Apyx Medical Corporation Reports Preliminary Fourth Quarter and Full Year 2023 Revenue Results
08 January 2024 - 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, 2023.
Preliminary Fourth Quarter 2023 Revenue
Summary:
- Total revenue in a range of approximately $14.2 to $14.6
million, representing growth of 13% to 16% year-over-year.
- Advanced Energy revenue in a range of approximately $11.9 to
$12.3 million, representing growth of 12% to 16%
year-over-year.
- OEM revenue of approximately $2.4 million, representing growth
of 14% year-over-year.
Preliminary Full Year 2023 Revenue
Summary:
- Total revenue in a range of approximately $51.9 to $52.3
million, representing growth of 17% to 18% year-over-year.
- Advanced Energy revenue in a range of approximately $43.1 to
$43.5 million, representing growth of 17% to 18%
year-over-year.
- OEM revenue of approximately $8.8 million, representing growth
of 14% year-over-year.
Management Comments:
“In the fourth quarter, we delivered double-digit sales growth
in our Advanced Energy segment on a year-over-year and more than
20% growth on quarter-over-quarter basis,” said Charlie Goodwin,
President and Chief Executive Officer. “Our Advanced Energy sales
performance was softer than expected, as the capital equipment
purchasing environment in the cosmetic surgery market ultimately
proved to be more challenging than anticipated. Specifically, while
our pipeline of potential new customers in the U.S. remained robust
throughout the fourth quarter, we saw fewer-than-expected sales of
our Advanced Energy generators to new U.S. customers, with more
prospective customers taking a ‘wait-and-see’ approach to capital
equipment purchasing, given concerns about the broader
macroeconomic environment. While new generator adoption was
slower-than-expected, we remain pleased with the strong feedback we
continued to receive from our existing customers and the results
they are achieving with our Renuvion® technology.”
This press release includes Apyx Medical Corporation’s
preliminary revenue results for the quarter and year ended December
31, 2023. Apyx Medical plans to release its fourth quarter and full
year 2023 results in March 2024. Actual fourth quarter and full
year 2023 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, 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 March 2022 FDA Safety Communication on our business
and operations; 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, 2022 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/20240108363864/en/
Investor Relations:
ICR Westwicke on behalf of Apyx Medical Corporation Mike
Piccinino, CFA investor.relations@apyxmedical.com
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