XWELL, Inc. Reports Second Quarter 2023 Results
Financial and Business Highlights:
- Second quarter 2023 revenue at the Company’s XpresSpa business increased approximately 59% versus the same quarter in 2022.
- Second quarter 2023 Operating Expenses decreased approximately 13% sequentially and decreased approximately 52% from the same quarter in 2022. This progress demonstrates the positive effect of the Company’s cost-savings initiatives and focus on delivering a leaner, more profitable XpresSpa business.
- To further advance the Company’s efforts to drive profitability and growth, the Company appointed
Suzanne A. Scrabisas Chief Financial Officer of the Company, effective July 10, 2023
- Focused on growth internationally, the Company plans to open a new XpresSpa location in
Abu Dhabiduring the second half of 2023.
- Continued to successfully integrate new products and technologies designed to meet customer preferences and leverage efficiencies to drive profit including expansion of autonomous services and equipment.
- XWELL continued to focus on growing its business through acquisitions outside of its airport spa business.
“XWELL remains committed to improving our operating performance, investing for growth and returning the business to profitability,” commented
Second Quarter Business Update
There are currently 36 operating XpresSpa locations, including 10 locations internationally. These international locations consist of two at
The Company expects to open a new location in
The Company continues to execute 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. These automated offerings include Novo XT massage chairs, HydroMassage units and fully autonomous, AI-powered express manicure units, provide self-care to guests while bringing operational efficiency to the Company’s business model.
Treat is a travel 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
As previously announced, during 2023, XWELL plans to integrate all existing wellness locations under a single brand concept.
The Company, in collaboration with the
As background, in late 2021, in collaboration with the
XpresCheck also provided medical diagnostic testing services during the outbreak of COVID-19. Following the relaxation of testing requirements by
Liquidity and Financial Condition
Summary Second Quarter 2023 Financial Results
Total revenue during the second quarter ended
Revenue for the second quarter of 2023 primarily consisted of approximately
Cost of Sales
Cost of sales decreased to approximately
Demonstrating the effect of the Company’s cost-savings initiatives, total Operating expenses decreased to approximately
Income from Operations
Loss from operations for the second quarter of 2023 was approximately
Net Income Attributable to Common Shareholders
Net loss attributable to common shareholders was approximately
Webcast and Earnings Conference Call
XWELL will host a webcast and conference call at
The live and later archived webcast can be accessed from the Investor Relations section of the Company’s website at http://xwell.com. Visitors to the website should select the “Investors” tab and navigate to the “Events” link to access the webcast.
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 36 locations in 15 airports globally.
- Treat is a travel 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.