By Sam Boughedda
Investing.com -- Fitness company Xponential Fitness (NYSE:XPOF) is down over 8% after posting a loss when it reported its first-quarter results aftermarket Thursday.
The company, which owns brands such as Club Pilates and CycleBar, posted a loss of $0.19 per share. Analysts polled by Investing.com expected the company to report a profit per share of $0.11.
The company said the loss resulted from $14 million of higher overall profitability, offset by a $9.4 million increase in non-cash contingent consideration primarily related to its acquisition of Rumble. The company said that there was also a $15 million increase in a non-cash equity-based compensation expense.
However, the company reported revenue of $50.36 million, beating the $45.23 million expected.
Xponential sold 260 franchise licenses and opened 99 new studios in the first quarter.
“On the heels of a very strong fourth quarter, Xponential Fitness entered 2022 with great momentum," said Anthony Geisler, CEO of Xponential Fitness.
"In the first quarter, we opened 99 new studios, bringing our total studio count to 2,229 studios worldwide. In addition, our North America actively paying members and visitation rates each grew 17% in the first quarter of 2022 versus the fourth quarter of 2021,” Geisler added.
The company reiterated full-year 2022 guidance, expecting revenue in the range of $201 million to $211 million.