AirSculpt

Cash-pay elective procedures are cyclical and marketing dependent. After declines in 2024 and 2025, management reported two quarters of 1 percent same-center case growth and maintained revenue guidance toward the low end, but reduced adjusted EBITDA guidance.

Q2 2026 revenue declined 3 percent and H1 2026 revenue declined 1.3 percent year over year. The company paused de novos to protect liquidity, which steadies capex but limits runway for top-line compounding until conversion and pricing levers work. Exposure to potential GLP-1 substitution and variable lead quality adds uncertainty.

Predictability remains below our bar for toll-like, recurring revenue businesses.