Apyx Medical Corporation (APYX)
NASDAQ:APYX
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Apyx Medical
(NASDAQ:APYX)
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Rating:52Neutral
Price Target:
$3.50
▲(11.82% Upside)
Action:ReiteratedDate:04/01/26
The score is held back primarily by weak cash generation and elevated balance-sheet risk despite improving revenue and narrowing losses. The latest earnings call adds support via constructive 2026 guidance, improving profitability metrics (positive adjusted EBITDA in Q4), and an extended cash runway, while technicals and valuation are broadly neutral due to mixed trend signals and negative earnings.
Positive Factors
Successful AYON Commercial Launch
A strong initial commercial reception for AYON signals product-market fit and accelerates installed-base expansion. Durable installed systems drive recurring consumable sales, increase utilization over time, and create a scaling revenue base less sensitive to single-period volatility, supporting multi‑quarter growth.
Negative Factors
Consistent Negative Operating Cash Flow
Persistent negative operating and free cash flow indicates the business has not yet self‑funded growth. Over multiple quarters this constrains strategic flexibility, raises refinancing risk if execution slows, and makes continued investment in commercial expansion dependent on external capital or sustained margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Successful AYON Commercial Launch
A strong initial commercial reception for AYON signals product-market fit and accelerates installed-base expansion. Durable installed systems drive recurring consumable sales, increase utilization over time, and create a scaling revenue base less sensitive to single-period volatility, supporting multi‑quarter growth.
Read all positive factors
Apyx Medical (APYX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$159.37M
Dividend YieldN/A
Average Volume (3M)120.72K
Price to Earnings (P/E)―
Beta (1Y)2.11
Revenue Growth-1.32%
EPS Growth55.62%
CountryUS
Employees220
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.03
Shares Outstanding41,829,227
10 Day Avg. Volume65,017
30 Day Avg. Volume120,723
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)10.15
Price to Sales (P/S)2.79
P/FCF Ratio-16.19
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue3.16
Enterprise Value/Gross Profit8.77
Enterprise Value/Ebitda-34.26
Forecast
1Y Price Target
$6.00Price Target Upside91.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.33
Revenue Forecast (FY)$57.95M
Apyx Medical Business Overview & Revenue Model
Company Description
Apyx Medical Corporation (NASDAQ: APYX) is a medical technology company specializing in the development and commercialization of innovative surgical products. The company focuses on two main sectors: surgical energy and cosmetic dermatology. Apyx ...
How the Company Makes Money
Apyx Medical makes money primarily by selling its advanced energy systems and the recurring consumables used with those systems. The company’s revenue model typically consists of (1) capital equipment sales of its energy generator/platform (e.g., ...
Apyx Medical Earnings Call Summary
Earnings Call Date:Mar 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call highlights strong commercialization progress for AYON, record quarterly revenue (+35% YoY), improved adjusted EBITDA (positive in Q4), materially reduced cash burn and a healthy cash balance, plus constructive 2026 guidance emphasizing continued Surgical Aesthetics growth. Offsets include a planned reduction in OEM revenue, modest margin contraction, remaining net loss, pending regulatory clearance for a key AYON handpiece (mid-2026) that is excluded from guidance, and limited current international availability. Overall the positives (record sales, improved profitability metrics, cash runway, clear growth plan) outweigh the execution and timing risks described.Positive Updates
Record Quarterly Revenue
Total revenue for Q4 2025 was $19.2M versus $14.2M in Q4 2024, a 35% year-over-year increase, driven primarily by the AYON commercial launch.
Negative Updates
OEM Revenue Decline and Strategic Shift
OEM revenue is expected to decline materially to approximately $4.5M in 2026 from $7.5M in 2025 (a ~40% decrease) as the company reallocates resources to the Surgical Aesthetics segment.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly Revenue
Total revenue for Q4 2025 was $19.2M versus $14.2M in Q4 2024, a 35% year-over-year increase, driven primarily by the AYON commercial launch.
Read all positive updates
Company Guidance
Management guided 2026 total revenue of $57.5–$58.5 million (≈9%–11% growth vs. 2025), with Surgical Aesthetics revenue expected at $53–$54 million (≈17%–19% growth) and OEM revenue around $4.5 million (down from $7.5M in 2025); they forecast full‑year gross margins of ~61%–62% and capped total operating expenses at no more than $45 million (versus $39.5M in 2025, $48.2M in 2024), see cash and cash equivalents of $31.7M as of 12/31/25, cash used in operating activities of $8M for FY2025 ($2.5M in Q4), positive adjusted EBITDA of $0.7M in Q4 2025, a plan to be cash‑flow positive no later than Q4 2026, and a cash runway through 2027.Apyx Medical Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
28
Negative
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 52.84M | 48.10M | 52.35M | 44.51M | 48.52M |
| Gross Profit | 19.03M | 29.36M | 33.76M | 29.13M | 33.60M |
| EBITDA | -5.79M | -16.80M | -18.11M | -22.01M | -13.91M |
| Net Income | -11.21M | -23.46M | -18.71M | -23.18M | -15.17M |
Balance Sheet | |||||
| Total Assets | 66.84M | 64.84M | 79.24M | 51.77M | 68.72M |
| Cash, Cash Equivalents and Short-Term Investments | 31.74M | 31.74M | 43.65M | 10.19M | 30.87M |
| Total Debt | 39.34M | 38.76M | 38.50M | 796.00K | 305.00K |
| Total Liabilities | 52.01M | 50.51M | 52.32M | 13.98M | 14.71M |
| Stockholders Equity | 14.54M | 14.21M | 26.70M | 37.58M | 53.70M |
Cash Flow | |||||
| Free Cash Flow | -9.12M | -18.77M | -5.78M | -21.29M | -11.17M |
| Operating Cash Flow | -8.00M | -18.05M | -5.25M | -20.28M | -10.45M |
| Investing Cash Flow | -1.11M | -722.00K | 6.73M | -1.01M | -723.00K |
| Financing Cash Flow | 9.58M | 6.75M | 32.17M | 217.00K | 24.00K |
Apyx Medical Technical Analysis
Positive
3.13
Price Trends
3.73
Positive
3.78
Negative
3.08
Positive
Market Momentum
0.02
Negative
52.45
Neutral
37.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APYX, the sentiment is Positive. The current price of 3.13 is below the 20-day moving average (MA) of 3.71, below the 50-day MA of 3.73, and above the 200-day MA of 3.08, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 52.45 is Neutral, neither overbought nor oversold. The STOCH value of 37.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $116.92M | 14.16 | 4.34% | ― | 3.36% | -21.15% | |
61 Neutral | $65.86M | 22.00 | 10.27% | ― | 16.88% | ― | |
60 Neutral | $203.83M | -12.67 | -7.42% | ― | -31.29% | 65.68% | |
52 Neutral | $159.37M | -13.16 | -117.54% | ― | -1.32% | 55.62% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $125.59M | -1.98 | 476.59% | ― | 20.59% | 18.61% | |
49 Neutral | $64.12M | -2.68 | -116.22% | ― | 14.04% | -0.65% |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.