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Apyx Medical Corporation Reports Preliminary Fourth Quarter and Full Year 2022 Revenue Results
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 preliminary revenue results for the fourth quarter and full year ended December 31, 2022.\n\nPreliminary Fourth Quarter 2022 Revenue Summary:\n\n\nTotal revenue in a range of $12.1 to $12.5 million, representing a decline of 28% to 26% year-over-year.\n\n\nAdvanced Energy revenue in a range of $10.1 to $10.5 million, representing a decline of 33% to 30% year-over-year.\n\n\nOEM revenue of approximately $2.0 million, representing growth of 12% year-over-year.\n\n\n\n\nPreliminary Full Year 2022 Revenue Summary:\n\n\nTotal revenue in a range of $44.0 to $44.4 million, representing a decline of 9% to 8% year-over-year.\n\n\nAdvanced Energy revenue in a range of $36.4 to $36.8 million, representing a decline of 15% to 14% year-over-year.\n\n\nOEM revenue of approximately $7.6 million, representing growth of 37% year-over-year.\n\n\n\n\nManagement Comments:\n\n“Although global sales in our Advanced Energy segment showed improvement over the third quarter, our fourth quarter revenue results reflect continued business disruption related to the Medical Device Safety Communication,” said Charlie Goodwin, President and Chief Executive Officer. “Specifically, while global Advanced Energy sales increased more than 40% on a sequential basis, the pace of recovery in global generator sales was slower than what our guidance had assumed. With that said, Apyx continues to lead the way in ensuring the safe and effective use of our technology. Our team continued to make progress in educating existing and potential customers about the strong safety and efficacy profile of our products, including raising awareness of the additional 510(k) clearances that we secured in 2022. Importantly, we also continued to engage with the Food & Drug Administration (“FDA”) on our proposed regulatory submission for a new clinical indication demonstrating the safety of our Renuvion® technology when used after liposuction. We received the FDA’s formal feedback on the related pre-submission request in December and expect to submit a request for 510(k) clearance by the end of January. We continue to believe the receipt of 510(k) clearance for this new clin...