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Apyx Medical Corporation Reports Third 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 third quarter ended September 30, 2022, and updated financial expectations for the full year ending December 31, 2022.\n\nThird Quarter 2022 Financial Summary:\n\n\nTotal revenue of $9.1 million, down 23% year-over-year.\n\n\nAdvanced Energy revenue of $7.1 million, down 31% year-over-year.\n\n\nOEM revenue of $2.0 million, up 34% year-over-year.\n\n\n\n\nNet loss attributable to stockholders of $5.8 million, compared to $4.2 million for the third quarter of 2021.\n\n\nAdjusted EBITDA loss of $3.9 million, compared to adjusted EBITDA loss of $2.7 million for the third quarter of 2021.\n\n\nThird Quarter 2022 Operating Summary:\n\n\nOn July 8, 2022, the Company announced 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.\n\n\nOn July 18, 2022, the Company announced it received 510(k) clearance from the FDA for the use of the Renuvion APR Handpieces for certain skin contraction procedures. The Renuvion APR Handpieces are now indicated for use in subcutaneous dermatological and aesthetic procedures to improve the appearance of lax (loose) skin in the neck and submental region.\n\n\nOn July 21, 2022, the FDA updated the Medical Device Safety Communication related to the Company’s Advanced Energy products to recognize this new 510(k) clearance.\n\n\nOn July 27, 2022, the Company announced its first reporting of environmental, social and governance (“ESG”) data via a newly released tear sheet. This data provides context to the Company’s ESG goals and priorities important to its business and stakeholders.\n\n\nOn September 12, 2022, the Company announced the release of a new surgeon testimonial video for its Renuvion Helium Plasma Technology featuring multiple surgeons including Dr. Paul Nassif, celebrity plastic surgeon and co-host of the hit television series, ‘Botched.’\n\n\nManagement Comments:\n\n“Our Advanced Energy revenue in the third quarter came in below our expectations, due primarily to the continued businesses d...