WTR Fireside Chat Series: Doug Satzman, CEO of XpresSpa Group on December 7, 2021 at 1 pm EST to Discuss the Factors Driving the XpresCheck Business of XpresSpa Group
|52 Week Range||$1.03-$3.33|
|Avg. Daily Vol. (30 day)||1,859,150|
|Shares Out (MM)||105.3|
|Market Cap (MM)||$183.85|
|Enterprise Value ($MM)||$82.2|
|Debt to Equity||NM|
|Revenue TTM (MM)||$44.7|
|Fiscal Year End||December|
On Tuesday, December 7, 2021, at 1:00 pm EST, we will be hosting Doug Satzman, CEO of XpresSpa Group, to discuss the factors driving the XpresCheck business of XpresSpa Group. The event is open to all.
XpresCheck consists mainly of the airport-based testing business of XpresSpa offering COVID-19 testing primarily to outbound international travelers. Since its inception in June 2020, the business has experienced rapid growth, with revenues growing from nil in 3Q20 to $25.4 million in 3Q21. Despite high vaccination rates, testing requirements remain in place for many international destinations, and we believe testing is likely to remain a feature of international travel for the foreseeable future, in particular given the regular emergence of new strains, such as Delta and Omicron.
In addition, XpresCheck has been retained by the CDC for a pilot program providing biosurveillance at three major US airports focusing on travelers coming to the US from high-risk countries. The program has recently been expanded to a fourth airport and will now also focus on detecting the new Omicron variant. We believe biosurveillance can represent a significant additional source of growth for XpresCheck.
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XpresSpa Group provides health and wellness services out of 24 US and 6 international airport locations. Its XpresSpa legacy business operated 43 spas in 21 airports prior to the COVID-19 pandemic. When the pandemic started, the spas had to be closed; the company pivoted and developed XpresCheck, a business offering rapid COVID-19 testing services with currently 14 locations in 12 airports, primarily targeting passengers bound for international destinations that require negative COVID tests for entry. XpresCheck has also secured a first contract with the Centers for Disease Control and Prevention (CDC) to conduct testing and biosurveillance for inbound international passengers. While the company has started to selectively reopen some of its XpresSpa locations, it is also developing Treat, a new multichannel health and wellness brand. It has already launched the brand’s website, treat.com, as well as the Treat app. It will open the first Treat airport location in 4Q21 at JFK Terminal 4. Treat will expand on the spa and testing services offered by XpresSpa and XpresCheck and will have an extensive suite of health and wellness goods and services, including testing, vaccines, anxiety care, emergency prescriptions, vitamin IV therapies, as well as wellness offerings such as fitness, yoga, and guided meditation services.
XpresSpa Group, Inc.
Doug Satzman is the CEO of XpresSpa since joining the company in February 2019. Doug has guided the company through the COVID crisis, which forced the temporary closing of all of the company legacy spa locations. Doug led the pivot toward the creation of XpresCheck which has become the largest airport-based testing company in the US.
Previously, Doug served as CEO of Joe Coffee Company, and also as CEO of Le Pain Quotidien. Mr. Satzman also spent 14 years at Starbucks Coffee Company in various roles, leaving the company as Senior Vice-President, EMEA Business Development & Channel Operations. Mr. Satzman holds a Bachelor’s degree from Rollins College.
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