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Apyx Medical Corporation Reports Second Quarter 2022 Financial Results and Updates Full Year 2022 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 second quarter ended June 30, 2022, and updated financial expectations for the full year ending December 31, 2022.\n\nSecond Quarter 2022 Financial Summary:\n\n\nTotal revenue of $10.3 million, down 8% year-over-year.\n\n\nAdvanced Energy revenue of $8.4 million, down 16% year-over-year.\n\n\nOEM revenue of $1.9 million, up 55% year-over-year.\n\n\n\n\nNet loss attributable to stockholders of $5.4 million, compared to $4.0 million for the second quarter of 2021.\n\n\nAdjusted EBITDA loss of $3.4 million, compared to adjusted EBITDA loss of $2.4 million for the second quarter of 2021.\n\n\nSecond Quarter 2022 Operating Summary:\n\n\nOn April 4, 2022, the Company announced the submission of a 510(k) premarket notification (“510(k) submission”) to the U.S. Food and Drug Administration (“FDA”). The 510(k) submission was intended to expand the Company’s general indication to include a specific indication for the use of the Renuvion APR Handpiece in subcutaneous dermatological and aesthetic procedures to improve the appearance of lax (loose) skin in the neck and submental region.\n\n\nOn May 26, 2022, the Company announced it received 510(k) clearance from the FDA for the use of the Renuvion Dermal Handpiece for specific dermal resurfacing procedures. The Renuvion Dermal Handpiece is indicated for dermatological procedures for the treatment of moderate to severe wrinkles and rhytides, limited to patients with Fitzpatrick skin types I, II or III.\n\n\nOn June 2, 2022, the FDA updated the Medical Device Safety Communication (“MDSC”) related to the Company’s Advanced Energy products to recognize this new 510(k) clearance.\n\n\n\n\nHighlights & Developments Subsequent to Quarter End:\n\n\nOn July 8, 2022, the Company announced that the results of the pivotal Phase II of its Investigational Device Exemption (“IDE”) study evaluating the safety and effectiveness of the Renuvion device to improve the appearance of lax skin in the neck and submental region are now available on ClinicalTrials.gov.\n\n\nOn July 18, 2022, the Company announced it received 510(k) clearance from the FDA for the use of the Re...