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Apyx Medical Corporation Reports Third 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 third quarter ended September 30, 2020.\n\nThird Quarter 2020 Financial Summary:\n\n\nTotal revenue of $7.0 million, down 8.2% year-over-year.\n\n\nAdvanced Energy revenue of $5.5 million, down 10.1% year-over-year.\n\n\nOEM revenue of $1.5 million, down 0.4% year-over-year.\n\n\n\n\nGAAP net loss of $3.7 million, compared to GAAP net loss of $4.4 million for the third quarter of 2019.\n\n\nAdjusted EBITDA loss of $3.1 million, compared to adjusted EBITDA loss of $3.8 million for the third quarter of 2019.\n\n\nAs of September 30, 2020, the Company had cash and cash equivalents of $43.5 million, compared to $58.8 million as of December 31, 2019. As of September 30, 2020, the Company had working capital of $58.1 million, compared to $64.4 million as of December 31, 2019.\n\n\nHighlights Subsequent to Quarter End:\n\n\nOn October 20, 2020 the Company announced the publication of two separate peer-reviewed articles published in the journal, Dermatological Reviews:\n\n\n“A Retrospective Chart Review of Subdermal Neck Coagulation Using Helium Plasma Technology” (Article link: https://doi.org/10.1002/der2.32)\n\n\n“Safety and Efficacy of Helium Plasma for Subdermal Coagulation” (Article link: https://doi.org/10.1002/der2.34)\n\n\n\n\nOn November 9, 2020, the Company announced that it has completed subject enrollment in a U.S. Investigational Device Exemption (IDE) clinical study evaluating the use of its Renuvion® technology in dermal resurfacing procedures.\n\n\nOn November 9, 2020, the Company announced that the FDA has concluded that the requirements were met for its Safety Report for the Feasibility Study (Phase I) of its U.S. IDE clinical study evaluating the use of its Renuvion® technology in skin laxity procedures in the neck and submental region.\n\n\nManagement Comments:\n\n“We were pleased to see improving trends in our Advanced Energy business as the global recovery continued to progress during the third quarter,” said Charlie Goodwin, President and Chief Executive Officer. “While our third quarter ...