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Apyx Medical Corporation Reports Fourth Quarter and Full Year 2021 Financial Results; Introduces Full Year 2022 Financial Outlook
Advanced Energy Sales increased 52% year-over-year in Q4; up 94% year-over-year in 2021 CLEARWATER, Fla.--(BUSINESS WIRE)-- Apyx Medical Corporation
About this update from Apyx Medical Corporation
[{"type":"text","content":"\nAdvanced Energy Sales increased 52% year-over-year in Q4; up 94% year-over-year in 2021\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, 2021, and introduced financial expectations for the full year ending December 31, 2022.\n\nFourth Quarter 2021 Financial Summary:\n\n\nTotal revenue of $16.8 million, up 47% year-over-year.\n\n\nAdvanced Energy revenue of $15.0 million, up 52% year-over-year.\n\n\nOEM revenue of $1.8 million, up 13% year-over-year.\n\n\n\n\nNet loss attributable to stockholders of $2.0 million, compared to $1.5 million for the fourth quarter of 2020. Net loss attributable to stockholders in the fourth quarter of 2020 included an income tax benefit of $0.4 million.\n\n\nAdjusted EBITDA loss of $0.3 million, compared to adjusted EBITDA loss of $0.7 million for the fourth quarter of 2020.\n\n\nFull Year 2021 Financial Summary:\n\n\nTotal revenue of $48.5 million, up 75% year-over-year.\n\n\nAdvanced Energy revenue of $43.0 million, up 94% year-over-year.\n\n\nOEM revenue of $5.5 million, up 1% year-over-year.\n\n\n\n\nNet loss attributable to stockholders of $15.2 million, compared to net loss attributable to stockholders of $11.9 million for 2020. Net loss attributable to stockholders in 2020 included an income tax benefit of $7.5 million.\n\n\nAdjusted EBITDA loss of $8.8 million, compared to $14.5 million for 2020.\n\n\nAt December 31, 2021, the Company had cash and cash equivalents of $30.9 million, compared to $41.9 million as of December 31, 2020. At December 31, 2021, the Company had working capital of $47.5 million, including expected cash tax refunds of approximately $7.5 million the Company expects to receive during 2022 related to the net operating loss carrybacks resulting from the 2020 CARES Act.\n\n\nHighlights & Developments Subsequent to Quarter-End:\n\n\nOn February 17, 2022, the Company announced the publication of a peer-reviewed article in the journal, Lasers in Surgery and Medicine, the official journal of the American Society for Laser Medicine & Surgery, featurin...