AirSculpt Technologies, Inc.

Good morning, and welcome to Aerosculpt Technologies' second quarter 2022 earnings conference call. Currently, all participants are in a listen-only mode. As a reminder, today's call is being recorded, and we have allocated one hour for prepared remarks and Q&A. At this time, I'd like to turn the conference over to Dennis Dean, Chief Financial Officer at Aerosculpt Technologies. Thank you. You may begin.

Good morning, everyone. and thanks for joining us to discuss AirSculpt Technologies' results for the second quarter. Joining me on the call today is our founder and chief executive officer, Dr. Aaron Rollins, and our chief operating officer, Ron Zellhoff. Before we begin, I would like to remind you that this conference call may include forward-looking statements. These statements may include our future expectations regarding financial results and guidance, market opportunities, and our growth. Risk and uncertainties that may impact these statements and could cause actual future results to differ materially from currently projected results are described in this morning's press release and the reports we will file with the SEC, all of which can be found on our website at investors.elitebodysculpture.com. We undertake no obligation to revise or update any forward-looking statements or information except as required by law. During our call today, we will also reference certain non-GAAP financial measures. We use non-GAAP measures in some of our financial discussions as we believe they more accurately represent the true operational performance and underlying results of our business. A reconciliation of these measures can be found in our earnings release as filed this morning and in our most recently quarterly report when filed, which will also be available on our website. Now I'm going to turn the call over to Dr. Rollins.

Thank you, Dennis. Good morning, and thank you all for joining us today. I'm happy to say once again, the second quarter saw us reach the highest quarterly volume and revenue ever achieved in our history. For the quarter, we generated $49.7 million of revenue, reflecting a growth of 42% over the prior year quarter. During the quarter, we reached an exciting milestone, performing over 30,000 AirScope cases since our founding a decade ago. We take immense pride in improving the lives of our patients while providing excellent care. Previously, we announced a health research study we are undertaking on the effects our procedures have on a patient's metabolic parameters. Recently, we submitted our study to the Institutional Review Board for approval. Once we receive final approval from the IRB, we will begin enrolling patients, which we expect to occur later this year, and we will still anticipate having results for the study in 2023. We also recently opened our Boston Center and expect to open Philadelphia later in the third quarter. And we expect our first international site in Toronto to open later this year, once we receive final government approvals. As we have said on previous calls, we believe there is great opportunity to further expand our network of centers internationally while still maintaining our growth domestically. We are excited about the vast number of opportunities out in front of us, and we look forward to capitalizing on these opportunities as we continue to deliver exceptional results to our patients. We also remain committed to building out our team to support our rapid growth. We have been heavily focused on our clinical and operations infrastructure to manage our growth domestically and as we expand our global presence. Before I turn the call over to Ron, I want to also comment on the special dividend we are announcing this morning. We believe this dividend provides a meaningful cash return to our shareholders and underscores our confidence in the business and our balance sheet as we are funding the dividend with excess cash from our balance sheet. So this will not impact our gross leverage.