Life Time revenues rebound as fitness centers re-open and bike events resume

CHANHASSEN, Minn. (BRAIN) — Life Time, a health heart operator that additionally owns the Sea Otter Classic, the Leadville 100, Unbound Gravel and different bike occasions, experiences that revenues had been up 50% within the first half of 2022 as its health services re-opened and occasions resumed after COVID-19 closures.

Fitness heart income within the half was $854 million, up from $572 million within the interval final yr. Life Time’s “different” income for the half was $26 million, up from $11 million final yr. Life Time mentioned the $15 million enhance in “different” income was pushed by the resumption of its sports activities occasions within the first half. 

Life Time’s comparable heart gross sales within the first half elevated 42.4%.

Company-wide, Life Time’s web loss was $40.3 million. Adjusted EBITDA elevated to $103.7 million from an EBITDA lack of $14.8 million within the interval final yr. 

The firm was working 153 health facilities as of June 30. It has opened two new facilities thus far this yr and plans to open 4 new facilities within the third quarter and 6 in the course of the fourth quarter, for a complete of 12 new facilities in 2022. The firm mentioned it plans to open 11 or extra new facilities in 2023.

Life Time is forecasting full-year income of $1.80 billion to $1.85 billion. Last yr, revenues had been $1.3 billion because it started to emerge from the pandemic closures. In 2019, previous to the pandemic, Life Time’s revenues had been $1.9 billion; revenues fell to $948 million in 2020.

Life Time’s biking occasions are: Sea Otter Classic, UNBOUND Gravel, Wilmington Whiteface, Lutsen 99er, Tahoe Trail, Crusher within the Tushar, Silver Rush 50 MTB, Leadville Stage race, Leadville Trail 100 MTB, Barn Burner, Chequamegon, The Rad Dirt Fest, Big Sugar, and the Austin Rattler MTB. This yr Life Time launched its Life Time Grand Prix, a professional race collection of mountain bike and gravel occasions with a $250,000 total prize checklist.

Life Time’s inventory is traded on the New York Stock Exchange below the LTH image. Stock quotes can be found on Life Time’s website

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