Sequential Same-Store Sales Improvement and Positive Inflection
Same-store sales improved materially over the year, moving from down ~22% at the start of 2025 to positive in February 2026; March trends continued favorably and Q1 2026 same-store sales are expected to be flat (midpoint of prior revenue range).
Q4 Adjusted EBITDA and Margin Expansion
Q4 adjusted EBITDA of $2.5M (7.4% of revenue), up $0.6M versus Q4 2024, driven by ~2 percentage points of gross margin expansion to ~59% and operational leverage in SG&A.
Cost Reduction and Operating Discipline
Implemented cost initiatives that generated over $4M in annualized savings in 2025; SG&A declined by approximately $5M in Q4 versus prior year; customer acquisition cost remained stable at roughly $3,300 per case.
Debt Reduction and Stronger Liquidity Actions
Paid down $19M of debt in 2025 ( $14M term loan, $5M revolver ) and more than $30M over the last five quarters; gross debt $56M at year-end with leverage below 3x and a target net debt leverage below 2.5x; raised $14.8M via ATM in Q1 and paid down an additional $11M thereafter; cash of $8.4M as of Dec 31, 2025.
New Service Rollouts and Market Opportunity (GLP-1 Related)
Rolled out stand-alone skin tightening across centers and piloted skin excision (skin removal); completed more than 100 skin removal surgeries in Q4 2025 with early encouraging results; company cites a long-term >$100M opportunity from skin tightening/removal aligned with GLP-1 driven demand.
2026 Guidance Reflects Expected Recovery
Full-year 2026 revenue guidance of $151M–$157M (midpoint implying ~3% comparable growth excluding London) and adjusted EBITDA guidance of $15M–$17M, incorporating annualized benefits from 2025 cost actions and selective reinvestment in growth initiatives.