Executive Summary
฿150.5M
2025 Revenue
+355% YoY
5,502
Customers
+568% YoY
฿27.4K
AOV
-34% (intentional)
฿15.2M
Google Ads Spend
from ฿0.4M Q4 2024 pilot
128,206
Website Users (GA4 — Google Analytics)
+745% YoY
67,757
Organic Clicks (GSC — Google Search Console)
+732% YoY
- Revenue 4.5x: ฿33.1M → ฿150.5M, customer base expanded from 824 to 5,502 via volume-first acquisition with validated upsell funnel
- Google Ads scaled from ฿0.4M Q4 pilot to ฿15.2M full-year spend, generating 21,842 conversions
- Website traffic up 745% (GA4 users), organic clicks up 732% (GSC), conversion rate improving from 11.3% to 14.2%
- Growth decelerating (+32% → +24% → +12% quarterly), signaling transition from hypergrowth to optimization
Key actions: Formalize multi-treatment bundling (47% already bundle at 3.1x AOV uplift), build retention tracking (no repeat visit data exists), and launch YouTube as a new acquisition channel. See all 7 recommendations ↓
Revenue & Customer Growth
Source: Sales CRM (international customers only). 2024 = March–December (10 months). 2025 = full calendar year.
Top-Line Performance
Revenue grew 4.5x while AOV decreased intentionally from ฿40K to ฿27K. Lower-ticket treatments serve as an acquisition funnel — 47% of visits include multiple treatments averaging ฿42.5K vs ฿13.8K for single-treatment visits.
| Metric | 2024 (Mar-Dec) | 2025 (Full Year) | 2025 (Mar-Dec) | YoY (Mar-Dec) |
|---|---|---|---|---|
| Revenue | ฿33.1M | ฿150.5M | ฿134.3M | +306% |
| Customers | 824 | 5,502 | 5,089 | +517% |
| AOV | ฿40,129 | ฿27,351 | ฿26,395 | -34% |
Revenue by Market (Top 10)
USA and Singapore drive 31% of revenue. Germany (+1,396%) and UK (+946%) are the fastest-growing established markets.
| Country | 2024 | 2025 | Share | YoY | Customers | AOV |
|---|---|---|---|---|---|---|
| USA | ฿5.8M | ฿24.1M | 16.0% | +314% | 898 | ฿26.9K |
| Singapore | ฿5.0M | ฿22.2M | 14.8% | +345% | 618 | ฿36.0K |
| Australia | ฿1.5M | ฿11.5M | 7.6% | +667% | 330 | ฿34.8K |
| UK | ฿0.9M | ฿9.8M | 6.5% | +946% | 301 | ฿32.7K |
| Canada | ฿0.6M | ฿5.7M | 3.8% | +831% | 158 | ฿36.0K |
| U.A.E | ฿1.0M | ฿5.1M | 3.4% | +404% | 182 | ฿28.1K |
| Philippines | ฿1.4M | ฿4.5M | 3.0% | +217% | 158 | ฿28.2K |
| Germany | ฿0.3M | ฿4.4M | 2.9% | +1,396% | 186 | ฿23.7K |
| Malaysia | ฿0.8M | ฿3.7M | 2.5% | +386% | 90 | ฿40.7K |
| France | ฿0.4M | ฿3.6M | 2.4% | +723% | 180 | ฿19.8K |
Branch Performance
Siam Paragon alone accounts for 53% of international revenue. Ekkamai and Bangna attract the highest-value customers (฿43–45K AOV) despite lower volume — 60% above EmQuartier (฿17K).
| Branch | 2024 | 2025 | YoY | Customers | AOV | Rev. Share |
|---|---|---|---|---|---|---|
| Siam Paragon | ฿16.3M | ฿80.3M | +393% | 2,951 | ฿27.2K | 53.4% |
| Emporium | ฿7.5M | ฿30.1M | +300% | 1,130 | ฿26.6K | 20.0% |
| EmQuartier | ฿3.4M | ฿10.4M | +206% | 597 | ฿17.4K | 6.9% |
| Ekkamai | — | ฿10.2M | New | 236 | ฿43.2K | 6.8% |
| Ladprao | ฿2.0M | ฿8.1M | +302% | 302 | ฿26.8K | 5.4% |
| Bangna | ฿3.4M | ฿5.6M | +65% | 125 | ฿44.8K | 3.7% |
| Pinklao | ฿0.4M | ฿5.8M | +1,245% | 160 | ฿36.3K | 3.9% |
Channel Attribution
Google drives 84% of revenue. ChatGPT emerged as a new channel at ฿3.1M, already exceeding TikTok (฿2.4M). Walk-in and Referral declined as customers shift to digital-first discovery.
| Source | 2024 | 2025 | YoY | Customers | Rev. Share |
|---|---|---|---|---|---|
| ฿18.1M | ฿126.4M | +600% | 4,513 | 84.0% | |
| ฿1.8M | ฿6.4M | +248% | 263 | 4.2% | |
| Not Recorded | ฿4.6M | ฿4.7M | +2% | 175 | 3.1% |
| ChatGPT | — | ฿3.1M | New | 104 | 2.1% |
| ฿1.5M | ฿3.0M | +103% | 112 | 2.0% | |
| TikTok | ฿0.2M | ฿2.4M | +1,248% | 89 | 1.6% |
| Referral | ฿2.7M | ฿1.8M | -34% | 64 | 1.2% |
| Walk-in | ฿3.9M | ฿1.6M | -59% | 86 | 1.1% |
| Signage | ฿0.04M | ฿1.1M | +2,685% | 94 | 0.7% |
Quarterly Revenue
2025 quarter-on-quarter growth is slowing: Q1→Q2 +32%, Q2→Q3 +24%, Q3→Q4 +12%. Revenue is still growing each quarter, but at a decreasing rate — suggesting steady-state revenue around ฿15–17M/month.
Treatment Performance
Source: Sales CRM
Top 10 Treatments by 2025 Revenue
VASER leads at ฿18.4M with ฿119K AOV (155 procedures). Facials grew 14x in volume (1,820 customers), validating the entry-level acquisition funnel.
| Treatment | 2024 | 2025 | YoY | Count | AOV |
|---|---|---|---|---|---|
| VASER | ฿7.9M | ฿18.4M | +134% | 155 | ฿119K |
| Filler | ฿3.9M | ฿14.6M | +272% | 404 | ฿36K |
| Botox | ฿2.9M | ฿14.0M | +385% | 951 | ฿15K |
| Radiesse | ฿1.9M | ฿13.1M | +583% | 230 | ฿57K |
| Ultherapy Prime | — | ฿10.6M | New | 141 | ฿75K |
| Treatment (facials) | ฿0.6M | ฿9.0M | +1,329% | 1,820 | ฿5K |
| Laser | ฿0.4M | ฿7.8M | +1,884% | 975 | ฿8K |
| J-Plasma | ฿2.8M | ฿6.1M | +116% | 76 | ฿80K |
| Ultherapy | ฿3.6M | ฿5.7M | +58% | 102 | ฿56K |
| Mint Thread | ฿0.2M | ฿5.0M | +2,300% | 114 | ฿44K |
Revenue concentration: Top 3 treatments (VASER, Filler, Botox) generate 31% of total revenue. Top 5 treatments account for 50%. Half the revenue depends on five treatments.
Fastest-Growing Treatments
Minimum ฿1M in 2025 revenue with 2024 baseline:
| Treatment | 2024 | 2025 | Growth | Count | AOV |
|---|---|---|---|---|---|
| Hybrid V Lift | ฿45K | ฿3.0M | +6,547% | 125 | ฿24K |
| Sylfirm | ฿45K | ฿2.8M | +6,077% | 185 | ฿15K |
| Skinvive | ฿30K | ฿1.6M | +5,350% | 62 | ฿26K |
| Mint Thread | ฿207K | ฿5.0M | +2,300% | 114 | ฿44K |
| Laser | ฿391K | ฿7.8M | +1,884% | 975 | ฿8K |
| Treatment (facials) | ฿630K | ฿9.0M | +1,329% | 1,820 | ฿5K |
| IV Drips | ฿344K | ฿3.5M | +930% | 450 | ฿8K |
| NAD | ฿149K | ฿1.4M | +864% | 104 | ฿14K |
| Hair Removal | ฿333K | ฿3.1M | +821% | 482 | ฿6K |
Category Mix Shift
Injectables dominate at 39% share. Lasers (+1,308%) and IV & Wellness (+938%) gained the most share as the volume strategy expanded the treatment mix. Body Contouring has the highest AOV at ฿83K.
| Category | 2024 | 2025 | Rev. Share | YoY | Count | AOV |
|---|---|---|---|---|---|---|
| Injectables | ฿11.2M | ฿54.0M | 39% | +383% | 2,354 | ฿23K |
| Tightening & Lifting | ฿5.3M | ฿28.4M | 21% | +433% | 623 | ฿46K |
| Body Contouring | ฿11.5M | ฿28.5M | 20% | +148% | 344 | ฿83K |
| Lasers | ฿0.9M | ฿12.1M | 9% | +1,308% | 1,743 | ฿7K |
| Facials & Skin Care | ฿1.5M | ฿10.9M | 8% | +614% | 2,403 | ฿5K |
| IV & Wellness | ฿0.5M | ฿5.1M | 4% | +938% | 562 | ฿9K |
Multi-Treatment Visits
47%
of visits include 2+ treatments
฿42.5K
Multi-treatment AOV
฿13.8K
Single-treatment AOV
3.1x AOV uplift from bundling.
Website Performance
Sources: GA4 (/en/ pages), GSC (/en/ pages).
Conversions grew +962%, outpacing user growth (+745%) — higher traffic also converts better. Conversion rate improved from 11.3% to 14.2%.
GA4 — Users & Engagement
| Metric | 2024 | 2025 | YoY |
|---|---|---|---|
| Sessions | 18,446 | 165,016 | +795% |
| Total Users | 15,167 | 128,206 | +745% |
| New Users | 14,440 | 117,093 | +711% |
| Conversions | 1,713 | 18,185 | +962% |
| User Conversion Rate | 11.3% | 14.2% | +2.9pp |
GSC — Google Organic Search Performance
| Metric | 2024 | 2025 | YoY |
|---|---|---|---|
| Clicks | 8,140 | 67,757 | +732% |
| Impressions | 510K | 5.39M | +957% |
| CTR | 1.60% | 1.26% | -0.34pp |
| Avg Position | 16.3 | 12.6 | +3.7 |
CTR declined slightly as the site now ranks for a much wider set of keywords, many at lower positions.
Website-to-Customer Funnel
Approximately 30% of website conversions become paying CRM customers. GA4 /en/ traffic may include Thai users browsing English pages who are not included in international sales data.
128,206
GA4 Users
→
18,185
Conversions (14.2%)
→
5,502
CRM Customers (~30%)
Google Ads (EN Campaigns)
Source: Google Ads (EN campaigns only). Launched October 2024. 2024 = Q4 pilot only (3 months).
Annual Overview
| Metric | Q4 2024 | FY 2025 |
|---|---|---|
| Spend | ฿395K | ฿15.2M |
| Clicks | 12,080 | 249,193 |
| Impressions | 109,078 | 3,422,527 |
| Conversions (all) | 956 | 21,842 |
| CPA | ฿413 | ฿697 |
| Spend as % of Revenue | 2.6% | 10.1% |
| Campaigns Tested | 4 | 35+ |
Quarterly Trajectory
| Quarter | Spend | Conv | CPA | Spend/Rev |
|---|---|---|---|---|
| Q4 2024 | ฿0.4M | 956 | ฿413 | 2.6% |
| Q1 2025 | ฿1.9M | 3,232 | ฿580 | 7.3% |
| Q2 2025 | ฿3.3M | 4,796 | ฿684 | 9.6% |
| Q3 2025 | ฿5.2M | 6,480 | ฿804 | 12.2% |
| Q4 2025 | ฿4.9M | 7,334 | ฿663 | 10.3% |
Q4 2025 CPA improved 18% from Q3 peak (฿804 → ฿663) while conversions increased. The account scaled from 4 campaigns to 35+ — CPA rose from ฿413 to ฿697, expected when expanding into broader categories.
Campaign-Level Breakdown (FY 2025)
Efficiency leaders: Brand (฿225), Laser (฿400), Facial (฿485). Premium investments: VASER (฿1,292 CPA) and Filler (฿2,094) are justified by ฿119K and ฿36K AOVs respectively.
| Active Campaign | Spend | Share | Conversions | CPA |
|---|---|---|---|---|
| Generic Broad | ฿5.55M | 36% | 9,388 | ฿591 |
| VASER | ฿3.13M | 21% | 2,422 | ฿1,292 |
| Facial | ฿1.05M | 7% | 2,170 | ฿485 |
| Competitors | ฿1.02M | 7% | 1,395 | ฿728 |
| Non-Surgical Facelift | ฿0.79M | 5% | 468 | ฿1,679 |
| Laser | ฿0.69M | 5% | 1,723 | ฿400 |
| Filler | ฿0.63M | 4% | 299 | ฿2,094 |
| Brand | ฿0.51M | 3% | 2,280 | ฿225 |
| IV Drip | ฿0.47M | 3% | 476 | ฿980 |
Customer Profile
Source: Sales CRM
Female customers contribute 57% of revenue with higher AOV (฿30.2K vs ฿24.3K male). AOV increases with age — 55+ averages ฿55.3K, 5x higher than under-25s. Age data missing for 49% of customers.
Gender (2025)
| Gender | Revenue | Share | Customers | AOV |
|---|---|---|---|---|
| Female | ฿85.8M | 57% | 2,842 | ฿30.2K |
| Male | ฿45.6M | 30% | 1,878 | ฿24.3K |
| Not Recorded | ฿19.0M | 13% | 781 | ฿24.3K |
Age Bands (2025)
| Age | Revenue | Share | Customers | AOV |
|---|---|---|---|---|
| Under 25 | ฿2.3M | 2% | 216 | ฿10.8K |
| 25–34 | ฿19.6M | 13% | 766 | ฿25.6K |
| 35–44 | ฿23.0M | 15% | 653 | ฿35.3K |
| 45–54 | ฿18.0M | 12% | 367 | ฿49.2K |
| 55+ | ฿14.4M | 10% | 260 | ฿55.3K |
| Not Recorded | ฿73.1M | 49% | 3,239 | ฿22.6K |
Customer Concentration
The ฿100K+ segment (6% of customers) generates 38% of revenue. The top two tiers (฿30K+) account for 75%.
| Segment | Customers | % of Base | Revenue | % of Revenue |
|---|---|---|---|---|
| ฿100K+ spend | 330 | 6% | ฿57.9M | 38% |
| ฿30–100K spend | 1,002 | 18% | ฿54.9M | 37% |
| Under ฿30K | 4,164 | 76% | ฿37.6M | 25% |
Strategic Themes
Volume-First Acquisition, Validated
Facials grew 14x, Laser 19x, Hair Removal 8x. 47% of visits include multiple treatments at 3.1x AOV uplift. Revenue grew 4.5x while AOV dropped from ฿40K to ฿27K — the volume strategy works.
Hypergrowth to Optimization
Quarterly revenue growth decelerated from +32% to +24% to +12%. The volume-first strategy built a ฿150M base — the next phase is extracting more value from existing customers through bundling, retention, and segment targeting.
Digital Acquisition Dominates
Google accounts for 84% of attributed revenue (฿126.4M), up from 55% in 2024. Walk-in fell 59% as customers shift to digital-first discovery.
Content as a Compounding Asset
Organic clicks grew 732% (GSC) while also feeding AI channels — ChatGPT (฿3.1M) and Perplexity both pull from the same content. A single investment in content now compounds across search, AI, and brand recognition.
New Treatment Categories Scaling
Ultherapy Prime hit ฿10.6M in year one. Hybrid V Lift (฿3.0M), Skinvive (฿1.6M), and IV Drips (฿3.5M) all scaled from near-zero — new categories expanding the market.
Branch Network Expanding
Ekkamai launched and immediately became branch #4 at ฿10.2M. Pinklao grew 12x to ฿5.2M. The Sukhumvit corridor accounts for 87% of international revenue.
Risks
Growth Deceleration
Q-o-Q revenue growth: +32% → +24% → +12%. Volume strategy approaching natural ceiling at ~฿15–17M/month.
Google Concentration
84% of revenue from one channel. Policy change or algorithm shift would have immediate impact.
Google Ads CPA Trajectory
฿413 (Q4 2024) → ฿697 (FY 2025). Rising CPA is typical when scaling ad spend aggressively. Q4 improved to ฿663, suggesting the account is maturing.
Data Gaps
Age missing for 49% of customers; nationality missing for 4%. Limits segmentation and targeting for highest-value demographics.
Branch Concentration
Siam Paragon = 53% of international revenue from one location.
Customer Concentration
The ฿100K+ segment (6% of customers) generates 38% of revenue. Losing a small number of high-value customers has outsized revenue impact.
Treatment Concentration
Top 5 treatments = 50% of revenue. VASER alone is 12%. A shift in demand for any single treatment category would disproportionately affect revenue.
No Retention Visibility
No repeat visit rate, customer lifetime value, or churn data exists. The report is entirely acquisition-focused. Cannot assess whether the 5,502 customers are building recurring relationships or are one-time visitors.
Recommendations
- Formalize multi-treatment bundling. 47% of visits already include 2+ treatments at 3.1x AOV uplift. Structured recommendation pathways (e.g., facial → skin booster progression) and consultant training could push bundling rates toward 55–60%, adding significant revenue without new customer acquisition.
- Build retention tracking and re-engagement. No repeat visit data currently exists. With 5,502 customers and natural follow-up cycles for many treatments (Botox every 3–4 months, Hydrafacial monthly, skin booster top-ups), even a modest repeat rate would compound revenue. Implement CRM tracking for return visits and design a re-engagement program targeting high-AOV treatment customers.
- Develop the 55+ premium segment. The 55+ age group has the highest AOV at ฿55.3K — 5x higher than under-25s and double the average. With only 260 recorded customers, this segment is likely underrepresented. Targeted campaigns for premium treatments (VASER, Ultherapy Prime, Radiesse) to this demographic could drive disproportionate revenue.
- Improve CRM data capture. Age data is missing for 49% of customers, limiting demographic analysis. Implement mandatory fields at intake. Better data enables targeted marketing and treatment recommendations for high-AOV segments.
- Launch YouTube as an acquisition channel. YouTube is completely untapped and could become the second-largest channel after Google Search. Treatment explainers, before/after walkthroughs, doctor-led content, and KOL collaborations would reach audiences researching procedures before they search for a clinic.
- Monitor AI as an emerging channel. ChatGPT drove ฿3.1M in its first year with zero direct spend. AI recommendations draw from the same content pages that drive organic Google search, so continued SEO investment naturally serves this channel too. Monitor Perplexity as it scales.
- Expand high-AOV markets beyond search ads. Singapore (฿36K AOV), Canada (฿36K), Australia (฿35K), and UK (฿33K) all spend 20–30% above average. Google Ads already reaches these markets. The next step is testing additional channels where these audiences plan trips and research clinics: social ads targeting travel-intent audiences, partnerships with medical tourism platforms, and localized landing pages addressing market-specific concerns.
Data Notes
- Scope: International customers only (excludes Thai and Chinese nationalities, and Xiaohongshu/Dou Yin-sourced customers regardless of nationality)
- 2024 data: Collection began March 2024. All 2024 figures are March–December (10 months)
- GA4/GSC: Captures all /en/ visitors, which may include Thai or Chinese users browsing English pages
- Google Ads: EN campaigns only; launched October 2024, so 2024 = Q4 baseline only
- Attribution: CRM "Google" channel includes both paid and organic traffic — true ROAS cannot be calculated without ad-specific conversion value tracking
- Age data: Missing for 49% of 2025 customers — demographic conclusions are directional only
- Conversions: WhatsApp click, Line click, Messenger click, WeChat click, Call click, Google Maps directions click, Contact form submitted, VASER form click-through
- Data pulled: 20 February 2026
- Treatment categories:
- Injectables: Botox, Filler, Radiesse, Sculptra, Juvelook, Skinvive, Skin Booster, Rejuwhite, HArmonyCA, Profhilo, Rejuran, Revive, Collagen Booster, Cell Booster, Acne Injection
- Tightening & Lifting: Ultherapy Prime, Ultherapy, Mint Thread, Hybrid V Lift, Thermage, Thread Lift, IntraUlthera4D, 3D Lift Plus, Venus Legacy, Facial Lifting, Emface
- Body Contouring: VASER, J-Plasma, Fat Cocktail, Vela Shape, Cellusmooth, Room Charge, Garment
- Lasers: Laser, Dual Yellow Laser, Hair Removal
- Facials & Skin Care: Treatment (generic facials), Deep Cleansing, Melasma Away, Acne
- IV & Wellness: IV, NAD, PRP