SBC Medical Group Holdings Incorporated (NASDAQ: SBC, “SBC Medical” or the “Company”), a global owner, operator and provider of management services and products to cosmetic treatment centers, today announced its financial results for the three months ended March 31, 2025.
First Quarter 2025 Highlights
- Total revenues were $47 million, representing a 14% year-over-year decrease.
- Income from operations was $24 million, representing a 1% year-over-year decrease.
- Net Income attributable to SBC Medical Group was $22 million, representing a 15% year-over-year increase.
- Earnings per share, which is defined as net income attributable to the Company divided by the weighted average number of outstanding shares, was $0.21 for the three months ended March 31, 2025, representing a year-over-year increase of 5%.
- EBITDA1, which is calculated by adding depreciation and amortization expense and impairment loss to income from operations was $25 million, representing a 3% year-over-year decrease. EBITDA margin1 was 52% for the first quarter of 2025, compared to 46% for first quarter of 2024.
- Return on equity, which is defined as net income attributable to the Company divided by the average of shareholder’s equity as of March 31, 2025, was 41% representing a year-over-year decrease of 10 percentage points.
- Number of partner clinics was 251 as of March 31, 2025, representing an increase of 36 clinics from March 31, 2024.
- Number of customers2 in the last twelve months ended March 31, 2025, was 6.1 million, representing a 14% year-over-year increase.
- Repeat rate for customers3 who visited franchisee’s clinics twice or more was 71%.
1 EBITDA and EBITDA Margin are non-GAAP financial measures. For more information on non-GAAP financial measure, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”
2 The number of customers takes into account customers of SBC brand clinics, Rize Clinic and Gorilla Clinic, but does not take account customers of AHH Clinics
3 The number of customers takes into account customers of SBC brand clinics, Rize Clinic and Gorilla Clinic, but does not take account customers of AHH Clinics, but excluding free counseling
Yoshiyuki Aikawa, Chairman and Chief Executive Officer of SBC Medical, said, “SBC is actively preparing for strategic expansion by enhancing its platform, optimizing its profitability structure, and stabilizing its business through revised pricing strategies and adapting to changing market dynamics. In the first quarter of 2025, we were pleased to see the expansion of Medical Corporations (MCs) gaining traction in our franchising, procurement and rental business segments as global demand for aesthetic medical services continued to rise; meanwhile, revenue decrease in the quarter primarily reflected the discontinuation of our staffing business and divestures of Sky Net Academy (“SNA”) and SBC Kijimadaira Resort (“Kijimadaira”). In the midst of this transition, operating margin improved from 45% in the first quarter 2024, to 51% in the first quarter 2025. Additionally, net income attributable to SBC Medical Group increased 15% year-over year, further demonstrating the strength of our business model transition and execution. As we move ahead, we remain confident in our ability to build a scalable franchise model while accelerating expansion across domestic and international markets, driving long-term value for shareholders and positioning the Company to capitalize on future opportunities.”
First Quarter 2025 Financial Results
Total revenues were $47 million, a decrease of 14% year-over-year reflecting the negative impact of the discontinuation of the staffing business and the disposal of subsidiaries partially offset by increased demand for medical materials and equipment from the expansion of Medical Corporations.
Net income for the three months ended March 31, 2025 was $22 million, compared to $19 million in the same period of 2024. The increase was largely attributed to the impact of a special gain associated with the maturity of a life insurance policy.
EBITDA was $25 million, an decrease of 3% year-over-year primarily driven by lower in revenue following the termination of the staffing services business and the deconsolidation of SNA and Kijimadaira.
About SBC Medical
SBC Medical, headquartered in Irvine, California and Tokyo, Japan, owns and provides management services and products to cosmetic treatment centers. The Company is primarily focused on providing comprehensive management services to franchise clinics, including but not limited to advertising and marketing needs across various platforms (such as social media networks), staff management (such as recruitment and training), booking reservations for franchise clinic customers, assistance with franchise employee housing rentals and facility rentals, construction and design of franchise clinics, medical equipment and medical consumables procurement (resale), the provision of cosmetic products to franchise clinics for resale to clinic customers, licensure of the use of patent-pending and non-patented medical technologies, trademark and brand use, IT software solutions (including but not limited to remote medical consultations), management of the franchise clinic’s customer rewards program (customer loyalty point program), and payment tools for the franchise clinics.
For more information, visit https://sbc-holdings.com/
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as EBITDA, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.
For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the Company’s beliefs regarding future events and performance, many of which, by their nature, are inherently uncertain and outside of the Company’s control. These forward-looking statements reflect the Company’s current views with respect to, among other things, the Company’s financial performance; growth in revenue and earnings; business prospects and opportunities; and capital deployment plans and liquidity. In some cases, forward-looking statements can be identified by the use of words such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. The Company cautions readers not to place undue reliance upon any forward-looking statements, which are current only as of the date of this release and are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on management’s current expectations and are not guarantees of future performance. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. Factors that may cause actual results to differ materially from current expectations may emerge from time to time, and it is not possible for the Company to predict all of them; such factors include, among other things, changes in global, regional, or local economic, business, competitive, market and regulatory conditions, and those listed under the heading “Risk Factors” and elsewhere in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov.
SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED BALANCE SHEETS
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
132,055,823 |
|
|
$ |
125,044,092 |
|
Accounts receivable |
|
|
1,633,456 |
|
|
|
1,413,433 |
|
Accounts receivable – related parties |
|
|
30,557,912 |
|
|
|
28,846,680 |
|
Inventories |
|
|
1,694,765 |
|
|
|
1,494,891 |
|
Finance lease receivables, current – related parties |
|
|
7,281,088 |
|
|
|
5,992,585 |
|
Customer loans receivable, current |
|
|
8,903,724 |
|
|
|
10,382,537 |
|
Prepaid expenses and other current assets |
|
|
32,970,169 |
|
|
|
11,276,802 |
|
Total current assets |
|
|
215,096,937 |
|
|
|
184,451,020 |
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
8,523,351 |
|
|
|
8,771,902 |
|
Intangible assets, net |
|
|
1,543,779 |
|
|
|
1,590,052 |
|
Long-term investments, net |
|
|
3,703,699 |
|
|
|
3,049,972 |
|
Goodwill, net |
|
|
4,780,616 |
|
|
|
4,613,784 |
|
Finance lease receivables, non-current – related parties |
|
|
10,648,402 |
|
|
|
8,397,582 |
|
Operating lease right-of-use assets |
|
|
5,152,104 |
|
|
|
5,267,056 |
|
Finance lease right-of-use assets |
|
|
522,055 |
|
|
|
— |
|
Deferred tax assets |
|
|
2,513,653 |
|
|
|
9,798,071 |
|
Customer loans receivable, non-current |
|
|
4,525,883 |
|
|
|
5,023,551 |
|
Long-term prepayments |
|
|
1,922,709 |
|
|
|
1,745,801 |
|
Long-term investments in MCs – related parties |
|
|
18,691,785 |
|
|
|
17,820,910 |
|
Other assets |
|
|
6,980,816 |
|
|
|
15,553,453 |
|
Total non-current assets |
|
|
69,508,852 |
|
|
|
81,632,134 |
|
Total assets |
|
$ |
284,605,789 |
|
|
$ |
266,083,154 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
17,854,422 |
|
|
$ |
13,875,179 |
|
Accounts payable – related parties |
|
|
1,141,762 |
|
|
|
659,044 |
|
Current portion of long-term loans |
|
|
66,950 |
|
|
|
96,824 |
|
Notes and other payables, current – related parties |
|
|
1,422,976 |
|
|
|
26,255 |
|
Advances from customers |
|
|
525,497 |
|
|
|
820,898 |
|
Advances from customers – related parties |
|
|
10,155,134 |
|
|
|
11,739,533 |
|
Income tax payable |
|
|
1,624,002 |
|
|
|
18,705,851 |
|
Operating lease liabilities, current |
|
|
4,131,154 |
|
|
|
4,341,522 |
|
Finance lease liabilities, current |
|
|
157,532 |
|
|
|
— |
|
Accrued liabilities and other current liabilities |
|
|
8,564,250 |
|
|
|
8,103,194 |
|
Due to related party |
|
|
2,822,537 |
|
|
|
2,823,590 |
|
Total current liabilities |
|
|
48,466,216 |
|
|
|
61,191,890 |
|
SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED BALANCE SHEETS — (Continued)
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
||
Non-current liabilities: |
|
|
|
|
|
|
|
|
Long-term loans |
|
|
6,798,045 |
|
|
|
6,502,682 |
|
Notes and other payables, non-current – related parties |
|
|
12,413 |
|
|
|
5,334 |
|
Deferred tax liabilities |
|
|
346,432 |
|
|
|
926,023 |
|
Operating lease liabilities, non-current |
|
|
1,312,819 |
|
|
|
1,241,526 |
|
Finance lease liabilities, non-current |
|
|
195,572 |
|
|
|
— |
|
Other liabilities |
|
|
1,151,857 |
|
|
|
1,193,541 |
|
Total non-current liabilities |
|
|
9,817,138 |
|
|
|
9,869,106 |
|
Total liabilities |
|
|
58,283,354 |
|
|
|
71,060,996 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock ($0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding as of March 31, 2025 and December 31, 2024) |
|
|
— |
|
|
|
— |
|
Common stock ($0.0001 par value, 400,000,000 shares authorized, 103,881,251 and 103,020,816 shares issued, 103,611,251 and 102,750,816 shares outstanding as of March 31, 2025 and December 31, 2024, respectively) |
|
|
10,388 |
|
|
|
10,302 |
|
Additional paid-in capital |
|
|
62,513,837 |
|
|
|
62,513,923 |
|
Treasury stock (at cost, 270,000 shares as of March 31, 2025 and December 31, 2024) |
|
|
(2,700,000 |
) |
|
|
(2,700,000 |
) |
Retained earnings |
|
|
210,965,453 |
|
|
|
189,463,007 |
|
Accumulated other comprehensive loss |
|
|
(44,343,412 |
) |
|
|
(54,178,075 |
) |
Total SBC Medical Group Holdings Incorporated stockholders’ equity |
|
|
226,446,266 |
|
|
|
195,109,157 |
|
Non-controlling interests |
|
|
(123,831 |
) |
|
|
(86,999 |
) |
Total stockholders’ equity |
|
|
226,322,435 |
|
|
|
195,022,158 |
|
Total liabilities and stockholders’ equity |
|
$ |
284,605,789 |
|
|
$ |
266,083,154 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
|
|
For the Three Months Ended
|
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Revenues, net – related parties |
|
$ |
45,257,145 |
|
|
$ |
50,470,207 |
|
Revenues, net |
|
|
2,071,556 |
|
|
|
4,337,835 |
|
Total revenues, net |
|
|
47,328,701 |
|
|
|
54,808,042 |
|
Cost of revenues (including cost of revenues from related parties of $3,456,928 and $1,797,359 for the three months ended March 31, 2025 and 2024, respectively) |
|
|
9,595,617 |
|
|
|
15,288,667 |
|
Gross profit |
|
|
37,733,084 |
|
|
|
39,519,375 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
13,531,010 |
|
|
|
15,058,490 |
|
Total operating expenses |
|
|
13,531,010 |
|
|
|
15,058,490 |
|
|
|
�� |
|
|
|
|
|
|
Income from operations |
|
|
24,202,074 |
|
|
|
24,460,885 |
|
|
|
|
|
|
|
|
|
|
Other income (expenses): |
|
|
|
|
|
|
|
|
Interest income |
|
|
55,333 |
|
|
|
17,689 |
|
Interest expense |
|
|
(6,207 |
) |
|
|
(3,008 |
) |
Other income |
|
|
151,328 |
|
|
|
349,681 |
|
Other expenses |
|
|
(1,697,259 |
) |
|
|
(1,436,656 |
) |
Gain on redemption of life insurance policies |
|
|
8,746,138 |
|
|
|
— |
|
Gain on disposal of subsidiary |
|
|
— |
|
|
|
3,813,609 |
|
Total other income |
|
|
7,249,333 |
|
|
|
2,741,315 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
31,451,407 |
|
|
|
27,202,200 |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
9,959,457 |
|
|
|
8,451,984 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
21,491,950 |
|
|
|
18,750,216 |
|
Less: net loss attributable to non-controlling interests |
|
|
(10,496 |
) |
|
|
(7,536 |
) |
Net income attributable to SBC Medical Group Holdings Incorporated |
|
$ |
21,502,446 |
|
|
$ |
18,757,752 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
$ |
9,808,327 |
|
|
$ |
(10,193,852 |
) |
Total comprehensive income |
|
|
31,300,277 |
|
|
|
8,556,364 |
|
Less: comprehensive loss attributable to non-controlling interests |
|
|
(36,832 |
) |
|
|
(92,000 |
) |
Comprehensive income attributable to SBC Medical Group Holdings Incorporated |
|
$ |
31,337,109 |
|
|
$ |
8,648,364 |
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to SBC Medical Group Holdings Incorporated* |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
0.21 |
|
|
$ |
0.20 |
|
Weighted average shares outstanding* |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
103,276,637 |
|
|
|
94,192,433 |
|
* |
Retrospectively restated for effect of reverse recapitalization on September 17, 2024. |
| The accompanying notes are an integral part of these unaudited consolidated financial statements. |
SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
For the Three Months Ended March 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net income |
|
$ |
21,491,950 |
|
|
$ |
18,750,216 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
628,304 |
|
|
|
1,018,477 |
|
Non-cash lease expense |
|
|
985,184 |
|
|
|
1,052,123 |
|
Provision for credit losses |
|
|
25,102 |
|
|
|
152,579 |
|
Fair value change of long-term investments |
|
|
140,581 |
|
|
|
938,511 |
|
Gain on disposal of subsidiary |
|
|
— |
|
|
|
(3,813,609 |
) |
Gain on redemption of life insurance policies |
|
|
(8,746,138 |
) |
|
|
— |
|
Gain on disposal of property and equipment |
|
|
(12,375 |
) |
|
|
— |
|
Deferred income tax expense (benefit) |
|
|
7,016,227 |
|
|
|
(360,582 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(147,925 |
) |
|
|
(383,254 |
) |
Accounts receivable – related parties |
|
|
(295,505 |
) |
|
|
4,775,935 |
|
Inventories |
|
|
(124,279 |
) |
|
|
(34,802 |
) |
Finance lease receivables – related parties |
|
|
(2,779,253 |
) |
|
|
(814,608 |
) |
Customer loans receivable |
|
|
4,501,760 |
|
|
|
2,858,633 |
|
Prepaid expenses and other current assets |
|
|
(3,150,243 |
) |
|
|
610,059 |
|
Long-term prepayments |
|
|
98,164 |
|
|
|
138,212 |
|
Other assets |
|
|
318,351 |
|
|
|
(328,818 |
) |
Accounts payable |
|
|
3,235,017 |
|
|
|
(8,937,435 |
) |
Accounts payable – related parties |
|
|
441,481 |
|
|
|
— |
|
Notes payable – related parties |
|
|
(548,077 |
) |
|
|
(1,104,968 |
) |
Advances from customers |
|
|
(328,791 |
) |
|
|
(1,451,008 |
) |
Advances from customers – related parties |
|
|
(2,114,829 |
) |
|
|
(161,936 |
) |
Income tax payable |
|
|
(17,635,239 |
) |
|
|
(6,552,783 |
) |
Operating lease liabilities |
|
|
(1,036,605 |
) |
|
|
(1,067,196 |
) |
Accrued liabilities and other current liabilities |
|
|
63,764 |
|
|
|
(1,604,603 |
) |
Other liabilities |
|
|
(98,005 |
) |
|
|
3,032 |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
1,928,621 |
|
|
|
3,682,175 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(253,725 |
) |
|
|
(702,281 |
) |
Purchase of convertible note |
|
|
— |
|
|
|
(1,700,000 |
) |
Prepayments for property and equipment |
|
|
(501,253 |
) |
|
|
— |
|
Advances to related parties |
|
|
— |
|
|
|
(367,579 |
) |
Purchase of long-term investments |
|
|
(635,145 |
) |
|
|
— |
|
Long-term loans to others |
|
|
(12,783 |
) |
|
|
(44,865 |
) |
Repayments from related parties |
|
|
70,000 |
|
|
|
215,000 |
|
Repayments from others |
|
|
30,680 |
|
|
|
21,422 |
|
Disposal of subsidiary, net of cash disposed of |
|
|
— |
|
|
|
(815,819 |
) |
Proceeds from disposal of property and equipment |
|
|
323,419 |
|
|
|
— |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(978,807 |
) |
|
|
(3,394,122 |
) |
SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
|
|
For the Three Months Ended
|
|
|||||
|
|
2025 |
|
|
2024 |
|
||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Borrowings from related parties |
|
|
15,000 |
|
|
|
— |
|
Repayments of long-term loans |
|
|
(55,873 |
) |
|
|
(30,354 |
) |
Repayments of finance lease liabilities |
|
|
(223,454 |
) |
|
|
— |
|
Repayments to related parties |
|
|
(16,053 |
) |
|
|
(9,873 |
) |
NET CASH USED IN FINANCING ACTIVITIES |
|
|
(280,380 |
) |
|
|
(40,227 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes |
|
|
6,342,297 |
|
|
|
(7,089,208 |
) |
|
|
|
|
|
|
|
|
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
7,011,731 |
|
|
|
(6,841,382 |
) |
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF THE PERIOD |
|
|
125,044,092 |
|
|
|
103,022,932 |
|
CASH AND CASH EQUIVALENTS AS OF THE END OF THE PERIOD |
|
$ |
132,055,823 |
|
|
$ |
96,181,550 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid for interest expense |
|
$ |
6,207 |
|
|
$ |
3,008 |
|
Cash paid for income taxes |
|
$ |
20,577,290 |
|
|
$ |
16,172,526 |
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Property and equipment transferred from long-term prepayments |
|
$ |
125,287 |
|
|
$ |
— |
|
Operating lease right-of-use assets obtained in exchange for operating lease liabilities |
|
$ |
102,599 |
|
|
$ |
— |
|
Finance lease right-of-use assets obtained in exchange for finance lease liabilities |
|
$ |
581,129 |
|
|
$ |
— |
|
Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications |
|
$ |
358,358 |
|
|
$ |
1,078,611 |
|
Payables to related parties in connection with loan services provided |
|
$ |
1,922,224 |
|
|
$ |
10,951,451 |
|
Issuance of common stock as incentive shares |
|
$ |
86 |
|
|
$ |
— |
|
Receivable from redemption of life insurance policies |
|
$ |
17,735,717 |
|
|
$ |
— |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
SBC MEDICAL GROUP HOLDINGS INCORPORATED
Unaudited Reconciliations of GAAP and Non-GAAP Results
|
|
For the Three Months Ended March 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Total revenues, net |
|
$ |
47,328,701 |
|
|
$ |
54,808,042 |
|
Income from operations |
|
24,202,074 |
|
|
24,460,885 |
|
||
Depreciation and amortization expense |
|
|
628,304 |
|
|
|
1,018,477 |
|
EBITDA |
|
|
24,830,378 |
|
|
|
25,479,362 |
|
EBITDA margin |
|
|
52 |
% |
|
|
46 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250515682953/en/
Contacts
In Asia:
SBC Medical Group Holdings Incorporated
Hikaru Fukui / Head of Investor Relations
E-mail: ir@sbc-holdings.com
In the US:
ICR LLC
Bill Zima / Managing Partner
Email: bill.zima@icrinc.com
