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Jun 30, 2021
XpresSpa Q2 2021 Earnings Report
Announced second quarter 2021 financial results and provided business update.
Key Takeaways
XpresSpa Group reported $9.1 million in total revenue, including $8.7 million from XpresCheck, and significantly reduced its Adjusted EBITDA loss and net loss compared to the previous year. The company is expanding its services with the Treat brand and re-opening legacy XpresSpa locations.
MSA practice patient fees increased to $17.1 million in Q2 from $6.3 million in Q1.
Net loss narrowed to $4.7 million compared to $58.5 million in the prior year's second quarter.
Strong liquidity position with an unrestricted cash balance of $102.5 million.
Launched Phase 2 of Treat™ and plans to launch Phase 3 this fall.
XpresSpa
XpresSpa
Forward Guidance
The company is focused on expanding its three sustainable growth brands, leveraging its corporate structure and airport relationships to increase market share and shareholder value.
Positive Outlook
- Re-opening an additional eight to ten legacy XpresSpa locations this fall.
- Launching Phase 3 of Treat this fall at JFK and Phoenix airports.
- Belief that COVID-19 testing will remain important due to variants and international travel requirements.
- Encouraging results after re-opening first four XpresSpa locations.
- Potential for accretive acquisitions and strategic transactions.
Challenges Ahead
- Start-up costs associated with XpresCheck and Treat.
- Additional legal fees related to XpresSpa litigation matters.
- Reduced variable costs related to closed XpresSpa locations.
- Uncertainties around the cash flows of XpresCheck.
- Potential impact of COVID-19 variants on travel and testing demand.