XWELL Inc Stock Price, News & Analysis

XWELL, Inc. (Nasdaq: XWEL) reported Q2 2024 results with notable highlights:

- Revenue growth of 14% year-over-year to $9.3 million
- Opened new XpresSpa in Philadelphia International Airport
- Introduced IV-hydration therapy and Ceragem massage beds in select locations
- Reduced operating expenses by 16% compared to Q2 2023
- Executed a $1.4 million registered direct offering
- Expanded Naples Wax Center services and plans for growth
- Anticipates new CDC biosurveillance contract in Q3 2024

Financial results:
- Operating loss: $1.9 million (improved from $4.7 million in Q2 2023)
- Net loss: $2.0 million (improved from $5.7 million in Q2 2023)
- Cash and cash equivalents: $5.4 million
- Marketable securities: $13.0 million

XWELL, Inc. (Nasdaq: XWEL), a leading provider of wellness solutions for travelers, has announced that CPC Pain & Wellness SPV, (CPC) has withdrawn its threatened proxy fight and related lawsuit against the company. This decision is related to XWELL's upcoming 2024 annual meeting of stockholders. Bruce Bernstein, Chairman of the Board, expressed satisfaction with CPC's withdrawal and emphasized the company's focus on executing its strategic plan to create long-term value for stockholders. He also highlighted the company's appreciation for constructive engagement with stockholders and their commitment to continuing this dialogue leading up to the 2024 Annual Meeting.

XWELL, Inc. (Nasdaq: XWEL) has successfully closed its previously announced registered direct offering, raising approximately $1.4 million in gross proceeds. The company issued and sold 652,705 shares of common stock at a purchase price of $2.18 per share, which was priced at a premium to market. XWELL intends to use the net proceeds for working capital and general corporate purposes.

The offering was conducted under a shelf registration statement on Form S-3 that was filed with the SEC on August 4, 2023, and declared effective on September 29, 2023. A final prospectus supplement and accompanying base prospectus have been filed with the SEC and are available on their website.

XWELL, Inc. (Nasdaq: XWEL) has announced a registered direct offering of 652,705 shares of common stock at $2.18 per share, priced at a premium to market. The offering is expected to close around August 8, 2024, generating gross proceeds of approximately $1.4 million. XWELL plans to use the net proceeds for working capital and general corporate purposes. The offering is made pursuant to a previously filed and effective shelf registration statement on Form S-3. A final prospectus supplement and accompanying base prospectus will be filed with the SEC, available at www.sec.gov.

XWELL (Nasdaq: XWEL) has announced that the director candidate nomination notice submitted by CPC Pain & Wellness SPV, (CPC) is invalid. CPC, a recently formed special purpose vehicle, acquired a 9.42% stake in XWELL last month. XWELL claims CPC's Schedule 13D filing is deficient, lacking details about its plans for the company.

XWELL suspects CPC aims to gain board control to engineer a transaction with an underperforming affiliate, potentially resulting in a 'Take-Under' deal that could undervalue the company and dilute stockholders. The company calls on CPC to update its Schedule 13D with transparent information about its plans and recent litigation. XWELL advises stockholders to be cautious of communications from CPC but states no immediate action is required.

XWELL has announced the grand opening of a new XpresSpa location at Philadelphia International Airport (PHL), a major travel hub with over 28 million passengers annually. The new spa, located in Terminal B near Gate B2, features innovative autonomous and semi-autonomous services such as robotic manicures, therapeutic thermal massages, and automated massage options. This expansion is part of XWELL's strategy to grow its footprint in the Northeast corridor and drive revenue growth through labor-lite and tech-forward solutions. Additionally, the new location offers a diverse retail selection tailored for travelers. Later this summer, XpresSpa will also launch a new retail location at Penn Station in New York City.

XWELL introduces new esthetic facial services at its Naples Wax Center flagship in Naples, FL, expanding its service offerings with advanced treatments. The new services include the Microderm Infusion Facial, LightStim Invigorating Light Facial, and Classic Refreshing Facial. These treatments aim to enhance skincare by utilizing innovative technologies like DiamondGlow and LED light therapy. XWELL's CEO, Scott Milford, emphasizes the goal to exceed customer expectations and boost revenue through these high-margin services. Additionally, curated retail products from SkinMedica and PCA Skin will be available. This initiative aligns with XWELL’s strategy to grow its out-of-airport portfolio and tech-forward initiatives.

XWELL announced the introduction of the Ceragem V6 Therapeutic Thermal Massager at select XpresSpa locations starting in Q2 2024. This FDA-cleared Class II medical device aims to enhance blood circulation, relieve muscle and joint discomfort, and offer muscle relaxation. The new service will be first launched at Salt Lake City International Airport on May 22, 2024, with subsequent launches at Philadelphia and Orlando airports. XWELL's CEO, Scott Milford, states that this integration supports their strategy to increase revenue and retail traffic cost-effectively. The partnership with Ceragem International is part of XWELL's broader tech-forward initiatives, including IV hydration drip therapies and robotic manicures, solidifying its position in travel wellness.

XWELL, an authority in wellness solutions, reported its first quarter 2024 financial results. The company saw a 24% revenue growth to $8.7 million compared to the same quarter in 2023. Total cost of sales decreased by 7%, and general and administrative expenses were cut by 47%, leading to a 62% reduction in operating loss, now at $2.4 million. XWELL continued to enhance its business model by expanding its CDC Traveler-based Genomic Surveillance Program to Miami and Chicago airports.

Additionally, the company signed leases for new Naples Wax Center locations in Florida and confirmed the opening of an XpresSpa at Penn Station in New York. XWELL also introduced new tech-forward wellness services at its airport locations, including IV hydration therapy. Overall, XWELL aims to return to profitability by focusing on strategic priorities and expanding its wellness portfolio.