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Apyx Medical Corporation Reports Second Quarter 2021 Financial Results and Updates Full Year 2021 Outlook
Advanced Energy Sales increased 248% year-over-year in Q2 CLEARWATER, Fla.--(BUSINESS WIRE)-- Apyx Medical Corporation (NASDAQ:APYX) (the “Company”), a maker
About this update from Apyx Medical Corporation
[{"type":"text","content":"\nAdvanced Energy Sales increased 248% year-over-year in Q2\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 second quarter ended June 30, 2021 and updated its financial outlook for the full year ending December 31, 2021.\n\nSecond Quarter 2021 Financial Summary:\n\n\nTotal revenue of $11.2 million, up 161% year-over-year.\n\n\nAdvanced Energy revenue of $10.0 million, up 248% year-over-year.\n\n\nOEM revenue of $1.2 million, down 13% year-over-year.\n\n\n\n\n\nNet loss attributable to stockholders of $4.0 million, compared to net loss of $4.7 million for the second quarter of 2020. Net loss in the second quarter of 2020 included an income tax benefit of $1.5 million.\n\n\nAdjusted EBITDA loss of $2.4 million, compared to adjusted EBITDA loss of $4.9 million for the second quarter of 2020.\n\n\nAs of June 30, 2021, the Company had cash and cash equivalents of $34.7 million, compared to $41.9 million as of December 31, 2020. As of June 30, 2021, the Company had working capital of $50.8 million, including expected cash tax refunds of approximately $7.5 million the Company expects to receive during 2021 or 2022 related to the net operating loss carrybacks resulting from the 2020 CARES Act.\n\n\nSecond Quarter 2021 Operating Highlights:\n\n\nOn June 1, 2021, the Company announced that it had submitted a 510(k) premarket notification to the U.S. Food and Drug Administration (“FDA”), which is intended to obtain a specific clinical indication for the use of Renuvion® in dermal resurfacing procedures.\n\n\nManagement Comments:\n\n“We are pleased to deliver exceptional growth in sales of our Advanced Energy products which exceeded our expectations for the second quarter, reflecting solid execution by our team and continued improvement in the broader operating environment,” said Charlie Goodwin, President and Chief Executive Officer. “Most notably, we saw impressive growth in global sales of our Advanced Energy handpieces, which increased by over 270% year-over-year, driven by utilization-based demand both domestically and internationally. We were also please...