Apyx Medical ( (APYX) ) has released its Q3 earnings. Here is a breakdown of the information Apyx Medical presented to its investors.
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Apyx Medical Corporation is an advanced energy technology company specializing in innovative products like its Helium Plasma Platform Technology, used in both cosmetic and hospital surgical markets, and is known for its Renuvion® and J-Plasma® systems.
In its latest earnings report, Apyx Medical Corporation announced a 4% decrease in total revenue for the third quarter of 2024, with a significant restructuring program aimed at optimizing operations and reducing costs. The company also updated its financial outlook for 2024 and introduced guidance for 2025.
Key financial highlights for the quarter included a total revenue of $11.5 million, with a 6% decrease in Advanced Energy revenue and a 3% increase in OEM revenue. Despite a net loss increase of 2% to $4.7 million, the company successfully raised $7.0 million through a stock offering and implemented cost-saving measures expected to save approximately $4.3 million annually.
Looking ahead, Apyx expects to launch its new Ayon body contouring system in the second half of 2025, pending FDA approval, which could potentially enhance its market position in the aesthetic surgical space. The company remains focused on strengthening its financial position and optimizing operations to support its growth strategy.
Despite the current challenges, Apyx Medical is poised to capitalize on its innovative products and strategic initiatives, with management expressing confidence in achieving improved financial performance in the coming years.
