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Apyx Medical Corporation Reports Second Quarter 2024 Financial Results; Updates Full Year 2024 Financial Outlook
CLEARWATER, Fla.--(BUSINESS WIRE)-- Apyx Medical Corporation (NASDAQ:APYX) (“Apyx Medical;” the “Company”), the manufacturer of a proprietary helium plasma
About this update from Apyx Medical Corporation
[{"type":"text","content":" CLEARWATER, Fla.--(BUSINESS WIRE)--\nApyx Medical Corporation (NASDAQ:APYX) (“Apyx Medical;” the “Company”), the manufacturer of a proprietary helium plasma and radiofrequency platform technology marketed and sold as Renuvion®, today reported financial results for its second quarter ended June 30, 2024; and updated its financial expectations for the full year ending December 31, 2024.\n\n\nSecond Quarter 2024 Financial Summary:\n\n\n\nTotal revenue of $12.1 million, a decrease of 10% year-over-year.\n\n\nAdvanced Energy revenue of $9.8 million, a decrease of 17% year-over-year.\n\n\n\nOEM revenue of $2.4 million, an increase of 29% year-over-year.\n\n\n\n\n\n\nNet loss attributable to stockholders of $6.6 million, an increase of $5.6 million, or 560%, year-over-year.\n\n\nNet loss for the second quarter of 2023 included a $2.7 million gain on the sale-leaseback the Company’s Clearwater, FL facility.\n\n\n\n\n\n\nAdjusted EBITDA loss of $4.3 million, an increase of $2.7 million, or 166%, year-over-year.\n\n\n\nSecond Quarter 2024 Operating Summary:\n\n\n\nOn April 11, 2024, the Company announced that new data and treatment insights were showcased at the Company’s Renuvion Users’ Summit.\n\n\n\nOn May 9, 2024, the Company announced the retirement of Andrew Makrides as Chairman of the Board, after serving the Company in this position since 1982. The Board of Directors appointed Stavros Vizirgianakis to serve as Chairman of the Board, effective May 7, 2024.\n\n\n\nOn June 26, 2024, the Company announced the launch of the “Renewing Lives” campaign, a nationwide, life-changing give-back program that will provide Renuvion treatments to people who can most benefit from this advanced medical technology to improve their physical appearance and mental health.\n\n\n\n“As we had anticipated, our Advanced Energy sales performance in the second quarter continued to reflect the challenging environment in the cosmetic surgery market that our industry has observed in recent quarters,” said Charlie Goodwin, President and Chief Executive Officer. “As expected, global sales of our Advanced Energy generators remained impacted as prospective surgeon customers continued to delay investments in new capital equipment, given concerns about broader macro-economic uncertainty. Despite these challenges, we were pleased to deliver strong growth in global sal...