Key Highlights

• AirSculpt Technologies reported Q2 2026 Revenue of $42.9 million, down 2.5 percent year-over-year, missing the $44.1 million estimate by 2.80 percent.

• Same-center case Volume grew approximately 1 percent, marking the second consecutive quarter of year-over-year case growth after a prolonged period of decline.

• The company announced a new Partnership with Tiger Aesthetics to offer alloClae, a nonsurgical body contouring allograft, rolling into centers later this quarter.

• Management updated full-year adjusted EBITDA guidance to $12 million to $14 million, reflecting an additional 5 million dollars of planned Marketing Investment , while reaffirming revenue guidance at the lower end of its range.

Case Growth Continues Even as Reported Revenue Declines

AirSculpt Technologies, Inc. ( Nasdaq :AIRS) reported second quarter revenue of $42.9 million, a 2.5 percent decline from the prior year, though same-center revenue excluding its divested London center fell only approximately 1 percent, reflecting positive 1 percent case growth offset by a 2 percent decline in average selling price. AirSculpt is a body contouring company operating centers across the United States, Canada, and the United Kingdom, offering minimally invasive fat removal and transfer procedures under local anesthesia. Management said the average selling price decline was primarily a function of comparing against an unusually high prior-year average selling price rather than any pricing pressure, with average selling price of approximately $12,700 remaining well within the company's historical range.

Gross Margin expanded to roughly 61 percent of revenue, while selling, general, and administrative expenses rose approximately $750,000 year-over-year, reflecting a deliberate $1.5 million increase in marketing and Brand development investment partially offset by general and administrative efficiencies. Adjusted EBITDA of $4.9 million, or approximately 11.5 percent of revenue, declined $900,000 from the prior year as the company continued to prioritize reinvestment in growth initiatives over near-term margin.

New alloClae Partnership Extends Reach to Previously Unserved Patients

AirSculpt announced a partnership with Tiger Aesthetics to offer alloClae, a structural adipose tissue allograft designed for nonsurgical body contouring that adds targeted volume using donor tissue rather than a patient's own fat. Management said the partnership allows the company to serve patients it previously could not, including those without sufficient body fat for a traditional fat transfer, and expects a relatively quick ramp given that many of the company's surgeons are already trained in the procedure, with rollout to centers beginning later this quarter.

The company continued to expand its broader procedure portfolio to address growing GLP-1-related Demand , completing more than 200 skin excision procedures during the quarter and broadening services to include upper body procedures such as breastoplasty and mastopexy. Management reiterated that its portfolio of body contouring procedures targeting GLP-1 patients represents a long-term revenue opportunity exceeding $100 million across the company's existing center base, with additional upside once new center development resumes.

Elevated Marketing Investment Weighs on Near-Term Profitability

Customer Acquisition cost rose to approximately $3,500 per case in the quarter, up from roughly $2,900 a year earlier, which management attributed to intentional brand-building investment that is not yet fully optimized but is expected to lower acquisition costs over time as reach expands and lead quality improves. The company updated full-year adjusted EBITDA guidance to $12 million to $14 million, reflecting an additional $5 million of planned marketing investment for the year, while reaffirming revenue guidance at the lower end of its previously issued range.

Management said trends softened in June and continued into July, which it attributed to executing a Business turnaround within a choppy consumer environment rather than any company-specific issue, and does not expect employers dropping GLP-1 drug coverage to meaningfully affect procedure volumes given the company's ability to serve both GLP-1 patients experiencing side effects and traditional fat removal and transfer patients. The company's guidance for the remainder of the year contemplates continued single-digit revenue declines in the third quarter before returning to year-over-year growth in the fourth quarter as new service offerings and marketing investments mature.

Conclusion

AirSculpt's second quarter reflected a company in the middle of a deliberate turnaround, with same-center case volume growth for a second consecutive quarter offering evidence that stabilization efforts are gaining traction even as reported revenue and adjusted EBITDA both declined year-over-year. The new alloClae partnership and expanding GLP-1-focused procedure portfolio represent incremental revenue opportunities that management believes will compound over time, though near-term profitability continues to be pressured by elevated, not-yet-optimized marketing spend. The pace at which customer acquisition costs normalize, together with the early commercial reception to alloClae once it rolls out later this quarter, are likely to determine whether the company achieves the fourth-quarter growth inflection embedded in its updated guidance.