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Apyx Medical Corporation (APYX)
NASDAQ:APYX
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Apyx Medical
(NASDAQ:APYX)
50Neutral
Positive Factors
Product Development
The company announced the 510k submission of the Ayon body contouring system, which encompasses a wide range of therapeutic offerings.
Technology Innovation
Renuvion is viewed as a differentiated helium-based plasma technology that can save significant time and provide superior clinical outcomes in several large, high-growth surgery markets.
Negative Factors
Financial Performance
APYX fell short of its revenue covenants mandated by its credit agreement with Perceptive Advisors due to the previously mentioned transient macro factors.
Macroeconomic Challenges
Demand for aesthetic capital equipment and procedures has contracted, reflecting a challenging macroeconomic environment.
Apyx Medical (APYX) vs. S&P 500 (SPY)
Market Cap
$49.13M
Dividend YieldN/A
Average Volume (3M)41.94K
Price to Earnings (P/E)―
Beta (1Y)1.83
Revenue Growth-8.11%
EPS Growth-23.04%
CountryUS
Employees220
SectorHealthcare
Sector Strength71
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.66
Shares Outstanding37,793,884
10 Day Avg. Volume41,328
30 Day Avg. Volume41,937
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.99
Price to Cash Flow (P/CF)-4.10
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering3
Apyx Medical Business Overview & Revenue Model
Company DescriptionApyx Medical Corporation is a leading manufacturer and developer of advanced energy surgical devices. The company operates primarily in the healthcare sector, providing innovative products that are utilized in a variety of surgical procedures. Apyx Medical is best known for its Helium Plasma Technology, which powers its flagship products, the Renuvion and J-Plasma systems. These systems are designed to enhance surgical precision and efficiency, offering solutions for both cosmetic and non-cosmetic procedures.
How the Company Makes MoneyApyx Medical generates revenue primarily through the sale of its advanced energy surgical devices, including the Renuvion and J-Plasma systems. The company earns money by marketing these systems to healthcare providers, hospitals, and surgical centers, where they are used for various procedures. Additionally, Apyx may derive income from the sale of consumables and accessories related to its core products. The company's revenue model is supported by partnerships with medical distributors and direct sales efforts that expand its market presence and customer base. Significant factors contributing to its earnings include the growing demand for minimally invasive surgical procedures and the continuous advancement of its proprietary technologies.
Apyx Medical Financial Statement Overview
Summary
Apyx Medical faces significant financial challenges. While maintaining a decent gross profit margin, the company struggles with profitability, as reflected in negative net income and operating losses. The balance sheet is under pressure from declining equity and increased leverage, while cash flows are insufficient to support operations and growth.Income Statement
Apyx Medical has experienced volatile revenue growth with a decline in total revenue from 2023 to 2024. The company shows a consistent negative net profit margin, indicating ongoing profitability challenges. Gross profit margin remains healthy but is overshadowed by high EBIT and EBITDA losses, reflecting operational inefficiencies.45
Neutral
Balance Sheet
The balance sheet reveals a concerning debt-to-equity ratio due to a decrease in stockholders' equity, although the company's liabilities have decreased over time. Return on equity is negative, largely due to consistent net losses. The equity ratio shows a declining trend, indicating increasing leverage.50
Neutral
Cash Flow
Cash flow analysis shows consistent negative operating cash flow, indicating potential liquidity issues. Free cash flow is also negative, reflecting insufficient cash generation to cover capital expenditures. The operating cash flow to net income ratio highlights challenges in converting earnings into cash.40
Negative
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 52.84M | 48.10M | 52.35M | 44.51M | 48.52M | 27.71M | Gross Profit |
| 19.78M | 29.36M | 33.76M | 29.13M | 33.60M | 17.50M | EBIT |
| -21.57M | -18.84M | -17.26M | -23.56M | -14.45M | -20.08M | EBITDA |
| -22.30M | -18.84M | -18.11M | -22.01M | -13.91M | -18.48M | Net Income Common Stockholders |
| -28.44M | -23.46M | -18.71M | -23.28M | -15.20M | -11.91M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 78.14M | 31.74M | 43.65M | 10.19M | 30.87M | 41.91M | Total Assets |
| 95.61M | 64.84M | 79.24M | 51.77M | 68.72M | 74.11M | Total Debt |
| 140.00K | 4.87M | 38.50M | 796.00K | 305.00K | 676.00K | Net Debt |
| -16.33M | -26.87M | -5.15M | -9.40M | -30.57M | -41.24M | Total Liabilities |
| 7.84M | 50.51M | 52.32M | 13.98M | 14.71M | 10.25M | Stockholders Equity |
| 87.77M | 14.21M | 26.70M | 37.58M | 53.70M | 63.72M |
| Cash Flow | Free Cash Flow | ||||
| -16.14M | -18.77M | -5.78M | -21.29M | -11.17M | -16.65M | Operating Cash Flow |
| -15.57M | -18.05M | -5.25M | -20.28M | -10.45M | -16.07M | Investing Cash Flow |
| -570.00K | -722.00K | 6.73M | -1.01M | -723.00K | -581.00K | Financing Cash Flow |
| 22.07M | 6.75M | 32.17M | 217.00K | 24.00K | -73.00K |
Apyx Medical Technical Analysis
Neutral
1.30
Price Trends
1.34
Negative
1.43
Negative
1.35
Negative
Market Momentum
-0.01
Negative
52.55
Neutral
71.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APYX, the sentiment is Neutral. The current price of 1.3 is above the 20-day moving average (MA) of 1.18, below the 50-day MA of 1.34, and below the 200-day MA of 1.35, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 52.55 is Neutral, neither overbought nor oversold. The STOCH value of 71.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for APYX.
Apyx Medical Risk Analysis
Apyx Medical disclosed 28 risk factors in its most recent earnings report. Apyx Medical reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Apyx Medical Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $8.84B | 116.65 | -25.23% | ― | 2.26% | -467.23% | |
63 Neutral | $488.05M | 60.11 | 4.60% | 0.99% | 19.84% | -22.84% | |
57 Neutral | $1.22B | ― | -6.14% | ― | -20.89% | 83.44% | |
50 Neutral | $49.13M | ― | -114.70% | ― | -8.11% | -23.04% | |
49 Neutral | $16.62M | ― | -153.37% | ― | -6.17% | 8.27% | |
49 Neutral | $6.85B | 0.81 | -52.91% | 2.50% | 19.94% | 1.20% | |
36 Underperform | $201.86K | ― | ― | -32.57% | -15.03% |
* Healthcare Sector Average
Performance Comparison
APYX
Apyx Medical
1.30
-0.07
-5.11%
CUTRQ
Cutera
0.01
-1.37
-99.28%
IRIX
Iridex
1.00
-1.99
-66.56%
MASI
Masimo
163.55
18.72
12.93%
SLP
Simulations Plus
24.29
-15.46
-38.89%
BLFS
BioLife Solutions
25.96
8.06
45.03%
Apyx Medical Earnings Call Summary
Earnings Call Date: Mar 13, 2025 | % Change Since: 21.50% | Next Earnings Date: May 8, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook. While there were several positive developments such as strong advanced energy segment performance, successful marketing campaigns, and cost-saving initiatives, the decline in overall revenue, OEM segment sales, and international revenue, coupled with market challenges from GLP-1 drug adoption, present notable challenges.Highlights
Advanced Energy Segment Performance
Sales of advanced energy products exceeded expectations at $12.1 million for Q4, showing a 30% sequential growth compared to Q3 2024.
Successful Direct-to-Consumer Campaign
The direct-to-consumer marketing campaign surpassed media placement goals by 187% and exceeded impressions goal by over 13,000%, significantly increasing brand awareness and consumer demand.
AYON Body Contouring System Development
The AYON Body Contouring System was submitted to the FDA 90 days ahead of schedule, with a planned launch in the back half of 2025, which is expected to boost equipment sales growth.
Cost Reduction and Restructuring
A restructuring program that reduced the U.S. workforce by 25% is expected to save approximately $4.3 million annually, with additional cost savings identified.
Improved Financial Metrics
Operating expenses decreased from $14.7 million to $12 million, and the net loss attributable to stockholders decreased from $9.6 million to $4.6 million year-over-year.
Lowlights
Revenue Decline
Total revenue for Q4 2024 decreased by 3% to $14.2 million compared to $14.7 million in the prior year period.
OEM Segment Sales Decrease
OEM segment sales decreased by 16% year-over-year, driven by a decrease in sales volumes to existing customers.
International Revenue Decline
International revenue decreased by 8% year-over-year, attributed to lower average selling prices and fewer domestic customer upgrades.
Impact of GLP-1 Drugs on Aesthetic Market
The adoption of GLP-1 drugs for weight loss has led to a diversion of discretionary funds and delayed aesthetic treatments, impacting revenue in the aesthetic space.
Company Guidance
During the Apyx Medical fourth quarter and full year 2024 conference call, the company provided guidance for the 2025 fiscal year. Apyx expects total revenue to range between $47.6 million and $49.0 million, compared to $48.1 million in 2024. Advanced Energy segment revenue is projected to be between $39.6 million and $41.0 million, while OEM segment sales are expected at approximately $8 million, down from $9.5 million in 2024. The company anticipates maintaining a gross profit margin of approximately 60% for the year and expects total operating expenses to not exceed $40 million. Additionally, Apyx foresees cash sustainability until 2027, supported by the projected uptake of their new AYON Body Contouring System, which is set for a soft launch in the latter half of 2025, pending FDA clearance.Apyx Medical Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
Apyx Medical Appoints New Chief Operating Officer
Positive
Feb 6, 2025
On January 31, 2025, Apyx Medical Corporation announced that it had entered into an Employment Agreement with Shawn Roman, who was appointed as Chief Operating Officer, effective January 28, 2025. The agreement includes a base salary of $305,760.52, potential annual bonuses, and participation in equity-based incentive plans, indicating a strategic move to strengthen its executive team and potentially enhance operational performance.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.