Blade reports strong Q2 revenue and margin growth
Blade’s medical business has more than tripled in growth since 2021.
Blade Air Mobility reported financial results for the second quarter of 2024 with revenue climbing 11% year-over-year to $67.9m.
This growth was evenly distributed across the company’s core business segments: medical and passenger transportation.
The medical division, contributing 56% to overall revenue, saw a 11% increase to $29.6m. The passenger segment also experienced similar growth, reaching $38.3m.
“We are also pleased to see continued sequential growth in medical as well as increasing adoption of Blade’s ground and organ placement offerings,” said Rob Wiesenthal, company’s CEO.
A key factor in the company’s improved financial standing was a substantial enhancement in gross profit margin, which surged by 835 basis points to 16.7%, expanding gross profit by 17% year-over-year to $11.3m
However, offsetting these gains were increased general and administrative expenses, resulting in an operating loss of $12.1m for the quarter, consistent with the same period in the previous year.
“This quarter marks Blade’s first adjusted EBITDA positive Q2 as a public company with both the medical and passenger segments enjoying strong performance and contributing positive segment-adjusted EBITDA in the quarter,” added Wiesenthal.
On the bottom line, Blade Air Mobility managed to reduce its net loss by $0.9m to $11.3m.
The company also reported improvement in flight margin to 24.1% driven by enhanced performance from the company’s owned aircraft fleet, strategic growth in ground revenue, and optimized pricing strategies within the medical segment.
Melissa Tomkiel, Blade’s president said the company closed on seven of the eight previously announced jet aircraft acquisitions.
“And we’re encouraged by both the value these aircraft provide to our customers and the initial financial performance of the fleet to date, generating a return on invested capital above 30%,” she added further.
The company reaffirmed its 2024 guidance. It expects full revenue to clock in the range of $240m to $250m and positive adjusted EBITDA.
