Xponential Fitness Inc. (NYSE: XPOF) raised its 2023 outlook for revenue and new studio openings following its third quarter report on Tuesday.
The fitness boutique franchisor anticipates 2023 revenue to reach the range of $305 million to $315 million, up from a previous guidance of $295 million to $305 million based on “the company’s performance year-to-date.”
Irvine-based Xponential also expects to open new studios in the range of 550 to 560, a tighter range compared to the previous outlook of 540 to 560.
“We are confident we will close the year out on a high note,” Chief Executive Anthony Geisler said in a statement.
Geisler also reiterated the franchisor’s move away from company-owned transition studios in order to “right-size” profitability for 2024.
Xponential currently counts 2,980 total studios in operation across the 10 fitness brands in its portfolio, such as Rumble, AKT, and Club Pilates. The firm, currently valued at $749 million, reported third quarter revenue of $80 million, increasing 26% from a year ago and beating analysts’ average estimates of $74.7 million.
Shares were unchanged at $15 a piece in after hours trading.
