Apyx Medical Corporation (APYX)
NASDAQ:APYX
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Apyx Medical
(NASDAQ:APYX)
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Rating:62Neutral
Price Target:
$4.50
▲(43.77% Upside)
Action:Reiterated
Date:05/15/26
The score is supported most by positive technical trend signals and a constructive earnings update (raised revenue guidance, strong expected gross margins, and adequate liquidity runway). Offsetting this are below-average financial performance due to ongoing losses and negative free cash flow, plus weak valuation support given a negative P/E and no dividend.
Positive Factors
AYON commercial ramp
The AYON system is producing durable top-line momentum by increasing installations and single‑use handpiece volumes. A growing installed base drives recurring consumable revenue and higher utilization, creating a structural revenue stream that supports scaling and margin leverage as adoption broadens across practices and geographies.
Negative Factors
Negative operating cash flow
Persistent negative operating and free cash flow indicates cash conversion lagging accounting improvements. Ongoing cash burn forces reliance on existing liquidity or external financing for growth investments, constraining reinvestment flexibility and increasing vulnerability to slower-than-expected AYON adoption or regulatory delays.
Read all positive and negative factors
Positive Factors
Negative Factors
AYON commercial ramp
The AYON system is producing durable top-line momentum by increasing installations and single‑use handpiece volumes. A growing installed base drives recurring consumable revenue and higher utilization, creating a structural revenue stream that supports scaling and margin leverage as adoption broadens across practices and geographies.
Read all positive factors
Apyx Medical (APYX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$158.70M
Dividend YieldN/A
Average Volume (3M)120.72K
Price to Earnings (P/E)―
Beta (1Y)1.99
Revenue Growth18.22%
EPS Growth59.78%
CountryUS
Employees220
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.22
Shares Outstanding41,873,950
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/Revenue2.99
Enterprise Value/Gross Profit9.26
Enterprise Value/Ebitda-56.18
Forecast
1Y Price Target
$6.00Price Target Upside91.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.28
Revenue Forecast (FY)$59.56M
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:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed substantial positive operational and financial momentum driven by the AYON commercial launch and strong Surgical Aesthetics demand: double-digit revenue growth, expanding gross margins, reduced operating losses, improved adjusted EBITDA, a raised full-year revenue guide, and a healthy cash balance with a runway into 2027. Offsetting risks include a remaining GAAP net loss, tariff-related cost pressure, an expected long-term decline in the OEM business, some domestic generator sales decline/reclassification, and adoption timing dependency on the forthcoming power-liposuction label and international registrations. Overall, the positives—particularly the robust AYON ramp, international traction, margin expansion, and upgraded guidance—significantly outweigh the negatives.Positive Updates
Total Revenue Growth
Total Q1 2026 revenue increased 32% year-over-year to $12.5 million from $9.4 million in Q1 2025.
Negative Updates
Domestic Generator Sales Decline / Reclassification Impact
Reported decreases in domestic sales of generators (partly due to counting new combined systems as AYON sales rather than separate generator sales), which shows a shift in product mix and compressed visibility on standalone generator demand.
Read all updates
Q1-2026 Updates
Positive
Negative
Total Revenue Growth
Total Q1 2026 revenue increased 32% year-over-year to $12.5 million from $9.4 million in Q1 2025.
Read all positive updates
Company Guidance
Management raised full‑year 2026 revenue guidance to $59.0–60.0 million (up from prior $57.5–58.5M and versus $52.8M in 2025), with Surgical Aesthetics now expected to contribute $54.0–55.0M (up from $53–54M; ~$45.3M in 2025) and OEM revenue forecast at approximately $5.0M (up from $4.5M but down versus ~$7.5M in 2025); they expect full‑year gross margins of ~62%–63% (depending on product/geographic mix), total operating expenses not to exceed $45.0M, and said current cash & cash equivalents of $31.1M (as of March 31, 2026) plus working‑capital management should provide runway through 2027.Apyx Medical Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
56
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 55.90M | 52.84M | 48.10M | 52.35M | 44.51M | 48.52M |
| Gross Profit | 18.04M | 19.03M | 29.36M | 33.76M | 29.13M | 33.60M |
| EBITDA | -2.97M | -5.79M | -16.80M | -18.11M | -22.01M | -13.91M |
| Net Income | -9.17M | -11.21M | -23.46M | -18.71M | -23.18M | -15.17M |
Balance Sheet | ||||||
| Total Assets | 63.02M | 66.84M | 64.84M | 79.24M | 51.77M | 68.72M |
| Cash, Cash Equivalents and Short-Term Investments | 31.14M | 31.74M | 31.74M | 43.65M | 10.19M | 30.87M |
| Total Debt | 39.46M | 39.34M | 38.76M | 38.50M | 796.00K | 305.00K |
| Total Liabilities | 49.94M | 52.01M | 50.51M | 52.32M | 13.98M | 14.71M |
| Stockholders Equity | 12.83M | 14.54M | 14.21M | 26.70M | 37.58M | 53.70M |
Cash Flow | ||||||
| Free Cash Flow | -8.99M | -9.12M | -18.77M | -5.78M | -21.29M | -11.17M |
| Operating Cash Flow | -7.87M | -8.00M | -18.05M | -5.25M | -20.28M | -10.45M |
| Investing Cash Flow | -1.12M | -1.11M | -722.00K | 6.73M | -1.01M | -723.00K |
| Financing Cash Flow | 9.64M | 9.58M | 6.75M | 32.17M | 217.00K | 24.00K |
Apyx Medical Technical Analysis
Positive
3.13
Price Trends
3.72
Positive
3.72
Positive
3.32
Positive
Market Momentum
0.08
Negative
51.27
Neutral
57.84
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 3.62, below the 50-day MA of 3.72, and below the 200-day MA of 3.32, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 51.27 is Neutral, neither overbought nor oversold. The STOCH value of 57.84 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $118.62M | 17.44 | 4.34% | ― | 2.25% | -19.05% | |
62 Neutral | $158.70M | -18.45 | -90.62% | ― | 18.22% | 59.78% | |
56 Neutral | $65.24M | -6.31 | 3.68% | ― | -0.32% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $201.45M | -9.70 | -7.74% | ― | -15.41% | 79.57% | |
46 Neutral | $132.96M | -26.62 | 305.45% | ― | 0.96% | 28.36% | |
41 Neutral | $46.84M | 103.59 | -81.52% | ― | 54.38% | 7.25% |
* Healthcare Sector Average
APYX
Apyx Medical
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Apyx Medical Corporate Events
Business Operations and StrategyProduct-Related Announcements
Apyx Showcases Renuvion Study Highlighting Enhanced Liposuction Outcomes
Positive
May 14, 2026
On May 14, 2026, Apyx Medical announced the publication of a retrospective, investigator-initiated study in Plastic and Reconstructive Surgery – Global Open, evaluating liposuction with and without its Renuvion helium plasma radiofrequency t...
Business Operations and StrategyProduct-Related Announcements
Apyx Medical Gains FDA Clearance For Enhanced AYON System
Positive
May 11, 2026
On May 11, 2026, Apyx Medical Corporation announced that the U.S. Food and Drug Administration granted expanded 510(k) clearance for its AYON Body Contouring System to include power liposuction, an advanced modality using a reciprocating cannula t...
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.