CHICAGO, IL., October 27, 2021 – Water Tower Research has published an Initiation of Coverage report on XpresSpa Group, Inc. (NASDAQ: XSPA), a leading provider of health and wellness services and products in airports. The report centers around XpresSpa’s pivot towards COVID testing in US airports as well as the steps it is taking to develop a successful health and wellness services and products business in airports.
“At the inception of the COVID pandemic, XpresSpa Group had to temporarily closed its legacy airport-based spa locations but the company leveraged its airport presence and contacts to quickly and successfully pivot towards the COVID testing business, opening XpresCheck locations that offer standard and rapid COVID testing mostly to passengers flying to international destinations that require a negative test as a condition for entry,” said Thierry Wuilloud, Head of Emerging Growth and Special Situations research at Water Tower. “We believe the testing business will prove resilient and will be a source of growth for XpresSpa Group, as worries about viruses and contagious diseases are likely to remain major concerns going forward. The recently announced plan to reopen the US to non-citizen visitors should add to the pool of potential XpresCheck customers. In addition, XpresSpa’s legacy business is likely to eventually recover, and we are excited to watch the development and growth of Treat, XpresSpa’s latest health and wellness offering.”
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