Based on the provided financial report articles, the title of the article is: "Apyx Medical Corp. Reports First Quarter 2025 Financial Results" Note that the title may not be explicitly stated in the provided text, but it can be inferred based on the content and format of the financial report.
Based on the provided financial report articles, the title of the article is: "Apyx Medical Corp. Reports First Quarter 2025 Financial Results" Note that the title may not be explicitly stated in the provided text, but it can be inferred based on the content and format of the financial report.
Apyx Medical Corp. (APYX) reported its financial results for the first quarter of 2025, with net sales of $4.05 million, a 2% increase from the same period in 2024. The company reported a net loss of $0.001 per share, compared to a net loss of $0.001 per share in the same period last year. The Advanced Energy segment generated $1.02 million in net sales, while the OEM segment generated $3.05 million. The company had cash and cash equivalents of $37.79 million as of March 31, 2025, and a debt balance of $75 million. Apyx also reported that it had $10 million in available borrowing capacity under its credit agreement with Perceptive Credit Agreement. The company’s product liability litigation and Renuvion product liability claims are ongoing, with estimated losses of $0.5 million to $1.5 million.
Executive Level Overview
Apyx Medical Corporation is an advanced energy technology company that develops and manufactures innovative products for the cosmetic surgery and hospital surgical markets. The company operates in two business segments: OEM and Advanced Energy.
The OEM segment is primarily focused on development and manufacturing contracts, while the Advanced Energy segment sells both capital equipment and consumable handpieces. Sales of handpieces make up a substantial portion of the Advanced Energy business, accounting for over 60% of its total revenue.
Recent activities:
- The company believes the increased use of GLP-1 drugs for diabetes and weight loss has had an initial negative impact on the revenue of plastic and cosmetic surgeons, but may eventually drive more patients towards plastic surgery and provide a tailwind for Apyx’s Renuvion products.
- Apyx has submitted a 510(k) premarket notification to the FDA for its new AYON device, which is designed to be a versatile all-in-one system for comprehensive body contouring solutions. The company anticipates FDA clearance and launch of AYON in 2025.
Liquidity:
- Apyx has incurred recurring net losses and cash outflows from operations, and anticipates losses will continue in the near term.
- The company plans to fund operations through existing cash, product sales, and potentially additional equity or debt financing if necessary.
- Apyx has undertaken cost-saving measures, including a 25% workforce reduction, to decrease losses and achieve cash flow breakeven.
Segments and Reporting:
- Apyx reports results in two operating segments: Advanced Energy and OEM.
- The OEM segment is primarily development and manufacturing contract driven, while the Advanced Energy segment sells both capital equipment and consumable handpieces.
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