NEW YORK, Aug. 14, 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 second quarter ended June 30, 2024. Recent Highlights: XWELL delivered 2024 second quarter revenue growth of approximately 14% from the comparable quarter in 2023 driven by stronger demand for services and retail products. In June, XpresSpa opened a new spa in Philadelphia International Airport -- its first in a U.S. airport in more than 5 years and the first to leverage the Company's "labor-lite, tech-forward" offering. In June, the CDC issued a new three-year biosurveillance program RFP which XpresTest is answering and, if awarded, will commence during the third quarter of 2024. It is anticipated that the value of this new contract will be similar to prior contracts. In May, Naples Wax began offering aesthetic services as part of its evolution as a full-service spa. In May, XpresSpa launched a program to introduce IV-hydration therapy into its spa locations. XWELL continues to focus on reducing its cost structure and returning to profitability including: Reducing cost of sales by approximately 11% when compared to the 2023 second quarter. Reducing general and administrative expenses by approximately 3% when compared to the 2023 second quarter. Reducing salaries and benefits by approximately 22% when compared to the 2023 second quarter. Reducing operating expenses by approximately 16% when compared to the 2023 second quarter. In August, XWELL continued to fuel its future growth plans by executing a $1.4 million registered direct offering, which was priced at a premium to market. "We continue to look towards the future, successfully implementing our strategy to balance our portfolio with growth outside the airport, and cost-effectively integrating innovative services and retail products into our offering," commented Scott Milford, XWELL's Chief Executive Officer. "At the same time, we remain laser-focused on returning to profitability and are pleased with the significant progress we've made reducing costs and operating expenses. Looking ahead, we remain focused on continuous improvement across our business, and we believe we're well positioned to extend our collaboration with the CDC for our traveler-based SARS-CoV-2 Genomic Surveillance program." Travel Wellness Portfolio - XpresSpa®XpresSpa is the leading airport retailers of wellness services and related products, with 33 locations in 16 airports globally. During the 2024 second quarter, XpresSpa opened a new location in Philadelphia International Airport (PHL). Located in Terminal B near Gate B2, the PHL XpresSpa includes the company's new branding as well as innovative offerings including its new Ceragem therapeutic massage and compression beds, Clockwork MiNiCURE and Human Touch automated massages. With more than 28 million passengers annually, the Company believes the PHL XpresSpa represents an exciting opportunity to drive a sustainable and profitable model with its labor lite and tech forward offerings. Additionally, during the 2024 second quarter, the Company announced the introduction of IV hydration drip therapy at its Miami International Airport (MIA) XpresSpa location. In collaboration with Revitalize IV Lounge, the new service offers a fast and efficient way to deliver vitamins, minerals, and amino acids directly into the bloodstream and is available in MIA's North Terminal, Concourse D, Gate D-11. The introduction of hydration therapies in our spa locations aligns with our continued desire to offer a wider variety of "on-trend" wellness services. Additionally, during the 2024 second quarter, XpresSpa also announced the launch of its first use of the Ceragem V-6 massage bed providing therapeutic massage to guests. The fully autonomous massage solution is designed to rejuvenate and revolutionize relaxation by providing enhanced blood circulation, muscle ...