Life Time stock plummets as company spends more on premium fitness

Life Time Group shares plummeted 15% Wednesday after the company’s third-quarter results revealed higher spending to boost the premium member experience.

The cost of running its fitness centers, including new and ramping locations, rose 8.2% year over year during the quarter to $319.4 million, the company said.

Life Time CEO Bahram Akradi said the investments — including new pickleball courts and personal training programs — have helped drive member engagement at its clubs, with average member visits up 24% since 2019. The company has a total of 170 centers.

“With 150 billion impressions a year,…