0001870940-23-000038 | 10-Q | XBRL Viewer | Airsculpt Technologies INC

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DEBT - Long-term Debt, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Term loan	$ 83,937
Unamortized debt discounts and issuance costs	(937)	$ (1,455)
Total debt, net	83,000	83,545
Less: Current portion	(2,125)	(2,125)
Long-term debt, net	80,875	81,420
Secured Debt
Debt Instrument [Line Items]
Term loan	$ 83,937	$ 85,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 7 – EARNINGS PER SHARE

Basic earnings per share of common stock is computed by dividing net income/(loss) attributable to AirSculpt Technologies, Inc. by the weighted-average number of shares of common stock outstanding during the same period. Diluted earnings per share of common stock is computed by dividing net income/loss attributable to AirSculpt Technologies, Inc. by the weighted-average number of shares of common stock adjusted to give effect to potentially dilutive securities. Where the inclusion of potentially dilutive shares would be antidilutive, diluted loss per share equals basic loss per share.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income/(loss) per share of common stock is as follows (in 000’s except for shares and per share figures):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income/(loss)	$	1,776	$	583	$	1,762	$	(110)
Denominator:
Weighted average shares of common stock outstanding - basic	56,753,498		55,640,154		56,599,291		55,640,154
Add: Effect of dilutive securities	1,758,268		2,720,531		1,496,445		—
Weighted average shares of common stock outstanding - diluted	58,511,766		58,360,685		58,095,736		55,640,154
Income/(loss) per share of common stock outstanding - basic and diluted	$	0.03	$	0.01	$	0.03	$	(0.00)

The following number of potentially dilutive shares were excluded from the calculation of diluted loss per share because the effect of including such potentially dilutive shares would have been antidilutive.


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Restricted stock units	738,437	—	791,716	2,395,967
Performance and market-based stock units	1,971,274	—	2,033,737	2,444,464

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income/(loss)	$ 1,776,000	$ 1,762,000	$ (110,000)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization	2,514,000	4,850,000	3,848,000
Equity-based compensation		8,991,000	14,591,000
Non-cash interest expense; amortization of debt costs	300,000	518,000	482,000
Loss/(gain) on disposal of long-lived assets	(18,000)	(202,000)	227,000
Changes in assets and liabilities
Taxes receivable		88,000	0
Prepaid expense and other current assets		1,052,000	832,000
Other assets		(3,967,000)	(4,794,000)
Accounts payable		(392,000)	756,000
Deferred revenue and patient deposits		1,912,000	(203,000)
Accrued and other liabilities		3,843,000	1,849,000
Net cash provided by operating activities		18,455,000	17,478,000
Cash flows from investing activities
Purchases of property and equipment, net		(5,976,000)	(6,139,000)
Net cash used in investing activities		(5,976,000)	(6,139,000)
Cash flows from financing activities
Payment on term loan		(1,063,000)	(425,000)
Distribution to member		(79,000)	(1,008,000)
Dividends paid to shareholders	0	(206,000)	0
Other financing activity		32,000	0
Net cash used in financing activities		(1,316,000)	(1,433,000)
Net increase in cash and cash equivalents		11,163,000	9,906,000
Cash and cash equivalents
Beginning of period		9,616,000	25,347,000
End of period	$ 20,779,000	20,779,000	35,253,000
Supplemental disclosure of cash flow information:
Cash paid for interest		3,109,000	2,569,000
Cash paid for taxes		872,000	184,000
Supplemental disclosure of non-cash investing information:
Property and equipment included in accounts payable and accrued expenses		$ 724,000	$ 2,284,000

DEBT - Future Maturities of Long-term Debt, Net (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 1,062
2024	2,125
2025	4,250
2026	6,375
2027	70,125
Total maturities	$ 83,937

EARNINGS PER SHARE - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income/(loss), basic	$ 1,776	$ 583	$ 1,762	$ (110)
Net income/(loss), diluted	$ 1,776	$ 583	$ 1,762	$ (110)
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	56,753,498	55,640,154	56,599,291	55,640,154
Add: Effect of dilutive securities (in shares)	1,758,268	2,720,531	1,496,445	0
Weighted average shares of common stock outstanding - diluted (in shares)	58,511,766	58,360,685	58,095,736	55,640,154
Income/(loss) per share of common stock outstanding - basic (in dollars per share)	$ 0.03	$ 0.01	$ 0.03	$ (0.00)
Income/(loss) per share of common stock outstanding - diluted (in dollars per share)	$ 0.03	$ 0.01	$ 0.03	$ (0.00)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9 – COMMITMENTS AND CONTINGENCIES Professional Liability In the ordinary course of business, the Company becomes involved in pending and threatened legal actions and proceedings, most of which involve claims of medical malpractice related to medical services provided by the PAs employed and affiliated physicians. The Company may also become subject to other lawsuits which could involve large claims and significant costs. The Company believes, based upon a review of pending actions and proceedings, that the outcome of such legal actions and proceedings will not have a material adverse effect on its business, financial condition, results of operations, and cash flows. The outcome of such actions and proceedings, however, cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations, and cash flows. Although the Company currently maintains liability insurance coverage intended to cover professional liability and certain other claims, the Company cannot assure that its insurance coverage will be adequate to cover liabilities arising out of claims asserted against it in the future where the outcomes of such claims are unfavorable. Liabilities in excess of the Company’s insurance coverage, including coverage for professional liability and certain other claims, could have a material adverse effect on the Company’s business, financial condition, results of operations, and cash flows.

DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt, Net

Total borrowings as of June 30, 2023 and December 31, 2022 were as follows (in 000’s):


	June 30, 2023		December 31, 2022
Term loan	$	83,937	$	85,000
Unamortized debt discounts and issuance costs	(937)		(1,455)
Total debt, net	83,000		83,545
Less: Current portion	(2,125)		(2,125)
Long-term debt, net	$	80,875	$	81,420

Future Maturities of Long-term Debt, Net

The scheduled future maturities of long-term debt as of June 30, 2023 is as follows (in 000’s):


2023 (excluding the six months ended June 30, 2023)	$	1,062
2024	2,125
2025	4,250
2026	6,375
2027	70,125
Total maturities	$	83,937

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

DEBT

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT

NOTE 4 – DEBT

On November 7, 2022, the Company entered into a credit agreement with a syndicate of lenders (the "Credit Agreement") maturing November 7, 2027. Pursuant to the Credit Agreement, there is (i) an $85.0 million aggregate principal amount of term loans and (ii) a revolving loan facility in an aggregate principal amount of up to $5.0 million. The proceeds were used, in part, to pay off the Company’s $83.6 million outstanding principal balance under its previous credit facility.

Under the Credit Agreement, all outstanding loans bear interest based on either a base rate or SOFR plus an applicable per annum margin. The applicable per annum margin is 2.0% or 3.0% for base rate or SOFR, respectively, if the Company's total leverage ratio is equal to or greater than 2.0x. If the Company's total leverage ratio is equal to or greater than 1.0x and less than 2.0x, the applicable per annum margin is 1.5% or 2.5% for base rate or SOFR, respectively. If the Company's total leverage ratio is below 1.0x, the applicable per annum margin is 1.0% or 2.0% for base rate or SOFR, respectively. As of June 30, 2023, the interest rate was 7.23%.

Total borrowings as of June 30, 2023 and December 31, 2022 were as follows (in 000’s):


	June 30, 2023		December 31, 2022
Term loan	$	83,937	$	85,000
Unamortized debt discounts and issuance costs	(937)		(1,455)
Total debt, net	83,000		83,545
Less: Current portion	(2,125)		(2,125)
Long-term debt, net	$	80,875	$	81,420

As of June 30, 2023 and December 31, 2022, the Company had $5.0 million available on the revolving credit facility.

The scheduled future maturities of long-term debt as of June 30, 2023 is as follows (in 000’s):


2023 (excluding the six months ended June 30, 2023)	$	1,062
2024	2,125
2025	4,250
2026	6,375
2027	70,125
Total maturities	$	83,937

All borrowings under the Credit Agreement are cross collateralized by substantially all assets of the Company and are subject to certain restrictive covenants including quarterly total leverage ratio and fixed charge ratio requirements. The Company is in compliance with all covenants and has no letter of credit outstanding as of June 30, 2023 and 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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-Topic 235
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-Section S99
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+ Details

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 3 – PROPERTY AND EQUIPMENT, NET

As of June 30, 2023 and December 31, 2022 property and equipment consists of the following: (in 000’s):


	June 30, 2023		December 31, 2022
Medical equipment	$	10,088	$	8,906
Office and computer equipment	789		551
Furniture and fixtures	3,755		3,457
Leasehold improvements	20,286		14,614
Construction in progress	2,653		2,854
Less: Accumulated depreciation	(8,654)		(6,176)
Property and equipment, net	$	28,917	$	24,206

Depreciation expense was approximately $1.3 million and $0.8 million for the three months ended June 30, 2023 and 2022, respectively, and $2.5 million and $1.5 million for the six months ended June 30, 2023 and 2022, respectively.

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1.3	$ 0.8	$ 2.5	$ 1.5

ORGANIZATION AND SUMMARY OF KEY ACCOUNTING POLICIES	6 Months Ended
ORGANIZATION AND SUMMARY OF KEY ACCOUNTING POLICIES	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND SUMMARY OF KEY ACCOUNTING POLICIES	NOTE 1 – ORGANIZATION AND SUMMARY OF KEY ACCOUNTING POLICIES AirSculpt Technologies, Inc. (“AirSculpt” or the "Company"), was formed as a Delaware corporation on June 30, 2021. On October 28, 2021, AirSculpt completed an initial public offering (“IPO”) of 8,050,000 shares of common stock at an initial public offering price of $11.00 per share. Immediately following the IPO, AirSculpt’s total outstanding shares were 55,640,154. Pursuant to a reorganization (the “Reorganization”) among entities under common control immediately prior to the IPO, AirSculpt became a holding company with its principal asset being 100% of the ownership interests in EBS Intermediate Parent LLC. The Company's revenues are concentrated in the specialty, minimally invasive liposuction market. The operations of the Company prior to the IPO represent the predecessor to AirSculpt. The Company and its consolidated subsidiaries are referred to collectively in these consolidated financial statements as “we,” “our,” and “us.” Solely for convenience, some of the copyrights, trade names and trademarks referred to in these consolidated financial statements are listed without their ©, ® and ™ symbols, but we will assert, to the fullest extent under applicable law, our rights to our copyrights, trade names and trademarks. The Company, through its wholly-owned subsidiaries, is a provider of practice management services to professional associations (“PAs”) located throughout the United States, Canada, and the United Kingdom. The Company owns and operates non-clinical assets and provides its management services to the PAs through management services agreements (“MSAs”). Management services provide for the administration of the non-clinical aspects of the medical operations and include, but are not limited to, financial, administrative, technical, marketing, and personnel services. Pursuant to the MSA, the PA is responsible for all clinical aspects of the medical operations of the practice. Principles of Consolidation These consolidated financial statements present the financial position and results of operations of the Company, its wholly-owned subsidiaries, and the PAs, which are under the control of the Company and are considered variable interest entities in which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. Variable Interest Entities The Company has a variable interest in the managed PAs where it has a long-term and unilateral controlling financial interest over such PAs’ assets and operations. The Company has the ability to direct the activities that most significantly affect the PAs’ economic performance via the MSAs and related agreements. The Company is a practice management service organization and does not engage in the practice of medicine. These services are provided by licensed professionals at each of the PAs. Certain key features of the MSAs and related agreements enable the Company to assign the member interests of certain of the PAs to another member designated by the Company (i.e., “nominee shareholder”) for a nominal value in certain circumstances at the Company’s sole discretion. The MSA does not allow the Company to be involved in, or provide guidance on, the clinical operations of the PAs. The Company consolidates the PAs into the financial statements. All of the Company’s revenue is earned from services provided by the PAs. The only assets and liabilities held by the PAs included in the accompanying consolidated balance sheets are clinical related. The clinical assets and liabilities are not material to the Company as a whole. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Concentration of Credit Risk The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. The Company’s revenues are concentrated in the specialty, minimally invasive liposuction market. The Company maintains cash balances at financial institutions which may at times exceed the amount covered by the Federal Deposit Insurance Corporation. The Company has not experienced any losses in such accounts. Revenue Recognition Revenue consists primarily of revenue earned for the provision of the Company’s patented AirSculpt® procedures. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s performance obligations are delivery of specialty, minimally invasive liposuction services. The Company assists patients, as needed, by providing third-party financing options to pay for procedures. The Company has arrangements with various financing companies to facilitate this option. There is a financing transaction fee based on a set percentage of the amount financed and are not contingent upon any criteria. The Company recognizes revenue based on the expected transaction price which is reduced for financing fees. Revenue for services is recognized when the service is performed. Payment is typically rendered in advance of the service. Customer contracts generally do not include more than one performance obligation. The Company’s policy is to require payment for services in advance. Payments received for services that have yet to be performed as of June 30, 2023 and December 31, 2022 are included in deferred revenue and patient deposits. Cost of Service Cost of service is comprised of all service and product costs related to the delivery of procedures, including but not limited to compensation to doctors, nurses and clinical staff, supply costs, and facility rent expense. Deferred Financing Costs, Net Loan costs and discounts are capitalized in the period in which they are incurred and amortized on the straight-line basis over the term of the respective financing agreement which approximates the effective interest method. These costs are included as a reduction of long-term debt on the condensed consolidated balance sheets. Total amortization of deferred financing costs was approximately $0.3 million and $0.3 million for the three months ended June 30, 2023 and 2022, respectively. Total amortization of deferred financing costs was approximately $0.5 million and $0.5 million for the six months ended June 30, 2023 and 2022, respectively. Amortization of loan costs and discounts is included as a component of interest expense. Long-Lived Assets The Company accounts for impairment of long-lived assets in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, Intangibles – Goodwill and Other and Topic 360, Impairment or Disposal of Long-Lived Assets. These standards require that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to future estimated cash flows expected to arise as a direct result of the use and eventual disposition of the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. No impairment charges were recognized for the three and six months ended June 30, 2023 and 2022. Fair Value ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States, and expands disclosure requirements about fair value measurements. ASC Topic 820 defines three categories for the classification and measurement of assets and liabilities carried at fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or observable inputs that are corroborated by market data. Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions. The fair value of financial instruments is generally estimated through the use of public market prices, quotes from financial institutions and other available information. Judgment is required in interpreting data to develop estimates of market value and, accordingly, amounts are not necessarily indicative of the amounts that could be realized in a current market exchange. Short-term financial instruments, including cash, prepaid expenses and other current assets, accounts payable, and other liabilities, consist primarily of instruments without extended maturities, for which the fair value, based on management’s estimates, approximates their carrying values. Borrowings bear interest at what is estimated to be current market rates of interest, accordingly, carrying value approximates fair value. Earnings Per Share Basic earnings per share of common stock is computed by dividing net income/(loss) for the three and six months ended June 30, 2023 and 2022 by the weighted-average number of shares of common stock outstanding during the same period. Diluted earnings per share of common stock is computed by dividing net income/(loss) for the three and six months ended June 30, 2023 and 2022 by the weighted-average number of shares of common stock adjusted to give effect to potentially dilutive securities. Advertising Costs Advertising costs are expensed in the period when the costs are incurred and are included as a component of selling, general and administrative costs. Advertising expenses were approximately $6.9 million and $5.2 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $12.9 million and $10.0 million for the six months ended June 30, 2023 and 2022, respectively. Income Taxes The Company applies the provisions of ASC 740-10, Accounting for Uncertain Tax Positions (“ASC 740-10”). Under these provisions, companies must determine and assess all material positions existing as of the reporting date, including all significant uncertain positions, for all tax years that are open to assessment or challenge under tax statutes. Additionally, those positions that have only timing consequences are analyzed and separated based on ASC 740-10’s recognition and measurement model. ASC 740-10 provides guidance related to uncertain tax positions for pass-through entities and tax-exempt not-for profit entities. ASC 740-10 also modifies disclosure requirements related to uncertain tax positions for nonpublic entities and provides that all entities are subject to ASC 740-10 even if the only tax position in question is the entity’s status as a pass-through. As required by the uncertain tax position guidance, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the condensed consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applied the uncertain tax position guidance to all tax positions for which the statute of limitations remained open and determined that there are no uncertain tax positions as of June 30, 2023 or December 31, 2022. The Company is not subject to U.S. federal tax examination prior to 2021, when it was formed. The Company has an effective tax rate of approximately 48.8% and 75.7% for the three months ended June 30, 2023 and 2022, respectively, and approximately 49.6% and 57.5% for the six months ended June 30, 2023 and 2022, respectively, inclusive of all applicable U.S. federal and state income taxes.

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		55,640,154
Beginning balance at Dec. 31, 2021	$ 83,528	$ 56	$ 83,865	$ 0	$ (393)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions	(282)		(282)
Equity-based compensation	7,316		7,316
Net income/(loss)	(693)				(693)
Ending balance (in shares) at Mar. 31, 2022		55,640,154
Ending balance at Mar. 31, 2022	89,869	$ 56	90,899	0	(1,086)
Beginning balance (in shares) at Dec. 31, 2021		55,640,154
Beginning balance at Dec. 31, 2021	83,528	$ 56	83,865	0	(393)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	(110)
Ending balance (in shares) at Jun. 30, 2022		55,640,154
Ending balance at Jun. 30, 2022	97,433	$ 56	97,880	0	(503)
Beginning balance (in shares) at Mar. 31, 2022		55,640,154
Beginning balance at Mar. 31, 2022	89,869	$ 56	90,899	0	(1,086)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions	(294)		(294)
Equity-based compensation	7,275		7,275
Net income/(loss)	583				583
Ending balance (in shares) at Jun. 30, 2022		55,640,154
Ending balance at Jun. 30, 2022	97,433	$ 56	97,880	0	(503)
Beginning balance (in shares) at Dec. 31, 2022		56,181,689
Beginning balance at Dec. 31, 2022	70,766	$ 56	85,858	(76)	(15,072)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock through unit vesting (in shares)		529,571
Issuance of common stock through unit vesting	0
Dividends	66		66
Equity-based compensation	4,388		4,388
Net income/(loss)	(14)				(14)
Other comprehensive income	22			22
Ending balance (in shares) at Mar. 31, 2023		56,711,260
Ending balance at Mar. 31, 2023	75,228	$ 56	90,312	(54)	(15,086)
Beginning balance (in shares) at Dec. 31, 2022		56,181,689
Beginning balance at Dec. 31, 2022	70,766	$ 56	85,858	(76)	(15,072)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	1,762
Ending balance (in shares) at Jun. 30, 2023		56,784,968
Ending balance at Jun. 30, 2023	81,472	$ 57	94,836	(111)	(13,310)
Beginning balance (in shares) at Mar. 31, 2023		56,711,260
Beginning balance at Mar. 31, 2023	75,228	$ 56	90,312	(54)	(15,086)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock through unit vesting (in shares)		73,708
Issuance of common stock through unit vesting	1	$ 1
Dividends	(79)		(79)
Equity-based compensation	4,603		4,603
Net income/(loss)	1,776				1,776
Other comprehensive income	(57)			(57)
Ending balance (in shares) at Jun. 30, 2023		56,784,968
Ending balance at Jun. 30, 2023	$ 81,472	$ 57	$ 94,836	$ (111)	$ (13,310)

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS [Open]

SEGMENT INFORMATION (Details)	6 Months Ended
SEGMENT INFORMATION (Details)	Jun. 30, 2023 reportable_segment
Segment Reporting [Abstract]
Number of reportable segments	1

LEASES (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Weighted-Average Lease Terms, Discount Rates and Supplemental Cash Flow Information

The following table presents supplemental cash flow information for the six months ended June 30, 2023 and 2022 (in 000’s):


	June 30, 2023		June 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	2,544	$	2,026
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	8,991	$	6,138

Future Minimum Rental Payments under all Non-Cancellable Operating Leases

Future minimum rental payments under all non-cancellable operating lease agreements for the succeeding five years are as follows, excluding common area maintenance charges that may be required by the agreements (in 000’s):


Year ended December 31,

2023 (excluding the six months ended June 30, 2023)	$	2,696
2024	6,240
2025	6,413
2026	6,043
2027	5,441
Thereafter	12,273
Total lease payments	39,106
Less: imputed interest	(9,683)
Total lease obligations	$	29,423

LEASES

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

LEASES

NOTE 5 – LEASES

The Company’s operating leases are primarily for real estate, including medical office suites and corporate offices. For the three months ended June 30, 2023 and 2022, the Company incurred rent expense of $1.4 million and $1.0 million, respectively, for its medical office suites. For the six months ended June 30, 2023 and 2022, the Company incurred rent expense of $2.9 million and $2.0 million, respectively, related to its medical office suites. The Company’s rent expense related to its medical office suites is classified in cost of services within the Company’s condensed consolidated statements of operations. The Company incurred rent expense of $91,000 and $119,000 for the three months ended June 30, 2023 and 2022, respectively, and $182,000 and $164,000 for the six months ended June 30, 2023 and 2022, respectively, related to the corporate offices which is classified in selling, general and administrative expenses. The Company currently does not have any finance leases.

Real estate lease agreements typically have initial terms of five to ten years and may include one or more options to renew. The useful life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s lease agreements do not contain any material residual value guarantees, restrictions or covenants.

The following table presents supplemental cash flow information for the six months ended June 30, 2023 and 2022 (in 000’s):


	June 30, 2023		June 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	2,544	$	2,026
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	8,991	$	6,138


Year ended December 31,

2023 (excluding the six months ended June 30, 2023)	$	2,696
2024	6,240
2025	6,413
2026	6,043
2027	5,441
Thereafter	12,273
Total lease payments	39,106
Less: imputed interest	(9,683)
Total lease obligations	$	29,423

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 55,703	$ 49,654	$ 101,516	$ 89,198
Operating expenses:
Cost of service (exclusive of depreciation and amortization)	19,952	17,492	37,969	32,154
Selling, general and administrative	27,893	26,010	51,775	50,177
Depreciation and amortization	2,514	1,962	4,850	3,848
Loss/(gain) on disposal of long-lived assets	(18)	227	(202)	227
Total operating expenses	50,341	45,691	94,392	86,406
Income from operations	5,362	3,963	7,124	2,792
Interest expense, net	1,891	1,559	3,626	3,051
Pre-tax net income/(loss)	3,471	2,404	3,498	(259)
Income tax expense/(benefit)	1,695	1,821	1,736	(149)
Net income/(loss)	$ 1,776	$ 583	$ 1,762	$ (110)
Income per share of common stock
Basic (in dollars per share)	$ 0.03	$ 0.01	$ 0.03	$ (0.00)
Diluted (in dollars per share)	$ 0.03	$ 0.01	$ 0.03	$ (0.00)
Weighted average shares outstanding
Basic (in shares)	56,753,498	55,640,154	56,599,291	55,640,154
Diluted (in shares)	58,511,766	58,360,685	58,095,736	55,640,154

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss per Share


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income/(loss)	$	1,776	$	583	$	1,762	$	(110)
Denominator:
Weighted average shares of common stock outstanding - basic	56,753,498		55,640,154		56,599,291		55,640,154
Add: Effect of dilutive securities	1,758,268		2,720,531		1,496,445		—
Weighted average shares of common stock outstanding - diluted	58,511,766		58,360,685		58,095,736		55,640,154
Income/(loss) per share of common stock outstanding - basic and diluted	$	0.03	$	0.01	$	0.03	$	(0.00)

Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Restricted stock units	738,437	—	791,716	2,395,967
Performance and market-based stock units	1,971,274	—	2,033,737	2,444,464

EARNINGS PER SHARE - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	738,437	0	791,716	2,395,967
Performance and market-based stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,971,274	0	2,033,737	2,444,464

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense/(benefit)	$ 1,695,000	$ 1,821,000	$ 1,736,000	$ (149,000)
Effective tax rate	48.80%	75.70%	49.60%	57.50%
Uncertain tax positions	$ 0		$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

DEBT - Narrative (Details)	Nov. 07, 2022 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Letters of credit outstanding		$ 0		$ 0
2022 Credit Agreement
Debt Instrument [Line Items]
Leverage ratio, triggering event, maximum	2.0
Leverage ratio, triggering event, minimum	1.0
2022 Credit Agreement \| Debt Instrument, Triggering Event, One \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
2022 Credit Agreement \| Debt Instrument, Triggering Event, One \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
2022 Credit Agreement \| Debt Instrument, Triggering Event, Two \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
2022 Credit Agreement \| Debt Instrument, Triggering Event, Two \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
2022 Credit Agreement \| Debt Instrument, Triggering Event, Three \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
2022 Credit Agreement \| Debt Instrument, Triggering Event, Three \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	200.00%
Secured Debt \| 2018 Credit Agreement
Debt Instrument [Line Items]
Debt face amount	$ 83,600,000
Secured Debt \| 2022 Credit Agreement
Debt Instrument [Line Items]
Debt face amount	85,000,000
Debt instrument, interest rate percentage		7.23%
Line of Credit \| 2018 Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Available borrowing capacity		$ 5,000,000	$ 5,000,000
Line of Credit \| 2022 Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 5,000,000

GOODWILL AND INTANGIBLES, NET - Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 71,300	$ 71,300
Total	48,722	51,099
Technology and know-how
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	53,600	53,600
Accumulated amortization	$ (16,973)	(15,186)
Useful Life	15 years
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 17,700	17,700
Accumulated amortization	$ (5,605)	$ (5,015)
Useful Life	15 years

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 2,544	$ 2,026
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 8,991	$ 6,138

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 20,779	$ 9,616
Taxes receivable	2,743	2,831
Prepaid expenses and other current assets	3,307	4,229
Total current assets	26,829	16,676
Property and equipment, net	28,917	24,206
Other long-term assets	3,359	3,280
Right of use operating lease assets	27,723	23,764
Intangible assets, net	48,722	51,099
Goodwill	81,734	81,734
Total assets	217,284	200,759
Current liabilities
Accounts payable	4,176	3,844
Accrued payroll and benefits	3,269	2,991
Current portion of long-term debt	2,125	2,125
Deferred revenue and patient deposits	4,271	2,358
Accrued and other current liabilities	5,162	6,644
Current operating lease liabilities	4,945	4,356
Total current liabilities	23,948	22,318
Long-term debt, net	80,875	81,420
Deferred tax liability, net	5,485	5,485
Long-term operating lease liabilities	24,479	19,745
Other long-term liabilities	1,025	1,025
Total liabilities	135,812	129,993
Commitments and contingent liabilities (Note 9)
Stockholders' equity
Common stock, $0.001 par value; shares authorized - 450,000,000; shares issued and outstanding - 56,784,968 and 56,181,689, respectively	57	56
Additional paid-in capital	94,836	85,858
Accumulated other comprehensive loss	(111)	(76)
Accumulated deficit	(13,310)	(15,072)
Total stockholders' equity	81,472	70,766
Total liabilities and stockholders' equity	$ 217,284	$ 200,759

STOCKHOLDERS' EQUITY AND EQUITY-BASED COMPENSATION	6 Months Ended
STOCKHOLDERS' EQUITY AND EQUITY-BASED COMPENSATION	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCKHOLDERS' EQUITY AND EQUITY-BASED COMPENSATION	NOTE 6 – STOCKHOLDERS' EQUITY AND EQUITY-BASED COMPENSATION During the three and six months ended June 30, 2023, the Company granted 158,306 and 767,261 restricted stock units ("RSUs"), respectively, to executive officers and employees under the 2021 Equity Incentive Plan. During the three and six months ended June 30, 2022, the Company granted 107,937 RSUs. These RSUs are not considered outstanding until vested. These RSUs have a time-based vesting condition. These units will vest 1/3 per year over three years. Vesting and payment of these RSUs are generally subject to continuing service of the employee or non-employee director over the ratable vesting periods beginning one year from the date of grant to three years after the date of grant. The fair values of these RSUs were determined based on the closing price of the Company’s common stock on the trading date immediately prior to the grant date. During the three and six months ended June 30, 2023, the Company also granted 89,258 and 674,846 performance based stock units ("PSUs"), respectively, which have market-based vesting conditions. In the three and six months ended June 30, 2022, the Company granted 103,936 PSUs, which have market-based vesting conditions. The vesting is based on achievement of a total shareholder return relative to a specified peer group (“rTSR”). Based on the rTSR, the awards can settle in shares in a range from 0% to 200%. In addition to the achievement of the performance conditions, these PSUs are generally subject to the continuing service of the employee over the ratable vesting period from the earned date continuing through the settlement of the shares. For these PSUs, the shares settle in the first quarter of the year following the year in which the vesting criteria is met. The fair values of PSUs with a market-based vesting condition were estimated using a Monte Carlo simulation model. The Company recorded equity-based compensation expense of $4.6 million and $7.3 million for the three months ended June 30, 2023 and 2022, respectively, and $9.0 million and $14.6 million for the six months ended June 30, 2023 and 2022, respectively, in selling, general and administrative expenses on the condensed consolidated statements of operations. Forfeitures are recognized as incurred. The Company paid dividends of approximately $— and $0.2 million for the three and six months ended June 30, 2023, respectively. The Company paid distributions to the Parent of approximately $0.3 million and $0.6 million for the three and six months ended June 30, 2022, respectively.

GOODWILL AND INTANGIBLES, NET (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Finite-Lived Intangible Assets

Intangible assets consisted of the following at June 30, 2023 and December 31, 2022 (in 000’s):


	June 30, 2023		December 31, 2022		Useful Life
Technology and know-how	$	53,600	$	53,600	15 years
Trademarks and tradenames	17,700		17,700		15 years
	71,300		71,300
Accumulated amortization of technology and know-how	(16,973)		(15,186)
Accumulated amortization of tradenames and trademarks	(5,605)		(5,015)
Total intangible assets	$	48,722	$	51,099

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (8,654)	$ (6,176)
Property and equipment, net	28,917	24,206
Medical equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,088	8,906
Office and computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	789	551
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,755	3,457
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,286	14,614
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,653	$ 2,854

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8 – INCOME TAXES The Company's income tax expense for the three months ended June 30, 2023 and 2022 was $1.7 million and $1.8 million, respectively, and the income tax expense/(benefit) for the six months ended June 30, 2023 and 2022 was $1.7 million and $(0.1) million, respectively. The effective tax rate for the three months ended June 30, 2023 and 2022 was 48.8% and 75.7%, respectively. The effective tax rate for the six months ended June 30, 2023 and 2022 was 49.6% and 57.5%, respectively. The main driver of the difference between the effective and statutory rate is non-deductible executive compensation under Section 162(m) of the Internal Revenue Code. There are no uncertain tax positions as of June 30, 2023 or December 31, 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity -based compensation expense	$ 4,600,000	$ 7,300,000	$ 9,000,000	$ 14,600,000
Dividends paid	0		206,000	0
Distributions paid to parent	$ 300,000	$ 300,000	$ 600,000	$ 600,000
Restricted stock units \| Equity Incentive Plan 2021 \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				33.00%
Restricted stock units \| Equity Incentive Plan 2021 \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				33.00%
Restricted stock units \| Equity Incentive Plan 2021 \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				33.00%
Restricted stock units \| Executive Offices And Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period	158,306	107,937	767,261	107,937
Restricted stock units \| Executive Offices And Employees \| Equity Incentive Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Market Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period	89,258	103,936	674,846	103,936
Market Based Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
rTSR payout percentage			0.00%
Market Based Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
rTSR payout percentage			200.00%

GOODWILL AND INTANGIBLES, NET

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES, NET

NOTE 2 – GOODWILL AND INTANGIBLES, NET

The annual review of goodwill impairment will be performed in October 2023. There were no triggering events during the three and six months ended June 30, 2023 and 2022.

The Company had goodwill of $81.7 million at June 30, 2023 and December 31, 2022.

Intangible assets consisted of the following at June 30, 2023 and December 31, 2022 (in 000’s):


	June 30, 2023		December 31, 2022		Useful Life
Technology and know-how	$	53,600	$	53,600	15 years
Trademarks and tradenames	17,700		17,700		15 years
	71,300		71,300
Accumulated amortization of technology and know-how	(16,973)		(15,186)
Accumulated amortization of tradenames and trademarks	(5,605)		(5,015)
Total intangible assets	$	48,722	$	51,099

Aggregate amortization expense on intangible assets was approximately $1.2 million for both of the three months ended June 30, 2023 and 2022, and $2.4 million for both of the six months ended June 30, 2023 and 2022.

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

As of June 30, 2023 and December 31, 2022 property and equipment consists of the following: (in 000’s):


	June 30, 2023		December 31, 2022
Medical equipment	$	10,088	$	8,906
Office and computer equipment	789		551
Furniture and fixtures	3,755		3,457
Leasehold improvements	20,286		14,614
Construction in progress	2,653		2,854
Less: Accumulated depreciation	(8,654)		(6,176)
Property and equipment, net	$	28,917	$	24,206

LEASES - Future Minimum Rental Payments under all Non-Cancellable Operating Leases (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 2,696
2024	6,240
2025	6,413
2026	6,043
2027	5,441
Thereafter	12,273
Total lease payments	39,106
Less: imputed interest	(9,683)
Total lease obligations	$ 29,423

ORGANIZATION AND SUMMARY OF KEY ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation These consolidated financial statements present the financial position and results of operations of the Company, its wholly-owned subsidiaries, and the PAs, which are under the control of the Company and are considered variable interest entities in which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.
Variable Interest Entities	Variable Interest Entities The Company has a variable interest in the managed PAs where it has a long-term and unilateral controlling financial interest over such PAs’ assets and operations. The Company has the ability to direct the activities that most significantly affect the PAs’ economic performance via the MSAs and related agreements. The Company is a practice management service organization and does not engage in the practice of medicine. These services are provided by licensed professionals at each of the PAs. Certain key features of the MSAs and related agreements enable the Company to assign the member interests of certain of the PAs to another member designated by the Company (i.e., “nominee shareholder”) for a nominal value in certain circumstances at the Company’s sole discretion. The MSA does not allow the Company to be involved in, or provide guidance on, the clinical operations of the PAs. The Company consolidates the PAs into the financial statements. All of the Company’s revenue is earned from services provided by the PAs. The only assets and liabilities held by the PAs included in the accompanying consolidated balance sheets are clinical related. The clinical assets and liabilities are not material to the Company as a whole.
Accounting Estimates	Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash	Cash and Concentration of Credit Risk The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. The Company’s revenues are concentrated in the specialty, minimally invasive liposuction market.
Concentration of Credit Risk	The Company maintains cash balances at financial institutions which may at times exceed the amount covered by the Federal Deposit Insurance Corporation. The Company has not experienced any losses in such accounts.
Revenue Recognition	Revenue Recognition Revenue consists primarily of revenue earned for the provision of the Company’s patented AirSculpt® procedures. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s performance obligations are delivery of specialty, minimally invasive liposuction services. The Company assists patients, as needed, by providing third-party financing options to pay for procedures. The Company has arrangements with various financing companies to facilitate this option. There is a financing transaction fee based on a set percentage of the amount financed and are not contingent upon any criteria. The Company recognizes revenue based on the expected transaction price which is reduced for financing fees. Revenue for services is recognized when the service is performed. Payment is typically rendered in advance of the service. Customer contracts generally do not include more than one performance obligation. The Company’s policy is to require payment for services in advance. Payments received for services that have yet to be performed as of June 30, 2023 and December 31, 2022 are included in deferred revenue and patient deposits.
Cost of Service	Cost of Service Cost of service is comprised of all service and product costs related to the delivery of procedures, including but not limited to compensation to doctors, nurses and clinical staff, supply costs, and facility rent expense.
Deferred Financing Costs, Net	Deferred Financing Costs, NetLoan costs and discounts are capitalized in the period in which they are incurred and amortized on the straight-line basis over the term of the respective financing agreement which approximates the effective interest method. These costs are included as a reduction of long-term debt on the condensed consolidated balance sheets.
Long-Lived Assets	Long-Lived AssetsThe Company accounts for impairment of long-lived assets in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, Intangibles – Goodwill and Other and Topic 360, Impairment or Disposal of Long-Lived Assets. These standards require that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to future estimated cash flows expected to arise as a direct result of the use and eventual disposition of the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell.
Fair Value	Fair Value ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States, and expands disclosure requirements about fair value measurements. ASC Topic 820 defines three categories for the classification and measurement of assets and liabilities carried at fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or observable inputs that are corroborated by market data. Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions. The fair value of financial instruments is generally estimated through the use of public market prices, quotes from financial institutions and other available information. Judgment is required in interpreting data to develop estimates of market value and, accordingly, amounts are not necessarily indicative of the amounts that could be realized in a current market exchange. Short-term financial instruments, including cash, prepaid expenses and other current assets, accounts payable, and other liabilities, consist primarily of instruments without extended maturities, for which the fair value, based on management’s estimates, approximates their carrying values. Borrowings bear interest at what is estimated to be current market rates of interest, accordingly, carrying value approximates fair value.
Earnings Per Share	Earnings Per ShareBasic earnings per share of common stock is computed by dividing net income/(loss) for the three and six months ended June 30, 2023 and 2022 by the weighted-average number of shares of common stock outstanding during the same period. Diluted earnings per share of common stock is computed by dividing net income/(loss) for the three and six months ended June 30, 2023 and 2022 by the weighted-average number of shares of common stock adjusted to give effect to potentially dilutive securities.
Advertising Costs	Advertising CostsAdvertising costs are expensed in the period when the costs are incurred and are included as a component of selling, general and administrative costs.
Income Taxes	Income Taxes The Company applies the provisions of ASC 740-10, Accounting for Uncertain Tax Positions (“ASC 740-10”). Under these provisions, companies must determine and assess all material positions existing as of the reporting date, including all significant uncertain positions, for all tax years that are open to assessment or challenge under tax statutes. Additionally, those positions that have only timing consequences are analyzed and separated based on ASC 740-10’s recognition and measurement model. ASC 740-10 provides guidance related to uncertain tax positions for pass-through entities and tax-exempt not-for profit entities. ASC 740-10 also modifies disclosure requirements related to uncertain tax positions for nonpublic entities and provides that all entities are subject to ASC 740-10 even if the only tax position in question is the entity’s status as a pass-through. As required by the uncertain tax position guidance, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the condensed consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applied the uncertain tax position guidance to all tax positions for which the statute of limitations remained open and determined that there are no uncertain tax positions as of June 30, 2023 or December 31, 2022.

GOODWILL AND INTANGIBLES, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 81,734		$ 81,734		$ 81,734
Amortization of intangible assets	$ 1,200	$ 1,200	$ 2,400	$ 2,400

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Condensed Consolidated Statements of Other Comprehensive Income/(Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 1,776	$ 583	$ 1,762	$ (110)
Other comprehensive loss:
Change in foreign currency translation adjustment	(57)	0	(35)	0
Total other comprehensive loss	(57)	0	(35)	0
Comprehensive income/(loss)	$ 1,719	$ 583	$ 1,727	$ (110)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ORGANIZATION AND SUMMARY OF KEY ACCOUNTING POLICIES (Details)		3 Months Ended		6 Months Ended
	Oct. 28, 2021 $ / shares shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	Oct. 27, 2021
Subsidiary, Sale of Stock [Line Items]
Number of shares outstanding (in shares) \| shares	55,640,154	56,784,968		56,784,968		56,181,689
Business reorganization, ownership interest							1
Amortization of deferred financing		$ 300,000	$ 300,000	$ 518,000	$ 482,000
Impairment charges		0	0	0	0
Advertising expenses		6,900,000	$ 5,200,000	12,900,000	$ 10,000,000
Uncertain tax positions		$ 0		$ 0		$ 0
Effective tax rate		48.80%	75.70%	49.60%	57.50%
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares sold in initial stock offering (in shares) \| shares	8,050,000
Initial stock offering price (in dollars per share) \| $ / shares	$ 11.00

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 11, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40973
Entity Registrant Name	AirSculpt Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1471855
Entity Address, Address Line One	1111 Lincoln Road
Entity Address, Address Line Two	Suite 802
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33139
City Area Code	786
Local Phone Number	709-9690
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AIRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		56,784,968
Entity Central Index Key	0001870940
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	450,000,000	450,000,000
Common stock, issued (in shares)	56,784,968	56,181,689
Common stock, outstanding (in shares)	56,784,968	56,181,689

LEASES - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) renewal_option	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Number of lease renewal options (or more) \| renewal_option			1
Minimum
Lessee, Lease, Description [Line Items]
Lease term	5 years		5 years
Maximum
Lessee, Lease, Description [Line Items]
Lease term	10 years		10 years
Office Building
Lessee, Lease, Description [Line Items]
Rent expense	$ 1,400	$ 1,000	$ 2,900	$ 2,000
Corporate Offices
Lessee, Lease, Description [Line Items]
Rent expense	$ 91	$ 119	$ 182	$ 164

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 10 – SEGMENT INFORMATION The Company has one reportable segment: direct medical procedure services. This segment is made up of facilities and medical staff that provide the Company’s patented AirSculpt® procedures to patients. Segment information is presented in the same manner that the Company’s chief operating decision maker (“CODM”) reviews the operating results in assessing performance and allocating resources. The Company’s CODM is the Company’s chief executive officer. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. The Company’s CODM reviews revenue, gross profit and Adjusted EBITDA. Gross profit is defined as revenues less cost of service incurred and Adjusted EBITDA as net income/loss excluding depreciation and amortization, net interest expense, income tax expense/(benefit), restructuring and related severance costs, IPO related costs, (gain)/loss on disposal of long-lived assets, and equity-based compensation.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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