Business
Apyx Medical Corporation Reports Second Quarter 2020 Financial Results
CLEARWATER, Fla.--(BUSINESS WIRE)-- Apyx Medical Corporation (NASDAQ:APYX) (the “Company”), a maker of medical devices and supplies and the developer of
About this update from Apyx Medical Corporation
[{"type":"text","content":" 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 second quarter ended June 30, 2020.\n\n\nSecond Quarter 2020 Financial Summary:\n\n\n\nTotal revenue of $4.3 million, down 35% year-over-year.\n\n\nAdvanced Energy revenue of $2.9 million, down 46% year-over-year.\n\n\nOEM revenue of $1.4 million, up 10% year-over-year.\n\n\n\n\nGAAP net loss of $4.7 million, compared to total GAAP net loss of $4.3 million for the second quarter of 2019.\n\n\nAdjusted EBITDA loss of $4.9 million, compared to adjusted EBITDA loss of $3.6 million for the second quarter of 2019.\n\n\nAs of June 30, 2020, the Company had cash and equivalents of $46.2 million, compared to $58.8 million as of December 31, 2019. As of June 30, 2020, the Company had working capital of $60.2 million, compared to $64.4 million as of December 31, 2019.\n\n\n\nSecond Quarter 2020 Operating Highlights:\n\n\n\nOn June 22, 2020, the Company announced that it had obtained regulatory approval to market and sell its Helium Plasma Technology products in five new countries: Australia, Brazil, Israel, Taiwan and Thailand. The Company has contracted with distributors to market and sell its products in each country.\n\n\n\nManagement Comments:\n\n\n“Our revenue decreased 35% year-over-year in the second quarter due to slower demand and procedure trends from our cosmetic surgery customers around the world as a result of the preventative or protective actions taken by governments in each of our primary markets in response to the COVID-19 pandemic,” said Charlie Goodwin, President and Chief Executive Officer. “While we expected our revenue results to be significantly impacted by COVID-related business disruption in the second quarter, we were pleased with the material improvement in our business trends in each month of the quarter. Specifically, as temporary closures of non-essential businesses and restrictions on elective procedures were lifted in May, we saw a steady increase in the number of practices reopening and a resumption of patient treatment activity. We were particularly encouraged by the notable incre...