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Apyx Medical Corporation Reports First Quarter 2023 Financial Results and Updates Full Year 2023 Financial Outlook
CLEARWATER, Fla.--(BUSINESS WIRE)-- Apyx Medical Corporation (NASDAQ:APYX) (the “Company”), the manufacturer of a proprietary helium plasma and
About this update from Apyx Medical Corporation
[{"type":"text","content":" CLEARWATER, Fla.--(BUSINESS WIRE)--\nApyx Medical Corporation (NASDAQ:APYX) (the “Company”), the manufacturer of a proprietary helium plasma and radiofrequency technology marketed and sold as Renuvion®, today reported financial results for its first quarter ended March 31, 2023, and updated financial expectations for the full year ending December 31, 2023.\n\n\nFirst Quarter 2023 Financial Summary:\n\n\n\nTotal revenue of $12.1 million, down 3% year-over-year.\n\n\nAdvanced Energy revenue of $9.7 million, down 10% year-over-year.\n\n\n\nOEM revenue of $2.5 million, up 46% year-over-year.\n\n\n\n\n\n\nNet loss attributable to stockholders of $3.5 million, compared to $5.9 million for the first quarter of 2022.\n\n\n\nAdjusted EBITDA loss of $4.0 million, compared to $4.0 million for the first quarter of 2022.\n\n\n\nFirst Quarter 2023 Operating Summary:\n\n\n\nOn January 3, 2023, the Company announced the launch of its first direct-to-consumer brand campaign. Entitled #ThisIsMe, the campaign is aimed at U.S. consumers who are interested in a minimally invasive procedure with the Renuvion technology.\n\n\n\nOn January 25, 2023, the Company announced the launch of its latest-generation Renuvion generator, the Apyx One Console, in the United States.\n\n\n\nOn February 21, 2023, the Company announced that it and its subsidiaries had entered into a new, five-year secured credit facility with MidCap Financial. The credit agreement provides for an up to $35 million facility consisting of senior, secured term loans of up to $25 million and a revolving facility of up to $10 million.\n\n\n\nOn February 27, 2023, the Company announced that it received 510(k) clearance from the FDA “for the use of the Renuvion APR Handpiece for the delivery of radiofrequency energy and/or helium plasma where coagulation/contraction of soft tissue is needed. Soft tissue includes subcutaneous tissue.”\n\n\n\nHighlights & Developments Subsequent to Quarter End:\n\n\n\nOn April 28, 2023, the Company announced that it received 510(k) clearance from the FDA “for coagulation of subcutaneous soft tissues following liposuction for aesthetic body contouring.”\n\n\n\nOn May 8, 2023, the Company closed on a Purchase Agreement and concurrently executed a 10-year agreement to leaseback its underlying real property in Clearwater, FL with VK Acquisitions VI, LLC. The Compa...