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Apyx Medical Corporation Reports First Quarter 2021 Financial Results and Updates Full Year 2021 Outlook
Advanced Energy Sales increased 92% year-over-year in Q1 CLEARWATER, Fla.--(BUSINESS WIRE)-- Apyx Medical Corporation (NASDAQ:APYX) (the “Company”), a maker
About this update from Apyx Medical Corporation
[{"type":"text","content":"\nAdvanced Energy Sales increased 92% year-over-year in Q1\n\n 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, 2021, and updated financial expectations for the full year ending December 31, 2021.\n\nFirst Quarter 2021 Financial Summary:\n\n\nTotal revenue of $8.6 million, up 72.9% year-over-year.\n\n\nAdvanced Energy revenue of $7.7 million, up 92.2% year-over-year.\n\n\nOEM revenue of $1.0 million, down 3.3% year-over-year.\n\n\n\n\nNet loss of $4.9 million, compared to net loss of $2.0 million for the first quarter of 2020. Net loss in the first quarter of 2020 included an income tax benefit of $4.9 million.\n\n\nAdjusted EBITDA loss of $3.4 million, compared to adjusted EBITDA loss of $5.8 million for the first quarter of 2020.\n\n\nAs of March 31, 2021, the Company had cash and cash equivalents of $39.5 million, compared to $41.9 million as of December 31, 2020. As of March 31, 2021, the Company had working capital of $53.3 million, including expected cash tax refunds of approximately $7.5 million the Company expects to receive during 2021 related to the net operating loss carrybacks resulting from the 2020 CARES Act.\n\n\nManagement Comments:\n\n“I would like to commend our team on their exceptional efforts during the quarter, which enabled us to achieve first quarter revenue results that exceeded our expectations, driven by strong global sales of our Advanced Energy products,” said Charlie Goodwin, President and Chief Executive Officer. “In spite of the continued impacts of the COVID-19 pandemic, we continued to see healthy utilization of our Helium Plasma Technology in the U.S. and key international markets, resulting in total handpiece growth in excess of 100% year-over-year. We were also excited to see global generator sales increase by more than 80% year-over-year, which was driven by strong demand in both the U.S. and our existing international markets. Importantly, we complemented our strong global sales performance in the first quarter with notable margin improvements, due in part to our efforts to reduce the ...