Dean Dennis, the Interim CEO and CFO of Airsculpt Technologies, Inc. (NASDAQ:AIRS), recently sold a significant portion of the company's stock, according to a regulatory filing. Over the course of three days, from November 13 to November 15, Dennis sold a total of 54,607 shares, amounting to approximately $378,864.
The transactions were executed at varying prices, with the sale prices ranging between $6.5447 and $7.5289 per share. Following these transactions, Dennis holds 582,052 shares in the company. These sales come as Dennis continues to serve in his dual role as both Interim CEO and CFO of the Miami Beach-based company.
In other recent news, AirSculpt Technologies reported a year-over-year decrease in third-quarter revenue by 9.1%, totaling $42.5 million. Despite this, the company opened four new centers and achieved half of its cost savings goal for the latter half of 2024. AirSculpt has increased its 2024 revenue guidance to a range of $183 million to $189 million while keeping its adjusted EBITDA expectations steady.
The company continues to focus on strategic initiatives such as improving lead conversion, successful new center openings, and managing costs. It also remains optimistic about its growth potential in the $11 billion market for body contouring. Furthermore, plans are underway to operate over 100 centers in the medium term, with three locations already identified for 2025.
In other developments, AirSculpt is in the process of searching for a permanent CEO. The company's efforts to reduce customer acquisition costs have resulted in savings of $500,000 this half-year. Despite the decrease in revenue and case volume, the new centers are expected to exceed revenue targets.
InvestingPro Insights
The recent stock sales by Interim CEO and CFO Dean Dennis of Airsculpt Technologies, Inc. (NASDAQ:AIRS) occur against a backdrop of mixed financial indicators and market performance. According to InvestingPro data, AIRS has a market capitalization of $402.86 million USD, reflecting its position as a small-cap company in the healthcare sector.
Despite the recent insider selling, AIRS has shown strong market performance in the medium term. InvestingPro data reveals a impressive 62.34% price total return over the last three months, and a substantial 50.69% return over the past six months. This positive trend is further supported by an InvestingPro Tip indicating a "strong return over the last three months."
However, investors should note that the company's financial health presents some challenges. An InvestingPro Tip highlights that AIRS has not been profitable over the last twelve months, with a negative P/E ratio of -48.31 for the same period. Additionally, the company's short-term obligations exceed its liquid assets, which could potentially impact its financial flexibility.
It's worth noting that AIRS does not currently pay a dividend to shareholders, which may be a consideration for income-focused investors. The stock's recent volatility is also noteworthy, with an InvestingPro Tip pointing out that "stock price movements are quite volatile." This is exemplified by the stark contrast between the 25% decline in the past week and the overall positive returns over longer periods.
For those seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for AIRS, providing a deeper understanding of the company's financial position and market outlook.
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