0001870940-24-000045 | 10-Q | XBRL Viewer | Airsculpt Technologies INC

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

NOTE 7 – EARNINGS PER SHARE

Basic earnings per share of common stock is computed by dividing net (loss)/income 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 (loss)/income 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 (loss)/income per share of common stock is as follows (in 000’s except for shares and per share figures):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net (loss)/income	$	(6,040)	$	(1,667)	$	(3,217)	$	95
Denominator:
Weighted average shares of common stock outstanding - basic	57,650,923		56,785,087		57,543,678		56,661,903
Add: Effect of dilutive securities	—		—		—		1,667,782
Weighted average shares of common stock outstanding - diluted	57,650,923		56,785,087		57,543,678		58,329,685
(Loss)/income per share of common stock outstanding - basic and diluted	$	(0.10)	$	(0.03)	$	(0.06)	$	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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Restricted stock units	1,304,512	661,723	1,304,512	777,849
Performance and market-based stock units	2,185,599	1,697,842	2,185,599	1,830,505

DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-term Debt, Net

Total borrowings as of September 30, 2024 and December 31, 2023 were as follows (in 000’s):


	September 30, 2024		December 31, 2023
Term loan	$	71,281	$	72,875
Unamortized debt discounts and issuance costs	(1,139)		(1,247)
Total debt, net	70,142		71,628
Less: Current portion	(3,719)		(2,125)
Long-term debt, net	$	66,423	$	69,503

Future Maturities of Long-term Debt, Net

The scheduled future maturities of long-term debt as of September 30, 2024 is as follows (in 000’s):


Year ending December 31,
2024 (excluding the nine months ended September 30, 2024)	$	531
2025	4,250
2026	6,375
2027	60,125

Total maturities	$	71,281

- 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.

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+ Details

Condensed Consolidated Statements of Other Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss)/income	$ (6,040)	$ (1,667)	$ (3,217)	$ 95
Other comprehensive income/(loss):
Change in foreign currency translation adjustment	206	(106)	224	(141)
Total other comprehensive income/(loss):	206	(106)	224	(141)
Comprehensive loss	$ (5,834)	$ (1,773)	$ (2,993)	$ (46)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

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

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+ Details

ORGANIZATION AND SUMMARY OF KEY ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
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 domestic and international subsidiaries, and its variable interest in the managed PAs in the United States ("Domestic 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 Domestic PAs where it has a long-term and unilateral controlling financial interest over their assets and operations. The Company has the ability to direct the activities that most significantly affect the Domestic 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 Domestic PAs. Certain key features of the MSAs and related agreements enable the Company to assign the member interests of certain of the Domestic 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 Domestic PAs. The Company consolidates the Domestic PAs into the financial statements. All of the Company’s revenue is earned from services provided by the Domestic PAs and its wholly-owned foreign subsidiaries in the United Kingdom and Canada. The only assets and liabilities held by the Domestic 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 September 30, 2024 and December 31, 2023 are included in deferred revenue and patient deposits. All of the deferred revenue and patient deposits as of December 31, 2023 were recognized in revenue during the nine months ended September 30, 2024. For the three months ended September 30, 2024 and 2023, revenue from international locations was $1.5 million and $1.4 million, respectively, and net loss from international operations was $0.8 million and $2.6 million, respectively. For the nine months ended September 30, 2024 and 2023, revenue from international locations was $4.7 million and $3.9 million, respectively, and net loss from international operations was $1.6 million and $3.5 million, respectively.
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, 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.
Long-Lived Assets	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.
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 Share Basic earnings per share of common stock is computed by dividing net (loss)/income for the three and nine months ended September 30, 2024 and 2023 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 (loss)/income for the three and nine months ended September 30, 2024 and 2023 by the weighted-average number of shares of common stock adjusted to give effect to potentially dilutive securities.
Advertising Costs	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.
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 September 30, 2024 or December 31, 2023.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which requires enhanced disclosures of significant segment expenses. The ASU is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The amendments in this ASU must be applied retrospectively to all periods presented and early adoption is permitted. The Company is evaluating the impact of this ASU on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which establishes new requirements for the categorization and disaggregation of information in the rate reconciliation as well as for disaggregation of income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024 and interim periods beginning after December 15, 2025. The amendments in this ASU may be applied prospectively or retrospectively to all periods presented and early adoption is permitted. The Company is evaluating the impact of this ASU on its consolidated financial statements.

DEBT - Future Maturities of Long-term Debt, Net (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (excluding the nine months ended September 30, 2024)	$ 531
2025	4,250
2026	6,375
2027	60,125
Total maturities	$ 71,281

SEGMENT INFORMATION	9 Months Ended
SEGMENT INFORMATION	Sep. 30, 2024
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 (loss)/income excluding depreciation and amortization, net interest expense, income tax expense, restructuring and related severance costs, loss/(gain) on disposal of long-lived assets, settlement costs for non-recurring litigation, 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.

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+ Details

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 733,000	$ 786,000	$ 894,000	$ 2,522,000
Effective tax rate	(13.80%)	(89.20%)	(38.50%)	96.40%
Uncertain tax positions	$ 0		$ 0		$ 0

- Definition

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

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+ Details

STOCKHOLDERS' EQUITY AND EQUITY-BASED COMPENSATION	9 Months Ended
STOCKHOLDERS' EQUITY AND EQUITY-BASED COMPENSATION	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCKHOLDERS' EQUITY AND EQUITY-BASED COMPENSATION	NOTE 6 – STOCKHOLDERS' EQUITY AND EQUITY-BASED COMPENSATION During the three and nine months ended September 30, 2024, the Company granted 0 and 515,804 restricted stock units ("RSUs"), respectively, to executive officers and employees under the 2021 Equity Incentive Plan. During the three and nine months ended September 30, 2023, the Company granted 0 and 767,261 RSUs, respectively. 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 nine months ended September 30, 2024, the Company granted 0 and 407,688 performance-based stock units ("PSUs"), respectively, which have market-based vesting conditions. In the three and nine months ended September 30, 2023, the Company granted 0 and 674,876 PSUs, respectively, 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. In connection with the IPO, on November 4, 2021 the Company previously granted PSUs with performance-based vesting conditions to certain employees. The performance-based conditions include PSUs that can vest upon achieving specified stock price performance targets, and the remaining PSUs can vest upon achieving a revenue performance target in any trailing twelve-month period up to December 31, 2024 (the "Revenue Target"). During the three months ended March 31, 2024, the Company reassessed the probability of achieving the Revenue Target and determined such achievement is improbable based on current facts and circumstances. As a result, the Company recorded a $10.4 million cumulative reversal of stock compensation expense related to the unvested PSUs attributable to the Revenue Target in the three months ended March 31, 2024. The Company recognized equity-based compensation expense of $3.4 million and $4.5 million for the three months ended September 30, 2024 and 2023, respectively, and $1.5 million and $13.5 million for the nine months ended September 30, 2024 and 2023, 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 $14,000 and $206,000 for the nine months ended September 30, 2024 and 2023, respectively.

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (16,602)	$ (11,700)
Property and equipment, net	36,279	28,908
Medical equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,219	11,576
Office and computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	921	860
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,951	4,280
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	31,536	21,982
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,254	$ 1,910

ORGANIZATION AND SUMMARY OF KEY ACCOUNTING POLICIES (Details)		3 Months Ended						9 Months Ended
	Oct. 28, 2021 $ / shares shares	Sep. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	Oct. 27, 2021
Subsidiary, Sale of Stock [Line Items]
Number of shares outstanding (in shares) \| shares	55,640,154	57,809,121						57,809,121		57,355,676
Business reorganization, ownership interest											1
Revenue		$ 42,548,000			$ 46,793,000			$ 141,172,000	$ 148,309,000
Net (loss)/income		(6,040,000)	$ (3,206,000)	$ 6,029,000	(1,667,000)	$ 1,776,000	$ (14,000)	(3,217,000)	95,000
Amortization of deferred financing		100,000			300,000			244,000	776,000
Impairment charges		0			0			0	0
Advertising expenses		6,900,000			$ 6,500,000			26,300,000	$ 19,500,000
Uncertain tax positions		$ 0						$ 0		$ 0
Effective tax rate		(13.80%)			(89.20%)			(38.50%)	96.40%
Non-US
Subsidiary, Sale of Stock [Line Items]
Revenue		$ 1,500,000			$ 1,400,000			$ 4,700,000	$ 3,900,000
Net (loss)/income		$ (800,000)			$ (2,600,000)			$ (1,600,000)	$ (3,500,000)
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

ORGANIZATION AND SUMMARY OF KEY ACCOUNTING POLICIES	9 Months Ended
ORGANIZATION AND SUMMARY OF KEY ACCOUNTING POLICIES	Sep. 30, 2024
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 domestic and international subsidiaries, and its variable interest in the managed PAs in the United States ("Domestic 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. Interim Financial Statement Presentation In the opinion of management, the accompanying Condensed Consolidated Financial Statements of the Company and its subsidiaries, which are unaudited, include all normal and recurring adjustments considered necessary to present fairly the Company’s financial position as of September 30, 2024, and the results of its operations and its cash flows for the periods presented. Variable Interest Entities The Company has a variable interest in the Domestic PAs where it has a long-term and unilateral controlling financial interest over their assets and operations. The Company has the ability to direct the activities that most significantly affect the Domestic 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 Domestic PAs. Certain key features of the MSAs and related agreements enable the Company to assign the member interests of certain of the Domestic 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 Domestic PAs. The Company consolidates the Domestic PAs into the financial statements. All of the Company’s revenue is earned from services provided by the Domestic PAs and its wholly-owned foreign subsidiaries in the United Kingdom and Canada. The only assets and liabilities held by the Domestic 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 September 30, 2024 and December 31, 2023 are included in deferred revenue and patient deposits. All of the deferred revenue and patient deposits as of December 31, 2023 were recognized in revenue during the nine months ended September 30, 2024. For the three months ended September 30, 2024 and 2023, revenue from international locations was $1.5 million and $1.4 million, respectively, and net loss from international operations was $0.8 million and $2.6 million, respectively. For the nine months ended September 30, 2024 and 2023, revenue from international locations was $4.7 million and $3.9 million, respectively, and net loss from international operations was $1.6 million and $3.5 million, respectively. 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 $0.1 million and $0.3 million for the three months ended September 30, 2024 and 2023, respectively. Total amortization of deferred financing costs was approximately $0.2 million and $0.8 million for the nine months ended September 30, 2024 and 2023, 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 nine months ended September 30, 2024 and 2023. 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 (loss)/income for the three and nine months ended September 30, 2024 and 2023 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 (loss)/income for the three and nine months ended September 30, 2024 and 2023 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 $6.5 million for the three months ended September 30, 2024 and 2023, respectively, and approximately $26.3 million and $19.5 million for the nine months ended September 30, 2024 and 2023, 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 September 30, 2024 or December 31, 2023. 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 (13.8)% and (89.2)% for the three months ended September 30, 2024 and 2023, respectively, and approximately (38.5)% and 96.4% for the nine months ended September 30, 2024 and 2023, respectively, inclusive of all applicable U.S. federal and state income taxes. Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which requires enhanced disclosures of significant segment expenses. The ASU is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The amendments in this ASU must be applied retrospectively to all periods presented and early adoption is permitted. The Company is evaluating the impact of this ASU on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which establishes new requirements for the categorization and disaggregation of information in the rate reconciliation as well as for disaggregation of income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024 and interim periods beginning after December 15, 2025. The amendments in this ASU may be applied prospectively or retrospectively to all periods presented and early adoption is permitted. The Company is evaluating the impact of this ASU on its consolidated financial statements.

LEASES - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
LEASES - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) renewal_option	Sep. 30, 2023 USD ($)
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	$ 1,800	$ 1,500	$ 5,000	$ 4,400
Corporate Offices
Lessee, Lease, Description [Line Items]
Rent expense	$ 91	$ 91	$ 273	$ 273

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency accrual	$ 0.9

GOODWILL AND INTANGIBLES, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 81,734		$ 81,734		$ 81,734
Expected amortization of intangible assets, year one	4,800		4,800
Expected amortization of intangible assets, year two	4,800		4,800
Expected amortization of intangible assets, year three	4,800		4,800
Expected amortization of intangible assets, year four	4,800		4,800
Expected amortization of intangible assets, year five	4,800		4,800
Amortization of intangible assets	$ 1,200	$ 1,200	$ 3,600	$ 3,600

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (d)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.5-02(15))
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-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

DEBT

9 Months Ended

Sep. 30, 2024

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. On September 29, 2023, the Company voluntarily pre-paid $10.0 million of the principal balance of the term loans under the Credit Agreement using cash on hand.

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.

On September 13, 2024, the Company amended the Credit Agreement to modify certain financial condition covenants. As such, for the period of September 13, 2024 through June 30, 2025, the applicable per annum margin is 2.5% or 3.5% 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 2.0% or 3.0% for base rate or SOFR, respectively. If the Company's total leverage ratio is below 1.0x, the applicable per annum margin is 1.5% or 2.5% for base rate or SOFR, respectively. As of September 30, 2024, the interest rate was 7.85%.

Total borrowings as of September 30, 2024 and December 31, 2023 were as follows (in 000’s):


	September 30, 2024		December 31, 2023
Term loan	$	71,281	$	72,875
Unamortized debt discounts and issuance costs	(1,139)		(1,247)
Total debt, net	70,142		71,628
Less: Current portion	(3,719)		(2,125)
Long-term debt, net	$	66,423	$	69,503

As of September 30, 2024 and December 31, 2023, the Company had $5.0 million available on the revolving credit facility.

The scheduled future maturities of long-term debt as of September 30, 2024 is as follows (in 000’s):


Year ending December 31,
2024 (excluding the nine months ended September 30, 2024)	$	531
2025	4,250
2026	6,375
2027	60,125

Total maturities	$	71,281

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 September 30, 2024 and December 31, 2023.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1.8	$ 1.4	$ 5.1	$ 3.9

GOODWILL AND INTANGIBLES, NET (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following at September 30, 2024 and December 31, 2023 (in 000’s):


	September 30, 2024		December 31, 2023		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	(21,439)		(18,759)
Accumulated amortization of tradenames and trademarks	(7,080)		(6,195)
Total intangible assets	$	42,781	$	46,346

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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)	57,809,121	57,355,676
Common stock, outstanding (in shares)	57,809,121	57,355,676

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Income Statement [Abstract]

Revenue

$ 42,548

$ 46,793

$ 141,172

$ 148,309

Operating expenses:

Cost of service (exclusive of depreciation and amortization)

17,766

18,175

54,635

56,144

Selling, general and administrative

^[1]

25,495

25,030

75,525

76,805

Depreciation and amortization

3,003

2,629

8,693

7,479

Loss/(gain) on disposal of long-lived assets

(198)

Total operating expenses

46,264

45,838

138,857

140,230

(Loss)/income from operations

(3,716)

955

2,315

8,079

Interest expense, net

1,591

1,836

4,638

5,462

Pre-tax net (loss)/income

(5,307)

(881)

(2,323)

2,617

Income tax expense

733

786

894

2,522

Net (loss)/income

$ (6,040)

$ (1,667)

$ (3,217)

$ 95

(Loss)/income per share of common stock

Basic (in dollars per share)

$ (0.10)

$ (0.03)

$ (0.06)

$ 0.00

Diluted (in dollars per share)

$ (0.10)

$ (0.03)

$ (0.06)

$ 0.00

Weighted average shares outstanding

Basic (in shares)

57,650,923

56,785,087

57,543,678

56,661,903

Diluted (in shares)

57,650,923

56,785,087

57,543,678

58,329,685

[1]

During the first quarter of fiscal year 2024, the Company recorded a cumulative reversal of stock compensation expense of $10.4 million related to reassessing the probability of achieving the performance target on certain of the Company's performance-based stock units. See Note 6 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for further discussion.

DEBT - Narrative (Details)	Sep. 13, 2024	Sep. 29, 2023 USD ($)	Nov. 07, 2022 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
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
Debt Instrument [Line Items]
Leverage ratio, triggering event, minimum	2.0
2022 Credit Agreement \| Debt Instrument, Triggering Event, One \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%		2.00%
2022 Credit Agreement \| Debt Instrument, Triggering Event, One \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%		3.00%
2022 Credit Agreement \| Debt Instrument, Triggering Event, Two
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, Two \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%		1.50%
2022 Credit Agreement \| Debt Instrument, Triggering Event, Two \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%		2.50%
2022 Credit Agreement \| Debt Instrument, Triggering Event, Three
Debt Instrument [Line Items]
Leverage ratio, triggering event, maximum	1.0
2022 Credit Agreement \| Debt Instrument, Triggering Event, Three \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%		1.00%
2022 Credit Agreement \| Debt Instrument, Triggering Event, Three \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%		2.00%
Secured Debt \| 2022 Credit Agreement
Debt Instrument [Line Items]
Debt face amount			$ 85,000,000
Debt, principal paid		$ 10,000,000
Debt instrument, interest rate percentage				7.85%
Line of Credit \| 2022 Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 5,000,000
Line of Credit \| 2018 Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Available borrowing capacity				$ 5,000,000.0	$ 5,000,000.0

LEASES - Future Minimum Rental Payments under all Non-Cancellable Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (excluding the nine months ended September 30, 2024)	$ 1,777
2025	7,445
2026	7,335
2027	6,763
2028	5,946
Thereafter	16,715
Total lease payments	45,981
Less: imputed interest	(13,931)
Total lease obligations	$ 32,050

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	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		57,882,284
Entity Central Index Key	0001870940
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8 – INCOME TAXES The Company's income tax expense for the three months ended September 30, 2024 and 2023 was $0.7 million and $0.8 million, respectively, and the income tax expense for the nine months ended September 30, 2024 and 2023 was $0.9 million and $2.5 million, respectively. The effective tax rate for the three months ended September 30, 2024 and 2023 was (13.8)% and (89.2)%, respectively. The effective tax rate for the nine months ended September 30, 2024 and 2023 was (38.5)% and 96.4%, 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 September 30, 2024 or December 31, 2023.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PROPERTY AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

As of September 30, 2024 and December 31, 2023 property and equipment consists of the following (in 000’s):


	September 30, 2024		December 31, 2023
Medical equipment	$	13,219	$	11,576
Office and computer equipment	921		860
Furniture and fixtures	4,951		4,280
Leasehold improvements	31,536		21,982
Construction in progress	2,254		1,910
Less: Accumulated depreciation	(16,602)		(11,700)
Property and equipment, net	$	36,279	$	28,908

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, 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
Dividends	66		66
Equity-based compensation	4,388		4,388
Net (loss)/income	(14)				(14)
Other comprehensive (loss)/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 (loss)/income	95
Other comprehensive (loss)/income	(141)
Ending balance (in shares) at Sep. 30, 2023		56,785,087
Ending balance at Sep. 30, 2023	84,191	$ 57	99,328	(217)	(14,977)
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
Distributions	(79)		(79)
Equity-based compensation	4,603		4,603
Net (loss)/income	1,776				1,776
Other comprehensive (loss)/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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock through unit vesting (in shares)		119
Equity-based compensation	4,492		4,492
Net (loss)/income	(1,667)				(1,667)
Other comprehensive (loss)/income	(106)			(106)
Ending balance (in shares) at Sep. 30, 2023		56,785,087
Ending balance at Sep. 30, 2023	84,191	$ 57	99,328	(217)	(14,977)
Beginning balance (in shares) at Dec. 31, 2023		57,355,676
Beginning balance at Dec. 31, 2023	83,992	$ 57	103,898	(412)	(19,551)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock through unit vesting (in shares)		181,717
Issuance of common stock through unit vesting	1	$ 1
Dividends	479		479
Equity-based compensation	(6,781)		(6,781)
Payment of taxes withheld through vested equity-based compensation	(377)		(377)
Net (loss)/income	6,029				6,029
Other comprehensive (loss)/income	160			160
Ending balance (in shares) at Mar. 31, 2024		57,537,393
Ending balance at Mar. 31, 2024	83,503	$ 58	97,219	(252)	(13,522)
Beginning balance (in shares) at Dec. 31, 2023		57,355,676
Beginning balance at Dec. 31, 2023	83,992	$ 57	103,898	(412)	(19,551)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)/income	(3,217)
Other comprehensive (loss)/income	224
Ending balance (in shares) at Sep. 30, 2024		57,809,121
Ending balance at Sep. 30, 2024	82,537	$ 58	105,435	(188)	(22,768)
Beginning balance (in shares) at Mar. 31, 2024		57,537,393
Beginning balance at Mar. 31, 2024	83,503	$ 58	97,219	(252)	(13,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock through unit vesting (in shares)		36,851
Issuance of common stock through unit vesting	0
Dividends	(14)		(14)
Equity-based compensation	4,873		4,873
Net (loss)/income	(3,206)				(3,206)
Other comprehensive (loss)/income	(142)			(142)
Ending balance (in shares) at Jun. 30, 2024		57,574,244
Ending balance at Jun. 30, 2024	85,014	$ 58	102,078	(394)	(16,728)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock through unit vesting (in shares)		234,877
Equity-based compensation	3,430		3,430
Payment of taxes withheld through vested equity-based compensation	(73)		(73)
Net (loss)/income	(6,040)				(6,040)
Other comprehensive (loss)/income	206			206
Ending balance (in shares) at Sep. 30, 2024		57,809,121
Ending balance at Sep. 30, 2024	$ 82,537	$ 58	$ 105,435	$ (188)	$ (22,768)

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 4,907	$ 3,852
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 8,035	$ 8,991

DEBT - Long-term Debt, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Term loan	$ 71,281
Unamortized debt discounts and issuance costs	(1,139)	$ (1,247)
Total debt, net	70,142	71,628
Less: Current portion	(3,719)	(2,125)
Long-term debt, net	66,423	69,503
Secured Debt
Debt Instrument [Line Items]
Term loan	$ 71,281	$ 72,875

- 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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 5,972	$ 10,262
Taxes receivable	2,772	1,941
Prepaid expenses and other current assets	4,148	3,758
Total current assets	12,892	15,961
Property and equipment, net	36,279	28,908
Other long-term assets	6,319	5,657
Right of use operating lease assets	28,240	25,413
Intangible assets, net	42,781	46,346
Goodwill	81,734	81,734
Total assets	208,245	204,019
Current liabilities
Accounts payable	6,792	3,922
Accrued payroll and benefits	2,488	4,127
Current portion of long-term debt	3,719	2,125
Deferred revenue and patient deposits	2,343	1,463
Accrued and other current liabilities	3,898	3,303
Current operating lease liabilities	6,107	5,375
Total current liabilities	25,347	20,315
Long-term debt, net	66,423	69,503
Deferred tax liability, net	6,828	6,828
Long-term operating lease liabilities	25,943	22,665
Other long-term liabilities	1,167	716
Total liabilities	125,708	120,027
Commitments and contingent liabilities (Note 9)
Stockholders' equity
Common stock, $0.001 par value; shares authorized - 450,000,000; shares issued and outstanding - 57,809,121 and 57,355,676, respectively	58	57
Additional paid-in capital	105,435	103,898
Accumulated other comprehensive loss	(188)	(412)
Accumulated deficit	(22,768)	(19,551)
Total stockholders' equity	82,537	83,992
Total liabilities and stockholders' equity	$ 208,245	$ 204,019

SEGMENT INFORMATION (Details)	9 Months Ended
SEGMENT INFORMATION (Details)	Sep. 30, 2024 reportable_segment
Segment Reporting [Abstract]
Number of reportable segments	1

STOCKHOLDERS' EQUITY AND EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reversal of compensation expense due to probability of performance achievement		$ 10,400
Equity -based compensation expense	$ 3,400		$ 4,500	$ 1,500	$ 13,500
Dividends paid				$ 14	$ 206
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%
Market Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period	0		0	407,688	674,876
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%
Executive Offices And Employees \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period	0		0	515,804	767,261
Executive Offices And Employees \| Restricted stock units \| Equity Incentive Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years

LEASES

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and 2023, the Company incurred rent expense of $1.8 million and $1.5 million, respectively, for its medical office suites. For the nine months ended September 30, 2024 and 2023, the Company incurred rent expense of $5.0 million and $4.4 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 $91,000 for the three months ended September 30, 2024 and 2023, respectively, and $273,000 and $273,000 for the nine months ended September 30, 2024 and 2023, 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 nine months ended September 30, 2024 and 2023 (in 000’s):


	September 30, 2024		September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	4,907	$	3,852
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	8,035	$	8,991

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 ending December 31,

2024 (excluding the nine months ended September 30, 2024)	$	1,777
2025	7,445
2026	7,335
2027	6,763
2028	5,946
Thereafter	16,715
Total lease payments	45,981
Less: imputed interest	(13,931)
Total lease obligations	$	32,050

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net (loss)/income	$	(6,040)	$	(1,667)	$	(3,217)	$	95
Denominator:
Weighted average shares of common stock outstanding - basic	57,650,923		56,785,087		57,543,678		56,661,903
Add: Effect of dilutive securities	—		—		—		1,667,782
Weighted average shares of common stock outstanding - diluted	57,650,923		56,785,087		57,543,678		58,329,685
(Loss)/income per share of common stock outstanding - basic and diluted	$	(0.10)	$	(0.03)	$	(0.06)	$	0.00

Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Restricted stock units	1,304,512	661,723	1,304,512	777,849
Performance and market-based stock units	2,185,599	1,697,842	2,185,599	1,830,505

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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net (loss)/income	$ (6,040)	$ (3,206)	$ 6,029	$ (1,667)	$ 1,776	$ (14)	$ (3,217)	$ 95
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	57,650,923			56,785,087			57,543,678	56,661,903
Add: Effect of dilutive securities (in shares)	0			0			0	1,667,782
Weighted average shares of common stock outstanding - diluted (in shares)	57,650,923			56,785,087			57,543,678	58,329,685
(Loss)/income per share of common stock outstanding - basic (in dollars per share)	$ (0.10)			$ (0.03)			$ (0.06)	$ 0.00
(Loss)/income per share of common stock outstanding - diluted (in dollars per share)	$ (0.10)			$ (0.03)			$ (0.06)	$ 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.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

+ Details

EARNINGS PER SHARE - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,304,512	661,723	1,304,512	777,849
Performance and market-based stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,185,599	1,697,842	2,185,599	1,830,505

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net (loss)/income	$ (3,217)	$ 95
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization	8,693	7,479
Equity-based compensation	1,522	13,483
Non-cash interest expense; amortization of debt costs	244	776
Loss/(gain) on disposal of long-lived assets	4	(198)
Changes in assets and liabilities
Taxes receivable	(831)	(1,536)
Prepaid expense and other current assets	(384)	978
Other assets	(3,489)	(2,425)
Accounts payable	845	(807)
Deferred revenue and patient deposits	881	(796)
Accrued and other liabilities	4,369	2,041
Net cash provided by operating activities	8,637	19,090
Cash flows from investing activities
Purchases of property and equipment, net	(10,479)	(8,092)
Net cash used in investing activities	(10,479)	(8,092)
Cash flows from financing activities
Payment on term loan	(1,594)	(11,594)
Payments for debt modification	(136)	0
Distribution to member	0	(79)
Dividends paid to shareholders	(14)	(206)
Payment of taxes withheld through vested equity-based compensation	(464)	0
Other financing activity	(240)	(75)
Net cash used in financing activities	(2,448)	(11,954)
Net decrease in cash and cash equivalents	(4,290)	(956)
Cash and cash equivalents
Beginning of period	10,262	9,616
End of period	5,972	8,660
Supplemental disclosure of cash flow information:
Cash paid for interest	4,478	4,791
Cash paid for taxes	1,808	4,325
Supplemental disclosure of non-cash investing information:
Property and equipment included in accounts payable and accrued expenses	$ 2,025	$ 525

LEASES (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

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

The following table presents supplemental cash flow information for the nine months ended September 30, 2024 and 2023 (in 000’s):


	September 30, 2024		September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	4,907	$	3,852
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	8,035	$	8,991

Future Minimum Rental Payments under all Non-Cancellable Operating Leases


Year ending December 31,

2024 (excluding the nine months ended September 30, 2024)	$	1,777
2025	7,445
2026	7,335
2027	6,763
2028	5,946
Thereafter	16,715
Total lease payments	45,981
Less: imputed interest	(13,931)
Total lease obligations	$	32,050

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net (loss)/income	$ (6,040)	$ (3,206)	$ 6,029	$ (1,667)	$ 1,776	$ (14)	$ (3,217)	$ 95

- Definition

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

+ References

+ Details

GOODWILL AND INTANGIBLES, NET - Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 71,300	$ 71,300
Total	42,781	46,346
Technology and know-how
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	53,600	53,600
Accumulated amortization	$ (21,439)	(18,759)
Useful Life	15 years
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 17,700	17,700
Accumulated amortization	$ (7,080)	$ (6,195)
Useful Life	15 years

- 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.

+ References + Details

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Income Statement [Abstract]
Reversal of compensation expense due to probability of performance achievement	$ 10.4

GOODWILL AND INTANGIBLES, NET

9 Months Ended

Sep. 30, 2024

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 2024. There were no triggering events during the three and nine months ended September 30, 2024 and 2023.

The Company had goodwill of $81.7 million at September 30, 2024 and December 31, 2023.

Intangible assets consisted of the following at September 30, 2024 and December 31, 2023 (in 000’s):


	September 30, 2024		December 31, 2023		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	(21,439)		(18,759)
Accumulated amortization of tradenames and trademarks	(7,080)		(6,195)
Total intangible assets	$	42,781	$	46,346

Amortization of intangible assets will be $4.8 million per year for each of the next five fiscal years.

Aggregate amortization expense on intangible assets was approximately $1.2 million for both of the three months ended September 30, 2024 and 2023 and $3.6 million for both of the nine months ended September 30, 2024 and 2023.

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
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. In the third quarter of 2024, a potential litigation matter outside of the Company's normal course of business became probable and estimable of settlement. As the loss related to this claim was probable and estimable the Company accrued $0.9 million in other current liabilities as of September 30, 2024.

PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 3 – PROPERTY AND EQUIPMENT, NET

As of September 30, 2024 and December 31, 2023 property and equipment consists of the following (in 000’s):


	September 30, 2024		December 31, 2023
Medical equipment	$	13,219	$	11,576
Office and computer equipment	921		860
Furniture and fixtures	4,951		4,280
Leasehold improvements	31,536		21,982
Construction in progress	2,254		1,910
Less: Accumulated depreciation	(16,602)		(11,700)
Property and equipment, net	$	36,279	$	28,908

Depreciation expense was approximately $1.8 million and $1.4 million for the three months ended September 30, 2024 and 2023, respectively, and $5.1 million and $3.9 million for the nine months ended September 30, 2024 and 2023, respectively.