Apyx Medical (APYX) AI Stock Analysis

• Market Cap: $153.51M
• Dividend Yield: N/A
• Average Volume (3M): 120.72K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.02
• Revenue Growth: -1.32%
• EPS Growth: 55.62%
• Country: US
• Employees: 220
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.03
• Shares Outstanding: 41,829,227
• 10 Day Avg. Volume: 65,017
• 30 Day Avg. Volume: 120,723
• PEG Ratio: 0.22
• Price to Book (P/B): 10.15
• Price to Sales (P/S): 2.79
• P/FCF Ratio: -16.19
• Enterprise Value/Market Cap: 1.03
• Enterprise Value/Revenue: 2.99
• Enterprise Value/Gross Profit: 8.31
• Enterprise Value/Ebitda: -27.31
• 1Y Price Target: $6.00
• Price Target Upside: 91.69% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.35
• Revenue Forecast (FY): $56.05M

• Rating: 51 Neutral
• Price Target: $4.00 ▲(27.80% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is held back primarily by weak financial quality: ongoing losses, persistent cash burn, and elevated balance-sheet risk despite improving revenue and narrowing losses. Technicals are moderately constructive with the stock trading above key moving averages, while valuation remains constrained by negative earnings. The latest earnings call adds a positive tilt due to raised guidance and strong AYON-driven growth, but cash drawdown and segment declines temper the upside.

Positive Factors

AYON product launch driving adoption

A strong AYON launch that delivered >30% U.S. sales growth is a structural positive: a successful new platform increases installed base and drives recurring consumable sales and procedure volume, improving predictable revenue streams and long-term unit economics as adoption scales.

Sustainably high gross margins

Consistently high gross margins (low-60% range, quarter at 64.4%) indicate the business generates substantial margin per procedure. This structural margin supports path to profitability as revenue grows and allows investment in commercialization while preserving upside from consumables.

Return to revenue growth

Revenue recovery (TTM +8.8%, Q3 +12%) and 19% Surgical Aesthetics growth demonstrate re-accelerating commercial traction. Sustained top-line growth improves operating leverage, narrows structural losses over time, and validates product-market fit across clinical settings.

Negative Factors

Negative operating cash flow

Persistent negative operating cash flow and free cash flow undermine long-term financial flexibility. Continued cash burn forces reliance on external financing or equity, constrains reinvestment in sales/clinical support, and shortens runway if revenue growth underperforms expectations.

Elevated leverage and thin equity cushion

Very high debt-to-equity and modest equity relative to assets create limited loss-absorbing capacity. This structural leverage raises refinancing and covenant risk, increases cost of capital, and limits the company's ability to pursue opportunistic investments or weather operational setbacks.

Concentration and segment weaknesses

Heavy reliance on Surgical Aesthetics and AYON for growth creates concentration risk; concurrent OEM and international declines show exposure to single-customer and geographic headwinds. Such concentration can impede stable consumable repeatability if any channel underperforms.

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 Medical's core product offerings include the Renuvion® technology, which utilizes helium plasma for skin rejuvenation and various surgical applications, as well as a range of devices designed for energy-based surgical procedures aimed at improving patient outcomes.

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., J-Plasma/Renuvion console systems) to hospitals, ambulatory surgical centers, and physician practices, and (2) ongoing sales of single-use or limited-life accessories and consumable handpieces/tips used per procedure, which can provide repeat revenue tied to procedure volume once a system is installed. Revenue is therefore influenced by the size of the installed base of systems, utilization rates (procedure frequency), and pricing/mix between capital devices and consumables. If the company uses distributors or international partners in certain markets, it may generate revenue through sales to those channel partners rather than directly to end users; specific partnership terms and contributions are null.

Apyx Medical Financial Statement Overview

Summary

Revenue returned to growth (TTM +8.76%) and losses have narrowed materially with solid gross margins (low-60% range). However, the company remains structurally unprofitable with ongoing operating losses and negative free cash flow (TTM FCF -$9.1M), and balance-sheet risk is elevated due to very high debt-to-equity and a limited equity base.

Income Statement

TTM (Trailing-Twelve-Months) revenue of $52.1M is up 8.76%, showing a return to growth after a down year in 2024. Profitability is improving meaningfully versus 2024 (net loss narrowed to -$11.1M from -$23.5M; EBIT loss also improved), and gross margin remains solid in the low-60% range. However, the company is still structurally unprofitable with negative operating and net margins, so the earnings profile remains the key weakness.

Balance Sheet

Balance sheet risk has increased: debt-to-equity is very high in TTM (6.71) and equity is relatively modest ($14.5M) versus total assets ($66.8M), implying limited cushion if losses persist. While total debt is only $4.5M in TTM, the sharp drop from ~$38.8M in 2024 suggests a major change in capital structure, and returns on equity remain deeply negative due to ongoing losses. Overall, leverage metrics and negative returns weigh on the score.

Cash Flow

Cash generation remains weak with negative operating cash flow in every period shown, including TTM (-$8.0M). Free cash flow is also negative TTM (-$9.1M) and declined further (free cash flow growth of -3.97), indicating continued cash burn rather than self-funding operations. While free cash flow loss is smaller than in 2024, the lack of consistent positive operating cash flow is the primary concern.

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

• Technical Analysis Sentiment: Positive
• Last Price: 3.13
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 3.52, below the 50-day MA of 3.74, and above the 200-day MA of 2.93, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 51.85 is Neutral, neither overbought nor oversold. The STOCH value of 58.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for APYX.

Apyx Medical Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FONR	66 Neutral	$115.67M	14.16	4.34%	―	3.36%	-21.15%
XTNT	66 Neutral	$88.19M	17.28	3.64%	―	16.88%	―
ANIK	60 Neutral	$192.43M	-12.67	-7.42%	―	-31.29%	65.68%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
APYX	51 Neutral	$153.51M	-13.16	-117.54%	―	-1.32%	55.62%
RCEL	50 Neutral	$141.52M	-1.98	476.59%	―	20.59%	18.61%
NSPR	47 Neutral	$69.28M	-3.48	-124.20%	―	14.04%	-0.65%

Apyx Medical Corporate Events

Apyx Medical Files Amendment with Delaware

On August 7, 2025, Apyx Medical Corporation held its Annual Meeting of Stockholders, where stockholders approved an amendment to the company’s Certificate of Incorporation. This amendment involved the removal of Article EIGHTH, which was replaced with ‘intentionally omitted.’ Subsequently, on December 8, 2025, the company filed a Certificate of Amendment with the Secretary of State of Delaware to implement this change.

The most recent analyst rating on (APYX) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Apyx Medical stock, see the APYX Stock Forecast page.