XpresSpa Group Inc. (NASDAQ: XSPA) stock declined by 6.86% at the last close whereas the XSPA stock price gains by 3.07% in the after-hours trading session. Treat, XpresCheck, and XpresSpa are three separate brands operated by the XpresSpa Group which is a prominent worldwide health and wellness holding business.
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XSPA stock, Financial Highlights
XpresSpa Group announced its second-quarter 2021 financial results. Here is the summary:
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- Revenue was $9.1 million for the second quarter ending June 30, 2021, compared to $143,000 for the same period in 2020. The rise in revenue was attributed largely to the recognition of $8.7 million in revenue from twelve XpresCheck sites linked to manage services fees.
- Cost of sales climbed to $7.7 million in the second quarter of the previous year, up from $978,000 in the second quarter of the previous year.
- Due to greater revenue, gross profit was $1.4 million, relative to a negative gross profit of $835,00 in the prior year’s second quarter.
- General and administrative costs were $4.6 million, up from $3.4 million in the prior year’s same quarter. The rise was largely due to XpresCheck start-up expenses, Treat development, and increased legal fees connected with the resolution of certain XpresSpa lawsuit cases.
- The operating loss from operations dropped to $4.7 million from $58.5 million in Q2 2020, owing to a $48.3 million loss on warrant revaluation and conversion options in the second quarter of 2020.
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Significant Development in XSPA Stock
The Treat smartphone app was released yesterday by the XpresSpa Group. Treat’s unique travel health and wellness content will be available through the Treat mobile app, which is available in the Apple App Store and Google Play Store. As Treat Wellness Centers open later this year, all users will have access to in-airport appointment scheduling, as well as unique advantages for Treat members. This features on-demand virtual care as well as a health wallet where Treat members’ immunization cards, test results, and other medical information may be stored.
Virtual care provides secure in-app messaging access to board-certified physicians who can discuss, diagnose, and treat hundreds of diseases, allowing users to get treatment whenever and wherever they choose without having to go to a physical doctor’s office or make an appointment.
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Moreover,
Treat membership will come with limitless on-demand virtual care, an annual COVID-19 PCR rapid test, a yearly flu vaccine, access to Treat’s health wallet, and special deals and savings on a variety of prescription medications when it launches. Treat customers and non-members will be able to schedule appointments via the app when brick-and-mortar facilities take root at airports.