Shares of AirSculpt Technologies fell after the company cut its outlook for the year after logging a wider loss and lower-than-expected sales during the latest quarter.
The stock declined 21% to $3.98 in premarket trading Monday. Through Friday's close, shares have more than doubled year to date.
The body-sculpting technology company before the bell posted a widened second-quarter loss of $1.11 million, or 2 cents a share, compared with a loss of $591,000, or 1 cent a share, a year earlier. Analysts polled by FactSet expected quarterly earnings of 1 cent a share.
Revenue ebbed 2.5% to $42.9 million, missing Wall Street models for $44.1 million.
Chief Executive Yogi Jashnani said AirSculpt stepped up its marketing efforts and introduced new procedures during the latest quarter, setting the company up to be fundamentally stronger in the second half of the year.
Looking ahead, AirSculpt said it now expects full-year revenue to come in at the lower end of its previously disclosed range of $151 million to $157 million. Analysts are looking for $153.2 million.
The company cut its adjusted Ebitda--or earnings before interest, taxes, depreciation and amortization--outlook to between $12 million and $14 million, from between $15 million and $17 million.
Wall Street modeled $15.2 million for the metric.