Here are 1-2 analogies for AirSculpt Technologies (AIRS):

• LasikPlus for body sculpting.
• Ideal Image for advanced fat removal and body contouring.

• AirSculpt® Procedure: A proprietary, minimally invasive fat removal and body contouring treatment that uses a specialized technology to remove unwanted fat and sculpt various body areas.

AirSculpt Technologies (symbol: AIRS) operates medical aesthetic clinics that provide proprietary, minimally invasive body contouring procedures directly to individuals. Therefore, the company does not have "major customer companies" in the traditional sense; instead, it serves individual patients.

The up to three primary categories of individual customers served by AirSculpt Technologies are:

• Aesthetic-conscious adults seeking targeted fat reduction: This category includes individuals, typically between their 20s and 60s, who are looking to remove stubborn pockets of fat from specific areas of their body (e.g., abdomen, love handles, thighs, arms, chin) that have been resistant to diet and exercise. They are driven by a desire to achieve a more contoured and proportionate physique.
• Individuals prioritizing minimally invasive cosmetic procedures: These customers are drawn to AirSculpt's proprietary technology and methodology, which emphasizes a less invasive approach compared to traditional liposuction, often involving no needles, no stitches, and a quicker recovery time. They seek effective body sculpting results with reduced downtime and surgical risks.
• Patients interested in natural volume enhancement through fat transfer: This segment specifically seeks to utilize their own body fat, removed during an AirSculpt procedure, to naturally augment and enhance other areas of the body, such as the buttocks (often referred to as a Brazilian Butt Lift or BBL), breasts, or other areas requiring volume. They prefer a natural alternative to synthetic implants.

Yogi Jashnani, Chief Executive Officer

Mr. Jashnani has served as Chief Executive Officer of AirSculpt Technologies since January 7, 2025. He brings over 20 years of experience in the aesthetics, retail, and finance industries. Prior to his current role, he was Chief Revenue Officer for Sky Zone and served as Chief Commercial Officer of Ideal Image from 2019 through 2023. His background also includes holding the position of SVP, Marketing, Insights and Analytics at Advance Auto Parts from 2017 through 2019, and he was previously a Vice President at Capital One.

Dennis Dean, Chief Financial Officer

Mr. Dean has served as Chief Financial Officer since June 1, 2021, and will remain in this role until January 5, 2026, when Michael Arthur assumes the position. He possesses over 20 years of experience in multi-site healthcare services. Mr. Dean co-founded Resource Partners, LLC, a healthcare-focused financial consulting firm. He was part of the team that took Surgery Partners public in 2015, where he served as Chief Accounting Officer and Corporate Controller from 2008 through 2018. Prior to joining AirSculpt, he was Senior Vice President of Finance and Operations for Envision Healthcare from January 2019 to December 2020.

Dr. Aaron Rollins, Executive Chairman of the Board, Founder

Dr. Rollins is the founder of AirSculpt Technologies. He previously served as the company's Chief Executive Officer from 2012 to January 2023 and has been the Executive Chairman of the Board since January 2023. He is recognized as a cosmetic surgeon and has performed thousands of fat removal procedures.

Nicole Soler, Chief Sales Officer

Ms. Soler serves as the Chief Sales Officer of AirSculpt Technologies, where she is responsible for driving sales strategy, optimizing revenue, and enhancing client engagement while leading large, cross-functional teams.

Brian Stetter, Chief Digital Officer

Mr. Stetter joined AirSculpt as Chief Digital Officer in October 2024, leading the marketing and digital technology teams. He brings over 20 years of marketing experience across multiple industries, having most recently served as Chief Marketing Officer for Walker Advertising and, prior to that, as VP, Performance Marketing for Ideal Image.

The key risks to AirSculpt Technologies (symbol: AIRS) are primarily centered around patient safety, credibility, and operational execution.

1. Patient Safety Concerns, Credibility Issues, and Negative Publicity: AirSculpt Technologies faces significant risks stemming from allegations regarding patient safety, ethical marketing practices, and the credibility of its services. Investigations have linked AirSculpt procedures to patient deaths and severe complications, including internal burning, scarring, and disfigurement. There are also concerns about the qualifications of its medical staff, with reports indicating that a substantial portion of doctors are not board-certified and some have faced disciplinary actions or malpractice lawsuits. Furthermore, the company has been accused of false advertising, including using employees as fake patient testimonials, paying influencers without disclosure, and digitally altering before-and-after images. Allegations also suggest that the company's claimed patent for its technology does not exist, and it uses commonly available, FDA-approved devices owned by another company. Former employees have reportedly disclosed that AirSculpt systemically disregards health codes and safety standards, potentially exposing patients to serious infections. These issues directly threaten the company's reputation, erode patient trust, and could lead to significant legal and regulatory challenges.

2. Failure to Execute Cost-Saving Initiatives and Growth Strategies: The company has acknowledged ongoing revenue softness due to consumer hesitancy in making higher-consideration purchases and has subsequently lowered its 2025 revenue outlook. AirSculpt Technologies is attempting to address these financial challenges through cost-saving initiatives and by pivoting its strategy to capitalize on the demand for aesthetic procedures among GLP-1 users. However, there are concerns among analysts regarding the sustainability of these cost reductions and the pace at which new GLP-1-related procedures will be adopted. The failure to effectively execute these cost-saving measures and growth strategies could materially adversely affect AirSculpt's business and financial health.

3. Competition from Non-Surgical Fat Reduction Methods: AirSculpt Technologies operates in a competitive market and faces risks from the growing popularity and advancement of non-surgical fat reduction methods. This competition is identified as an external factor that could impede the company's ability to achieve its desired operational improvements and growth.

The widespread adoption and increasing efficacy of GLP-1 agonist drugs (e.g., Ozempic, Wegovy, Zepbound) for weight loss pose a clear emerging threat. These drugs offer a non-invasive, systemic approach to significant weight reduction, which may diminish the perceived need for or defer demand for elective body contouring procedures like those offered by AirSculpt Technologies, by reducing overall body fat or altering the body shape of potential patients.

AirSculpt Technologies (symbol: AIRS) primarily offers minimally invasive body contouring procedures, including fat removal and fat transfer services, utilizing its proprietary AirSculpt® method.

Addressable Market Sizes:

Global Market

• The global body contouring treatments market was valued at approximately US$1.46 billion in 2024 and is projected to reach US$2.58 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2029.
• The global body sculpting (body contouring) market is estimated to be valued at USD 8.92 billion in 2025 and is expected to reach USD 12.98 billion by 2032, exhibiting a CAGR of 5.5% from 2025 to 2032.
• The global non-invasive fat reduction market size is calculated at US$1.87 billion in 2024, grew to US$2.19 billion in 2025, and is projected to reach around US$8.74 billion by 2034, expanding at a CAGR of 17.04% between 2025 and 2034.

U.S. Market

• The U.S. body contouring devices market (which includes non-invasive and minimally invasive procedures) was approximately USD 520 million in 2024 and is predicted to surpass around USD 1,990 million by 2034, growing at a CAGR of 14.36% from 2025 to 2034.
• The U.S. body contouring devices market generated a revenue of USD 394.8 million in 2022 and is expected to reach USD 1,076.6 million by 2030, growing at a CAGR of 13.4% from 2023 to 2030.
• The non-surgical fat reduction market in the United States was estimated at US$434 million in 2020 and is expected to grow by 16.6% on average until 2026, ultimately reaching at least $900 million.

AirSculpt Technologies (AIRS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Strengthening Same-Store Sales: The company has prioritized accelerating same-store sales across its existing footprint. Despite recent declines, AirSculpt expects to see an improvement in same-store sales trends entering the fourth quarter of 2025. This focus on existing centers aims to increase case volume and revenue per case without the immediate costs associated with opening new locations.
2. Capitalizing on the GLP-1 Market Opportunity: AirSculpt is strategically positioning itself to leverage a broader market opportunity driven by the structural shift in the aesthetics space due to the use of GLP-1 (glucagon-like peptide-1) medications. This indicates a strategic adaptation to evolving consumer needs and potential new service offerings or marketing efforts targeting individuals who have achieved weight loss through GLP-1s and may be seeking body contouring procedures.
3. Introduction of New Technology and Service Enhancements: AirSculpt plans to introduce new options across all of its centers and new technology enhancements throughout 2025. These innovations are intended to improve operational efficiency for the sales team, potentially leading to a more streamlined customer experience and increased conversion rates. The company also previously launched AirSculpt Smooth for cellulite removal, demonstrating a continuous effort in product development.

Share Issuance

• AirSculpt Technologies completed its initial public offering (IPO) on October 29, 2021, selling 7 million shares at $12.84 per share, which generated proceeds of $77 million.
• In June 2025, the company priced an underwritten public offering of 3,160,000 shares of common stock at $3.80 per share, yielding $12.0 million in proceeds before expenses.
• Including the full exercise of the underwriters' option for an additional 474,000 shares, the total proceeds from the June 2025 offering, after estimated expenses, were approximately $13.8 million, primarily intended for debt prepayment and general corporate purposes.

Inbound Investments

• Vesey Street Capital Partners, a healthcare-focused private equity firm, became the largest shareholder after AirSculpt's 2021 IPO, holding over 52% of the company's shares.
• In the second quarter of 2025, Vesey Street Capital Partners, L.L.C. increased its stake by adding 1,000,000 shares to its portfolio, valued at an estimated $4,830,000.

Capital Expenditures

• AirSculpt Technologies has expanded its footprint by doubling its number of centers since 2021, funding this growth using free cash flow rather than incurring new debt.
• For 2025, projected capital expenditures are $11 million, which is approximately 6% of the anticipated revenue.
• The company has paused new center openings for 2025 to concentrate on driving same-store growth in its existing locations.