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Apyx Medical Corporation Reports Third Quarter 2023 Financial Results and Updates Full Year 2023 Financial Outlook
Advanced Energy Sales increased 39% year-over-year in Q3 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 39% year-over-year in Q3\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 third quarter ended September 30, 2023, and updated its financial expectations for the full year ending December 31, 2023.\n\n\nThird Quarter 2023 Financial Summary:\n\n\n\nTotal revenue of $12.0 million, up 31% year-over-year.\n\n\nAdvanced Energy revenue of $9.8 million, up 39% year-over-year.\n\n\n\nOEM revenue of $2.1 million, up 5% year-over-year.\n\n\n\n\n\n\nNet loss attributable to stockholders of $4.6 million, down $1.1 million, or 20%, year-over-year.\n\n\n\nAdjusted EBITDA loss of $3.1 million, down $0.8 million, or 21%, year-over-year.\n\n\n\nHighlights Subsequent to Quarter End\n\n\n\nOn November 9, 2023, the Company announced a new, five-year credit agreement with Perceptive Credit Holdings IV, LP (“Perceptive”), an affiliate of Perceptive Advisors. The credit agreement provides for a facility of up to $45.0 million consisting of senior, secured term loans. The Perceptive credit facility matures on November 8, 2028 and includes an initial loan of $37.5 million and a delayed draw loan of $7.5 million. The initial loan of $37.5 million was fully funded on November 8, 2023, with approximately $11.0 million of the proceeds used to satisfy all obligations under the Company’s MidCap credit agreement, as well as approximately $2.5 million of transaction fees and other expenses related to the transactions.\n\n\n\nOn November 9, 2023, the Company and Tara Semb, Chief Financial Officer, announced that Ms. Semb would be leaving the Company in order to pursue other opportunities. Ms. Semb’s departure is not due to any disagreement with the Company on any matter, including matters related to the Company’s operations, policies, practices, financial reporting or controls. The Board of Directors initiated a formal search process which has resulted in the Company identifying her successor. Ms. Semb plans to continue in her position as Chief Financial Officer until her successor is formally appointed.\n\n\n\nManagement Comments:\n\n\n“We delivered Advanced Energy revenue growth in the third quarter of 39% year-over-year, fueled p...