AirSculpt Technologies Inc (NASDAQ: AIRS) is a body contouring company that performs its patented AirSculpt® minimally invasive fat removal procedures across a network of dedicated outpatient centers in the United States. Revenue is generated entirely from per-procedure patient fees on a 100% self-pay basis, with no insurance or government payer reimbursement accepted. The AirSculpt® method uses an FDA-approved handpiece driving a cannula 1,000 times per minute in a corkscrew motion to remove fat cells through 2mm entry points while the patient remains awake under local anesthesia. Adjusted EBITDA was $15.1M (9.9% margin) in FY2025, down from $21.0M (11.6%) in FY2024 and $43.5M (22.2%) in FY2023. The company posted net losses of $11.7M, $8.0M, and $4.2M in FY2025, FY2024, and FY2023, respectively. In 2025, approximately 50% of patients used third-party financing through providers such as CareCredit, PatientFi, and Alphaeon. The company closed its London facility during FY2025.
- Revenue model
- Transactional, per-procedure fees paid in full by patients prior to service. No insurance reimbursement accepted. Third-party financing is arranged through CareCredit, PatientFi, and Alphaeon; financing transaction fees reduce recognized revenue. Payments received before procedures are performed are recorded as deferred revenue and patient deposits.
- Products and services
- AirSculpt® patented minimally invasive body contouring procedure: local anesthesia administered via needleless jet injector, 2mm entry points created by biopsy punch, fat cells removed using an FDA-approved cannula handpiece operating at 1,000 rotations per minute. Patients remain awake throughout. Procedure scope varies by patient body size, desired outcome, and state regulations.
- Customers and end markets
- Direct-pay individual consumers seeking elective body contouring. No insurance or government payers. Approximately 50% of patients in FY2025 used third-party financing. Virtual and in-person consultations offered, typically scheduled within 24 to 72 hours. Many patient-facing consultants are former patients. Repeat procedures on additional body areas are a noted demand driver.
- Value-chain role
- Vertically integrated outpatient procedure provider. Employs surgeons and clinical staff directly, operates proprietary centers, controls patient acquisition through in-house sales consultants and marketing, and holds patents on its AirSculpt® procedure. IP protected through patents, trademarks, trade secrets, and confidentiality agreements.
- Geographic exposure
- United States, with centers in Arizona (Scottsdale), California (Beverly Hills, Orange County, Sacramento, San Diego, San Jose), Colorado (Denver), Florida (Orlando, Miami), Georgia (Atlanta), Illinois (Chicago), and additional states per the 10-K filing dated 2026-03-31. London, UK facility closed as of December 31, 2025.
- Competitors
- Individual and small practice group providers of traditional liposuction, National providers of other minimally invasive body contouring techniques, University and hospital systems offering body contouring, Medical spas and centers, Beauty and rejuvenation centers
