Apyx Medical Corporation Reports Preliminary Fourth Quarter and Full Year 2022 Revenue Results
10 January 2023 - 11:00PM
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, 2022.
Preliminary Fourth Quarter 2022 Revenue
Summary:
- Total revenue in a range of $12.1 to $12.5 million,
representing a decline of 28% to 26% year-over-year.
- Advanced Energy revenue in a range of $10.1 to $10.5 million,
representing a decline of 33% to 30% year-over-year.
- OEM revenue of approximately $2.0 million, representing growth
of 12% year-over-year.
Preliminary Full Year 2022 Revenue
Summary:
- Total revenue in a range of $44.0 to $44.4 million,
representing a decline of 9% to 8% year-over-year.
- Advanced Energy revenue in a range of $36.4 to $36.8 million,
representing a decline of 15% to 14% year-over-year.
- OEM revenue of approximately $7.6 million, representing growth
of 37% year-over-year.
Management Comments:
“Although global sales in our Advanced Energy segment showed
improvement over the third quarter, our fourth quarter revenue
results reflect continued business disruption related to the
Medical Device Safety Communication,” said Charlie Goodwin,
President and Chief Executive Officer. “Specifically, while global
Advanced Energy sales increased more than 40% on a sequential
basis, the pace of recovery in global generator sales was slower
than what our guidance had assumed. With that said, Apyx continues
to lead the way in ensuring the safe and effective use of our
technology. Our team continued to make progress in educating
existing and potential customers about the strong safety and
efficacy profile of our products, including raising awareness of
the additional 510(k) clearances that we secured in 2022.
Importantly, we also continued to engage with the Food & Drug
Administration (“FDA”) on our proposed regulatory submission for a
new clinical indication demonstrating the safety of our Renuvion®
technology when used after liposuction. We received the FDA’s
formal feedback on the related pre-submission request in December
and expect to submit a request for 510(k) clearance by the end of
January. We continue to believe the receipt of 510(k) clearance for
this new clinical indication would directly address the remaining
limitations of the Medical Device Safety Communication.”
Mr. Goodwin continued: “In 2023, we expect to deliver growth in
global sales of our Advanced Energy products of more than 35%
year-over-year, fueled by strong execution on our commercial and
regulatory objectives and improving generator demand trends as we
move through fiscal 2023. We remain focused on maximizing our
resources through prudent expense management and have recently
implemented activities to eliminate certain operating expenses to
improve cash flow, while preserving our capabilities as an
organization. We also continue to actively evaluate all potential
options to enhance our liquidity and financial condition.”
This press release includes Apyx Medical Corporation’s
preliminary revenue results for the quarter and year ended December
31, 2022. Apyx Medical plans to release its fourth quarter and full
year 2022 results in March 2023. Actual fourth quarter and full
year 2022 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, any statements regarding the
potential impact of the COVID-19 pandemic and the actions by
governments, businesses and individuals in response to the
situation; 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 recent FDA Safety Communication on our business and
operations; factors relating to the effects of the COVID-19
pandemic; 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, 2021 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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version on businesswire.com: https://www.businesswire.com/news/home/20230110005210/en/
Investor Relations:
ICR Westwicke on behalf of Apyx Medical Corporation Mike
Piccinino, CFA investor.relations@apyxmedical.com
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