Apyx Medical Corporation Reports Preliminary Fourth Quarter and Full Year 2023 Revenue Results

CLEARWATER, Fla.--(BUSINESS WIRE)-- Apyx Medical Corporation (NASDAQ:APYX) (the “Company”), the manufacturer of a proprietary helium plasma and radiofrequency technology marketed and sold as Renuvion^®, today reported preliminary revenue results for the fourth quarter and full year ended December 31, 2023.

Preliminary Fourth Quarter 2023 Revenue Summary:

• Total revenue in a range of approximately $14.2 to $14.6 million, representing growth of 13% to 16% year-over-year.
  • Advanced Energy revenue in a range of approximately $11.9 to $12.3 million, representing growth of 12% to 16% year-over-year.
  • OEM revenue of approximately $2.4 million, representing growth of 14% year-over-year.

Preliminary Full Year 2023 Revenue Summary:

• Total revenue in a range of approximately $51.9 to $52.3 million, representing growth of 17% to 18% year-over-year.
  • Advanced Energy revenue in a range of approximately $43.1 to $43.5 million, representing growth of 17% to 18% year-over-year.
  • OEM revenue of approximately $8.8 million, representing growth of 14% year-over-year.

Management Comments:

“In the fourth quarter, we delivered double-digit sales growth in our Advanced Energy segment on a year-over-year and more than 20% growth on quarter-over-quarter basis,” said Charlie Goodwin, President and Chief Executive Officer. “Our Advanced Energy sales performance was softer than expected, as the capital equipment purchasing environment in the cosmetic surgery market ultimately proved to be more challenging than anticipated. Specifically, while our pipeline of potential new customers in the U.S. remained robust throughout the fourth quarter, we saw fewer-than-expected sales of our Advanced Energy generators to new U.S. customers, with more prospective customers taking a ‘wait-and-see’ approach to capital equipment purchasing, given concerns about the broader macroeconomic environment. While new generator adoption was slower-than-expected, we remain pleased with the strong feedback we continued to receive from our existing customers and the results they are achieving with our Renuvion^® technology.”

This press release includes Apyx Medical Corporation’s preliminary revenue results for the quarter and year ended December 31, 2023. Apyx Medical plans to release its fourth quarter and full year 2023 results in March 2024. Actual fourth quarter and full year 2023 revenue results are subject to completion of the Company’s year-end financial closing procedures and year-end audit procedures by the Company’s independent registered public accounting firm.

About Apyx Medical Corporation:

Apyx Medical Corporation is an advanced energy technology company with a passion for elevating people’s lives through innovative products, including its Helium Plasma Technology products marketed and sold as Renuvion^® in the cosmetic surgery market and J-Plasma^® in the hospital surgical market. Renuvion^® and J-Plasma^® offer surgeons a unique ability to provide controlled heat to tissue to achieve their desired results. The Company also leverages its deep expertise and decades of experience in unique waveforms through OEM agreements with other medical device manufacturers. For further information about the Company and its products, please refer to the Apyx Medical Corporation website at www.ApyxMedical.com.

Cautionary Statement on Forward-Looking Statements:

Certain matters discussed in this release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to, projections of net revenue, margins, expenses, net earnings, net earnings per share, or other financial items; projections or assumptions concerning the possible receipt by the Company of any regulatory approvals from any government agency or instrumentality including but not limited to the U.S. Food and Drug Administration, supply chain disruptions, component shortages, manufacturing disruptions or logistics challenges; or macroeconomic or geopolitical matters and the impact of those matters on the Company’s financial performance.

Forward-looking statements and information are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause the Company’s actual results to differ materially and that could impact the Company and the statements contained in this release include but are not limited to risks, uncertainties and assumptions relating to the regulatory environment in which the Company is subject to, including the Company’s ability to gain requisite approvals for its products from the U.S. Food and Drug Administration and other governmental and regulatory bodies, both domestically and internationally; the impact of the March 2022 FDA Safety Communication on our business and operations; sudden or extreme volatility in commodity prices and availability, including supply chain disruptions; changes in general economic, business or demographic conditions or trends; changes in and effects of the geopolitical environment; liabilities and costs which the Company may incur from pending or threatened litigations, claims, disputes or investigations; and other risks that are described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and the Company’s other filings with the Securities and Exchange Commission. For forward-looking statements in this release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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Investor Relations:

ICR Westwicke on behalf of Apyx Medical Corporation

Mike Piccinino, CFA

investor.relations@apyxmedical.com

Source: Apyx Medical Corporation