Airsculpt technologies interim CEO Dennis sells $378,864 in stock By Investing.com
Dean Dennis, Interim CEO and CFO of Airsculpt Technologies, Inc. (NASDAQ:AIRS), recently sold a large portion of the company’s stock, according to a legal filing. During the three days, from November 13 to November 15, Dennis sold a total of 54,607 shares, amounting to approximately $378,864.
The deals were made at various prices, with sales prices ranging between $6.5447 and $7.5289 per share. After this transaction, Dennis owns 582,052 shares in the company. The sale comes as Dennis continues to serve in his dual role as Interim CEO and CFO of the Miami Beach-based company.
In other recent news, AirSculpt Technologies reported a year-over-year decline in third-quarter revenue of 9.1%, totaling $42.5 million. Despite this, the company opened four new facilities and achieved part of its cost savings goal in the last quarter of 2024. AirSculpt raised its 2024 revenue guidance to a range of $183 million to $189 million while maintaining adjusted EBITDA expectations.
The company continues to focus on strategic initiatives such as improving lead conversion, successfully opening new facilities, and managing costs. It also remains optimistic about its growth potential in the $11 billion bodybuilding market. In addition, plans are underway to operate more than 100 centers in the medium term, with three locations already identified for 2025.
In other developments, AirSculpt is on the hunt for a permanent CEO. The company’s efforts to reduce customer acquisition costs resulted in savings of $500,000 during the quarter. Despite the decline in revenue and caseload, new facilities are expected to exceed revenue targets.
InvestingPro Insights
The recent stock sale of Interim CEO and CFO Dean Dennis of Airsculpt Technologies, Inc. (NASDAQ:AIRS) is due to 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 company in the healthcare sector.
Despite the recent internal sell-off, AIRS has shown strong market performance in the medium term. InvestingPro data reveals an impressive 62.34% price return over the past three months, and a whopping 50.69% return over the past six months. This positive trend is also supported by InvestingPro Tip which shows “strong returns over the last three months.”
However, investors should be aware that the financial health of the company presents some challenges. InvestingPro Tip highlights that AIRS has not been profitable over the past twelve months, with a negative P/E ratio of -48.31 over the same period. Additionally, the company’s short-term liabilities exceed its liquid assets, which may affect its financial flexibility.
It is worth noting that AIRS does not currently pay a dividend to shareholders, which may be a consideration for income-oriented investors. Recent stock volatility is also noteworthy, with InvestingPro Tip pointing out that “stock price movements are volatile.” This is evidenced by the large difference between the 25% drop in the previous week and the positive overall gains over the long term.
For those looking for a comprehensive analysis, InvestingPro offers 12 additional AIRS tips, which provide a deeper understanding of the company’s financial position and market outlook.
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