NEW YORK, April 16, 2024 (GLOBE NEWSWIRE) -- XWELL, Inc. (NASDAQ:XWEL) ("XWELL" or the "Company"), an authority in wellness solutions for people on the go, today reported results for the year ended December 31, 2023. Recent Highlights: The Company's airport XpresSpa business segment delivered revenue growth of approximately 39% versus 2022. The Company continued growing internationally with the opening of its 11th XpresSpa location in the Abu Dhabi International Airport. XWELL is opening an XpresSpa location in Penn Station, located in the heart of New York City's newly revitalized PENN DISTRICT. The Company continues to expand outside of the airport with plans for multiple new Naples Wax Center locations in Florida. In March 2024, XWELL and Ginkgo Bioworks expanded the CDC Traveler-based Genomic Surveillance Program to new collection locations at US international airports in Miami (MIA) and Chicago (ORD). The Company continues to focus on reducing its cost structure and simplifying its processes in order to achieve profitability in 2024. During 2023, XWELL removed approximately $11 million from the business in a combination of headcount, systems, and process reductions. Further demonstrating the effect of the Company's cost-savings initiatives, 2023 total cost of sales decreased approximately 40% versus 2022 and 2023 salaries, general and administrative expenses decreased approximately 33% versus 2022. The Company reported an operating loss for 2023 of approximately $28.2 million versus an operating loss of $31.2 million in 2022. "XWELL is diligently executing its strategy to drive revenue growth and return to profitability," commented Scott Milford, XWELL's Chief Executive Officer. "Over the last year, we have continued growth internationally, cost-effectively integrated innovative Wellness services and retail products into our XpresSpa's and expanded the scope and budget of our biosurveillance partnership. We also accelerated our growth potential by expanding outside of the airport. Following the September 2023 acquisition of Naples Wax Center, we've secured multiple new leases and intend to expand their portfolio to approximately 10 locations by early 2025. Further underscoring our focus on driving retail revenue growth and smart leverage of our brands beyond traditional venues, we're opening a new labor-lite model in New York City's Penn Station." Mr. Milford added, "We remain focused on continuing to expand our wellness portfolio including additional expansion into transportation hubs and launching TreatStudios, a new platform for independent wellness providers. Looking ahead, we remain committed to improving our operating performance, reaching profitability, and delivering our long-term strategic priorities." Travel Wellness Portfolio - XpresSpa® and Treat™ XpresSpa and its Treat brand are leading airport retailers of wellness services and related products, with 34 locations in 15 airports globally. XWELL continues to innovate in its airport locations bringing new technologies and trends, including new tech-forward equipment, adding new products in-store and on-line, as well as deploying plans to refresh the look and appearance of some XpresSpa locations. These automated offerings include Novo XT massage chairs, HydroMassage units and fully autonomous, AI-powered express manicure units, provide self-care to guests while bringing operational efficiency to the Company's business model. In November 2023, the Company opened a new XpresSpa in Abu Dhabi International Airport, representing its 11th international XpresSpa. The new spa is a valuable extension to its portfolio and capitalizing on a growing UAE traveler base. Strategically, XWELL's continued international expansion allows management the opportunity to further leverage its expertise in providing premium wellness services to more international passengers who appreciate health and wellness services and are willing to spend more in pursuit of their well-being. Penn Station XpresSpa In addition to retail unit growth, XWELL is actively pursuing plans to extend its reach across other transportation hubs such as train stations and other travel venues. To this end, subsequent to year-end 2023, the Company announced plans to open an XpresSpa location in Penn Station, located in the heart of New York City's newly revitalized PENN DISTRICT. The tech-forward, labor-lite out-of-airport spa will serve commuters, neighborhood locals, and tourists with wellness-focused retail, autonomous massage, and nail care services, enabling seamless and efficient experiences for time-crunched New York City travelers. Out-of-Airport Wellness Portfolio - Naples Wax Center®XWELL's first off-airport brand, Naples Wax Center, is a group of upscale hair removal and aesthetic services boutiques with current locations in Florida. Acquired in mid-September 2023 for approximately $1.5 million, Naples Wax Center provides core products and service including face and body waxing as ...