Apyx Medical Corporation Reports Second Quarter 2025 Financial Results

Successfully launched AYON Body Contouring System™ to key surgeons in critical geographies; plan for commercial launch in September 2025Initiated commercial sales of Renuvion® in China with strong clinical interest and completed initial proceduresBased on pre-sales of AYON, the Company increased its total revenue guidance for FY2025 to a range of $50.0 million to $52.0 millionManagement to host a conference call today at 4:30 p.m. ET CLEARWATER, Fla., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Apyx Medical Corporation (NASDAQ:APYX) (“Apyx Medical;” the “Company”), the manufacturer of a proprietary helium plasma and radiofrequency platform technology marketed and sold as Renuvion® and the AYON Body Contouring System™ (AYON), today reported financial results for its quarter ended June 30, 2025. Recent Financial and Operating Highlights: Reported total revenue of $11.4 million in the second quarter of 2025, compared to $12.1 million in the comparable period last year. Advanced Energy revenue was relatively flat year-over-year at $9.7 million in the second quarter of 2025, compared to $9.8 million in the second quarter of 2024.OEM revenue was approximately $1.7 million in the second quarter of 2025, representing a decrease of 28.5% year-over-year. Net loss attributable to stockholders decreased by $2.8 million, or 42%, in the second quarter of 2025 to $3.8 million, compared with a net loss attributable to stockholders of $6.6 million in the second quarter of 2024.Adjusted EBITDA loss decreased by $2.3 million, or 54%, to $2.0 million for the second quarter of 2025, compared with $4.3 million for the second quarter of 2024.AYON received 510(k) clearance from the U.S. Food and Drug Administration (the “FDA”). AYON is an all-in-one system that integrates advanced modalities to perform multiple functions seamlessly, removing unwanted fat, enhancing tissue contraction and addressing the full range of patient needs from contouring to aesthetic enhancement. Launched initial U.S. sales of AYON, placing units with key surgeons in critical geographies. Customer demand has exceeded expectations. The Company plans commercial launch in September 2025. Announced strong interest and positive early response from physicians following launch of Renuvion in China as part of a planned international commercialization strategy. Distribution partner for China, GlamMoon Medical Technology, is ramping up a targeted sales and marketing campaign, following the recent initial market clearance for Renuvion from the National Medical Products Administration of China.Renuvion was a highlight of this year’s Miami Swim Week, which featured inspiring stories of real patients who have reclaimed their self-confidence through Renuvion treatments.Strengthened management team to help drive sustained sales growth worldwide, including the appointments of John Featherstone as Vice President of North American Sales and Simon Davies as Director of International Sales, Europe and Asia-Pacific. “Building on the growing success of Renuvion in the U.S., we recently initiated the soft commercial launch of AYON following FDA clearance in the second quarter of 2025. Customer interest in AYON quickly exceeded our expectations for this early stage of the rollout, with surgeons selected to be early adopters already installing our system and performing initial procedures. As a result, we have increased our revenue guidance for the full year 2025 to $50.0 million to $52.0 million and look forward to a nationwide launch of AYON in September,” said Charlie Goodwin, President and Chief Executive Officer. “Looking to our international commercial strategy, we have made significant progress in bringing Renuvion to China, which is the third largest market for aesthetic surgery. Following its initial regulatory clearance, our distribution partner GlamMoon Medical Technology quickly began ramping up a targeted sales and marketing campaign for Renuvion. In just a few weeks they have reported broad interest among surgeons and patients for this revolutionary device. We believe Renuvion is well-positioned to become the standard-of-care for the rapidly growing patient population on GLP-1 drugs who choose to address their loose skin post-weight loss. These developments underscore the strength or our product portfolio and the scale of the market opportunity ahead of us.” The following tables present revenue by reportable segment and geography: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2025 2024 $ Change % Change 2025 2024 $ Change % ChangeAdvanced Energy$9,670 $9,766 $(96) (1.0)% $17,557 $17,219 $338 2.0%OEM 1,703 2,383 (680) (28.5)% 3,246 5,174 (1,928) (37.3)%Total$11,373 $12,149 $(776) (6.4)% $20,803 $22,393 $(1,590) (7.1)% Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2025 2024 $ Change % Change 2025 2024 $ Change % ChangeDomestic$7,776 $8,687 $(911) (10.5)% $14,519 $15,666 $(1,147) (7.3)%International 3,597 3,462 135 3.9% 6,284 6,727 (443) (6.6)%Total$11,373 $12,149 $(776) (6.4)% $20,803 $22,393 $(1,590) (7.1)% Second Quarter 2025 Results: Total revenue for the three months ended June 30, 2025 decreased to $11.4 million, compared to $12.1 million in the prior year period. Advanced Energy segment sales were essentially flat year-over-year, at approximately $9.7 million for the three months ended June 30, 2025, when compared with $9.8 million for the three months ended June 30, 2024. In the second quarter of 2025, in the U.S., we took preorders for the AYON system, which includes an Apyx One Console. For customers that did not already have an Apyx One Console, we shipped the Apyx One Console during the quarter and expect to ship the balance of the AYON system in the third and fourth quarters. OEM segment sales decreased 28.5%, or approximately $0.7 million, to $1.7 million for the three months ended June 30, 2025 when compared with $2.4 million for the three months ended June 30, 2024. The decrease in OEM sales was due to decreases in sales volume to existing customers, including Symmetry Surgical under the Company’s 10-year generator manufacturing and supply agreement. Gross profit for the three months ended June 30, 2025, decreased to $7.1 million, compared to $7.5 million for the same period in the prior year. Gross margin for the three months ended June 30, 2025, was 62.3%, compared to 61.7% for the prior year period. The increase in gross margin is primarily attributable to changes in product mix between segments, with Advanced Energy comprising a higher percentage of total sales, as well as product mix within the Advanced Energy segment. These increases were partially offset by a decrease in the average selling price of generators to domestic customers, geographic mix within the Advanced Energy segment, with international sales comprising a higher percentage of total sales, and product mix within the OEM segment. Operating expenses decreased $3.4 million to $9.7 million for the three months ended June 30, 2025, compared with $13.0 million in the prior year period. The decrease in operating expenses was driven by a $1.6 million decrease in salaries and related costs, a $0.7 million decrease in selling, general and administrative expenses, a $0.6 million decrease in research and development expenses, and a $0.5 million decrease in professional services expenses. Other expense, net for the three-month periods ended June 30, 2025 and 2024, was $1.1 million and $1.0 million, respectively. The increase was primarily due to a $0.2 million decrease in interest income. Income tax expense was $49,000 for the three months ended June 30, 2025, compared with $50,000 for the prior year period. Net loss attributable to stockholders was $3.8 million, or $0.09 per share, for the three months ended June 30, 2025, compared with $6.6 million, or $0.19 per share, in the prior year period. Adjusted EBITDA loss for the three-month periods ended June 30, 2025 and 2024 was $2.0 million and $4.3 million, respectively. Financial Guidance for Full Year 2025: The Company announced an upward revision to select financial guidance targets for the year ending December 31, 2025: Total revenue in the range of $50.0 million to $52.0 million, up from the previous guidance of $47.6 million to $49.0 million. This is compared to the $48.1 million reported for the year ended December 31, 2024. Total revenue guidance assumes: Advanced Energy revenue is expected to be in the range of $42.0 million to $44.0 million, up from the previous guidance of $39.6 million to $41.0 million. This is compared to approximately $38.6 million reported for the year ended December 31, 2024.OEM revenue is expected to be approximately $8.0 million, compared to approximately $9.5 million for the year ended December 31, 2024. The Company expects operating expenses of less than $40.0 million for the year ended December 31, 2025. Conference Call Details: Management will host a conference call at 4:30 p.m. Eastern Time on August 7, 2025 to discuss the results of the second quarter 2025, and to host a question and answer session. To listen to the call by phone, interested parties may dial 800-717-1738 (or 646-307-1865 for international callers) and provide access code 35370. Participants should ask for the “Apyx Medical Corporation Call”. A live webcast of the call will be accessible via the Investor Relations section of the Company’s website (click here) and accessible directly (click here). An archive of the webcast will be accessible approximately one hour after the live event ends on the Investor Relations section of the Company’s website (click here). Investor Relations Contact: Jeremy Feffer, Managing Director, LifeSci AdvisorsOP: 212-915-2568jfeffer@lifesciadvisors.com About AYON Body Contouring System™AYON is a groundbreaking, surgeon-designed body contouring system that combines precision, versatility, and innovation in an all-in-one platform. It seamlessly integrates fat removal, closed loop contouring, tissue contraction, and electrosurgical capabilities, empowering surgeons to deliver the most comprehensive body contouring treatments for patients. With advanced features like LIFT Technology for real-time adjustments and Renuvion for enhanced tissue contraction, AYON sets a new standard in surgical care, streamlining procedures and maximizing patient outcomes. Backed by Apyx Medical’s expertise and evidence-based design, AYON delivers consistent, reliable performance and an unmatched return on investment. As the first of its kind, AYON is revolutionizing body contouring and shaping the future of aesthetic surgery. About Apyx Medical Corporation: Apyx Medical Corporation is an advanced energy technology company with a passion for elevating people's lives through innovative products, including its Helium Plasma Platform Technology products marketed and sold as Renuvion and now the AYON Body Contouring System™ in the cosmetic surgery market and J-Plasma® in the hospital surgical market. Renuvion and J-Plasma offer surgeons a unique ability to provide controlled heat to tissue to achieve their desired results. The effectiveness of Renuvion and J-Plasma are supported by more than 90 clinical documents. The Company also leverages its deep expertise and decades of experience in unique waveforms through OEM agreements with other medical device manufacturers. For further information about the Company and its products, please refer to the Apyx Medical Corporation website at www.ApyxMedical.com. Cautionary Statement on Forward-Looking Statements: Certain matters discussed in this release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to, projections of net revenue, margins, expenses, net earnings, net earnings per share, or other financial items; projections or assumptions concerning the possible receipt by the Company of any regulatory approvals from any government agency or instrumentality including but not limited to the U.S. Food and Drug Administration (the “FDA”), supply chain disruptions, component shortages, manufacturing disruptions or logistics challenges; or macroeconomic or geopolitical matters and the impact of those matters on the Company’s financial performance. Forward-looking statements and information are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause the Company’s actual results to differ materially and that could impact the Company and the statements contained in this release include but are not limited to risks, uncertainties and assumptions relating to the regulatory environment in which the Company is subject to, including the Company’s ability to gain requisite approvals for its products from the FDA and other governmental and regulatory bodies, both domestically and internationally; sudden or extreme volatility in commodity prices and availability, including supply chain disruptions; changes in general economic, business or demographic conditions or trends; changes in and effects of the geopolitical environment; liabilities and costs which the Company may incur from pending or threatened litigations, claims, disputes or investigations; and other risks that are described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and the Company’s other filings with the Securities and Exchange Commission. For forward-looking statements in this release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. APYX MEDICAL CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) (In thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Sales$11,373 $12,149 $20,803 $22,393 Cost of sales 4,290 4,656 8,055 8,951 Gross profit 7,083 7,493 12,748 13,442 Other costs and expenses: Research and development 824 1,424 1,628 2,821 Professional services 1,621 2,096 3,070 3,670 Salaries and related costs 3,072 4,682 6,153 9,378 Selling, general and administrative 4,140 4,838 7,522 9,735 Total other costs and expenses 9,657 13,040 18,373 25,604 Loss from operations (2,574) (5,547) (5,625) (12,162)Interest income 278 439 582 934 Interest expense (1,393) (1,427) (2,769) (2,823)Other expense, net — (1) — (22)Total other expense, net (1,115) (989) (2,187) (1,911)Loss before income taxes (3,689) (6,536) (7,812) (14,073)Income tax expense 49 50 98 103 Net loss (3,738) (6,586) (7,910) (14,176)Net income (loss) attributable to non-controlling interest 40 (30) 18 (44)Net loss attributable to stockholders$(3,778) $(6,556) $(7,928) $(14,132) Loss per share: Basic and diluted$(0.09) $(0.19) $(0.19) $(0.41) APYX MEDICAL CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except share and per share data) June 30,2025 December 31,2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents$29,301 $31,741 Trade accounts receivable, net of allowance of $1,050 and $1,000 11,248 15,480 Inventories, net of provision for obsolescence of $1,132 and $1,032 8,192 7,564 Prepaid expenses and other current assets 1,174 1,655 Total current assets 49,915 56,440 Property and equipment, net of accumulated depreciation and amortization of $4,120 and $3,989 2,048 1,987 Operating lease right-of-use assets 4,464 4,703 Finance lease right-of-use assets 38 48 Other assets 1,723 1,664 Total assets$58,188 $64,842 LIABILITIES AND EQUITY Current liabilities: Accounts payable$2,893 $2,615 Accrued expenses and other current liabilities 7,275 7,751 Current portion of operating lease liabilities 378 335 Current portion of finance lease liabilities 20 20 Total current liabilities 10,566 10,721 Long-term debt, net of debt discounts and issuance costs 34,365 33,893 Long-term operating lease liabilities 4,292 4,483 Long-term finance lease liabilities 23 33 Long-term contract liabilities 1,194 1,118 Other liabilities 292 259 Total liabilities 50,732 50,507 EQUITY Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 issued and outstanding as of June 30, 2025 and December 31, 2024 — — Common stock, $0.001 par value; 75,000,000 shares authorized; 37,793,886 issued and outstanding as of June 30, 2025, and December 31, 2024 38 38 Additional paid-in capital 93,054 92,083 Accumulated deficit (85,839) (77,911)Total stockholders’ equity 7,253 14,210 Non-controlling interest 203 125 Total equity 7,456 14,335 Total liabilities and equity$58,188 $64,842 Use of Non-GAAP Financial Measure The Company has presented the following non-GAAP financial measure in this press release: adjusted EBITDA. The Company defines adjusted EBITDA as its reported net loss attributable to stockholders (GAAP) plus income tax expense (benefit), interest income and expense, depreciation and amortization, stock-based compensation expense and other significant non-recurring items. We present the following non-GAAP measure of adjusted EBITDA because we believe such measure is a useful indicator of our operating performance. Our management uses adjusted EBITDA principally as a measure of our operating performance and believes that this measure is useful to investors because it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We also believe that this measure is useful to our management and investors as a measure of comparative operating performance from period to period. The non-GAAP financial measure presented in this release should not be considered as a substitute for, or preferable to, the measures of financial performance prepared in accordance with GAAP. APYX MEDICAL CORPORATIONRECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA(Unaudited) Three Months Ended Six Months Ended (In thousands)June 30, June 30, 2025 2024 2025 2024 Net loss attributable to stockholders$(3,778) $(6,556) $(7,928) $(14,132)Interest income (278) (439) (582) (934)Interest expense 1,393 1,427 2,769 2,823 Income tax expense 49 50 98 103 Depreciation and amortization 132 156 270 313 Stock-based compensation 520 1,050 971 2,178 Adjusted EBITDA$(1,962) $(4,312) $(4,402) $(9,649)

Apyx Medical Corporation Reports Second Quarter 2025 Financial Results

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