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Apyx Medical Corporation Reports Fourth Quarter and Full Year 2020 Financial Results; Introduces Full Year 2021 Financial Outlook
Advanced Energy Sales increased 44% year-over-year in Q4 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 44% year-over-year in Q4\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 fourth quarter and full year ended December 31, 2020, and introduced financial expectations for the full year ending December 31, 2021.\n\nFourth Quarter 2020 Financial Summary:\n\n\nTotal revenue of $11.5 million, up 36.8% year-over-year.\n\n\nAdvanced Energy revenue of $9.9 million, up 44.0% year-over-year.\n\n\nOEM revenue of $1.6 million, up 4.0% year-over-year.\n\n\n\n\nNet loss of $1.5 million, compared to net loss of $5.4 million for the fourth quarter of 2019.\n\n\nAdjusted EBITDA loss of $0.7 million, compared to adjusted EBITDA loss of $4.8 million for the fourth quarter of 2019.\n\n\nFull Year 2020 Financial Summary:\n\n\nTotal revenue of $27.7 million, down 1.9% year-over-year.\n\n\nAdvanced Energy revenue of $22.2 million, down 2.0% year-over-year.\n\n\nOEM revenue of $5.5 million, down 1.1% year-over-year.\n\n\n\n\nNet loss of $11.9 million, compared to net loss of $19.7 million for 2019.\n\n\nAdjusted EBITDA loss of $14.5 million, compared to adjusted EBITDA loss of $16.9 million for 2019.\n\n\nAs of December 31, 2020, the Company had cash and cash equivalents of $41.9 million, compared to $58.8 million as of December 31, 2019. As of December 31, 2020, the Company had working capital of $56.9 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\nFourth Quarter 2020 Highlights:\n\n\nOn October 20, 2020 the Company announced the publication of two separate peer-reviewed articles published in the journal, Dermatological Reviews:\n\n\n“A Retrospective Chart Review of Subdermal Neck Coagulation Using Helium Plasma Technology” (Article link: https://doi.org/10.1002/der2.32)\n\n\n“Safety and Efficacy of Helium Plasma for Subdermal Coagulation” (Article link: https://doi.org/10.1002/der2.34)\n\n\n\n\nOn November 9, 2020, the Company announced that it has completed subject enrollment in a U....