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Sep 30, 2020
XpresSpa Q3 2020 Earnings Report
Filed financial results for Q3 2020 and announced business update.
Key Takeaways
XpresSpa Group reported a decrease in revenue for Q3 2020 due to temporary closures of spa locations, offset by revenue from strategic spa partners. The company is focusing on expanding its XpresCheck wellness centers and developing a travel health and wellness brand.
XpresSpa temporarily closed all global spa locations in response to COVID-19 and did not reopen any domestic spa locations during Q3 2020.
Launched the XpresCheck brand to provide COVID-19 testing and other health and wellness services at airports.
Currently operating XpresCheck Wellness Centers in JFK, Newark, and Logan airports with plans for further expansion.
Developed a lower-cost 'pop up' clinic prototype to accelerate the rollout of COVID-19 testing to additional airports.
Forward Guidance
The Company believes the continued improvement in quarterly cash burn rate, continued focus on managing expenses, and a healthy cash position should provide the Company sufficient ability to execute its current business plan for at least the next 12 months.
Positive Outlook
- Continued improvement in quarterly cash burn rate
- Continued focus on managing expenses
- Healthy cash position
- Sufficient ability to execute its current business plan for at least the next 12 months.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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