AirSculpt Technologies A.G.P. Virtual Consumer Showcase

Absolutely, Aaron. For those who don't know us, AirSculpt is a premier body contouring provider. We do fat removal, fat transfer, skin tightening, and we do these services at 31 centers across 20 states and Canada. All our procedures are done by board-certified plastic surgeons or cosmetic surgeons. Our patented method mainly removes unwanted fat and tightens skin in a minimally invasive procedure. Our patients are awake throughout the procedure. It's done under local anesthesia. The result is a premium, consistent patient experience, which is centered around the outcome. Many of our patients are back to their normal routines within 24 to 48 hours. What really sets it apart from traditional liposuction is just the efficiency in which you remove the fat while preserving it for fat transfers, while creating shorter recovery because you're using local anesthesia.

You then pair that with skin tightening, which today, 80%+ of our cases get skin tightening along with fat removal. We've scaled our process to over $150 million in revenue, and what's really interesting is we are one of the few providers who's uniquely positioned to benefit from the GLP-1 transformation. As more people lose weight, everybody's trying to sell GLP-1s. We are one of the few who can address the side effects, namely loose skin, stubborn fat deposits, because GLP-1 is not that targeted, and loss of volume. You hear terms like Ozempic face, which are growing. Our services, and we've expanded our services to address loose skin, stubborn fat deposits, as well as loss of volume. We see that as a $100 million+ long-term revenue opportunity, just from those procedures in our existing centers alone.

Absolutely. I joined early 2025, and over the last seven odd quarters, we have made meaningful progress on revenue, costs, and our balance sheet. Let me address those. Same-center sales, we have made about a 19-point improvement compared to a year ago. We did that through a number of things, including just sharpening our sales and marketing, new procedures that are coming in, and just tighter execution in our clinics to support and deliver for our patients. Secondly, we have expanded our gross margin to about 60%, and then there is a lot more cost activity which we have already done and additionally doing, which will start to pay off in 2027. Thirdly, we have cut our debt by about half and just completed the refinancing of our debt, extending the maturity of our term loan to 2031. The transformation is definitely starting to yield results.

As with any transformation, not a linear process, Aaron, as you said. Q3 was a step back. Couple of reasons for that. One was just what is going on with how consumers shop, and the second was some performance challenges at our existing locations. I can give you a little bit more detail on that. On the consumer journey side, look, our average ticket is $12,000-$13,000. It is a considered purchase. The journey involves a decent amount of research, and much of that research starts with Google. What has changed now is Google now answers the questions themselves, rather than the consumers coming through to us. Many consumers still come through to us, but enough of them get their responses from Google and often never click onto our site or any provider site. That meant organic traffic from Google was down year-over-year.

The good thing is demand we are still seeing is relatively steady. The consumer journey is changing, and we are evolving our methods to follow the consumer along that journey. We are starting to see that we are making gains in October and now in November in how our lead patterns are recovering. They are not where we need to be, but we are startingly starting to see improvements this quarter compared to what we saw in Q3. That is one bucket, and then the second bucket is just performance of our centers. There were a handful of centers where our whether it was marketing, sales, or just execution in center was not up to par to what we would expect. Again, all of those are well within our control, and we are working urgently to address those and get those centers back to parity.

Absolutely. As you can imagine, in a multi-unit scenario, there are centers which are underperforming, there are centers which are performing really well. When we look at our successful centers, what they do consistently is they have marketing, sales, and operations working in unison and firing on all cylinders. In our lower-performing centers, one of those areas is currently challenged. Specifics vary by location, but it's within those three areas. Our actions are targeted, so marketing changes for particular locations that need it, and those are faster, so we're starting to see traction over there already. We strengthened our sales leadership, so we just brought in a regional sales leader for one of our critical regions who's going to uplift the entire region, frankly. Then we're upgrading talent where needed.

We're also taking what's working in our strongest centers, and whether that's in the sales process, in the conversion funnel, in what's working in marketing, and rolling it out across our network. From a timing perspective, the actions are well underway, so we expect that by season, which is usually spring for us, that we are ready and have all of this behind us.

Yeah. Aaron, just on GLP-1s, look, we continue to be excited about the potential over there. Just as a recap, as GLP-1s took off in 2023, we started to see, particularly in early 2025 as I joined, that the conversations we were having with prospective patients was changing. We're seeing a lot of patients come in with, "Yeah, I've been on GLP-1s, now I got side effects after 12, 18 months, which I need addressing." That was really a trigger, just listening to the consumer, what was happening in our consultation room every single day, and expanded our procedures to address loose skin further. We already have a tremendous solution for fat removal, fat transfer, and some skin tightening. The last year or so, we've been first piloted, and over the last six months, really, it's been in rollout. Six months or less, it's been in rollout.

We've gone from low single-digit penetration in terms of percentage of cases on GLP-1-related procedures to it's now about 10% of our volume. What we're also learning is the patient who is looking for a fat removal solution, their research, their patterns, what support they need is different than someone who is now facing a side effect and needs more education, more nurture. Even though the procedures are well within our wheelhouse, we are adapting our sales and marketing engine to really scale it up. It also includes how we speak to these patients. We're bringing on a new marketing agency that will help with consumer messaging and how to go to market and expanding our GLP-1 opportunity.