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Apyx Medical Corporation Reports First Quarter 2024 Financial Results; Reaffirms Full Year 2024 Financial Outlook
CLEARWATER, Fla.--(BUSINESS WIRE)-- Apyx Medical Corporation (NASDAQ:APYX) (“Apyx Medical;” the “Company”), the manufacturer of a proprietary helium plasma
About this update from Apyx Medical Corporation
[{"type":"text","content":" CLEARWATER, Fla.--(BUSINESS WIRE)--\nApyx Medical Corporation (NASDAQ:APYX) (“Apyx Medical;” 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, 2024; and reaffirmed its financial expectations for the full year ending December 31, 2024.\n\n\nFirst Quarter 2024 Financial Summary:\n\n\n\nTotal revenue of $10.2 million, a decrease of 16% year-over-year.\n\n\nAdvanced Energy revenue of $7.5 million, a decrease of 23% year-over-year.\n\n\n\nOEM revenue of $2.8 million, an increase of 14% year-over-year.\n\n\n\n\n\n\nNet loss attributable to stockholders of $7.6 million, an increase of $4.1 million, or 118%, year-over-year.\n\n\n\nAdjusted EBITDA loss of $5.3 million, an increase of $1.3 million, or 34%, year-over-year.\n\n\n\nFirst Quarter 2024 Operating Summary and Developments Subsequent to Quarter-End:\n\n\n\nOn January 22, 2024, the Company announced the publication of a peer-reviewed article in the Aesthetic Surgery Journal Open Forum, which evaluated the use of Renuvion for contracting subcutaneous soft tissue following liposuction in multiple areas of the body.\n\n\n\nOn February 21, 2024, the Company announced that its Renuvion technology was featured in three educational sessions at the American Academy of Cosmetic Surgery’s 40th Annual Scientific Meeting.\n\n\n\nOn April 11, 2024, the Company announced that new data and treatment insights were showcased at the Company’s Renuvion Users’ Summit.\n\n\n\nOn May 9, 2024, the Company announced the retirement of Andrew Makrides as Chairman of the Board, after serving the Company in this position since 1982. The Board of Directors has elected Stavros Vizirgianakis Chairman of the Board, effective May 7, 2024.\n\n\n\nManagement Comments:\n\n\n“Our Advanced Energy revenue results in the first quarter were consistent with our previously stated expectations, as sales remained impacted by the challenging environment in the cosmetic surgery market,” said Charlie Goodwin, President and Chief Executive Officer. “As anticipated, Advanced Energy revenue was largely impacted by decreased generators sales, given continued concerns from potential customers about the macroeconomic environment and high interest rates.”\n\n\nMr. Goodwin continued: “We ar...