By Exec Edge Editorial Staff
Global fitness franchisor F45 Training Holdings Inc. (NYSE: FXLV) posted a healthy rise in third-quarter revenue and reaffirmed full year guidance.
Total revenue increased from the prior year period by 8% to $29.3 million. Same-store sales, meanwhile, increased 16% globally and 11% in the United States.
“During the third quarter, we delivered total revenue of $29.3 million and Adjusted EBITDA of $6.1 million. In addition, we had 84 Net Initial Studio Openings for the quarter, bringing our global Total Studio count to 2,042. I am pleased with the performance of our studios, which generated same store sales growth of 16% as well as record system-wide sales of $130.6 million, representing year-over-year growth of 31%,” said Ben Coates, interim CEO of F45. “Last quarter, we announced several key organizational changes and a cost reduction plan designed to position the Company more closely with macroeconomic conditions and current business trends. I am pleased to share that these changes were implemented during the third quarter and are beginning to demonstrate positive results.”
The company reaffirmed its full-year 2022 guidance which includes revenue between $120 million and $130 million with adjusted EBITDA between $25 million and $30 million.