SBC Medical Group (SBC) is scheduled to report 2Q:25 results before the market open on August 13. We estimate 2Q:25 revenue of $42.5 million, down 20% year over year, reflecting the impact of a recent strategic business resets, including franchise fee changes and the exit from the staffing business. Shinya Inoue joins as Chief Marketing Officer, bringing deep experience in brand strategy and digital marketing to strengthen marketing and brand value. He will start with Japan, the largest market, before expanding globally. Dr. Steven R. Cohen becomes Medical Strategy Advisor, bringing world-class expertise in regenerative aesthetics to raise clinical standards, expand physician training, and support international growth. As of March 2025, the company held $132 million in cash and equivalents, with a long-term debt of $7 million. Our high-risk rating reflects the competitive nature of the aesthetic medical industry and the need for continuous technological upgrades. In addition, SBC faces challenges entering new geographies and integrating acquisitions.