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Apyx Medical Corporation Reports Third Quarter 2021 Financial Results and Updates Full Year 2021 Outlook
Advanced Energy Sales increased 88% year-over-year in Q3 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 88% year-over-year in Q3\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 third quarter ended September 30, 2021 and updated its financial outlook for the full year ending December 31, 2021.\n\nThird Quarter 2021 Financial Summary:\n\n\nTotal revenue of $11.8 million, up 70% year-over-year.\n\n\nAdvanced Energy revenue of $10.3 million, up 88% year-over-year.\n\n\nOEM revenue of $1.5 million, up 3% year-over-year.\n\n\n\n\nNet loss attributable to stockholders of $4.2 million, compared to net loss attributable to stockholders of $3.7 million for the third quarter of 2020. Net loss attributable to stockholders in the third quarter of 2020 included an income tax benefit of $0.7 million.\n\n\nAdjusted EBITDA loss of $2.7 million, compared to adjusted EBITDA loss of $3.1 million for the third quarter of 2020.\n\n\nAt September 30, 2021, the Company had cash and cash equivalents of $30.9 million, compared to $41.9 million as of December 31, 2020. At September 30, 2021, the Company had working capital of $48.2 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\nThird Quarter 2021 Operating Highlights:\n\n\nOn August 30, 2021, the Company announced the appointment of Wendy Levine to the Board of Directors, effective August 25, 2021. Ms. Levine serves as a Director and member of the Regulatory Compliance Committee.\n\n\nManagement Comments:\n\n“We are excited by our team’s impressive execution during the third quarter, which enabled us to achieve 88% growth year-over-year in sales of our Advanced Energy products. Our Advanced Energy sales growth was driven primarily by strong, global utilization of our Advanced Energy handpieces, with global handpiece sales increasing more than 100% year-over-year. We also saw global Advanced Energy generator sales increase by more than 70% year-over-year, primarily reflecting healthy adoption of our Renuvion® technology in the U.S. c...