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    Morgan McCarthy • Leerink Partners

    Morgan McCarthy is Vice President, Equity Research at Leerink Partners, specializing in biotechnology and genetic medicine company research. She covers specific names including Arcturus Therapeutics, Sensorion SA, Voyager Therapeutics, Xencor, and Zai Lab, with a focus on emerging therapies and innovative biotech platforms. McCarthy joined Leerink Partners as VP in April 2021 after holding equity research roles at UBS, Barclays Investment Bank, Needham & Company, and Bank of America Merrill Lynch, beginning her finance career in 2012. She holds a Bachelor of Science in Finance from St. John's University and maintains FINRA Series 7 and Series 66 registrations.

    Morgan McCarthy's questions to AirSculpt Technologies Inc (AIRS) leadership

    Morgan McCarthy's questions to AirSculpt Technologies Inc (AIRS) leadership • Q2 2025

    Question

    Morgan McCarthy asked about the performance of the five centers opened in 2024 as they enter the same-store comparison pool and the underlying assumptions for same-store case growth in the second-half guidance. She also inquired about Q3 seasonality, the impact of new initiatives on cash flow, and the operational progress of the London facility.

    Answer

    CFO Dennis Dean stated that the 2024 de novo centers are performing in line with expectations, though below historical levels due to the macro environment, and will provide a modest benefit to the same-store metric as they are included. He anticipates the same-store decline will lessen in Q3 and improve significantly in Q4. Regarding seasonality, he noted Q3 is typically softer but is modeling a near-equal revenue split with Q4, with cost initiatives being a key driver for back-half results. CEO Yogi Jashnani added that the London facility's comp sales outperformed the chain in Q2 but it remains cash flow negative.

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    Morgan McCarthy's questions to AirSculpt Technologies Inc (AIRS) leadership • Q1 2025

    Question

    Morgan McCarthy, on behalf of Whit Mayo, asked about the underlying assumptions for same-store case growth and pricing within the 2025 guidance, and whether the company has seen any improvement in the lead-to-case conversion rate.

    Answer

    Executive Dennis Dean explained that guidance assumes stable pricing and, while seeing signs of improvement, does not factor in significant same-store growth in Q2, but anticipates a return to growth by year-end. CEO Yogesh Jashnani added that the time to book cases remains elongated due to the uncertain macro environment, but the strong growth in lead volume is creating a robust pipeline for future conversions.

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