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Sep 30, 2023
XpresSpa Q3 2023 Earnings Report
Reported a decline in revenue due to relaxation of COVID-19 testing requirements and closure of XpresCheck locations, but experienced strong year-over-year Q3 revenue growth in airport spas and acquired Naples Wax Center to accelerate future off-airport growth opportunities.
Key Takeaways
XWELL, Inc. reported a decrease in total revenue for Q3 2023, primarily due to reduced COVID-19 testing revenue, offset by growth in airport spa revenue and the acquisition of Naples Wax Center. The company is focused on operational efficiency and expanding its wellness portfolio, including international growth and exploring other transportation hubs.
Airport spas delivered strong 39% year-over-year Q3 revenue growth.
Acquired Naples Wax Center to accelerate future off-airport growth opportunities.
Expanded biosurveillance partnership with the CDC to test for additional priority pathogens.
Launched a new XpresSpa website and brand redesign.
Forward Guidance
XWELL remains committed to improving its operating performance and profitability in 2024 through retail growth initiatives, international expansion, and strategic acquisitions.
Positive Outlook
- Expanding wellness portfolio further.
- Extending into other transportation hubs.
- Continued off-airport growth through M&A.
- Launching a new platform for independent Wellness providers.
- Improving operating performance and profitability in 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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