XWELL, Inc. Reports Fiscal Year 2022 Results
We’re continuing to evolve our organization and, reflecting the Company’s commitment to better serve clients, optimize efficiencies, and deliver long-term growth, management has recently:
- Opened 5 XpresSpa locations at Turkey’s
Istanbul Airport; additional growth in Abu Dhabiduring the third quarter of 2023.
- Opening new XpresSpa at
Philadelphia International Airportin 2023.
- Scaled new retail products and integrated innovative health and wellness technologies, including fully autonomous HydroMassage and Human Touch® hands-free massage equipment as well as Clockwork’s AI-powered express manicure units. These three partnerships are designed to drive customer engagement, strengthen brand presence, and increase foot traffic.
- During the first quarter of 2023, expanded support for the
Centers for Disease Controland Prevention’s (CDC’s) Traveler-based Genomic Surveillance program to include a pilot study monitoring influenza viruses in addition to SARS-CoV-2. In addition, two new CDCstations were opened at Seattle-Tacoma International Airportand Los Angeles International Airport.
- Continue to engage with Benchmark to help identify potential acquisition targets.
- Reduced cash operating costs with the closure of underperforming XpresCheck and XpresSpa locations and the closure of Treat at
Phoenix Sky Harbor International Airport.
“XWELL continues to make steady progress executing against the Company’s operating strategy,” commented
Fourth Quarter Business Update
There are currently 35 operating XpresSpa locations, including 10 locations Internationally.
Bolstered by renewed interest in wellness services among travelers, along with a willingness to spend additional dollars on products and services that will improve their well-being while they travel, the Company is executing its new retail strategy to drive more foot traffic into its airport locations and augment its on-line presence. This includes bringing new technologies and trends, including new tech-forward equipment, adding new products in-store and on-line, as well as deploying plans to refresh the look and appearance of some XpresSpa locations.
Towards this end, since
Additionally, in partnership with Clockwork, the pioneer in robotics for the beauty industry, the Company recently launched the use of Clockwork’s next generation, fully autonomous, AI-powered express manicure at its JFK XpresSpa location. XWELL plans to launch at least five of Clockwork’s AI-powered robots across the Company’s portfolio in 2023 with the intent to deploy as many as 25 units across the business.
These automated offerings provide self-care to guests while bringing operational efficiency to the Company’s business model.
Treat is a travel health and wellness brand and a fully integrated concept blending technology with traditional brick and mortar offerings to provide a holistic approach to physical and mental well-being for travelers. Treat’s on-site centers are currently located at
To achieve better economics, earlier this year, the Company closed its pre-security
In late 2021, in collaboration with the
The program was expanded from four major
During the third quarter of 2022, XpresCheck, in partnership with Ginkgo Bioworks (and in continuation of their support to the CDC’s traveler-based SARS-CoV-2 Genomic Surveillance program) were awarded a new contract. Additionally, as COVID-19 sublineages and other biological threats continue to emerge, the partners plan to expand the program footprint incorporate innovative modalities and offerings, such as monitoring of wastewater from aircraft lavatories.
In the first quarter of 2023, XpresCheck and Ginkgo Bioworks announced they expanded their support of the program to include a pilot study monitoring influenza viruses in addition to SARS-CoV-2, providing an additional source of viral surveillance to inform the selection of influenza vaccine viruses for the forthcoming 2023-2024 flu season.
The Company, in collaboration with the
Share Repurchase Program
During 2022, the Company repurchased approximately 19.5 million shares for approximately
Liquidity and Financial Condition
Summary Fiscal Year 2022 Financial Results
Total revenue during the fiscal year ended
Cost of Sales
Cost of sales increased to
General and Administrative Expenses
General and administrative expenses were
Income from Operations
Loss from operations for fiscal year 2022 was
Net Income Attributable to Common Shareholders
Net loss attributable to common shareholders was
Webcast and Conference Call Today
XWELL will host a webcast and conference call at
XWELL, Inc. (Nasdaq: XWEL) is a leading global health and wellness holding company operating four brands: XpresSpa®, Treat, XpresCheck® and HyperPointe™
- XpresSpa is a leading airport retailer of wellness services and related products, with 35 locations in 15 airports globally.
- Treat is a travel health and wellness brand and a fully integrated concept blending technology with traditional brick and mortar offerings to provide a holistic approach to physical and mental well-being for travelers.
- XpresCheck is a provider of screening and diagnostic testing in partnership with the
CDCand Concentric by Ginkgo, conducting bio-surveillance monitoring in its airport locations to identify new SARS-CoV2 variants of interest and concern as well as other pathogens entering the country from across the world.
- HyperPointe is a leading digital healthcare and data analytics relationship company serving the global healthcare industry.
This press release may contain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These include statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "estimates," "projects," "intends," "should," "seeks," "future," "continue," or the negative of such terms, or other comparable terminology. Forward-looking statements relating to expectations about future results or events are based upon information available to XWELL as of today's date and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. Additional information concerning these and other risks is contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other
Source: XWELL, Inc.