Yahoo Finance XWELL, Inc. (NASDAQ:XWEL) Q4 2023 Earnings Call Transcript
XWELL, Inc. (NASDAQ:XWEL) Q4 2023 Earnings Call Transcript April 16, 2024
XWELL, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Hello, and welcome to XWELL's Fiscal Year 2023 Earnings Results Conference Call. During today's presentation, all parties will be in a listen-only mode. [Operator Instructions] As a reminder, this conference call is being recorded on April 16, 2024. I would now like to turn the conference over to Suzanne Scrabis, Chief Financial Officer for XWELL. Please go ahead.
Suzanne Scrabis: Good day, everyone. Welcome to XWELL's conference call to review our year-end 2023 financial results. Joining me on today's call is Scott Milford, XWELL's Chief Executive Officer. We have posted our fiscal year earnings on the Investor Relations section of our website located at www.xwell.com. A link to the webcast of today's call can also be found on our site. Before turning the call over to Scott for his prepared remarks, we need to advise you of the following. Comments made on today's call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current assumptions as of the date of this earnings conference call and webcast and opinions that involve a variety of known and unknown risks and uncertainties.
Actual results may differ materially from those contained in or suggested by such forward-looking statements. Important factors that might cause such differences include those set forth from time to time in our SEC filings, including our annual report on Form 10-K for the year ended December 31, 2023, as well as our other current and periodic reports that we file with the SEC. With that said, I'd now like to turn the call over to Scott.
Scott Milford: Thanks, Suzanne. We appreciate everyone joining us today. Operationally, XWELL had a very productive year, during which we cost effectively integrated new products, technologies and services into our spas, expanded the scope and long-term value of our CDC biosurveillance partnership acquired an out of airport business that we're actively growing and evolving, expanded internationally, broadened our footprint to include spas and other transit hubs and made meaningful progress advancing a leaner business on our path towards profitability. Now let me turn to some of the specifics. Driven by more effective staff deployment and introduction of new services and technology to drive more passengers into our locations, our spas continue to perform better with XpresSpa delivering revenue growth of approximately 39% when compared to 2022.
Our international airport spas also delivered solid operating performance, benefiting from enhanced operational efficiencies, new store growth and the integration with our U.S. retail strategy. Year-over-year, our international spas achieved revenue growth of approximately 40% when compared to 2022. We continue to capitalize on the growth of air travel in Europe and the Middle East as these countries begin to open their doors to more business and leisure travel. In Q4, we opened our 11th international location in the Abu Dhabi International Airport, one of the busiest airports in the Middle East and a key hub for both passenger and cargo traffic. We're pleased with this performance out of the gate, beating our expectations by approximately 25%.
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