Business
Apyx Medical Corporation Reports First Quarter 2020 Financial Results
CLEARWATER, Fla.--(BUSINESS WIRE)-- Apyx Medical Corporation (NASDAQ:APYX) (the “Company”), a maker of medical devices and supplies and the developer of
About this update from Apyx Medical Corporation
[{"type":"text","content":" CLEARWATER, Fla.--(BUSINESS WIRE)--\nApyx Medical Corporation (NASDAQ:APYX) (the “Company”), a maker of medical devices and supplies and the developer of Helium Plasma Technology, marketed and sold as Renuvion® in the cosmetic surgery market and J-Plasma® in the hospital surgical market, today reported financial results for its first quarter ended March 31, 2020.\n\n\nFirst Quarter 2020 Financial Summary:\n\n\n\nTotal Q1 revenue of $5.0 million, down 11% year-over-year.\n\n\nAdvanced Energy revenue of $4.0 million, down 9% year-over-year.\n\n\nOEM revenue of $1.0 million, down 20% year-over-year.\n\n\n\n\nTotal Q1 GAAP net loss of $2.0 million versus total GAAP net loss of $5.6 million for the first quarter of 2019.\n\n\nTotal Q1 adjusted EBITDA loss of $5.8 million versus adjusted EBITDA loss of $4.6 million for Q1 2019.\n\n\nAs of March 31, 2020, the Company had cash and equivalents of $51.4 million as compared to cash and equivalents of $58.8 million as of December 31, 2019. The Company had working capital of $63.6 million as of March 31, 2020 as compared to $64.4 million as of March 31, 2019.\n\n\nOn March 27, 2020, the U.S. government enacted the CARES Act to provide relief from the coronavirus pandemic. The CARES Act includes a net operating loss (NOL) provision by which the Company recognized an income tax benefit of approximately $4.9 million in the first quarter of 2020 and expects to receive a cash tax refund of approximately $3.7 million by the end of 2020. The Company expects that utilizing this provision in the CARES Act will help mitigate the financial impact of the COVID-19 pandemic.\n\n\n\nManagement Comments:\n\n\n“We reported first quarter sales results at the low-end of the guidance range we provided on March 16, 2020,” said Charlie Goodwin, President and Chief Executive Officer. “While the first quarter revenue performance in our OEM business was in-line with our expectations, our revenue performance in our global Advanced Energy business was impacted significantly by the COVID-19 pandemic. Through the first two months of 2020, our Advanced Energy business was performing well with revenue up more than 30% year-over-year. Beginning in March, demand trends from our cosmetic surgery customers around the world slowed materially as a result of the preventative or protective actions taken by governments in each of...