XpresSpa Q4 2022 Earnings Report
Key Takeaways
XWELL, Inc. reported its fiscal year 2022 results, highlighting strategic progress, including evolving the organization, optimizing efficiencies, and focusing on long-term growth. The company is positioning itself for improved performance in 2023 by leveraging recent progress in its spa business, retail growth initiatives, biosurveillance expansion, and potential acquisitions.
Management is focused on positioning the company for growth and improved performance.
The company is aiming for a leaner and more profitable spa business.
Retail growth initiatives are being advanced to drive foot traffic and enhance the online presence.
Biosurveillance business is expanding, with potential growth through off-airport acquisitions.
XpresSpa
XpresSpa
Forward Guidance
XWELL is focused on leveraging progress to deliver a leaner, more profitable spa business, advancing retail growth initiatives, expanding the biosurveillance business, and pursuing growth through off-airport acquisitions.
Positive Outlook
- Continued expansion of XpresSpa locations, including international locations.
- Renewed interest in wellness services among travelers.
- Implementation of new technologies and trends, such as Novo XT massage chairs and HydroMassage units.
- Partnership with Clockwork to introduce AI-powered express manicures.
- Expansion of biosurveillance program to include monitoring of wastewater from aircraft lavatories.
Challenges Ahead
- Closure of underperforming XpresCheck locations.
- Closure of the pre-security Phoenix Sky Harbor Treat location.
- Net loss attributable to common shareholders was $32.8 million for fiscal year 2022.
- Loss from operations for fiscal year 2022 was $31.2 million.
- Total revenue during the fiscal year ended December 31, 2022, was lower compared to the prior year.