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Apyx Medical Corporation Reports Fourth Quarter and Full Year 2022 Financial Results; Introduces 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 fourth quarter and full year ended December 31, 2022, and introduced financial expectations for the full year ending December 31, 2023.\n\nFourth Quarter 2022 Financial Summary:\n\n\nTotal revenue of $12.6 million, down 25% year-over-year.\n\n\nAdvanced Energy revenue of $10.5 million, down 30% year-over-year.\n\n\nOEM revenue of $2.1 million, up 15% year-over-year.\n\n\n\n\nNet loss attributable to stockholders of $6.0 million, compared to $2.0 million for the fourth quarter of 2021.\n\n\nAdjusted EBITDA loss of $4.1 million, compared to $0.3 million for the fourth quarter of 2021.\n\n\nFull Year 2022 Financial Summary:\n\n\nTotal revenue of $44.5 million, down 8% year-over-year.\n\n\nAdvanced Energy revenue of $36.8 million, down 14% year-over-year.\n\n\nOEM revenue of $7.7 million, up 39% year-over-year.\n\n\n\n\nNet loss attributable to stockholders of $23.2 million, compared to $15.2 million for 2021.\n\n\nAdjusted EBITDA loss of $15.4 million, compared to $8.8 million for 2021.\n\n\nHighlights & Developments Subsequent to Quarter End:\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\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\nOn February 1, 2023, the Company announced it submitted a 510(k) premarket notification (“510(k) submission”) for the Renuvion APR Handpiece to the U.S. Food and Drug Administration (“FDA”), supported by a clinical study and real-world evidence. The 510(k) submission is intended to expand Renuvion’s indications for use to include a specific indication for the use of the Renuvion APR Handpiece for the coagulation of subcutaneous soft tissues where needed, following liposuction.\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 pro...