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Apyx Medical Corporation Reports Second Quarter 2023 Financial Results and Reaffirms Full Year 2023 Financial Outlook
Advanced Energy Sales increased 40% year-over-year in Q2 CLEARWATER, Fla.--(BUSINESS WIRE)-- Apyx Medical Corporation (NASDAQ:APYX) (the “Company”), the
About this update from Apyx Medical Corporation
[{"type":"text","content":"\nAdvanced Energy Sales increased 40% year-over-year in Q2\n\n\n 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, 2023, and reaffirms financial expectations for the full year ending December 31, 2023.\n\n\nSecond Quarter 2023 Financial Summary:\n\n\n\nTotal revenue of $13.6 million, up 32% year-over-year.\n\n\nAdvanced Energy revenue of $11.7 million, up 40% year-over-year.\n\n\n\nOEM revenue of $1.8 million, down 4% year-over-year.\n\n\n\n\n\n\nNet loss attributable to stockholders of $1.0 million, down $4.4 million, or 82%, year-over-year.\n\n\n\nAdjusted EBITDA loss of $1.6 million, down $1.8 million, or 52%, year-over-year.\n\n\n\nSecond Quarter 2023 Operating Summary:\n\n\n\nOn April 28, 2023, the Company announced that it received 510(k) clearance from the U.S. Food and Drug Administration (“FDA”) “for the use of its Renuvion technology for coagulation of subcutaneous soft tissues following liposuction for aesthetic body contouring.”\n\n\n\nOn May 8, 2023, the Company closed on a Purchase Agreement and concurrently executed a 10-year agreement to leaseback its underlying real property for its Clearwater, FL facility with VK Acquisitions VI, LLC. The Company received net cash proceeds of approximately $6.6 million, after withholding the security deposit equal to one years rent, taxes, first months rent, expenses, and fees.\n\n\n\nOn May 10, 2023, the FDA posted an update to the Medical Device Safety Communication (“Safety Communication”) to inform consumers and healthcare providers about the clearance for the Renuvion APR handpiece for use under the skin in certain procedures intended to improve the appearance of the skin, including for coagulation of subcutaneous soft tissues following liposuction for aesthetic body contouring. The Company believes that the May 10, 2023 FDA update to the Safety Communication addresses the remaining issues set forth in the original Safety Communication from March 14, 2022.\n\n\n\nOn June 14, 2023, the Company announced that it received 510(k) clearance from the FDA for the Renuvion Micro Handpiece, a new addition to the Renuvion product family. The Renuvion Micro Handpi...