平、自 2025 年初以來將總負債降低逾 3,000 萬美元，並自 2025 年初以來將現金增加逾 1,000 萬美元。

Overall, the business is much stronger on almost all accounts compared to a year ago. As we look towards the second half of the year, we remain focused on disciplined execution, maintaining financial flexibility, and continuing to invest in initiatives we believe will drive long-term shareholder value.

整體而言，與一年前相比，公司的業務在幾乎所有面向都強勁許多。展望下半年，我們仍將專注於有紀律的執行、維持財務彈性，並持續投資於我們相信能驅動長期股東價值的各項計畫。

And with that, I'll turn it back to you, Yogi, for closing remarks.

接下來，我把時間交回給你，Yogi，請你做結語。

Thank you, Michael. In closing, I want to thank our team for their hard work and dedication. The progress we described today is a direct result of their efforts. While we remain mindful of the current environment, we are building momentum across the business through disciplined execution. We remain confident in the opportunities ahead and our ability to deliver long-term shareholder value.

謝謝你，Michael。在結語中，我要感謝我們的團隊辛勤付出與投入。我們今天所描述的進展，直接來自他們的努力。雖然我們仍留意當前環境，但我們正透過有紀律的執行，在整個業務上建立動能。我們對未來的機會以及我們交付長期股東價值的能力仍充滿信心。

With that, I'd like to turn the call over to the operator to begin the question-and-answer portion of the call.

接下來，我想把電話會議交給接線員，開始本次電話會議的問答環節。

(Operator Instructions)

（接線員指示）

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Maybe I can start on the market environment, Yogi, and the trends that you've seen in July and into August, and then your ability to maybe sustain procedure volume growth for the back half of the year.

Yogi，也許我可以先從市場環境以及你在7月到8月觀察到的趨勢談起，接著再談談你們是否有能力在下半年維持手術量的成長。

Sam, this is Yogi. Thank you for the question. Thanks for joining. First of all, I'm really pleased with the stability we've been able to deliver for two consecutive quarters. Underlying case volume growth for sure. And just the continued traction from the new procedures that we have, we've been able to accelerate those as well as just the discipline across the company.

Sam，我是Yogi。謝謝你的提問。也謝謝你加入。首先，我對我們連續兩個季度所展現的穩定性非常滿意。底層的案例量確實在成長。此外，隨著我們推出的新療程持續獲得市場牽引力，我們也得以加速推進，同時公司整體也維持高度紀律。

You see that in the cost initiatives as well. As it relates to trends, we did see the trends soften in June from earlier in the quarter, and that continued into July. We attribute that to the fact that we're just executing a transformation in a choppy consumer environment, frankly, so that's what led us to make sure that we provide additional insight where we don't guide quarter to quarter. This time around, we wanted to provide additional insight on what to expect in Q3 and Q4.

你也能在成本相關的措施上看到這一點。就趨勢而言，我們確實看到6月的趨勢較本季前段有所轉弱，且這種情況延續到7月。我們將其歸因於：坦白說，我們是在一個波動的消費者環境中推動轉型並執行。這也是我們決定確保提供更多補充說明的原因，因為我們不會逐季提供指引。這一次，我們希望就Q3與Q4的預期提供更多資訊。

So we remain confident that what we have with what we're doing, the new services, the marketing, as well as just the disciplined execution will allow us to end the year with growth and at the low end of the guidance that we have provided at the beginning of the year in terms of revenue.

因此，我們仍有信心：我們正在做的事情——新服務、行銷，以及有紀律的執行——將使我們在年底以成長作結，且就營收而言，落在我們年初所提供指引區間的低端。

Okay, that's really helpful. And maybe I can use a follow-up here on the AlloClae partnership. Maybe I can just get your thoughts on the strategic rationale there. Is this going after a separate patient demographic than your traditional core body contouring procedures? And then long-term, just the idea of AirSculpt maybe turning into what was formerly just a body contouring business into maybe a full service and suite of platforms that can offer patients different aesthetics needs.

好的，這非常有幫助。我也許可以就AlloClae合作關係追問一下。想請你談談其策略上的理由。這是否是在鎖定與你們傳統核心的身體雕塑療程不同的病患族群？另外從長期來看，AirSculpt是否可能從原本主要是身體雕塑的業務，轉型為提供完整服務與平台組合，能滿足病患不同醫美需求的公司？

Sam, great question. Thanks for that. I'll answer both parts of your question. On AlloClae, we view that as a complementary procedure to body contouring. So if you think about what AlloClae does, it's a great opportunity to provide and extend or really reach to patients who have body contouring needs, but do not have either enough fat to transfer or have other reasons why they would want to, you know, external fat rather than their own fat for transfer.

Sam，問得很好。謝謝。我會回答你問題的兩個部分。關於AlloClae，我們將其視為與身體雕塑互補的療程。如果你想想AlloClae的作用，它提供了一個很好的機會，讓我們能服務並延伸觸及那些有身體雕塑需求、但不是脂肪量不足以進行移植，就是因其他原因而希望使用外源脂肪、而非自身脂肪來做移植的病患。

So in the near term, it allows us to expand our reach to patients who we could not serve earlier. More broadly, it fits within our brand. It fits within what we do. It is body contouring, can be done in our facilities under local anesthesia. So as far as procedures are concerned, we think this is a great fit and expansion and complementary to fat transfers that we're doing.

因此在短期內，它讓我們能擴大觸及到先前無法服務的病患。更廣泛來看，它符合我們的品牌定位。也符合我們的業務範疇。它屬於身體雕塑，可在我們的院所於局部麻醉下完成。因此就療程而言，我們認為這非常契合，是一項很好的延伸，並能與我們正在進行的脂肪移植形成互補。

We are constantly looking at what procedures make sense for AirSculpt, what can we do within our four walls? And that pipeline is also very robust in what we are evaluating. So as far as are we looking to expand procedures, absolutely. The goal is how do we increase center productivity and drive same-store sales, we continue to do things which make sense and resonate with our patients.

我們一直在評估哪些療程適合AirSculpt、哪些能在我們的院內完成。而我們正在評估的項目管線也非常充實。所以就擴充療程而言，答案是絕對會。目標是如何提升中心生產力並帶動同店銷售；我們會持續推動那些合理、且能引起病患共鳴的事項。

Whit Mayo, Leerink Partners.

Whit Mayo，Leerink Partners。

This is Dean Rosales for Whit. We've heard commentary from the payer space expressing that some employers are dropping GLP-1 coverage intra-year. Have you experienced this potential headwind in your case volumes yet? And finally, how do you expect this would influence business in the mid and long term if GLP-1 uptake were to sort of moderate as payer dynamics shift?

我是代Whit提問的Dean Rosales。我們聽到支付方領域的評論指出，有些雇主在年度中途取消GLP-1的給付。你們是否已在案例量上感受到這個潛在逆風？最後，如果隨著支付方動態改變、GLP-1的使用增長趨於溫和，你們預期這會在中期與長期如何影響業務？

Thank you for that question. So the short answer to what you're saying is, as employers are dropping coverage, we've not seen that have an impact or noticeable impact on our business. Broadly, the GLP-1 trend has been up and to the right in terms of adoption by consumers. And we see that in consumers coming to us as well. So the patients who are reaching out to us, who are doing the consultations, including increasing amounts of them are on GLP-1s.

謝謝你的提問。針對你所說雇主取消給付的情況，簡短回答是：我們尚未看到這對我們的業務造成影響或明顯影響。整體而言，GLP-1的趨勢在消費者採用上仍是持續上升。我們也在前來就診的消費者身上看到這點。因此，主動聯繫我們、進行諮詢的病患中，使用GLP-1的人數比例也在增加。

The new procedures are resonating with them. We're pleased with what we have and continue to expand over there. If it does create a bit of a hiccup for GLP-1 adoption, I think it would be well within, frankly, what would work for us in terms of being able to serve both people who have GLP-1 side effects and if people end up not going down the GLP-1 route and need traditional fat removal, fat transfer, then we can do that as well.

新的療程對他們很有吸引力。我們對目前的進展感到滿意，並會持續在那方面擴展。如果這確實對GLP-1的採用造成一些小波折，我認為坦白說，這仍在我們可運作的範圍內：我們既能服務有GLP-1副作用的人；若有人最後不走GLP-1路線、而需要傳統的抽脂、脂肪移植，我們也同樣能提供。

Jonna Kim, Cowen and Company.

Jonna Kim，Cowen and Company。

The first one is what evidence do you have that increased marketing spend is generating higher ROI for you and how do you just see your marketing strategy evolve over time? And second one, what KPIs do you monitor throughout the year and how are you reflecting on these KPIs real-time to make improvements?

第一個問題是：你們有哪些證據顯示增加行銷支出能帶來更高的投資報酬率（ROI）？以及你們如何看待行銷策略隨時間演進？第二個問題是：你們全年會監控哪些KPI？又如何即時根據這些KPI做出反思並進行改善？

Jonna, thank you so much for the questions. I'll answer it in the order you asked them. So as far as marketing investments are concerned, you think about marketing investments as if I'm investing a dollar today, over the life of that dollar, am I going to get more than a dollar back in terms of profit essentially. So that does a couple of things.

Jonna，非常感謝你的提問。我會依照你提問的順序來回答。就行銷投資而言，你可以把行銷投資想成：如果我今天投資 1 美元，在這 1 美元的整個生命週期中，本質上我是否能以利潤的形式拿回超過 1 美元。因此這會帶來幾個效果。

We are not looking at just spending to the average, looking at every, you know, effectively every dollar and whether that's working hard for us or not. Some of those are done within the quarter and some of those would return outside the quarter. But effectively, that's how we are monitoring. That's how we are focusing on the ROI that's being generated.

我們不是只看把支出拉到平均水準，而是看每一筆——你知道的，基本上每 1 美元——是否真的在為我們努力、是否有效。其中有些在當季內就能回收，有些則會在季外才回收。但總體而言，我們就是用這種方式在監控。這也是我們聚焦於所產生 ROI 的方式。

And currently, the results in many ways speak for themselves. We've had stability for two consecutive quarters with case growth. That's a trend change from where the business has been for multiple quarters, if not multiple years. So that's been, part of that has been the enhanced marketing strategy that we have put in place. Going forward, as we said, we're going to continue to invest.

而目前，結果在很多方面不言自明。我們已連續兩個季度在案例量成長上維持穩定。相較於過去多個季度、甚至可能是多年來的業務走勢，這是一個趨勢的轉變。因此其中一部分原因，是我們已導入並落地的強化行銷策略。展望未來，如同我們所說，我們會持續投資。

A lot of those investments are also going into the new services, which is working. We're seeing that show up in our numbers. We expect to get more efficient as we learn how to market to GLP-1 customers, as we learn what's the best way to drive value over there. So in future quarters, I completely expect that our marketing will get even more efficient. We are committed to making sure that we are driving growth within the organization. And that's where the marketing investments come in.

其中許多投資也投入到新服務上，而這些正在發揮效果。我們在數據上也看得到反映。隨著我們學習如何向 GLP-1 客戶行銷、學習在那邊驅動價值的最佳方式，我們預期效率會提升。所以在未來幾個季度，我完全預期我們的行銷會變得更有效率。我們致力於確保在組織內推動成長。而這正是行銷投資發揮作用的地方。

Nick Sherwood, Maxim Group.

Nick Sherwood，Maxim Group。

How long had the building in that AlloClae capability, how long did that process take from evaluating to implementing it? And then was this a direct response to some of the concerns of your customers who had been uptaking GLP-1s and are you serving customers who are taking GLP-1s to find out what procedures you should add to your portfolio?

建立那項 AlloClae 能力花了多久時間——從評估到導入，整個流程花了多久？另外，這是否是直接回應一些正在使用 GLP-1 的客戶所提出的疑慮？你們是否也在服務正在使用 GLP-1 的客戶，以了解你們應該把哪些療程納入你們的產品組合？

Nick, this is Yogi. Thank you for those questions. Over the last year or so, I would say we have, if I can talk more broadly about how we are evaluating procedures, over the last year or so, we've done an outreach and understood what's the universe of body contouring procedures, what makes sense within what we're doing. So really started with patient needs. What are patients needing?

Nick，我是 Yogi。謝謝你的問題。在過去一年左右，我想如果我更廣泛地談談我們如何評估療程：在過去一年左右，我們做了外部調研，並了解身體雕塑療程的整體版圖是什麼、哪些與我們正在做的事情相契合。所以確實是從病患需求出發。病患需要什麼？

Where can those needs be met better? And as part of that, we have a constant evaluation process where we're looking at different solutions. AlloClae was one which has been, even before it hit the market, it has been something that we've been talking to Tiger Aesthetics with. We have a deep relationship with them. We provide other services that they have as well.

哪些需求可以被更好地滿足？作為其中一部分，我們有一個持續的評估流程，會去看不同的解決方案。AlloClae 是其中之一；甚至在它上市之前，我們就一直在與 Tiger Aesthetics 討論這項產品。我們與他們有很深的合作關係。我們也提供他們的其他服務。

So this one is something which, just like other things, it's well thought out. We keep an eye on it, and when the time is right, which we feel is now, we look to bring that in. We start with a few locations and then expand it as we get learnings, as we understand how to market this, how to serve the patients better. And broadly, that's what we are doing. We're looking constantly for what's on the market, what makes sense.

因此這一項就像其他事項一樣，是經過周全思考的。我們持續關注它，當時機成熟——而我們認為現在就是——我們就會把它導入。我們會先從少數據點開始，然後隨著我們獲得學習、了解如何行銷、如何更好地服務病患，再逐步擴大。整體而言，這就是我們在做的事。我們持續關注市場上有哪些產品、哪些是合理的。

In this particular case, it fits the need. It solves a problem for the patient, which is I don't have enough factory transfer. We do hear it, and we hear it increasingly from our patients. So that's a little bit of insight on how we go about these medical advisory board, which also advises us on these along the way.

就這個特定案例而言，它符合需求。它為病患解決了一個問題，也就是「我沒有足夠的脂肪可供移植」。我們確實有聽到，而且越來越常從病患那裡聽到。以上是我們如何推進這些事項的一些洞見；我們的醫療顧問委員會也會在過程中就這些議題提供建議。

And then thinking about some of the new marketing spend, how are you adapting, how are you evaluating and adapting that spending strategy across the quarters? What kind of KPIs are you bringing in real time? And then how are you also responding to that new sort of AI search landscape where, you know, click-through rates are really low on Google right now, and how are you making sure that you're getting potential customers onto your website?

再來談到一些新的行銷支出，你們如何在各季度之間評估並調整這個支出策略？你們會即時導入哪些 KPI？另外，面對新的 AI 搜尋生態——你知道的，目前 Google 的點擊率非常低——你們如何因應，並確保能把潛在客戶帶到你們的網站？

Nick, thanks for that. As far as how we are doing marketing spending across the quarters and the KPIs, we covered some of this in Jonna's question as well. We take an approach of for every dollar that we're putting in, what's the expected return over the life of that dollar? And is that driving profitability. As it relates to new procedures, what we are seeing is how we reach out to GLP-1 patients.

Nick，謝謝你的提問。關於我們如何跨季度進行行銷支出以及 KPI，我們在 Jonna 的問題中也涵蓋了一部分。我們採取的方法是：對於我們投入的每 1 美元，這 1 美元在其生命週期內的預期回報是多少？以及它是否在推動獲利能力。至於新療程，我們正在觀察的是我們如何觸達 GLP-1 病患。

We're testing different channels, different messaging, different creatives, different landing pages. So it's a heavy test and learn approach that we are taking, both in the channels which we are present in and in new forums as well. That's the plan. We're committed to it because we see the need, we see the demand from patients. Now it's up to us to crack the code on how do we have an efficient outreach to them so that they allow us to serve their needs.

我們在測試不同的渠道、不同的訊息、不同的創意素材、不同的落地頁。因此我們採取的是高度「測試—學習」的方法，不僅在我們已經佈局的渠道，也在新的平台/場域上。這就是計畫。我們會堅持投入，因為我們看到了需求，也看到了病患端的需求量。現在就看我們能否破解：如何以高效率的方式觸達他們，讓他們願意讓我們來滿足其需求。

The AI search landscape, like any direct-to-consumer marketer will tell you, that is definitely having an impact. I'm glad we're able to maintain stability and drive results despite a choppy consumer environment and despite AI search overviews creating headwinds as far as clicks are concerned. That's an evolving area. We continue to invest in how we show up when these search engines or when the LLMs are being turned to, whether it's Google, whether it's OpenAI, whether it's Claude. So that's one area.

AI 搜尋生態方面，任何做直面消費者（DTC）行銷的人都會告訴你，這確實正在產生影響。我很高興我們即便在消費環境波動、以及 AI 搜尋摘要在點擊面造成逆風的情況下，仍能維持穩定並推動成果。這是一個持續演進的領域。我們會持續投資，確保當使用者轉向這些搜尋引擎或 LLM 時——不論是 Google、不論是 OpenAI、或是 Claude——我們能以適當的方式被看見。所以這是一個面向。

The other area is also where they don't have reach currently. Never say never, but things where people are looking for guidance, whether it's ratings, reviews, conversations. Also, how do you make sure that our presence over there is robust is the other way we're looking to beat the system. So there's more around how we show up well in AI and then when people are not turning to AI, but turning to other people, how do we show up well over there as well.

另一個領域也在於他們目前尚未觸及的地方。永遠別說不可能，但在人們尋求指引的情境，不論是評等、評論、對話。另外，我們也在思考如何確保我們在那邊的存在感足夠強健，這是我們用來「打敗系統」的另一種方式。所以，更多是在於我們如何在 AI 裡有好的呈現；而當人們不是轉向 AI、而是轉向其他人時，我們也要如何在那邊有好的呈現。

Kyle Bauser, Titan Partners.

Kyle Bauser，Titan Partners。

Maybe could you talk a little bit more about some of the newer procedures that you talked about in the past, like standalone skin tightening and skin removal? And you mentioned more today on the call. How many of the 31 centers are conducting these, and how does that economics or margins kind of compare with the existing services?

也許你能再多談一點你過去提到的一些較新的療程，例如單獨的皮膚緊緻與皮膚切除嗎？你今天在電話會議上也提到更多。31 家中心中有多少家在做這些療程？其經濟效益或毛利率與既有服務相比大概如何？

Kyle, I'll bucket it into three groups, essentially. We do skin tightening, which is your, as the name suggests, you're going in just slightly underneath the skin, tightening it. We do it either as standalone, or in most cases, actually, along with fat removal and fat transfers. That's available in all of our centers. The second bucket would be skin removal or skin excisions.

Kyle，我基本上把它分成三類。我們做皮膚緊緻，顧名思義，就是在皮膚下方稍微進入一點，把它拉緊。我們會單獨做，但多數情況下其實會搭配抽脂與脂肪移植一起做。這在我們所有中心都有提供。第二類是皮膚切除或皮膚切割（切除術）。

There is four or five body areas where we do skin removal, skin excisions. Those are roughly in, I would say, 20 out of 30 locations or so, 20 out of the 31 locations that we have. That number continues to go up and certain procedures are in some locations. It all depends upon surgeon availability, surgeon preference, and we're working with our surgeons to expand that further. The third bucket is AlloClae, which we just announced on the call today.

我們在四到五個身體部位做皮膚切除、皮膚切割。這大約在 30 個據點中的 20 個左右，也就是我們 31 個據點中的約 20 個有提供。這個數字仍在持續上升，而某些療程只在部分據點提供。這完全取決於外科醫師的可用性、外科醫師偏好；我們也正與外科醫師合作，進一步擴大。第三類是 AlloClae，我們今天在電話會議上剛宣布。

That's going into pilot later this quarter. So our first centers will start treating patients with AlloClae sometime later this quarter. As far as the economics are concerned, skin tightening and skin removal, the gross margin profile and the economics of that are very similar to our core fat removal, fat transfer business. So roughly a gross margin of 60-ish percent, which has been ticking up of late, if you might have noticed. So that we continue to expect to have a similar gross margin profile.

它會在本季稍晚進入試點。因此，我們第一批中心將在本季稍晚開始以 AlloClae 為病患進行治療。就經濟效益而言，皮膚緊緻與皮膚切除的毛利結構與經濟性，與我們核心的抽脂、脂肪移植業務非常相近。因此毛利率大約是 60% 左右；如果你有注意到，最近也一直在上升。所以我們仍預期會維持類似的毛利結構。

Now, many of these are combined with other procedures. So the average ticket ends up being higher. So while we do have some patients who are doing standalone skin tightening, for example, most are combining it with either fat removal or fat removal and fat transfer. So anytime it's an add-on, we see the ticket price is higher for those. Same dynamic on skin removal as well.

另外，這些療程很多會與其他療程合併進行。因此平均客單價最後會更高。所以，雖然確實有些病患會做單獨的皮膚緊緻，但多數會搭配抽脂，或抽脂加脂肪移植。因此只要是加購項目，我們就會看到客單價更高。皮膚切除也是同樣的動態。

It's too early to know how AlloClae would work. Once we have it in our clinics, we have more insights. AlloClae does have a product cost. So the gross margin profile over there would be different. Gross margin percentage would be lower. The expectation is that the gross margin dollars would go higher so that net it's accretive to the business on a dollar perspective.

AlloClae 會如何運作現在還太早下結論。等它進到我們診所後，我們會有更多洞見。AlloClae 確實有產品成本。因此那邊的毛利結構會不同。毛利率百分比會較低。但預期毛利額（gross margin dollars）會更高，因此以金額角度看，淨效益會對業務具增益（accretive）。

Got it. Appreciate that. And you mentioned, you know, the marketing to become a bit more efficient as you learn how to better market to GLP-1 patients moving forward. I think the customer acquisition cost is about, you mentioned $3,500, pretty similar with the last couple of quarters, maybe a slight step up. How should we anticipate the customer acquisition costs trending over the balance of the year based on investments you're making in marketing?

了解。謝謝你的說明。另外你提到，隨著你們學會如何更有效地向 GLP-1 病患行銷，行銷會變得更有效率。我想你提到的客戶取得成本大約是 3,500 美元，跟過去幾季差不多，可能略有上升。基於你們在行銷上的投資，今年剩餘期間客戶取得成本的走勢我們應該如何預期？

Hey, this is Michael. Yeah, I can take that one. Yeah, so as you alluded to, CAC was approximately $3,500 in the quarter, which was up roughly relative to Q2 of last year, which was $2,900 a year ago. So it's a consistent step up in marketing investment as we discussed. A meaningful portion of that spend is top of the funnel brand building investments that don't necessarily show up in this quarter's case volume, but over time, it's designed to lower CAC as we expand our reach, improving lead quality and the like. And so as case volume builds and these investments mature, we do expect CAC to come down and marketing to turn back towards our lower percentage of revenue as well. It's another way we look at it, which, you know, last year was around 18% and year-to-date we've been around 20% of revenue.

嗨，我是 Michael。對，我可以回答這題。是的，如你所提，該季 CAC 約為 3,500 美元，相較去年第二季的 2,900 美元約有上升。因此，正如我們討論的，這反映了行銷投資的持續增加。其中相當一部分支出是漏斗上端的品牌建立投資，不一定會在本季的案例量中立即反映，但隨時間推移，這些投資旨在透過擴大觸及、提升線索品質等方式來降低 CAC。因此，隨著案例量增加且這些投資逐步成熟，我們確實預期 CAC 會下降，而行銷費用占營收比重也會回到較低水準。換個角度看，去年大約是 18%，而今年迄今我們大約是營收的 20%。

This now concludes our question and answer session. I would like to turn the floor back over to management for closing comments.

現在問答環節到此結束。我想把時間交還給管理層作結語。

Thank you everyone for joining us for our second quarter earnings call. We look forward to connecting with many of you at investor events over the next few days and weeks, and then also report back on our third quarter in a few months. Thank you.

感謝各位參加我們第二季財報電話會議。我們期待在接下來幾天與幾週的投資人活動中與各位中的許多人交流，並在幾個月後回報我們第三季的表現。謝謝。

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

各位女士、先生，感謝您的參與。今天的電話會議到此結束。您可以掛斷電話，祝您有美好的一天。