AirSculpt Cuts 2026 Outlook as Patient Leads Drop 16%

AirSculpt Technologies cut its full-year 2026 revenue forecast to $144 million-$146 million from $151 million-$157 million and adjusted EBITDA guidance to $9 million-$10 million from $12 million-$14 million.

The cuts followed third-quarter revenue of $31.9 million, down 8.7%, and adjusted EBITDA of about $400,000 versus $3 million a year earlier.

CEO Yogi Jashnani called the result “disappointing” and said performance fell short of the company’s goals. He cited fewer potential patients reaching the website, lower productivity from marketing investments and underperformance at several centers.

Management’s revised outlook assumes the third-quarter challenges continue through the fourth quarter.

What drove the third-quarter shortfall?

Patient leads fell 16% from a year earlier, while cost per lead rose 26%. Jashnani attributed much of the marketing difficulty to Google’s AI Overviews, which he said increasingly keep consumers on Google’s platform rather than directing them to AirSculpt’s website. Search intent for aesthetic procedures remained relatively stable, and conversion rates held steady once prospective patients engaged with AirSculpt.

The decline did not erase every operating gain. Excluding the closed London location, same-center revenue fell about 7.5%:

• Case volume fell 9.6%, and a 2.3% increase in average selling price partly offset the decline.
• The average selling price was approximately $12,900, CFO Michael Arthur said.
• Gross margin expanded to roughly 60% from 57.5%, reflecting operating efficiencies, cost discipline and the benefit of closing the London center.
• Selling, general and administrative expenses rose approximately $700,000 to $20.3 million, primarily because of higher marketing and professional expenses.
• Customer acquisition cost increased to roughly $3,800 per case from $3,100.

Jashnani described the consumer environment as “choppy” and said AirSculpt’s generally higher-income customers were not completely insulated from the economy. Arthur said fourth-quarter results depend on how quickly the company adapts its marketing strategy and improves execution at affected centers.

The center-specific problems range across marketing, sales and operations. Some fixes were underway or complete; others could take months.

Lower traffic outweighed pricing gains.

How is AirSculpt trying to rebuild demand?

On November 12, all 31 centers will host open houses combining in-person and virtual education, with the goal of generating consultations and bookings. AirSculpt expects to spend an incremental $3 million on brand marketing compared with last year, down from the $5 million increase it previously anticipated.

AirSculpt is also working to improve its visibility in AI-generated search results and expand local and community marketing. Jashnani said the company sees early signs of improvement, but it will take time for those efforts to show up in revenue.

Traffic first, revenue later.

What is the potential in GLP-1-related treatments?

AirSculpt performed 250 procedures related to GLP-1 weight-loss medications during the quarter, nearly 10% of total cases. The treatments address concerns including stubborn fat, loose skin and loss of volume. Jashnani said almost all centers offer the services, although one or two do not offer them or have not taken them to scale.

Management believes procedures addressing GLP-1 side effects could represent a $100 million revenue opportunity across its existing centers over the longer term. Jashnani said patients seeking those procedures often need more education and a different marketing and sales approach; he gave no timeline for an acceleration in volume.

Education before acceleration.

How did the refinancing change the balance sheet?

AirSculpt completed a refinancing that extends its debt maturity to 2031. The new $44 million facility comprises a $39 million term loan and a $5 million revolving credit facility. Arthur said the interest rate is SOFR plus 775 basis points, about 300 basis points higher than under the previous facility, and will decline as leverage decreases.

The company ended the quarter with approximately $15 million in cash and $5 million available under its revolver, providing roughly $20 million in total liquidity. Management said the refinancing gives it more flexibility for investments and potential future center openings.

Longer maturity, higher spread.

What business sits behind the forecast?

AirSculpt Technologies was founded in 2015 by a plastic surgeon and operates on Nasdaq under AIRS. Its medical-aesthetics business focuses on body-contouring and cosmetic procedures. Through the AirSculpt brand, the company provides minimally invasive liposuction and fat-transfer treatments designed to remove unwanted fat and reshape areas of the body.

Its services also include skin tightening and other elective aesthetic treatments, with offerings varying by location and patient needs. The company markets procedures directly to consumers and provides consultations, treatment planning and follow-up care through a network of company-operated centers.

Direct demand and steady execution.