• XWELL, Inc. is a leading global health and wellness holding company operating four brands: XpresCheck®, XpresSpa®, Treat™ and HyperPointe.
  • Recently the Group announced new corporate identity XWELL.


XWELL, Inc. (Nasdaq: XWEL) is a leading global health and wellness holding company operating four brands: XpresCheck®, XpresSpa®, Treat™ and HyperPointe.

XpresSpa is a leading airport retailer of wellness services and related products, with 28 locations in 14 airports globally.

Treat is a travel health and wellness brand and a fully integrated concept blending technology with traditional brick and mortar offerings to provide a holistic approach to physical and mental well-being for travelers, currently located in three airports.

XpresCheck is a leading provider of COVID-19 screening and diagnostic testing in partnership with the CDC and Concentric by Ginkgo, conducting bio-surveillance monitoring in its airport locations to identify new SARS-CoV-2 variants of interest and concern as well as other pathogens entering the country from across the world.

HyperPointe is a leading digital healthcare and data analytics relationship company serving the global healthcare industry.


Recent Developments

XWELL Increases International Footprint with Five New XpresSpa Locations at Istanbul International Airport1

Nov. 09, 2022 XWELL, Inc. the authority in health and wellness solutions for people on the go, continues its international expansion with the planned opening of five new XpresSpa locations in Istanbul International Airport (IST). Located in the city known as the crossroads of the world, Istanbul International Airport is one of the busiest airports in the world, serving 262 destinations.

Two XpresSpa locations are currently open with one more scheduled to open on November 10. The remaining two locations are expected to open in December. The five XpresSpa locations will be open 24 hours a day, seven days a week within the international terminal of Istanbul International Airport.

XpresSpa features physical massages, nail services and treatment masks as well as HydroMassage for touchless massage. In addition, XpresSpa offers unique resting zones with semi-private spaces as well as private shower facilities.

The opening of new locations in Istanbul follows months of continued progress towards XWELL’s transformational imperatives. XWELL recently opened its third Treat location at Salt Lake City International Airport in Salt Lake City, Utah as well as a refreshed XpresSpa at JFK’s Terminal 4. XWELL also announced a new partnership with Clockwork to provide robotic manicures at select XpresSpa locations in 2023.

XpresSpa Group Announces New Corporate Identity2

Oct. 24, 2022; XWELL, Inc. (Nasdaq: XWEL) formerly XpresSpa Group, Inc. (Nasdaq: XSPA), today announced a corporate rebranding of the Company to XWELL. XWELL unveiled a new visual identity and website, in connection with the rebrand, and the Company’s Nasdaq ticker symbol will change from “XSPA” to “XWEL,” effective before the market opens on October 25, 2022.

As the authority in health and wellness solutions for people on the go, the new name emphasizes the Company’s ongoing transformation and expansion of its health and wellness offerings. XWELL’s suite of brands will continue to operate under their existing names including XpresSpa®, Treat™, XpresCheck®, and HyperPointe.


Financial Highlights

Third Quarter 2022 Results

Nov. 10, 2022; XWELL, Inc. reported results for the third quarter ending September 30, 2022.3

Total revenue during the three months ended September 30, 2022, was $10.7 million compared to $26.8 million in the corresponding period in 2021. The revenue for the quarter primarily consisted of $4.0 million in revenue from its reopened XpresSpa locations and Treat locations, $4.3 million from XpresCheck locations, $1.8 million in revenue from its biosurveillance partnership, and $0.7 million from HyperPointe.

Cost of Sales

Cost of sales decreased to $9.3 million in the third quarter of 2022 from $13.7 million in the prior year third quarter, primarily as a result of the Company closing underperforming XpresCheck locations during the quarter.

General and Administrative Expenses

General and administrative expenses were $6.4 million in the three months ended September 30, 2022, compared to $5.2 million for the year ago comparable period. The increase was primarily due to certain non-recurring credits that were recorded in the third quarter of 2021.

Income from Operations

Loss from operations was $7.65 million in the third quarter of 2022 compared to income from operations of $7.1 million in the prior year third quarter.

Net Income Attributable to Common Shareholders

Net loss attributable to common shareholders was $7.2 million in the third quarter of 2022 compared to net income attributable to common shareholders of $5.6 million in the prior year third quarter.

Third Quarter Business Update


There are currently 20 operating XpresSpa domestic locations. Internationally, there are 9 XpresSpa locations currently operating. These consist of three at Dubai International Airport in the UAE, three at Schiphol Amsterdam Airport in the Netherlands, and three at Istanbul Airport in Turkey. The company expect to open another two locations in Istanbul by year-end. This expansion allows XWELL 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.

Bolstered by renewed interest in wellness services among travelers, along with a willingness to spend additional dollars on products and services that will improve their well-being while they travel, the Company is executing its new retail strategy to drive more foot traffic into its airport locations and augment its on-line presence. This includes 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.


Treat is a travel health and wellness brand and a fully integrated concept blending technology with traditional brick and mortar offerings to provide a holistic approach to physical and mental well-being for travelers. Treat’s on-site centers are currently located at JFK International Airport in New York, Phoenix Sky Harbor International Airport in Arizona, and Salt Lake City International Airport in Utah.

The Treat teams provide travel-related diagnostic testing for virus, cold, flu and other illnesses as well as hydration therapy, IV drips, and vitamin injections. Travelers can purchase time blocks to use the Company’s wellness rooms to engage in interactive services like self-guided yoga, meditation, and low impact weight exercises or to relax and unplug from the hectic pace of the airport and renew themselves before or after their trip. Treat also offers a website ( and mobile app to complement the offering with relevant health and wellness content designed to help people on the go with information that could impact their travel.


XWELL’s XpresTest, Inc. subsidiary (“XpresCheck”) provides medical diagnostic testing services, including COVID-19 testing for its customers.

As previously discussed, as countries have continued to relax their testing requirements, testing volumes at the Company’s XpresCheck locations have decreased. Based on the evolution of testing globally, and the creation of longer term biosurveillance efforts coupled with the current performance of its XpresCheck segment, the Company is closing unprofitable XpresCheck locations without compromising its biosurveillance apparatus. 

During the third quarter, the Company closed five unprofitable XpresCheck locations and commenced plans to close another seven locations during the fourth quarter. Looking ahead to 2023, the Company expects to operate two XpresCheck locations and five biosurveillance stations serving the XpresCheck business.

Biosurveillance Partnership with Ginkgo Bioworks

In late 2021, in collaboration with the Centers for Disease Control and Prevention (“CDC”) and Ginkgo Bioworks, XpresCheck began conducting biosurveillance monitoring aimed at identifying existing and new SARS-CoV-2 variants at four major U.S. airports (JFK International Airport, Newark Liberty International Airport, San Francisco International Airport, and Hartsfield-Jackson Atlanta International Airport).

During the third quarter of 2022, XpresCheck, in partnership with Ginkgo Bioworks (and in continuation of their support to the CDC’s traveler-based SARS-CoV-2 genomic surveillance program) were awarded a new contract. The partnership is expected to support public health and biosecurity services totaling approximately $16 million, with an overall potential to reach $61 million based on CDC program options and public health priorities. As COVID-19 sublineages and other biological threats continue to emerge, the partners plan to expand the program footprint incorporate innovative modalities and offerings, such as monitoring of wastewater from aircraft lavatories.


In January 2022, the Company announced and closed on the acquisition of GCG Connect, LLC d/b/a HyperPointe. HyperPointe is a leading digital healthcare and data analytics relationship marketing agency, servicing the global healthcare and pharmaceutical industry. HyperPointe has significant experience in patient and healthcare professional marketing and deep technological experience with CXM (customer experience management) and data analytics.

Since June 2020, HyperPointe’s management team and suite of services and technology have been utilized to develop and deploy the technological infrastructure necessary to scale the growth of its XpresCheck business. HyperPointe’s experience in this space continues to serve the XpresCheck business and will play a critical role in the expansion of ongoing biosurveillance efforts created in partnership with Ginkgo Bioworks and the CDC.

Share Repurchase Program

As of November 9, 2022, approximately 0.8 million shares remain available under the Company’s 25-million share repurchase program that was announced on August 31, 2021 and subsequently increased on May 20, 2022.

Year-to-date, the Company has repurchased approximately 19.5 million shares. During the third quarter of 2022, the Company continued to execute on its share repurchase program, repurchasing approximately 11.0 million shares at average price of $1.03 per share, for a total of $11.4 million.

Liquidity and Financial Condition

As of September 30, 2022, the Company had cash and cash equivalents, excluding restricted cash, of $49.4 million and no long-term debt.



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Created by Asif Farooqui on 2022/12/05 07:55
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