SBC Medical Group Q1 Revenue Drops 9% to $43M; EBITDA Soars 117%
Total revenue of $43 million in Q1 2026 fell 9% year-over-year due to an $8.7 million fee structure revision impact, while net income declined absent last year’s life insurance surrender gain. Underlying revenue rose 11% and EBITDA jumped 117% year-over-year, driven by expanding customer counts and non-aesthetic services momentum.
1. Q1 Financial Results and Fee Impact
SBC Medical Group reported Q1 2026 revenue of $43 million, down 9% year-over-year due to an $8.7 million negative impact from fee structure revisions. Net income fell as the prior year’s one-time life insurance surrender gain did not recur.
2. Underlying Growth Performance
Excluding fee revisions and AHH consolidation differences, underlying revenue grew 11% year-over-year and underlying EBITDA surged 117%, reflecting strong clinic activity and improved operational efficiency.
3. Diversified Service Momentum
The company saw meaningful expansion in non-aesthetic categories such as AGA and dentistry and implemented a multi-brand strategy to serve diverse demographics. Procurement and rental services revenues did decline, but higher repeat visits and average revenue per visit bolstered results.
4. Competitive Landscape and Outlook
Management considers the fee structure transition complete and reports a normalized profitability run rate as competition in the Japanese aesthetic market eases. The focus remains on scaling high-growth non-aesthetic segments and optimizing pricing strategies.