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Apyx Medical Corporation Reports Fourth Quarter and Full Year 2023 Financial Results; Introduces Full Year 2024 Financial Outlook
Advanced Energy Sales increased 15% year-over-year and 23% quarter-over-quarter in the fourth quarter; increased 18% year-over-year in 2023 CLEARWATER,
About this update from Apyx Medical Corporation
[{"type":"text","content":"\nAdvanced Energy Sales increased 15% year-over-year and 23% quarter-over-quarter in the fourth quarter; increased 18% year-over-year in 2023\n\n\n 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 fourth quarter and full year ended December 31, 2023, and introduced financial expectations for the full year ending December 31, 2024.\n\n\nFourth Quarter 2023 Financial Summary:\n\n\n\nTotal revenue of $14.7 million, an increase of 16% year-over-year.\n\n\nAdvanced Energy revenue of $12.1 million, an increase of 15% year-over-year.\n\n\n\nOEM revenue of $2.5 million, an increase of 22% year-over-year.\n\n\n\n\n\n\nNet loss attributable to stockholders of $9.6 million, an increase of $3.6 million, or 59%, year-over-year.\n\n\n\nAdjusted EBITDA loss of $4.7 million, an increase of $0.6 million, or 14%, year-over-year.\n\n\n\nFull Year 2023 Financial Summary:\n\n\n\nTotal revenue of $52.3 million, an increase of 18% year-over-year.\n\n\nAdvanced Energy revenue of $43.4 million, an increase of 18% year-over-year.\n\n\n\nOEM revenue of $9.0 million, an increase of 16% year-over-year.\n\n\n\n\n\n\nNet loss attributable to stockholders of $18.7 million, a decrease of $4.5 million, or 19%, year-over-year.\n\n\n\nAdjusted EBITDA loss of $13.4 million, a decrease of $2.0 million, or 13%, year-over-year.\n\n\n\nFourth Quarter 2023 Operating Summary:\n\n\n\nOn November 9, 2023, the Company announced a new, five-year credit agreement with Perceptive Credit Holdings IV, LP (“Perceptive”), an affiliate of Perceptive Advisors. The credit agreement provides for a facility of up to $45.0 million consisting of senior, secured term loans. The Perceptive credit facility matures on November 8, 2028 and includes an initial loan of $37.5 million and a delayed draw loan of $7.5 million. The initial loan of $37.5 million was fully funded on November 8, 2023, with approximately $11.0 million of the proceeds used to satisfy all obligations under the Company’s MidCap credit agreement, as well as approximately $2.7 million of transaction fees and other expenses related to the transactions.\n\n\n\nOn November 28, 2023, the Company announced that it had appo...