SBC Medical Group Holdings (SBC) Q4 2025 earnings summary

Executive summary

• Operated 283 clinics as of December 2025, serving 6.63 million customers over the trailing 12 months, with a 12% year-over-year increase in customer count and a 72% repeat rate.

• FY2025 saw a rebound in average revenue per customer to $316 in Q4 (up 11% year-over-year), and total clinic revenue reached $1,163 million, up 2% year-over-year, despite lower same-store sales.

• Strategic focus remains on aesthetic dermatology, non-aesthetic healthcare, longevity, and AI-driven healthcare, with global expansion into the US and Southeast Asia.

• Q4 2025 net income rose 117% year-over-year to $14 million, with EPS up 133% to $0.14.

• IPO in September 2024 and inclusion in the Russell 3000® Index in June 2025.

Financial highlights

• FY2025 total revenue was $1,163 million, up 2% year-over-year, but full year revenue recognized was $174 million, down 15% due to restructuring and fee changes.

• Net income attributable to shareholders grew 9% year-over-year to $51 million; EPS increased 4% to $0.50.

• EBITDA for FY2025 was $70 million, down 21% year-over-year, with a margin of 40.4%.

• Q4 revenues were $40 million, down 11% year-over-year; Q4 EBITDA was $14 million, down 35% year-over-year.

• Net income margin for the year expanded from 23% to 29%.

Outlook and guidance

• Expect continued growth in aesthetic dermatology, aiming to outperform the market's 10% annual growth rate, with expansion in longevity and wellness, and leveraging AI for operational efficiency.

• Management expects structural headwinds from prior years to be largely behind, positioning for sustainable top-line growth in 2026.

• Aggressive investment and M&A planned to achieve leadership in dentistry, orthopedics, fertility treatment, and dermatology by 2035.